3 Sleep Crushing Concerns for Business Owners

When I meet with business owners their late 40s or early 50s, I like to talk with them about their future plans and what keeps them up at night.

Here are the top three anxieties sure to disturb a good night sleep:

1) Succession Planning:

I have spent many years building this business and it’s very important to me that it continues to thrive after I step away. I worry about ensuring a smooth transition, whether it’s to a new owner or to the next generation of my family. I want to ensure that they are well-prepared and that the business is in a good position for them to succeed.

2) Financial Security:

The sale of the business will likely be a significant part of my retirement planning. I worry about getting the best possible price for the business and making sure that I have a secure financial future.

3) Business Continuity:

I have built strong relationships with our customers, suppliers, and employees. I worry about how these relationships will be maintained after my departure. I want to ensure that the business continues to provide excellent service and maintain its reputation in the marketplace.

I will go into some strategies tomorrow, but what I will say is that these concerns are related, and any problems stem from a common underlying issue.

Let’s start with a business that is too reliant upon you. One where you make all the decisions, where you are its life and soul, and where your customers do business with the company because of their relationship with you.

Succession Planning –  How do you pass down a business like that ?  If everyone only listens to you why will they want to listen to your son or daughter or a new buyer?  Pass down a business in this state and you are setting up the next person to fail.

Financial Security – Who in their right minds would buy a business like this? What do you think happens to the assets that generate the revenues when you exit stage right?  – They exit stage left and so the company is left with little to no assets, dried up revenues and a major headache for any poor sap taking it on.

So no one does. No one pays up and your business is only worth to an outsider whatever hard assets you happen to own.

Business Continuity – Related to both points above. There is no business continuity when the key drivers of the business are between your ears and walk out with your legs when you exit one day. People  have options  and so the brains of a business exiting usually means its customers, employees and suppliers walk too.

This is a quick and simple example, but very common.

We’ll discuss what to do tomorrow.

Thinking About Selling Your Business

We know you’ve worked hard on your business. What if we told you there’s a way to make it even better, and position it to sell one day at the top price? With Socratic Scaling, we can show you how.

In as little as six months, we can help your business stand out, scale up, and become something others would have to pay top money to buy.

The best part is these benefits start today. Even if you don’t want to sell, your business will put more money in your pocket, free your time, and be more enjoyable to run.

But you need to start getting ready now. Don’t be like the 7 out of 10 business owners who put it off until tomorrow and then find out they’re stuck with profitable businesses that no investor wants to buy, or child wants to inherit.

Click here to transform your business to give you the life you want – starting today.