| Business Owner Burnout (BOB) is the most common | | | | knows exactly "when the time might come" for |
| reason for business owners to consider selling their | | | | exiting their business. In a perfect world, you might |
| businesses. Most owners do not have their | | | | get to choose the time of your exit. But in the real |
| businesses ready to sell when burnout has finally | | | | world, a large percentage of business owners |
| taken its toll. And business owners who do succumb | | | | experience a life changing event that will cause them |
| to BOB usually take a significant financial loss. | | | | to attempt to sell their business at a time NOT of |
| How can you learn to protect yourself from the | | | | their own choosing. In my profession, I see this |
| ravages of "BOB" Syndrome? The first step is to | | | | happen all too often. |
| begin looking at your business in a completely | | | | Have you thought about how you will exit your |
| different light. Your business is like a wheelbarrow: If | | | | business? |
| you want it to go somewhere, you have to pick it | | | | Here are a few of your exit choices: |
| up and push. But it takes energy to push a business. | | | | 1) Die at the business, and they carry you out feet |
| Physical, emotional and economic energy may be in | | | | first (or wheel you out in that wheelbarrow) |
| short supply when they are needed most. What can | | | | 2) Close the doors and walk away with nothing |
| be done to ensure an adequate supply of these | | | | 3) Begin gifting interests in the business to family or |
| essentials when they are most needed? | | | | management |
| The secret may be found when we ask ourselves | | | | 4) Recapitalize by bringing in new capital and |
| important questions about our own businesses--long | | | | personnel |
| before we reach the burnout stage. For example: | | | | 5) Sell to the employees |
| - Is my business fiscally fit? | | | | 6) An outright sale of the business |
| - Do I want to get more out of my business? | | | | Hopefully, you won't choose numbers 1 and 2. |
| - Am I happy with what I earn from my business? | | | | So the question remains: Do you have a PLAN to |
| - Is there anything I can do to improve the | | | | successfully exit your business? If not, you should. In |
| performance of my business? | | | | fact, YOUR business might be one of the most |
| - Am I satisfied with my position in the business? | | | | valuable assets you own. Have you documented the |
| - Would anyone REALLY be willing to BUY my | | | | value of your business? Do you know the value of |
| business? | | | | your business? If you were to sell today--would you |
| - If I needed to sell my business immediately, would I | | | | get what you want--or need in order to carry on |
| get what I want (or need) from its sale? | | | | with your life? |
| But what is the most important question you should | | | | If you are like most business owners, your business |
| ask yourself? | | | | is not prepared for sale. That means that your |
| Asking tough questions about your own business is | | | | business is not as valuable as it should be. In fact, |
| always hard. That's because often we are afraid of | | | | you could probably be earning 10% to 20% more |
| the answers! Do you know what really the toughest | | | | from operating your business if you just knew how.... |
| question is to ask? | | | | I have worked with business owners for more than |
| "Do I know HOW I am going to exit my business | | | | 30 years. After observing what many business |
| when the time comes?" | | | | owners have done right, and what they have done |
| This is probably the most important question a | | | | wrong, I have written and accumulated many articles |
| business owner can ask of one's self. Why? Nobody | | | | that you will find to be extremely helpful. |