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