Extracting Value – Making the most from your life’s work
You spent your working life building the value of your business so you can enjoy your next phase of life.
But how much effort have you put into planning to extract the business value you’ve built? Extracting value is a key part of succession and exit planning.
As an Entrepreneur and Business Owner you are more likely to put your personal relationships at risk. The positive characteristics which are attractive to people – enthusiasm and passion for life, drive, ambition and energy – are the exact drivers that you engage in your business to the detriment of those you love. It might not be obvious to your long-suffering partner and kids that you are working such long hours and building your business so that they can have a better future. After a while all they will see is that there is something more important than them – always!
Most entrepreneurs try to live life now like most people won’t so that they can live a life in the future that many can’t.
Owning a business takes over every aspect of your life and you can find yourself working long hours, feeling isolated and wondering how you got here. Being on your own can be draining and demotivating. You get too close to the business to be able to see it rationally – after all it’s your baby! You are financially and emotionally invested in its success. It is difficult to stand back, really look at the problems and then find solutions. If you could, would you turn the clock back and start again? Why waste time imagining the impossible? The shutdown of the world is in ideal time to go back to those thoughts of RESTART / RESET.
The world might be standing still, but you don’t have to.
Now is a great time to talk to your loved ones about the goals of the business. How about a business plan that includes breaks to really connect with your family and pay attention to your mental and physical health as well as the health of your relationships? Build them into the plans for the business and they are more likely to happen.
Imagine a future where you are at home and connected to your family not your business? What about switching your phone off during family time? What needs to happen in your business for that to be the new norm? It’s time to run your business on your terms – and that takes planning it then doing it.
The first thing to point out is this is your life, and you choose how to spend it. You can decide to do nothing or do something. Plan now for the new world that will emerge when the lockdown is lifted. You have a choice – follow the herd or stand out from the crowd. Now is the time to plan, prepare and ACT!
If you’ve ever thought to yourself “If only I had time to get on top of things….” – well now you do so the question is:
If not now, then when?
If not you then who?
Go and secure your future.
Succession and Exit Planning is good for business, shareholders and employees, enabling business owners to maximize the value of the business and successfully extract the value whenever they chose to exit.