When It’s Time to Just Do It
On the edge of TMI, I had an MRI on my wrist recently and then started doing what we all do, an Internet search for treatments for a torn wrist ligament. What I found scared the heck out of me as numerous (respected) sites had information saying there’s an 18-month recovery from surgery, no driving for a few weeks, and even office work is off limits for 2-3 weeks.
Then I spoke to the doctor and he said 4-6 weeks in a cast, and six weeks of rehab. And I could drive, type, workout, etc. right away, it’s just that my wrist will be stabilized. Once again, just because it’s on the Internet doesn’t make it true and correct. Often, it’s facts, what facts?
So gossip, old wives tales, and the Internet info all come into play in my, and many of your, daily dealings. For me it’s things like:
Business (soon-to-be) sellers: My buddies at the club told me what my business is worth so that’s what I want. Prepare my business, why? My business isn’t like all the others, so the common valuation methods don’t apply (it’s worth more).
Business buyers: I’ll pay X times earnings for that business. Without knowing if there are 3 customers or 300, a lot of cap ex needed versus all assets having a long useful life, or if it’s the owner and only the owner doing the important functions. Another one, actually paying attention to insights from people who have never done a deal.
Operators: We’ve always done it the way we’re doing it so why change? Answer: a new owner who spent $50 a month on a software application that congregates invoices for one upload to the customer instead of manually entering 350-400 invoices every month.
And one final tip to owners who are even thinking of selling within the next few years – this from a wise old business broker – give hints to your employees that you will retire someday, say the one-week vacation would have been better if it was a month, and when at “that age” let them know your plans. FYI, a consulting client from about 10 years ago was at “that age” and the employees were wondering how long he’d be around. I had him share his plans, which were to be there at least five more years and the restlessness stopped.
“A good storyteller is a person who has a good memory and hopes other people haven’t.” (Humorist) Irvin. S. Cobb
“In order to get on living, one must try to escape the death involved in perfectionism.” Hannah Arendt