Many years ago, a client told me, “The best time to get out of your business (sell it) is one year before you’re burned out.” Great advice and it applies to more than getting out of a business but it’s not really something you can effectively do, is it?
The problem is most business owners don’t wake up and start lowering the business’ dimmer switch so in three years they’re ready to exit with style, grace, and more money. The wake up, flip the switch, and say, “It’s time to sell, the sooner the better (and please overpay me).”
But what about non-owners, those working for someone else? Getting out for them is usually because:
- They see no career advancement.
- Are burned out doing the same thing over and over and over.
- They have come to hate their employer (this was my dad).
- It’s stale, they’re not in control, they’re taken for granted.
So it’s time to change careers and that may mean a new job, starting a business, getting a franchise, or buying a company (if the latter, it’s time to read my book Buying A Business That Makes You Rich).
And back to owners. Wanting to exit with style, grace, and more money means paying attention to basics, which I repeat regularly because most people don’t pay attention to them.
- Grow, don’t just talk about.
- Get your financial systems up to the A+ level.
- Make the owner dispensable, ASAP, and reduce all other dependencies.
- Attract and retain great people.
For another shameless plug, see more about these things in If They Can Sell Pet Rocks Why Can’t You Sell Your Business (For What You Want?).
“The best way to find out if you can trust someone is to trust them.” Ernest Hemingway
“Pessimism is an excuse for not trying and a guarantee to a personal failure.” Bill Clinton