Have you Stopped Loving Your Business?

Recently I’ve spoken with several entrepreneurs who say things such as, “I’m just not passionate about my business,” or “I want to get rid of this company and never look back.” In the midst of thinking ahead to a transition plan or looking to sell your business there are a few considerations to make.

1. What are the things about your business that “bug” you regularly?

Take an inventory of your business and everything from the minor annoyances to the all out, break down in tears problems that plague you. Write down what you come up against and would like to change. It may help to grade these problems from occasional to every day or small problem to huge issue. 

Looking over this list can give you a good overview of the things within your business that need to be changed. Often, systems and outsourcing can resolve many of these headaches.

For example, if you hate talking to clients on the phone to schedule appointments and groan every time your phone rings then you may choose to hire a virtual or in-person receptionist who works with your clients and leads and books appointments.

2. Find solutions for your problems instead of selling them

When you consider selling your business everything gets laid bare. Those problem employees, missing inventory, lack of cash flow, trademark problems, software that doesn’t work properly… each of your problems is going to be examined and evaluated by buyers.

Investors and new owners want to know that they’re not buying problems. Systems make a business work consistently and if you have solutions to those common problems in place then your company is even more valuable.

For example, if you do all the hiring and employee training but are selling the business, then the new owner will be stuck finding their own system. But if you write down your process, the questions you like to ask, what you look for in a resume, how you schedule appointments and examples of your job descriptions and resumes of the last 5 successful hires, then the new owner will be thrilled. They don’t have to make a system and test it, they just have to use and finesse yours.

3. Replace yourself now

Whether you’re off living the 4 Hour Work Week on a beach or deeply ingrained into the mold of your business, your first job when it comes to leaving will be to replace yourself in the business. Which is something you can do now to eliminate the tasks on your “bug” list and free up your time.

4. Find out what you need to pursue a new passion or “retire”

While I don’t believe that entrepreneurs ever truly retire, you still need to figure out the resources and assets you need to disengage from the business. What computers, software, or such is owned by the business? If you sell your gym but take home the computers, equipment and towels, then the business is less valuable to a new owner. But if you realize that you’re going to need to buy your own gym membership or equipment once the business is sold – factor that into your negotiations.

When it comes to a selling price there are some options that are best left to venture capitalists and brokers. But, if you’ll be getting paid over time, or as a percentage of revenue for several years, you’ll need to have safeguards in place if the business closes.

How much income, time or resources you need is a highly subjective matter but err on the side of caution. After all, if you’re leaving a passionless business and then need income to pay taxes or living expenses then you might have to go back to the very work you were trying to escape.

If you’ve done these steps and know that you still do not want to move forward, then do all you can to systematize and protect your business from risk. You may find that the business can run without you and still provide great income, only needing your input under extreme circumstances.