I am passionate about small business. I truly do think small businesses are the primary driver of our national economy. But what I really love about small business are the owners. Over the course of my 35+ year business career, I’ve met all kinds of owners. Some have great business skills, some have very little business skills, some were brilliant, some were not so smart. But all of them were living the American dream of owning a business. And, mostly, that’s what I love about them.
The “game of business” is seldom easy. In most instances, it requires significant internal fortitude and persistence to push through all kinds of obstacles – just to break even! And then the small business owner has to have the tenacity to push the business to profitability. For most, it’s a struggle that requires much more than the typical employee’s 40-hour work week. That’s what I admire most – the “sweat equity” investment required of most business owners.
So what’s that got to do with my decision to blog? Well, here’s the thing: when they are ready to end their business ownership career, almost all owners would like to cash out their “sweat equity” investment, but 75% or more will never be able sell their business to convert it to cash! And that is a crying shame.
If only owners realized they needed to plan for the sale of their business, I believe most could sell their business. My goal, as unrealistic as it may seem, is to turn around the odds of a successful business sale. At this point in time, the odds are about 3:1 against a successful sale. In conjunction with others (other authors, exit planners, business brokers, business valuators, CPAs, attorneys, personal financial planners, and other business advisors), I’d like to turn that statistic around to 3:1 in favor of a successful sale. That’s a very ambitious goal, but there is almost nowhere to go but up.
While I await the coming release of “How to Plan and Sell a Business”, I couldn’t wait any longer to get started at achieving my goal. So, this blog is born!