“Thanksgiving” and A Successful Exit
“I’m grateful that we’re finishing the year strong!”
“I’m thankful we’re going to make it through another year”
“I’m grateful for our team!”
One of the key reasons we enjoy working with business owners is that we generally find them to be charitable, others focused, and grateful. Sure, like the rest of us, they certainly have their days of complaining about things like lack of sales or “people problems”, but overall, our experience has been a mindfulness of all they’ve been “blessed with” and can be grateful for.
We regularly hear expressions of gratitude for…
· “Our customers”
· “Our sales”
· “We made it through the crisis!”
· “Our employees – the people who have helped me build this business”
· “We’ve seen tremendous growth!”
· “Success beyond my expectations and what it means for my family”
· “We are still in business after all these years!”
· “For our reputation and role in the community”
As Exit Planners, it’s important to listen to what Owners are thankful for, because at the same time we learn what they most value and care about. Understanding an Owner’s “personal core values” is key to effective planning for their eventual (and inevitable) business exit. For example, if care for employees and their future is a PRIMARY goal in an Owner’s exit, a sale to a third party may not be the best route for their exit. The owner-based goals, values-based (what they are most grateful for and care about) and financial, should have impact on what exit route they choose.
You can make much progress in deciding how and when to exit when you gain clarity in what you most value. And there is no better time than the week of “Thanksgiving” to consider what you are most grateful for pertaining to your business.
A suggested exercise is to ask yourself (and your spouse if applicable) the following simple question during this week of thanksgiving: “As a business owner, who, and what, am I most grateful for?” And record your thoughts and responses. Then when your Exit Planner presents questions pertaining to your core values and values-based goals, with a goal of helping you decide on the best exit route to accomplish your goals, you will have clear answers with conviction.
Happy Thanksgiving!