Where are You Going to be in 5 Years?
By Matt Carle, Main Ascent Business Brokers and Advisors
Do you have a destination in mind?
I had a client tell me recently “I don’t ever see myself retiring.” My next question was what kind of work do you want to be doing in five years? He quickly told me he wanted to be able to keep pulse on his business finances, help develop systems, and make sure the business was growing on both the client and employee side. That answer instantly lined up with the vision we had built for his company, and it was a confirmation that we were on the right track with our work together. His clarity on that question took time for him to realize, he wasn’t always so sure what kind of work he wanted to do, or whether or not he’d continue to work into his 70’s and beyond.
This isn’t the case for everyone – there are plenty of people who want to move into retirement sooner rather than later, selling their business or passing it along to family is what fits best in their picture. So we build a plan for that – set up business systems that don’t rely on the owner, thinking about how to transfer roles and responsibilities to the staff and new owners. No matter what the owner wants to accomplish we can build a plan for it. And that is the point. As a business owner your business should support you in the life that you want to live.
The client this example has a clear picture of what he wants to do and how he wants to do it over the next few years, and it allows us to focus energy on building a business that allows him to do just that. Everything we decide to do gets measured against the question “Does this move you closer to your vision?” if it does then the decision is simple, if it doesn’t then we have to pause and evaluate the decision against those criteria. It’s almost binary – yes or no – does this move you closer to where you want to be?
Plenty of people change their mind along the way, deciding they’d like to stay on working for a while longer – or sometimes the decision to leave is made for them by circumstances outside their control. Having a plan and a goal that we’re working toward makes those kinds of changes easier to manage. It’s much easier to pivot and sell a business if it’s required when we’re already building a company that doesn’t rely on the owner to operate it successfully. Potentially changing your mind is not a reason to avoid planning, it’s a reason to get started.
Many business owners see their company as their one and only retirement plan, but don’t realize they are failing to maximize the value of their business until it’s too late. Long-term planning is invaluable, because you don’t want to find out it’s too late when you’re forced to walk away from the business. Focus on building a self-sustaining business and you’re more likely to hit the number you’d like to see when it’s time to sell.
A lack of a plan and a vision for the business filters through every aspect of the owner’s work, and it shows up for the staff as well. Often the owner’s lack of focus has a negative impact on the daily operations of the business, and instead of making progress toward a goal the business is simply treading water, or worse. Having a clear vision and a plan for how those items are going to be achieved is crucial, and it’s some of the owner’s most important work.
As a business owner you should be focused on building the future of your business that allows you to live your life on your terms. So, where are you going to be in five years?
Are you curious what your business is worth? Take this brief survey and we will provide you with a complimentary valuation with insights on how you can grow the value going forward. Whether you are planning to sell soon or years from now, we will give you insights from the market that will help you better understand:
- What your business is worth
- What key value drivers have the greatest impact on the business valuation
- What you can do to maximize your return on this all important investment
Each day you are making decisions that impact your future and these insights can help get the most from your business. Click here to take the Value Builder Survey.
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What’s Your Big Idea?
By Matt Carle, Main Ascent Business Brokers and Advisors
And what are you doing to make it happen?
Today just about everyone has an idea for a business that they want to start, or an app they want to build, or a property they want to develop. Even people who aren’t the slightest bit entrepreneurial have these kinds of ideas rolling around in their heads, thanks to shows like Shark Tank and The Profit, entrepreneurship is part of pop culture, and it’s something that everyone thinks about. Most of those ideas – probably 99% – will remain ideas. Someone comes up with an idea for a product and years later sees another business owner on Shark Tank pitching something similar, they kick themselves for weeks, but never take any action. They go on with their daily lives, daydreaming about new ideas that could change the world in some way, but never really take a step forward with any of it.
Small business owners around the country have ideas about how they could improve things in their business, how they might increase sales, decrease costs, or bring a new product into the shop that could totally change the course of their business. But most of those ideas remain ideas.
The day-to-day challenges of running a small business prevent most people from taking action on new ideas, no matter how exciting they might be. And the challenge for the entrepreneur is making time in the day-to-day to actually take steps to turn ideas into reality. Nights and weekends might be in order for a while to really make it happen, but that’s not sustainable for most people. Business needs to get done during business hours, so owners are left crunched for time, and it’s usually the big new ideas that get put on the shelf while the day-to-day grinds on.
Part of the challenge is about time management – clearing space in your calendar to do this work of turning ideas into action. Making some real out of nothing more than an idea can be a time-consuming process, so making space for it isn’t easy. But there is almost always a reward for it in the end – especially for small business owners. What could you do with two hours per week to work on your big idea? Some pretty big things, I imagine. Committing to dedicated Entrepreneurship time is crucial for any business owner. Break away from the daily task list and work on the high level projects that will have an impact on the business.
Another challenge is the mindset that might be holding us back from pursuing these great ideas. We get in our own way so often that it’s often hard to pick up new projects or start new things. Given enough time and mental energy we can talk ourselves out of almost anything, especially when it comes to starting something new. So, giving yourself permission to start new things, to test, to experiment and take on something new is critical. Often we can overcome these mental hurdles by thinking of everything as a test, an experiment. That way we’re not committing to doing anything new full-time, we’re just testing it out to see if it works. That allows us more space to experiment, to make improvements, and allow things to run over time, instead of trying to get it perfect from the start.
Then there is the matter of making sure it’s worth your time and energy. There has to be a research portion to this work – many dreams have been dashed after spending countless hours bringing an idea to life only to find out that you were the only person interested in the project. EMyth calls this “An Opportunity Worth Pursuing” – and it requires you to be brutally honest with yourself and the people around you, examining the opportunity, the potential of your idea, and being realistic about the time, energy, and resources that would be required to make your idea into a reality. But when those things check out, when your research shows you there are real opportunities at your fingertips, then it’s time to leap.
Taking that final step to start on a big project, and bringing an idea to life is a thrilling experience. There will be challenges along the way, but any idea worth pursuing will have those – it’s the price you pay for daring greatly and take a step forward in your life and your business. The question becomes how much are you willing to do to bring your idea to life?
Explore your ideas, take the time to examine them, research them, test them in real and meaningful ways. Because ideas are easy, ideas are common, but the power to turn an idea into reality is something really special. And entrepreneurs have to be ready to do just that.
So, what’s your big idea?
Are you curious what your business is worth? Take this brief survey and we will provide you with a complimentary valuation with insights on how you can grow the value going forward. Whether you are planning to sell soon or years from now, we will give you insights from the market that will help you better understand:
- What your business is worth
- What key value drivers have the greatest impact on the business valuation
- What you can do to maximize your return on this all important investment
Each day you are making decisions that impact your future and these insights can help get the most from your business. Click here to take the Value Builder Survey.
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The 7 Types of Rest That Every Person Needs
January 6th, 2021 – Saundra Dalton-Smith M
This post is part of TED’s “How to Be a Better Human” series, each of which contains a piece of helpful advice from people in the TED community; browse through all the posts here.
Have you ever tried to fix an ongoing lack of energy by getting more sleep — only to do so and still feel exhausted?
If that’s you, here’s the secret: Sleep and rest are not the same thing, although many of us incorrectly confuse the two.
We go through life thinking we’ve rested because we have gotten enough sleep — but in reality we are missing out on the other types of rest we desperately need. The result is a culture of high-achieving, high-producing, chronically tired and chronically burned-out individuals. We’re suffering from a rest deficit because we don’t understand the true power of rest.
Rest should equal restoration in seven key areas of your life.
The first type of rest we need is physical rest, which can be passive or active. Passive physical rest includes sleeping and napping, while active physical rest means restorative activities such as yoga, stretching and massage therapy that help improve the body’s circulation and flexibility.
The second type of rest is mental rest. Do you know that coworker who starts work every day with a huge cup of coffee? He’s often irritable and forgetful, and he has a difficult time concentrating on his work. When he lies down at night to sleep, he frequently struggles to turn off his brain as conversations from the day fill his thoughts. And despite sleeping seven to eight hours, he wakes up feeling as if he never went to bed. He has a mental rest deficit.
The good news is you don’t have to quit your job or go on vacation to fix this. Schedule short breaks to occur every two hours throughout your workday; these breaks can remind you to slow down. You might also keep a notepad by the bed to jot down any nagging thoughts that would keep you awake.
The third type of rest we need is sensory rest. Bright lights, computer screens, background noise and multiple conversations — whether they’re in an office or on Zoom calls — can cause our senses to feel overwhelmed. This can be countered by doing something as simple as closing your eyes for a minute in the middle of the day, as well as by intentionally unplugging from electronics at the end of every day. Intentional moments of sensory deprivation can begin to undo the damage inflicted by the over-stimulating world.
The fourth type of rest is creative rest. This type of rest is especially important for anyone who must solve problems or brainstorm new ideas. Creative rest reawakens the awe and wonder inside each of us. Do you recall the first time you saw the Grand Canyon, the ocean or a waterfall? Allowing yourself to take in the beauty of the outdoors — even if it’s at a local park or in your backyard — provides you with creative rest.
But creative rest isn’t simply about appreciating nature; it also includes enjoying the arts. Turn your workspace into a place of inspiration by displaying images of places you love and works of art that speak to you. You can’t spend 40 hours a week staring at blank or jumbled surroundings and expect to feel passionate about anything, much less come up with innovative ideas.
Now let’s take a look at another individual — the friend whom everyone thinks is the nicest person they’ve ever met. It’s the person everyone depends on, the one you’d call if you needed a favor because even if they don’t want to do it, you know they’ll give you a reluctant “yes” rather than a truthful “no”. But when this person is alone, they feel unappreciated and like others are taking advantage of them.
This person requires emotional rest, which means having the time and space to freely express your feelings and cut back on people pleasing.Emotional rest also requires the courage to be authentic. An emotionally rested person can answer the question “How are you today?” with a truthful “I’m not okay” — and then go on to share some hard things that otherwise go unsaid.
If you’re in need of emotional rest, you probably have a social rest deficit too. This occurs when we fail to differentiate between those relationships that revive us from those relationships that exhaust us. To experience more social rest, surround yourself with positive and supportive people. Even if your interactions have to occur virtually, you can choose to engage more fully in them by turning on your camera and focusing on who you’re speaking to.
The final type of rest is spiritual rest, which is the ability to connect beyond the physical and mental and feel a deep sense of belonging, love, acceptance and purpose. To receive this, engage in something greater than yourself and add prayer, meditation or community involvement to your daily routine.
As you can see, sleep alone can’t restore us to the point we feel rested. So it’s time for us to begin focusing on getting the right type of rest we need.
Editor’s note: Fatigue can also be associated with numerous health problems, so please get checked out by your physician if it persists.
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For Sale: Glenwood Canyon RV Resort in Colorado
On-Site RV, Glamping, Cabins, Suites, Event Center, and Bar & Gril
Glenwood Canyon Resort is nestled in the heart of the Colorado Rockies less than an hour from Aspen, one hour from Vail, and a couple hours from Denver. The resort is highly visible to the steady stream of locals and tourists passing by on I-70. Glenwood Canyon Resort provides guests of all ages an opportunity to soak up the beautiful Colorado outdoors via a variety of accommodation offerings including Cabins, Cottages, Glamping, RV sites, and Tent Sites. With the river nearby, guests can spend their days fishing, rafting, kayaking, or just relaxing and enjoying the beautiful Rocky Mountains. There is also a zipline and aerial course on-site. Friends and family can book and celebrate weddings and other special events at the resort’s Canyon Club Event Center and the No Name Bar & Grill.
This is an ideal purchase for a seasoned outdoor resort operator looking to capitalize on an established and thriving business in the heart of Colorado, or for a current real estate investor looking to expand their footprint with a profitable operation in this picturesque Rocky Mountain playground. A proven tourist destination for decades, this resort property is well positioned to continue delivering strong financial results for the long-term.
Priced at a 7% Cap Rate, this property is delivering strong financial performance with an annualized occupancy of around 30%. Significant upside remains available for a new buyer to boost occupancy throughout the year and realize strong returns on their investment.
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The Importance of Owner Flexibility
You shouldn’t expect to sell your company overnight. For every company that sells quickly, there are a hundred that take many months or even years to sell. Having the correct mindset and understanding of what you must do ahead of time to prepare for the sale of your company will help you avoid a range of headaches and dramatically increase your overall chances of success.
First, and arguably most importantly, you must have the right frame of mind. Flexibility is a key attribute for any business owner looking to sell his or her business. There are many variables involved in selling a business, and that means much can go wrong. An inflexible owner can even irritate prospective buyers and inadvertently sabotage what could have otherwise been a workable deal.
Be Flexible on Price
A key part of being flexible is to be ready and willing to accept a lower price. There are many reasons why business owners may fail to achieve the price they want for their business. These factors range from lack of management depth and lack of geographical distribution to an overreliance on a handful of customers or key clients. Of course, one way to address this problem is to work with a business broker or M&A advisor in advance, so that such price issues are minimized or eliminated altogether.
Be Prepared to Compromise
In the process of selling your business, you may want to achieve confidentiality and sell your business quickly and for the price you want. However, the fact is that most sellers find that it is possible to have confidentiality, speed, and the price you want, but not all three. Ultimately, you’ll have to pick two of the three variables that are most important to you.
Be Patient
A third way in which business owner flexibility can boost the chances of success is to embrace the virtue of patience. By accepting the fact that businesses can “sit on the shelf” for a considerable period of time, you are shifting your expectations. This realization can help reduce your stress level. The fact is that stressed out owners are far more likely to make mistakes.
Sometimes Losing is Really Winning
A fourth way in which business owners should be flexible is realizing that you and your lawyer will not win every single fight. There will be many points of contention, and a smart dealmaker realizes that it is often better to have a good deal than a perfect deal. You may have to make sacrifices in order to sell your company. Simply stated, you shouldn’t expect the other side to lose every point.
At the end of the day, a savvy business owner is one that never loses sight of the final goal. Your goal is to sell your business. Seeing the situation from the buyer’s perspective will help you make better decisions on how you present your business and interact with prospective buyers. Maintaining a flexible attitude with prospective buyers helps to position you as a reasonable person who wants to make a deal. Goodwill can go a long way when obstacles do arise.
Copyright: Business Brokerage Press, Inc.
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