Business Owner Burnout (BOB) is the most common reason for business owners to consider selling their businesses. Most owners do not have their businesses ready to sell when burnout has finally taken its toll. And business owners who do succumb to BOB usually take a significant financial loss. How can you learn to protect yourself from the ravages of "BOB" Syndrome? The first step is to begin looking at your business in a completely different light.
Your business is like a wheelbarrow: If you want it to go somewhere, you have to pick it up and push. But it takes energy to push a business. Physical, emotional and economic energy may be in short supply when they are needed most. What can be done to ensure an adequate supply of these essentials when they are most needed?
The secret may be found when we ask ourselves important questions about our own businesses--long before we reach the burnout stage. For example:
But what is the most important question you should ask yourself? Asking tough questions about your own business is always hard. That's because often we are afraid of the answers! Do you know what really the toughest question is to ask?
"Do I know HOW I am going to exit my business when the time comes?"
This is probably the most important question a business owner can ask of one's self. Why? Nobody knows exactly "when the time might come" for exiting their business. In a perfect world, you might get to choose the time of your exit. But in the real world, a large percentage of business owners experience a life changing event that will cause them to attempt to sell their business at a time NOT of their own choosing. In my profession, I see this happen all too often.
Have you thought about how you will exit your business?
Here are a few of your exit choices:
Hopefully, you won't choose numbers 1 and 2.
So the question remains: Do you have a PLAN to successfully exit your business? If not, you should. In fact, YOUR business might be one of the most valuable assets you own. Have you documented the value of your business? Do you know the value of your business? If you were to sell today--would you get what you want--or need in order to carry on with your life?
If you are like most business owners, your business is not prepared for sale. That means that your business is not as valuable as it should be. In fact, you could probably be earning 10% to 20% more from operating your business if you just knew how....
I have worked with business owners for more than 30 years. I have observed what many business owners have done right, and what they have done wrong. With over 30 years of observations, my new book, Your Business IS Your Goldmine! was written especially for business owners who want to increase the value of their business while earning more and enjoying life more. It is my sincere hope that readers of my new guide will learn how to improve and protect the values of their businesses.
Grover Rutter is a CPA and Business Broker who has been dealing with closely held businesses for over 30 years. "Now that the baby boom generation is maturing, the business advice they receive has to be much different from 10 to 20 years ago," Rutter explains.
For this reason, Grover has written a newly released book that provides "straight talk" to business owners so they can learn very quickly HOW to increase and maintain their business values. This book provides an excellent "self examination" for business owners to apply to their own business situations. Your Business IS Your Goldmine! (Learn How to Get the MOST Out of Your Business) delivers an important message that most business owners NEVER hear! HOW TO GET THE MOST FROM YOUR BUSINESS! This powerful (and easy to use) message will help business owners put their business financial well-being into perspective. The tax deductible Guide is less than $20, and should be read by every business owner. Interested readers may find the guide atwww.Lulu.com/businessadvisor