By Michael Armfield
Are you a business owner that has worked hard to succeed? Have you always looked forward to retiring and passing your business to your children? If this sounds like you, you are either on schedule and getting ready to pass the reins to Jr, or you are scratching your head wondering how you will make this transition a reality.
I want to share a story with you of how the lack of planning for Exit can play out in your business.
We began working with a client that was in the process of taking over their families business. Their Father had started the business. As the Father began the transition of passing the business to his children, they became very aware that there was not a plan in place to make this transition smoothly.
Like many family owned business there was never a plan to methodically transfer ownership and responsibilities. This left Lauren and Dean (Sister and Brother/Owners of Good Sounds) in a tough spot. Their Father had worked hard and his methods had worked to bring them to where they were at. That being said, Lauren and Dean were both clear that the business practices had to continue to evolve with changing economies and buyers.
This change was not being embraced by their Father and began to cause a lot of friction in the family.
So we began working “on” their business. It quickly became clear to Dean that their greatest challenge was getting themselves out of the way and learning what they did not know.
Lauren stated that to be the best at something you need to have a coach. She referenced how Tiger Woods is a great golfer, but to be the best he employed the help of a coach. This is so true for you as well. If you want to be the best at what you do, you will need to always be challenging yourself and learning more about the intricacies of your craft. Great businesses do not simply arrive. No, they actually have ups and downs and always need an attentive eye on the goals and metrics that need to be accomplished to continue to thrive above the competition.
Lauren and Dean also shared how good it is to know that after each coaching session they leave more clear and encouraged for what lies ahead. Lauren stated that the accountability is a love/hate relationship, but that without it she would be left to continue to do the same things that were not producing the results they wanted. Dean shared how he always feels refocused and energized after each of his sessions.
It has been a year and a half since we began our work together. Lauren and Dean are now tasting the spoils of their hard work. Their Father has completely exited the business and they are now working intentionally, incorporating a plan and the accountability that they needed to achieve their goals. Lauren and Dean concluded by stating having a coach is non-negotiable for them.
So, how about you? Are you ready to pass your business to your children? Do you have a plan for how and when you will do that? Are you the son or daughter of a business owner and are itching to step up to the plate and allow your parent to exit and enjoyment their retirement? Or are you like many talented entrepreneurs that simply did not begin with the end in mind?
Here is the good news. When you work with the ArmfieldGroup we begin by crafting your exit from the business. Then we work backwards to discover what events, revenue goals, and advertising tools need to be put into place for your business in Australia.
Do you want to be the best that you can be? Are you ready to take the emotions out of business and begin setting the stage for an incredible legacy? Are you tired of dealing with children that have a sense of entitlement but are lacking a track record of carrying their own weight? Are you exhausted by the ever stretching date of your parent’s exit of the business? If you are shaking your head and saying yes that’s me, then let’s take a step together in the right direction.
Go to www.armfiedgroup.com/assessment and complete a tool we have built for you. As a result of your investment of time we will ante up and do the same with our time. Upon completion of this tool, we will schedule your complimentary coaching session.
You have worked hard to get to where you are at and this should be the best time of your life where you slow down and enjoy the spoils of your hard work. If you have no idea of how that’s going to happen with your family business then do not hesitate.
The sweet reward for your hard work could be closer than you think. Life is too short and family is too valuable to leave your exit up to chance.
Should we be talking?
Let’s talk…
ArmfieldGroup, Inc.
Helping leaders Achieve there dreams
561-541-3466