by Cheryl Powers
In the Beginning
I remember how I felt in my first business.
I thought it was the best job in the world, despite the fact that I was working 70-80 hour weeks. I was young, energetic, and ready to take on the world.
It Took Its Toll
A few years of six days a week travel put that in perspective. Soon I was tired and seemingly inextricably tied to the job I once loved.
I realized exactly how little money I made if you factored in all my hours.
I was unable to take any real time away from the business.
I was always strapped for cash even though we were selling more than ever.
Finally, I got some help. I hired a business coach to work on strategy, growth, and execution.
The Key To Growth and Profitability
Over time with his help, I hired managers to get to the next level.
It was a difficult transition for me. My young ego didn’t relish giving up control, and I was certain no one could do (anything) better than I could.
Thankfully, I was wrong!
My team and I created systems for each task in the business.
My coach helped me to prepare my managers to take on bigger and bigger duties.
It was a ton of work and I didn't do it alone.
And it paid dividends.
I took my first vacation since buying the business. It was a full three weeks out of the country.
At first, I couldn't settle into it. I called the office constantly for the first three days.
Key Relationships Are Based In Trust and Accountability
My COO told me to go relax and enjoy some sunsets - everything was under control. I promised myself I wouldn't call for at least three more days. By then, I was feeling more relaxed.
My team had the number to the resort and could reach me in an emergency. They never called. I never called.
I ate great food.
I saw the sights.
I met interesting people.
I took in landscapes, ocean views, sunrises, and sunsets.
I felt good, really good.
When I got back and met with my coach, he told me to book my next two vacations. That seemed ridiculous. I had only just returned from my first real getaway in years and now I was supposed to book two more.
Upping the Ante
We talked for a while and he showed me how far I had come in such a short period of time. He helped me set some goals and create an action plan to reach them. It seemed possible that, with help from my team, we could get there.
I booked the two vacations - - and I took them.
We missed the first goal by several weeks but we stayed the course and finally celebrated our achievement.
We demolished the second goal and hit two company records in the process.
I began to love my job again.
My managers were so much better at running the day-to-day than I would ever have been.
We had alignment.
We had traction.
We were gaining velocity.
Then Magic Happened
I received my first offer to sell, and soon after a second.
Before you know it, I felt like Lady Mary from Downton Abbey with more suiters than I ever imagined.
Take it from me: sellable businesses are more fun!
Whether you aim to keep yours for a long time, sell it in five years, or pass it on to your kids, don't wait to create a valuable company that works for you and not because of you.
Escape the Mundane
Most business owners spend the majority of their day on minutia:
• employee performance reviews
• bank reconciliations
• customer issues
• auditing expenses
It sucks the joy out of owning a business. And it's exactly these tasks you must put in someone else’s job description!
We're Here To Help
If you're ready to create a company with predictable profits while you create a life you love, consider scheduling a confidential session.
Join our mailing list to receive the latest news and updates from our team.
Don't worry, your information will not be shared.