My expectation is that within a few weeks the world will be back to normal and life will continue to press on. That said, even relatively short downturns can cause major issues for small and medium size business owners. So, what should you do? Here are a few thoughts.
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“Great leaders and business owners find ways to guide, direct and steer their people and teams towards a common goal and mission. They are able to use all the things, good and bad that their people inherently bring to work and harness it in a way that drives results.”
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Recently I had a conversation with a business who had a built a company doing over $500M in annual revenue. Net profit was in the 10% range. The business was doing well. He was doing well and beginning to think about how he could cash out his cash cow of a business. Just one problem - nobody would touch it….
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The facts are in and they are scary. The thought that the typical business owner has 65-85% of their net-worth tied up in their business and that the overwhelming majority of businesses will not sell is daunting.
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Will your business sell for what you need to make it through retirement with a smile?
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