Run, Fix, Grow and Prepare to Sell: Realizing Your Business’s Success
Filed under: Business Growth, Pittsburgh, Profitable Growth, Uncategorized
Is your family business or privately held company doing better today, but not as well as it did before the recession? Have the low prices business buyers offered for your company derailed your retirement, exit or succession plans? You’re not alone. Many of my clients have faced similar situations and had to choose between the unacceptable and the uncertain.
They could unacceptably settle for less and sacrifice the value of their firms and the legacy of their ownership. Or, they could accept uncertainty, decide to refocus their efforts back to running, fixing, growing and preparing their businesses to be sold.
If you and your firm face this choice, and wonder what’s involved with choosing uncertainty, here are the questions my clients answered as they chose to run, fix, grow and prepare to sell their firms.
The first step to successfully reignite your company is to commit to more actively running it. Regardless of being the leader, do you need to increase your personal commitment to running your business? Given your company’s track record, or your latest take on its prognosis, what personal sacrifices must you make to reassert yourself as the leader of your business? Refocusing on running your business for further profitable growth starts with rolling up your sleeves and getting back to basics.
Does your company need some internal repair before it can really grow? Are your costs too high? Is your culture unsupportive? Are your sales, marketing or service efforts failing? What key disciplines do you need to demonstrate to show you mean business? Do you need to change your people or change people?
Does your company have the real potential to grow? Do you feel it when you watch your staff, talk to customers or see your competitors growing and taking your share? Is your firm focused on its Best and Highest Use®?
If you’re interested in creating organic growth, many ways exist to do this. The truth is, your marketplace may have punished your business but it has probably created new opportunities as well.
Do you need to reposition your company in the eyes of buyers and business brokers before you can fairly sell it? Do you need a better story to tell about the improvements you’ve made and the opportunities you can seize now?
If your company is in play or you’re getting ready to sell it, what does your organization need during the transition? Who is advocating for your company’s customers, employees, suppliers while the players are bargaining for their share of the sale?
After reviewing these questions, please know that your best decision is to make a decision. It’s now time to address the key factors to run, fix, grow and prepare your firm for sale. If you can’t see yourself doing so, then sell your business for what you can get for it. The owners I know who choose neither path suffer the most.
But if you’re ready to get down to business about your business, call me at (412) 973 2080.