A banker and former colleague of mine commiserated with me the other day, about a dilemma his client is facing:
- Sales and operations are stuck in “lack of progress” mode.
- New ideas go untested, unheeded, and unpursued.
- Suggestions from internal managers are going un-noticed.
- The owner is busy collecting a salary, and less interested in making changes.
- The owner is not showing the energy and zest that once made this client’s business fun.
A bit more background was shared: The owner is 70+. There is nothing wrong with that, except, that the owner once planned on getting out of the company at the age of 60. Then 2 things happened: The Great Recession, and an heir apparent made a decision to not succeed the owner in pursuit of another career.
The owner stayed on, fought the good fight, and made it through the tough times. But time has taken a toll, and the owner, as I am told, is tired, out of new ideas, and really needs an advisor or breath of fresh air to help lift the load. It’s also a time to talk transition, and when understanding the value of the company is a must. Markets and product appeal move fast these days. Not knowing where the company is going or what it is worth is a real disadvantage if you are not growing and thriving.
My banker friend is also struggling with the fact that, if operations do not improve, his longtime customer might be asked to go find another bank, which would be one more problem to overcome. That means the owner’s problem is also affecting other people outside of the company.
So the banker asked me, “What would you do?”. My answer: “How about introducing me?”.
It is at a time like this that need a new set of eyes to find clarity. An independent view from someone who likes to help companies succeed, see happiness, see progress, and make informed decisions and a plan that turn out to be great strategies for future success.
It’s also a time when transition should be in discussion, and when understanding the value of the company is a must. While we believe that we can work forever, all of us have a limited number of days at the helm, or for that matter, on the earth. That might mean when you are in your 40s or 50s as well. Value of the enterprise is very important, and having an informed understanding of value puts YOU in a place of strength, and preparation.
I’m awaiting for the next step. Perhaps a call for an introduction, and some background on where the owner wants to be in the next 1-5 years. We might discuss the company’s future, and if a sale, or growth opportunity might be something to consider, or simply knowing what the company is worth makes any sense. This can be a good conversation, if there is a willingness to listen, and to understand that the future is at hand, right now.
When it comes to Developing a Future Strategy, Looking at New Directions and Corporate Transition, or Understanding Enterprise Value, today is good day to start! On your journey, you can always look back at your past, and look forward to the future. How will you get there? A good place to start is the MILE MARKER. Mile Marker Business and Consulting Services, LLC has great resources and sound acumen for helping companies to be the best prepared and informed that they can be. Let’s start a conversation about how to make your corporate future bright!
David Alexander, President
Mile Marker Business and Consulting Services, LLC