What is the point of owning your own business? How you answer that question will definitely depend on your personal desires, but in reality it boils down to one thing: Value. You own a business to realize value. We look at value in two stages, the value your business provides you while you own it, and the value you receive when you are ready to sell or otherwise transition out of it. Now, what value means to you while you own your business is different for each of you. Value can be the ability to go to work every day and love what you do and why you do it. Value most likely includes being able to be more flexible with your time, being able to make your kid's soccer games or take time out of the day for your own hobbies. Value can be about having more freedom in your day-to-day work and not being in a corporate environment. Value also includes being able to create a better financial future for your family and your employees. Value might include being able to support and give back to your community. Value is also the dollar amount your business is worth when you decide it's time to sell or transition your business to new owners. This value is reflective of how well you have designed your business to be sale-able. Chances are, Value is a mixture of these elements and more, but there are often missing steps between the dream of achieving value and the reality of realizing value once you've started your business.
This month we've focused on Designing and Growing a Business of Value. We've also focused in the past on a series of articles on the eventual sale or other transfer of your business (see links below for all articles in that series). This week we want to leave you with a simple message: Owning a business can be a dream come true. It's turning your vision into action, but we understand that it's not an easy journey. There are ups and downs. Even though there are famous quotes about business not being personal, it sure feels personal some days. It can also feel overwhelming even though you love what you do. Some days it might feel like there are very few people who understand you and the decisions you are constantly required to make. We know this, because we talk to business owners just like you every day. We hear and encourage the dreams, we help with the struggles and the strategic plans, we listen, and we cheer the successes others don't even see. Our business is business, and no matter what your business is or what level your business is moving toward, we can help in ways no other business can.
We thank you for taking time this month to let us discuss our re-imagined business. Starting next week our newsletter will return to more informative articles starting with the annual checkup your business needs to hold to ensure its health.