Lately I’ve been coming back to a topic that isn’t one that we really like to think about, but is something that affects us personally and professionally: death. At some point in time all of us will die, and just about every business will go out of business at some point in time. Very few businesses stand the test of time, often because the world changes and either they can’t keep up with the changes, or there’s no one to continue on after the current owners are done with the business. So today I thought we’d take a minute to talk about next steps with your business, whether you’re hoping to sell, planning to pass it on or some day going to close up shop.
Whether you’re planning to sell or planning to pass it on one of the most important things you can do to not only make your business appealing to the next person, but to ensure that you pass along the best version of your business that you can, is to keep good records. This means that not only is everything recorded in a way that people can easily figure out what you’re sharing, but the information can be used to make important decisions in the future and the information shows that you’ve got a great concept and the customer base to support the business.
If you’re planning to close up shop some day one of the most important things you can do now and when that time comes is have good resources that you can pass your people off to. I’ve been connected with several individuals and companies who decided to close their doors and left absolutely no way for people to keep in touch with them or suggestions about who they can connect with that offers the same heart, quality and services that they did to now replace them. I understand if you want to be done with your business (or need to be), but you’ve spent a lot of time building trust with people and they’ve gotten to know you and see you as a valuable resource, so to just toss them out like garbage just because you’re done is inconsiderate. You’ve got a new future you’re moving on to, but they were relying on you for parts of their future.
But the fact is that paying attention to detail, keeping good records, building a network of reliable customers, having data to consider, and having a network of people you can recommend people to are things that can be invaluable now while your business is being built, growing or thriving, not just when you’re closing that chapter of your life.
The one last thing I would encourage you to keep in mind is that everything does come to an end at some time. It’s always better if you’ve got the control to finish things out as you want them to go, rather than working through a mess or leaving the mess for someone else. What plans do you have for the future of your business?