Marketing Quick Take Q&A: Should You Sell Your Business? Part 1




Video Transcript:

Greetings from San Antonio!  As you can probably see from the hotel room décor, I’m on the road again for business travel, but I didn’t want that to stop me from posting this new question we recently received from Greg.  Greg writes:

“I’m 54 years old and in the “powersports business.”  I never thought I would be at this level after working all this time in my life.  I shouldn’t complain – my net profit was about 6% in 2011, which by industry standards is quite good.  But the “Fun Factor” is gone.  I never counted on working 6 to 7 days a week and 70 to 85 hours.  I’ve tried to find someone to follow in my footsteps and become the dealer, even offering to finance 90% of it for the right person!  But no takers.  I enjoy the business… but at 70 to 80 hours – it has started taking a toll on my health.  Is it time to move on and let go?  And lose nearly everything I’ve invested?”

First of all, Greg, congratulations on the continued success of your business, even during challenging economic times.  The only way you could have achieved this growth is with nose-to-the grindstone dedication, so I’m not surprised you’ve been putting 70+ hours in per week.

Your email really hit home for me because I’ve been where you are right now.  Your question so important that I’m going to take three episodes to try and give you a comprehensive answer that I hope will help you  – and others watching this – make the right decision.

Normally, I compare honest “burnout” to the simple need for an extended vacation, but when you mentioned that it’s taking a toll on your physical health, that raised a red flag for me.

Your passion for your job is the “heart” of your company.  And if your heart is damaged, so will be your personal health.  Right now, you’re caught up in a vicious cycle of working harder to achieve, as a replacement for that drain of passion you once had for your business.

And you and I both know that all the hard work in the world can NEVER replace passion.

As Steve Jobs once said:

“Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it.”

Steve Jobs knew what he was talking about.  If you’re having too many days in a row where you don’t like what you do, it’s time to explore what will most likely be the most exciting opportunity of your life.  Hey – you’re only 54!  I’m 51, and I’ve re-invented myself over the over.  It’s what keeps us ALIVE, man!

For now, spend some time considering passion – it’s what keeps us young and curious.

Stick with me, Greg.  In the next video, we’ll take a look at the practicalities of making such a big change in your life, and the questions you need to ask yourself.

Till then, I’m Michele Miller for WonderBranding.  If YOU have a question you’d like the WonderBranding team to take on, shoot us an email at ask@wonderbranding.com.

See you next time!

 

 

 

 

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