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Reply To:  Hi there, My husband and I have owned our business for close to 10 years and built it from scratch to a now successful and known brand. We employ 8 people currently. It took a long time and many hours of work to build it up and it is only in the last few years we’ve been able to reap the rewards. It’s been a tough year mentally and we are at a point where we want to throw the towel in. Not because of Covid or financial stresses, the business is doing well at the moment,  but because we are sick of dealing with the day to day dramas of staff and managing people which takes away from the reason we do what we do and the reason behind why we started this business. We’ve also been thinking lately about what is our end goal, what is our exit plan and where to next, can we expand, if so how, do we sell? To who? Close down? What about our lease?  We don’t really want to just throw away 10 years worth of hard work for nothing…But it is getting to the point where this is draining and we feel like we have no real direction. What are our options and who can we go to for advice with this sort of thing? I feel we need a mentor to advise and help guide us on what the next step should be. Would love to know your thoughts. Thanks in advance. An over worked family. 

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Hi there, I totally agree with the advice above.

What I’d like to suggest is a step in between – to make sure you get the most out of any coaching you may get. Because that feeling being stuck is suffocating.

It takes a lot of time and energy to get a new person up to speed on your business and it’s intricacies. That new person also needs to be fit for purpose – you don’t want to waste time on the wrong problems.

Can you step away from the day-to-day to work through these questions? What are the family dynamics? If the answer is yes, can you start carving that time out now to start on some of this?

What are your bottom lines – what debt is there, what commitments beyond your lease are there, who is out there that could buy the business? What would you need to do to get the business ready for sale? How long would that take? What are the elephants in the room? During what time if the year?

Can you answer these yourself or with your family – or do you need an external party to work through them?

If you have a bit of a plan/framework to go about getting some answers to your questions you’ll gain some momentum and a plan will emerge.

Happy to chat if you need to bounce some ideas off anyone.

thanks
PB