Don’t Waste Your Time
Time. Couldn’t we all use more of it?
Don’t we all want to spend more time with our family and friends? Don’t we all want to live a long life? Don’t we all want to be as productive as possible?
The rock bank Pink Floyd wrote an entire song about time. Dating myself there a bit, but oh well…
This is a reminder to not “fritter and waste the hours in an off-hand way” if you someday want (or need) to monetize potentially the biggest asset in your personal portfolio and life: your business.
How Much Time Do You Have?
If you are the owner of a privately held company, you have only so much time to reach your goals.
In our experience at Blueprint, we’ve observed the tendency of some owners to wait too long to focus on the value of your business.
The stages of thought for most business owners go something like this:
“I’ve got plenty of time.”
“I’m not getting any closer to my long-term goal, but I’m still a long way from that.”
“I need to start thinking about my eventual exit from my business.”
“I don’t have much time left…”
“I’m out of time.”
It may seem simplistic, but we’ve seen this pattern enough to know it’s the nature of many owners of privately held businesses.
Which stage are you in?
Somewhere along the way, you get (or have gotten) inundated with “fishing” expeditions from supposedly interested buyers.
Instead of making you want to sell the company, this probably has the opposite effect.
It’s annoying. Yet it also reminds you that eventually, you will leave your company — and having it be the highest possible value at that time gives you options.
Options are good. However…
Here’s the Truth
The sooner you start thinking about where you want to end — in terms of business value and planning how to get there — the sooner you can start focusing on the best path to reaching that goal.
Why am I writing about this?
Because here at Blueprint, we love helping business owners plan, execute, and achieve their goals.
It’s quite rewarding to see our clients get rewarded for their life’s work, the risks they took along the way, and the jobs they created.
It’s professional nirvana for us to help this happen.
What’s Your Plan?
We’ll leave you with one more line from the song “Time”:
“Every year is getting shorter, never seem to find the time.”
If this line makes you shudder, please give us a call.
Whether you reach out to us or not… don’t wait to make a plan.
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