Momentum - Business to Business Online Magazine MOMENTUM December 2019 | Page 18

FROM THE BUSINESS COACH MIKE HILDERBRAND, BS, MBA ActionCOACH of Galveston [email protected] www.galvestonbizcoach.com DESTINATION MASTERY I can’t tell you how many times I’ve asked a business owner, “So what do you want this business to be in 5 years?” And they cannot answer the question with clarity. Even scarier is when the business owner cannot answer the question, “What is your ultimate exit plan for your business? Are you planning ultimately to sell, transition to your children, go public, or what?” Have you thought these questions through and come to a good answer for you? What you ultimately intend to do with your business is critical to many legal and financial aspects of your business. Let’s face it; everyone will ultimately transition their business. We all will experience a final transition, either by death, divorce, sale, closure, IPO, employee buyout, transfer to family or friends, the list goes on. You can choose to either PLAN for your preferred transition or you can let it just happen to you. I would suggest that planning for it has far more near and long-term benefits that taking a “whatever” attitude. Let’s focus on the positive aspects of the future. The first thing you need to have clearly in your mind about is your growth goal. Your team members need to know what your plans are for growth. Are you thinking of 16 MOMENTUM expanding geographically? Will you be opening new offices and if so, where? Will you be expanding into new product areas? Are you planning to grow organically (internally) or through acquisitions? How aggressively are you planning to grow the business? Can you see how answering these questions with conviction and clarity would motivate your team members? Some may be scared by your big plans, but I can assure you, people like to work with those who have a VISION and a DREAM for the future. It generates excitement and gets people seeing themselves as a bigger part of a business that is going somewhere. How energizing is it to just come into work - day after day - as compared to being part of something that is growing and has a PURPOSE and GOAL? As the business owner, your primary role is to create the VISION and PICTURE of the future that is exciting and compelling - motivating others to do whatever it takes to make it happen. Without your clear idea of your FUTURE DESTINATION, everything falls flat. Once you get the picture clear in your head, then share it with your team - on a regular basis. Show them how you are making progress towards the big dream. Let them be a part of your dream. Let them see themselves being a part of the success. Their productivity, commitment and passion for your success will rise to heights you have never seen before. Meanwhile, behind the scenes, dedicate some of your time to seek counsel from your CPA, financial advisor, attorney and yes, your business coach, on how to best structure your business entity, your financials and your ownership structure for an orderly transition to your ultimate exit strategy. It is critical that you have the legal, financial and ownership issues in place well before you plan to exit your business. I guarantee that the process will be much easier when that day arrives if you do.