Business owners tend to be workaholics. After all, it takes a certain amount of blood, sweat, and tears to be able to succeed in a marketplace where many start-ups fail in the first year. But in their steadfast pursuit of profits, sometimes owners forget that time is money, too.
Take the story of a devoted limousine business owner contemplating putting his beloved business for sale in California. While the owner’s company was struggling financially, he was struggling emotionally with the decision to sell. Upon further investigation, The Tenney Group discovered that the owner and his partner were each working more than 60 hours a week. What was their reward for their efforts? Between the two, they were taking home just $35,000 per year. They could have fared far better working at nearly any fast food joint.
Despite this, the owner wanted to continue investing time and money into his business. When pressed to analyze his circumstances, however, he acknowledged the futility of the situation. He could be doing anything in the world and make more money than he was earning working sunup to sundown to keep his business afloat. Eventually he realized that the concept of selling wasn’t frightening – it was freeing.
Often times it takes an outside opinion to allow business owners to see their companies objectively. A third party industry specialist can help owners apply the common sense necessary to avoid disastrous financial decisions, whether it’s by identifying the fair market value of a limo business or objectively evaluating limousine industry trends that could affect a company’s bottom line.
As a business owner, it is to be expected that you won’t always be compensated fully for your time. But a successful business should pay off in other ways, such as allowing you the freedom to take vacations when you need a break. At the very least, you should be earning enough to make a comfortable living. If you truly have no time left over for family, friends, or yourself, it might be time for a change.
Allowing an expert to analyze the health of your business can help you decide whether putting your limo bus for sale is right for you and, if so, what you can do to enhance your value in order to appeal to your most advantageous buyer. When running your business no longer pays off, selling it might.