My Business is Ruining My Life… But I Can’t Afford to Sell It?
Here is the situation…You’re tired. You’re stressed out. Your family life/marriage is crumbling around you, and you’re broke. Worst of all…you owe far too much to consider selling your business—the source of all the discomfort in your life. What do you do now?
First, I’d like to offer you some encouragement. You are not alone. It is very easy to get in this situation. This is a very unforgiving industry, and the absence of public resources and “how-to” information do not make it any easier. But be assured, it is very possible to achieve significant wealth from this business. We have been apart of some amazing turnaround success stories. You, too, can turn this around. Start by focusing on these 3 things.
1) No matter how bad it gets…don’t go into “Shut Down” mode.
Being in the middle of a failing business venture can be an emotionally devastating experience. I have seen many business owners so affected by this that they lose the ability to function in the most basic ways. They dwell so deeply on the factors that got them into to the predicament that they can’t get their head above water to see a way to get out of it. As a result, their mental paralysis steals any real chance from their family and employees to survive in this time of crisis.
Do whatever you can to keep yourself thinking rationally in this time of trouble. If you recognize that you can’t, the best thing to do is to seek out help immediately from someone who can proactively and effectively address the problems plaguing your business. Your family and your employees deserve at least that.
2) When the Doctor Says, “You Are Going To Die, Unless….”
It is very common in our society for a person to reach such a level of obesity where traditional, corrective health solutions and weight loss methods (walking on the treadmill) no longer apply. The situation is so urgent that only procedures like gastric bypass surgery will free them from a path to life-altering diseases or even early death.
An alarming rate of companies in our industry has reached a similar state of emergency—as it relates to their business health. Without dramatic, timely action, your business and possibly your family life/marriage may be in grave danger. Let’s have a reality check.
Approx. 30% of our industry turns over every year (sells or closes their doors).
Over 80% of operators work 24/7 and do not financially benefit beyond a common employee wage—while managing other employees and enduring the stress of hundreds of thousands of debt the majority of their career.
And…Divorce Rates are off the charts in this industry
Question: Why do so many businesses consistently struggle and eventually fail in our industry. Answer: Because operators commonly face “gastric bypass”-type problems but continue to apply “treadmill” solutions—or even worse, don’t do anything different at all. So businesses fail, retirement funds are lost, and marriages end, when many could have been saved by more dramatic, timely action.
3) Doesn’t Matter What Brought You to This Moment…As Long as You Seize It
It doesn’t matter how you got to this point (Overpaid for the business, 911, fell in love with too many cars, etc.). What matters is being honest with yourself about the health of your business today and giving everyone associated with your business a legitimate chance to survive and eventually prosper in the future.
As stated above, over 80% of operators endure daily stress and paralyzing debt throughout their career without experiencing any significant financial benefit of business ownership. It is also important to note that nearly all of those operators never ask for help as they suffer. It sounds strange, but the challenge you now face, should you respond to it with dramatic and timely professional help, may very well be the one thing that saves you—what gives you the opportunity to experience the full benefits of business ownership in this industry.
