Eight months ago I set out on a journey to acquire a small or medium-sized business which in turn I would operate. In that time I have spoken with a number of business owners who are contemplating the sale of their businesses, the livelihoods of the people they employ, and the continued independence of their organizations. Here, I share my observations as I contemplate leadership and my role as a future CEO.
First off, thank you to all the business owners who got on the phone with me! I probably sent you a cold email asking for a call and you shared your most valuable asset with me: time. Which brings me to my first observation. You are incredibly generous.
It has taken you years to build your business, perfect your product, find/hire/train/retain the right people, and you’ve committed countless hours to your customers. You are diligent and patient.
The years have hardened you in many ways. Yet, despite the broken promises from vendors, partners, and employees, you get on the phone with a complete stranger (me) and share the good and the bad about your business. You are trusting.
Through trials and tribulations, you have persisted. Almost irrationally. You continue to learn from your experiences and push forward. It seems that the word “failure” simply isn’t in your vocabulary. Instead you speak of “opportunities” and “challenges”. You are unbridled optimists.
“The limits of my language mean the limits of my world.”
Ludwig Wittgenstein
You use the word “we” consistently. Your passion leads you to speak of training, empathy, service, and most importantly, people. They have been with you every step of the way and followed you from your first business… to your second… and now your third. You are loyal to your employees, and in turn they are to you. They are family.
As you identified challenges you began to experiment. Born out of necessity, you started a second business and a new industry was born. The goal was not to “disrupt a marketplace”, but the results of your work have been transformative nonetheless. You are consummate builders and problem solvers.
Speaking of disruption, the millennial workforce is routinely on your mind. You weigh your investments in new people who may simply leave after a year. Bigger regional and national players are also hiring aggressively, which can make it increasingly difficult to compete. New talent is your greatest challenge today; And you embrace it.
Your business has been an integral part of your life. You want to see your people and the business flourish as an independent institution. Not just anyone can run your company, and the right leadership is necessary to carry the torch. Succession isn’t a simple business decision. You are emotionally invested.
As you ponder next steps, you recognize that the line between your personal life and business can often be blurred. Long bets and long days have fortunately made way for big wins and a growing team of family members who share in your passion. At the end of the day, one thing is certain: You would never seek out a traditional role again. Me neither.
Re-posted on LinkedIn.com
About Kirk Newcombe
Growing up in a successful family restaurant I have always admired the entrepreneurial spirit. My hope is that I share at least some of the traits that have made these 357 business owners successful. In time, I’ll know whether that’s the case.
If you or anyone you know is looking to gracefully transition the leadership of their business, I would love to get acquainted. Selling your business is as much about trust as it is about the financials.
My intent is to acquire and operate a B2B services business located in the U.S. or Canada. Keeping your business independent, I would retain your team and transition into the CEO role over time with the intent of growing your business into its next chapter of success. Behind me is a group of seasoned entrepreneurs with extensive experience in investing, operating, and growing small and medium-sized businesses.
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