I’m still really pumped about our upcoming sessions with our business consultant. But I just realized that in my last “dispatch” I forgot to say that our sessions with him will also hopefully result in an “exit strategy”. Not that we necessarily will exit, but we will be able to if we choose to sell the business. We may “exit” the business by passing it on to the kids if they want to carry it on. But at least we will have a plan in place for the business to continue if we are removed from it by death or some other circumstance.
Not sure if all this is of interest to you folks or not, but I think it’s a key piece to the business plan that many owner operators don’t plan for. They hit retirement age and the business “retires” right along with them. After putting so much in to the business over the years, you HAVE to ask yourself what do you want the business to give you back after all you gave it…. and structure it so that it gives you what you want. I feel after all the time and energy we’ve put into the business, it owes us something! What do we want from it in exchange for all the efforts we exerted during the time we owned it? (Steve, I know you of all people understand this concept and have personally lived it!)
Steve’s comment: Your analysis of our industry is dead on, Meg. Far too many carpet cleaners enjoy the “good life” that carpet cleaning can bring them but never think about “tomorrow”. I tell every SFS class that the “dirty little secret” of the carpet cleaning industry is that most carpet cleaning business never sell, they just “wither away”! I’m delighted that you and John are beginning with the end in mind! For more on this topic you might download this “Cashing Out” Special Report if you haven’t done so already.
So, thank you SFS for the kick in the butt that we needed to get this done. I will say that SFS is a bargain price compared to the consultant we have hired. BUT, John and I knew it was necessary to make this investment for the sake of our company and family but I don’t think we would have come to this realization without SFS. Thanks again to Steve, Chuck and Bill for the outstanding content in SFS. More importantly thanks to Nick Paolella for his vision and bringing SFS to all of us.
Steve’s comment: Meg, I can think of three ways you (or any of our other 2,000 plus SFS members) can “thank” Jon-Don, the SFS team and Poppa Nick. 1) Keep on doing what you are right now: “Make it happen!” 2) Keep us informed here on the SFS site on your progress, Meg. You are an inspiration to many of our site readers! 3) Just take Jon-Don along with you on your ride to success! And I know you will!