Paul Martin's Business Update - September 25th, 2014

Getting into business is not always easy. Only one in five start-ups last a handful of years. But it’s also not easy to get out of business.

For most small business owners, running things everyday takes up all their time and energy. Even though most or all small business owners would tell it is important to take to think – to plot strategy and look at the big picture – few actually take the time to reflect. In business parlance, this is called working ‘in’ the business rather than ‘on’ it.

A new survey by TD Bank reinforced that reality. It asked small business owners about plans to exit the business – to convert a life time of work and equity building into cash. And what they found is that two-thirds have no strategy on this front.

Many said they had hopes – they hoped to pass it on to the next generation or perhaps to the organization’s employees. But not very many had actually talked to their children or workers about it. It remained a dream or a hope but…as those in business know, hope is not a strategy.

http://martincharlton.ca/?p=844 #wetellyourstories