A colleague asked if I was interested in buying her company. My curiosity is piqued, but I’m not sure. She says she wants to keep working to help insure a successful transition, and to have income for the next few years. While I’d be open to doing an acquisition, I’m also worried: If she came to work for us what opportunity is there for her to make a living? My gut says she’s considering selling because she can’t make enough money on her own. I don’t want to solve her need for income and leave my company on the short end of the stick. Suggestions?
Thoughts of the Day: Make sure you know what this business does for your company. Negotiate until you’re both clear as to the role can the seller will play in your company. Think about how easy or difficult it would be to take on the business. Can you make money by doing the deal?
I can see how hard it is to hire good people. Got any tips?
Thoughts of the Day: When searching, make sure every tool works well. Use interviews to find out if soft skills are present. Know your culture. Set aside plenty of time for getting to know the candidate. Avoid blamers. Look for drive and ambition.
We don’t really know how to deal with and handle stress effectively. We have big plans for this year, which means we’ll probably be running into a bunch of stressful situations. Got any suggestions for keeping things in perspective?
Thoughts of the Day: Acknowledge the sources of stress. Recognize the progress that is being made. If you feel overwhelmed, take a break. Build a tool chest of healthy responses.
Don’t know if my team can close the amount of additional sales that we need over the next several months. At least I’m worrying about it now. But the real question is, what should I do about it.
Thoughts of the Day: Figure out if you have the right goal in mind. Decide if your team can respond fast enough. Look at your marketplace. Make alternate plans.
We’re a two-generation company, and I find that ownership is very confusing. It feels like as long as the seniors are alive, we in the next generation will never own the company, even though we’re now doing the majority of the heavy lifting. On top of that, the seniors represent a huge financial drain on the company. Given what they’re taking out of the business, why would they give up control?
Thoughts of the day: Think about what control you want, and what leverage you have to get it. Figure out how to make the senior generation whole. Make sure the next generation is ready to run the business.