Don’t downsize. Sell.

Have you ever thought to yourself, “I need to do something with this business, it can’t stay like it is”? Many times I’ve heard entrepreneurs say “I need to either grow this business or sell it.” At face value that can seem weird. How could someone say they need to take one of two actions that are so drastically different?

That’s because all entrepreneurs eventually feel the inherent tension that their business is dying if it isn’t growing.

But there’s something wrong with either action of growing or selling it; they’re both scary.

Finally deciding to grow a business forces you to throw out the old playbook and examine previous failures. Very uncomfortable. Selling the business will bring a nice payday, but what the heck will you do after not owning it anymore?

So which one do we choose? Neither. We downsize. We don’t grow or sell. Too scary. Too uncomfortable. Surely you’ve thought a thousand times, “If I downsized this business to the way it was ten years ago, it’d be easier to manage and more profitable.” All of a sudden you feel relief from the tension. You think to yourself, “my life is about to get easier, and I’m going to start taking more money home from this business and stop giving it to employees who only cause me trouble.”

Justify it however you want, but purposefully going backwards to gain a sense of control is not the answer. The amount of success you’ve experienced up to this point was not gained by seeking comfort and control, but by taking measured risks in the name of advancement and progress. Don’t forsake what got you here. Don’t forget the entrepreneur you used to be in the early days of your career.

Now, back to square one. Grow or sell this business? If you identify with the thought processes that I’ve laid out, chances are you do not have the passion or energy to grow the business. And if it’s not growing, what is it doing? That’s right… dying.

You need to sell it. You need to capitalize on the value of your business before it starts a major decline.

Take all that money and go on vacation! Start a new business; something you’re passionate about and can be proud of!

Call me today to get started.