Business advice and/or ideas.

by CECK_8. Posted on Sep 10, 2020    1    8


I am the owner of a small service business that utilizes a proprietary product and process. We currently have 32 locations nationwide that are all very successful. Each location is individually owned and operated through a license agreement to utilize our product and process.
The business has outgrown my personal capabilities to continue growing and running it properly. I feel like it is time to either sell the business or take on a partner with greater business knowledge than I. I feel like I am holding the business back which is not fair to the 32 owners nationwide.
So my question is, where do I go from here? Where can I network with high level businessmen who operate companies like this in their sleep? It is very similar to a franchise business mixed with a distributorship. How do I find people who specialize in this type of stuff. The business is very profitable and has had great success. I have just become burned out and I feel like it has outgrown me. I don’t know if I want to sell it or take on a partner that can help me run it. I enjoy the manufacturing/shipping side of the business and would like to focus the majority of my time to that.
Is there business forums, websites, something like that? I know the right person is out there who can lead me and the business where we need to go. I just don’t know how to find them or put the word out for them to find me?
Has anyone been in a similar situation with their business? Any advice would be greatly appreciated! Thank you!


Comments

Neil333 2

I was recently in a similar position, doing loads of little things, getting burned out and not sure what to do, until...I hired the right people.

My first recommendation would be to find someone as good, if not better than you who is good at the things you don't enjoy. I did this earlier this year and it's literally changed everything.

My second recommendation would be to hire a top quality virtual assistant who can basically manage all the things you don't enjoy and just add on too much work. I did this late 2019 for and it free'd me up completely. Currently she does 15 hours a month, she's very efficient and I'm planning to put her to 20 hours a month soon.

Honestly, I've realised now, the goal is to put myself out of a job so that forces me to focus on the things I enjoy, which is product development and marketing.

Good luck!

  CECK_8 1

Thank you very much Neil! I had a very successful businessman tell me the almost identical thing a few months ago. I have this STUPID mentality that I am the only one capable of running this business correctly. It is a terrible way to think and feel that is a direct result of hiring family and friends instead of people smarter than myself. I had a hard time managing people at all. I am a huge “yes man” and people pleaser. A lot of good businessmen are hard or can be seen as mean. I don’t have that trait regardless of how hard I try. I got taken advantage of pretty bad which just pushed me further into not trusting people.

Listening to all your guys awesome advice and sitting here talking about it is making me realize I probably need a shrink more than business advice...lol!

ThinkingDad 2

Before you go out and start pitching your business to strangers, you might want to step back and figure out what your business really needs. It sounds like you are stressed and tired by business tasks that you do not find enjoyable. Those emotions shouldn’t motivate your business decisions, but they should get you planning for the next phase in your business. Hire a small business consultant who can help you develop a strategy, and go from there. From my experience, the strategy planning process will help bring you clarity to what you want this business to mean for you and those who are dependent upon your product and service.

  CECK_8 1

Thank you very much for that! 👍🏻

Sliver_God 2

Chamber of Commerce, Trade organizations related to your field... The 32 owners you have franchising from you... Kinda seems like if you've reached this level of success you would already be involved with these kinds of people?

  CECK_8 2

Thanks man! Yea, I definitely was years ago. I kind of went through some stuff and removed myself from society as a whole for the past couple years. I have focused strictly on manufacturing and shipping to my 32 and pretty much closed the rest down. I definitely got way to stressed out and suffered some fairly serious health affects. To be completely honest, I dread having to get back out there and network again. I could just sit here and comfortably live on what I already built forever and be happy, but that is not fair to the 32 who want to see the business continue to grow. I owe it to them and I know that. They practically beg me to utilize them for selling and training new owners. Unfortunately I had a couple bad experiences early on with that and I fear going down that road again. Business can be a scary b$@*h sometimes and it definitely kicked my tail a little bit. I know..I know.. “pull yourself up by the bootstraps”...I am trying! Both yourself and r/thinkingdad gave me great responses that I needed to hear. I really appreciate you guys taking time to give me advice!

Sliver_God 2

Gotcha. Well you know you could hire a C-Suite or even just a CEO and retain ownership so that you can do just that-- have someone else grow the business for the independent operators while you enjoy the good life?

  CECK_8 2

Yes, I did something similar 5 years ago. I basically turned over that whole side of the business to a “very respectable” group to run while I focused on manufacturing. They drove more than 20 of my owners out of the business and nearly cost me everything. At the time they took over I had over 50 locations nationwide. I understand that not everybody will succeed in business, but when I ran it, they did! I didn’t have a failure for the first 7 years. I definitely did too much “hand holding” which was a lot of my stress. But they flat out drove people away that weren’t top producers. It was a very aggressive mentality that I couldn’t stand. Ended up in a law suit that quickly went away but it was a very trying and tough time in the business. It left a bad taste in my mouth but definitely taught me some lessons. If I go that route again, I will definitely be more careful on choosing someone who has a similar mindset to me.