Business owners work so hard to see their business turn a profit. It takes years of grinding past 9 to 5 before more entrepreneurs really start to see results. Once they reach that point in their business, it should be time to sit back and relax, right?
John Spence, a leader in professional development and executive coaching, sat down with Collin Austin of Gainesville’s New Scooter For Less to talk about the many challenges entrepreneurs face throughout their business’s lifespan. Among the main issues was one Collin is now facing himself: how to exit a business you started.
According to John, training your replacement should start immediately. If you can’t identify someone within your organization who shares your values and shows potential, look externally. Once you’ve found them, start coaching them and getting them ready. If you take the time to train them properly, the transition should feel seamless.
With his experience coaching executives and entrepreneurs at all levels, John seems some of the same problems coming up across the board. One of the main focus on every business owner’s mind should be their team.
“Take great care of your people, they’ll take great care of your customers. That’ll take care of your financials… The customer’s experience will never exceed the employee’s experience.”
During this ‘Great Resignation’, don’t be afraid to restructure your business around fewer employees. Spend the time to find talent that cares about your industry and company, not just their paycheck – it’ll be well worth it when you do.