Monthly Archives: April 2009
There can be many reasons for exiting business, ranging from retirement, health reasons, moving town, and right through to changes in the market or financial reasons (positive or negative). Whether you are considering closing or selling, exiting from business can be challenging, so here is a list of things you need to think about during this process.
Do regular business health checks;
recognise early that you need to exit your business.
Be realistic and as objective as you can be.
Get a clear picture of your business position.
Be decisive, think carefully about what actions to take but don’t procrastinate.
Closing or Selling? Look at the options.
Be honest with yourself, stakeholders including staff, and your family.
Set a clear timeline for actions.
Seek professional advice.
Discuss your situation and intentions with your accountant.
Current financial position
Sale of stock/plant
Discuss your intentions and consequences with your lawyer.
Restraint of trade (especially for sale of business)
Redundancy of workers
If you have staff
Study employment agreements.
Be honest about the situation with staff.
Talk to Department of Labour. (www.dol.govt.nz)
Talk to Work and Income regarding losing staff.
Talk to your business banker.
Discuss situation with Inland Revenue Department regarding procedures. (www.ird.govt.nz)
Contact Suppliers, Customers, Sub Contractors, Utility Companies, ACC etc.
If you are a registered company, contact the Companies Office. (www.companies.govt.nz)
Keep all your business records secure.
Again let me repeat the need for profesional advise and personal support in this process.
Allow yourselves an indulgent look into the future.
Dream for a while, let your imagination run free, even better get a core team together and dream collaboratively. What will society look like in 10 years time? What part will your organization or business play in this scenario?
Don’t rush, allow plenty of time away from the routine of everyday life, with plenty of blank paper, inspirational surroundings (what ever works for you) and let your minds run free.
Allow for research time to investigate the reality of what exists now, with a view on what could happen in the future.
Define your values and ethics.
What do you stand for?
What do you believe in?
Revise your scenario.
Set your vision.
How will you measure your success?
What is your mission?
What do you do to get there?
The question that needs to be asked is “how do we achieve this?”
Always get your team involved as Stephen Covey says “No involvement, no commitment”*.
Implement, Review, Refine, Repeat
A vision and a strategy are just useless words on a page unless they are implemented.
Put them into action, review the processes, refine them, implement them again until the vision is realised.
So dream and change the world around you
*7 Habits of Highlyeffective people, Stephen R Covey
Go on have a good moan get grumpy, have a rant.
There are times that you need to just have a good moan about stuff that is going on.
It’s healthy let it out, but be very careful who you offload to. Don’t offload to the next person at the bus stop, they don’t necessarily care about you enough to help you get the support you need.
Make sure it is a trusted friend who will keep you to account, someone who will give you encouragement when needed and a good kick also when needed. Make sure you are available for them as well.
Someone once said that if a leader has no one following they are just one person going for a walk.
There are many situations that takes one person to see a need and just get stuck in, helping provide a solution. By there example they are able to influence many people around them to either get involved with them or look out for their own projects to tackle.
Leadership is influence.
Many people will know of the evangelist Billy Graham, a great man of God and a highly influential person who has been the adviser for many presidents in the USA, how many people know the name of the person who influenced Billy Graham to become a Christian in the first place?
If I am just one man who can influence another to be successful in life or business then I am a leader, for I don’t know as to the potential success of the one I’ve influenced.
Being a leader means first being a servant, that is, someone who is not acknowledged who works hard day after day because they see a need, even some one who at times is despised because they apparently don’t fit within the current programme or organizational structure.
But as this person works away, lives are changed, businesses grow, society is changed.
Let us not lose sight of the people who are around us every day making a difference, and acknowledge them as leaders.
Robert Greenleaf in The Servant as Leader says “The servant-leader is servant first… It begins with the natural feeling that one wants to serve, to serve first. Then conscious choice brings one to aspire to lead”
I would highly recommend reading the full essay by Robert Greenleaf