Business Owner Mindset: Balancing Present and Future Success
M&A Glossary: Due Diligence
Due diligence is the process the buyer goes through to ensure a business meets their expectations prior to acquisition. Due diligence serves to confirm the information the seller presented is accurate and that there are no issues that would create risk or otherwise impact the value of the business. Due diligence typically covers commercial factors (product, customers, suppliers, market) as well as financial reporting, environmental, human resources, and legal.
Business Owners Mindset: Balancing Present and Future Success
We don’t see a lot of businesses transfer to the owners’ children anymore. Often, business owners tell us their adult kids just aren’t interested in making the sacrifices they saw their parents make, or don’t have the passion for that particular industry.
Instead of taking over the business, they want to go to the cottage for the weekend. They want to see their kid’s soccer games. What they don’t want is late nights of stress and worry, being constantly called to put out fires at the office, and dealing with the overwhelming responsibilities of running a business.
Being a business owner takes a unique mindset. You have to accept that there will be trade-offs. You might have to give up leisure time or personal events in the pursuit of business success. Figuring out how you’ll navigate these challenges requires a clear understanding of both your short-term objectives and long-term goals.
Values and trade-offs: Probably one of the biggest reasons I’m still in this industry is because as a young professional, I moved to Green Bay where I didn’t know anyone. I had zero distractions, and that allowed me to fully immerse myself into learning the industry, morning, noon, and night.
I would get calls from my old college roommates, telling me to come and meet up with them. It was tough missing out on that fun, but I believed I was creating something bigger for myself and my future family.
These are some of the hard decisions that business owners need to make. What are you willing to give up? You may decide that certain sacrifices, such as missing school plays and sporting events, are worthwhile when compared to the long-term vision and the flexibility that successful entrepreneurship can offer. Or maybe you’re not okay with that, but that means you don’t have the capacity to take your business to the next level.
Faced with constant pressure and competing demands, it becomes essential to reflect on your personal values and determine what is really important in your life. Every individual has unique priorities, and there’s no one right choice to make.
Redefining balance: At the end of the day, I don’t think there’s any such thing as a perfect work-life balance. When you’re a business owner, balance is more like a seesaw. There are days I’ll work late and miss dinner, and there are other days I get to sneak out early and go to dinner with friends.
But you can’t be on one side of the seesaw for too long. Pick your timing, pick your hours. If you spend too much time solely focused on your business, you may miss out on important personal moments or burn out. It's important to find a balance that makes sense for you, your family, and your employees. Recognize that there will be an investment of your time and energy, and choose the moments when you can truly go all in.
Being a business owner often requires unwavering commitment. While this may entail missing out on certain personal events in the short term, the focus is on creating something greater for oneself and future generations.
Article provided by: Cornerstone International Alliance
