Working with successful entrepreneurs who are dedicated to growing and selling a valuable business offers me the opportunity to learn from the best. I pinch myself most days as I am invited into the lives of my clients and have the privilege of experiencing the ups and downs of entrepreneurship. Truly, it is my pleasure!
This week I had a wonderful conversation with a former client who was successful selling a company after decades of hard work. Yes, decades. This entrepreneur’s story is not one that you would read about in Inc. or Fast Company. This entrepreneur successfully implemented his exit strategy the old fashioned way. He worked diligently for decades, made a lot of good decisions as well as a few bad ones, and had some good luck at just the right times!
The Entrepreneur Becomes the Business Expert!
But unlike our previous conversations, this time my client was sharing his advice with me. And I want to share it with you.
The story begins with one of my good friends frustrated by circumstances at work. He felt abandoned by his colleagues and boss and began to question his value to the company. I sympathized with his situation and shared it with my former client, who we both know well.
My former client reminded me of the battle cry he adopted as an entrepreneur. No matter what happened, he clung to the notion “this too shall pass.” As he built his business, he endured his share of troubles. However in times of such difficulty, his battle cry helped him build resilience. Although an avid reader and lifelong student of the best business practices, this entrepreneur used a simple, four word phrase to keep him anchored.
I appreciated his reminder and agreed to share it with our mutual friend. Before our conversation ended, my former client told me he continues to remind himself of the importance of keeping such a perspective. He told me he recognizes that although he and his family now have great financial resources, their good fortune could change at any time. And if it does, he will remind himself that this too shall pass.
Humbled by his wisdom, I’m grateful for the opportunity to share it with you.
Learn more about Holly A. Magister, CPA, CFP®, the founder of Enterprise Transitions, LLP, an Emerging Business and Exit Planning firm. She helps entrepreneurs assess, re-align, and accelerate their business with the intent of eventually executing its top-dollar sale.
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Holly also founded ExitPromise.com and to date has answered more than 2,000 questions asked by business owners about starting, growing and selling a business.
Latest posts by Holly Magister, CPA, CFP
- Understanding the Business Buyer Types When Selling Your Business - April 12, 2019
- How to Prepare and Include the Business Owner’s Family in the Exit Planning Process - March 14, 2019
- How to Prepare for Due Diligence When Selling a Business - February 12, 2019