It seems like an intermediary enters the equation only when the business owner wants to exit?
I don’t mean to put a downer on business ownership but shouldn’t business intermediaries get in on ground level?
Here is my thought. There are very few chiefs, a few leaders, and lots of workers.
If we as intermediaries were to take chiefs under our wing while they are fresh into business. And full of energy and teach how profitable it can be to build a business, run it for around three years, then step back and put a leader in your place to have them run the business, and after that sell the business.
The learning the chief has done over the last three years has been significant, fieldwork, get down to work and get dirty.
I, Brad Camp, had a painting business. Stupidly, I called it “Brad Camp’s Painting.” I worked it for about ten years then I got tired, really tired. It was 2008, and my phone stopped ringing. I then, when tired, decided I wanted to sell.
I spoke with a realtor, and he informed me of two things. First was that because of the company name, the only person I could sell it to was “Brad Camp” and the second thing was that I needed to show 3 consecutive years of growth.
If, I had known this before, I would have set up my business differently.
I ended up purchasing a domain https://seriouslypainting.com. I worked it a little bit, but my heart wasn’t in it. So, I did nothing or not much while my three boys grew up a bit.
Years later, one of my sons, Mathew, called me up and told me he was bored and he wanted to paint. He wanted my help getting, Seriously Painting up and running. He said we could do a partnership. At the time, I was helping a friend paint, and my skills were being under-utilized.
I informed the lady that I was going to help my son, to get up and running. She informed me, that it was a stupid move and that he would be better off helping her for $25.00 / hour.
My son insisted, not a hope. So, I jumped ship and showed Mathew what I knew, and he ran with it. A little more than three years later, he has a successful business and the ability to start another business without breaking a sweat.
So, my question is, wouldn’t it be better to encourage a chief to build multiple businesses and get out in under five years, rather than wait for a phone call from someone in their 60ies, tired, and want to retire?