The most common questions we field from entrepreneurs are rooted in…
April 14, 2022
By Shawn Palmer, ASBC, MSML | Certified Business Advisor, Washington Small Business Development Center
- Business Stage: launch, growth, and transition
- Employee hiring and retention
- Revenues, costs, and profitability
This month: Business Stages… “Launch” is most easily defined, even if less easily executed. It’s when we put our highest aspirations to paper, take a deep breath before taking that life-changing first step, and then immediately begin problem-solving the fun challenges we failed to accurately predict. And we find our successes.
“Growth” is that vast, nebulous region between beginning and end where we scramble to make sense of changing environments, employee and customer wants, ways and reasons for doing things, and all the while trying to accommodate a couple of family vacations. Success continues.
“Transition”. A new consideration for many business owners. (Spoiler alert: tough questions ahead.) Whether near or far, our terms or not, planned or unplanned… a business will change hands one way or the other. To your heir, a partner, or an employee cooperative, do you have a plan to sell your business? Not an intention, but a plan. Do you have a plan to maximize the assessed value of the business, negotiate purposefully, and ensure a smooth transition? If times are less favorable, does your contingency plan include how to potentially liquidate, dissolve, or otherwise cease operations with considerations to safeguard employees, customers, debtors, owners, and other stakeholders? All with transparency and dignity?
Following months: Employees and Revenues…
Which of these issues currently pose challenges to you and your business?
Answers to your questions, frank discussion, and collaborative problem-solving can be sought through your Washington Small Business Development Center (WSBDC) business advisor serving East King County, Shawn Palmer. In cooperation with the US Small Business Administration (SBA) and through the WSBDC, business owners have access to confidential, no-cost business advising, which can be easily accessed here: https://wsbdc.ecenterdirect.com/signup