This time of year, our thoughts often turn to graduations. Most likely we have children or friends’ children graduating. If not, we still hear reports of commencement addresses given by a wide array of public figures. This year, I have been thinking about the word graduate a good bit. I decided to look at the definition, beyond the obvious ones. One I liked was “to temper or change by degrees,” as in from one thing to something else. I believe this is actually a reference to alchemy.
Graduation is an important step for students as they move from one level to another and, ultimately, into some version of the real world.
It strikes me that graduation is important for business owners, too. Many small business owners started their businesses from scratch, often by bootstrapping, with the initial goal simply to survive. What we have noticed is that among business owners who have survived and, to one degree or another, prospered, some have graduated and some have not.
Some of the characteristics of business owners who have graduated include:
- They have a clear distinction between their personal and business affairs.
- The business has an identity separate from the owner.
- The business is not overly dependent on the owner’s direct participation in daily operations.
When you start a business, the business is usually, by necessity, near the center of your universe. There comes a time when it is best for both the business and its owner for things to change. Graduating may make it possible for the business to graduate to the next level, too. It also may make it more feasible for the owner to realistically consider a sale.
When we work with green industry business owners contemplating the sale of their businesses, we see a big difference between the business owners who have graduated and those that have not. The graduates will have a much easier time achieving their goals in connection with the ultimate sale of their businesses. The ones who haven’t graduated yet can make a big difference for themselves by working toward “graduation” and the freedom that can come with it.
So, how so you make progress toward graduation? Fortunately, there are many sources of help available. The first I would recommend is the Professional Landcare Network (Planet), along with various state associations. The resources available through them are nearly limitless. There are also peer groups and some very good industry consultants who can help you along the way. If you need some suggestions, give us a call. Local business coaches may be valuable, too, as long as you don’t lose sight of the unique characteristics of the green industry.
Image courtesy of renjith krishnan/freedigitalphotos.net