What do you do when you inherit a business?
An acquaintance of mine told me recently that her husband had started up a business and then decided to go back to work and consequently she inherited the business from him. One of my clients also had a similar experience. Both of them face some similar challenges, and these might be challenges that you or someone else faces. What are they?
How Do I make this business my business? It’s true you’ve inherited a business, complete with clients and specific services and products. But is that business an accurate version of what you do? In other words, is the vision of the business in alignment with your vision of it? It might be in alignment with your vision of it, but it might be something else altogether. Truly owning a business sometimes involves doing a makeover to make that business your business.
A vision board is good way to start the makeover. You can create a board with images and words that you’d associate with your business. But don’t stop with creating a vision board. Create your business plan as well. If you’re not sure how to, talk with a business coach, or check out resources such as SCORE or SBDC.
How do I network or make calls or get out there and find people? The challenge can also be that you need to learn to network and follow-up with people. If it’s your first time owning a business, this can be intimidating because it involves meeting a lot of people you don’t know and telling them about your business. When I first started my own business it took a while to get comfortable networking and following up. It wasn’t something I had to do when I worked in corporate world. Learning these skills is essential for getting in touch with people and telling them about your business and why they should consider your services or products.
Who do I go to if I need help with something outside my area of expertise? A lot of small business owners make the initial mistake of believing they have to do everything. While it’s true you may have to wear multiple hats, when running your business, its equally as important to know who to delegate certain key aspects of your business. For example, I’m good at managing my own books, but there’s no way I would do my taxes. I have a tax accountant that takes care of it. It’s her specialty, and the expense of paying her is easily justified by the lack of stress and knowing I’ll have her help if I ever get audited. Knowing who to turn to can make your life easier. Just remember that ultimately you have to make the decisions for your business.
What are some other issues that can come up when you inherit a business? Share your experiences below in the comments!
Categories: business, Coaching
Tags: business owner, self-employment, Small business development, Taylor Ellwood
