I usually discourage small business owners from comparing their businesses to behemoths like Google or McDonald’s. Most times the comparisons don’t mean much. But Patrick Ring, writing at BizJournals.com, says there are at least 5 lessons for every business owner in the recent sale of the Washington Post to Amazon.com founder Jeff Bezos.
Management at the Post looked 3 years into the future and did not see any way they could reverse the negative trends their paper had been experiencing – so they made the emotionally though decision to sell. Ring suggest we all do the same with our businesses. He writes:
If growing cash flow isn’t a reasonable expectation, reconsider the ways of the past. Is it time to exit the old family business and get into a new one that can grow?
It’s just too dangerous for business owners to keep their heads down, ignoring the longer-term trends without a plan to compete.
If you are delaying the sale of your business until things turn around that’s fine. But you have to have a specific plan to make the turnaround happen. Just waiting without making any changes may mean that your business becomes even less valuable as time goes by.