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Ask a specialist: Facing tough questions when business gets bumpy
A reader asks: Our family business has been struggling for some time. There have been recent indicators that we should be able to turn our fortunes around, but it will take a lot of work and I’m tired. How do I know whether to keep fighting for it or consider stepping away?
Time to read: 2 mins
Auckland business recovery expert and insolvency specialist Tony Maginness replies:
A good question is, “Am I still in the best place for me and my team?” Owning and running a business is not for the faint-hearted. Even when the economy is going well, there will always be the challenge of remaining relevant and competitive, and managing a team of people. When the numbers start turning negative, stress levels can ramp up considerably.
In times like these, we often see founders or long-time owners of family businesses hanging on to their companies even when it would make more sense to the outside observer if they walked away. In many cases, stepping back, selling, or winding up a business would still leave a decent retirement fund or the means to do something else without constant worry. It could also avoid a receivership scenario.
In my experience, many owners in this situation are afraid to ask themselves the tough questions to ensure the business is still serving their best interests (and those of their employees).
These are:
- What am I really holding onto the business for?
- Does the joy I get from owning my business outweigh what’s involved in maintaining it?
- Might the business and the team benefit from a fresh leadership perspective?
- Do I have the energy to take it in a new direction and turn it around, if a turnaround takes longer than two years?
- If a good friend were in the same situation, what would I advise them to do?
The answer may well be that hanging in there is worth it. However, it may equally be that you are willing to let an old dream go in exchange for a better quality of life, or to see someone else with the right skills for the future carry it forward.
My advice to business owners is to check in with yourself every six months or so, to ensure you’re still in business for the right reasons. What may have been right back then may not be today. Identifying when it’s time to step back is actually a positive step forward for you and your business.
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