- Matthew M. Thomas
- Read Time: 3 mins
Over and over again, I talk to business owners who feel trapped inside their own businesses. Recently, one of them described it as feeling like he was “held hostage” by his business. Why would he say that?
In this case, he felt trapped putting out fires all the time caused by staffing issues. People would just not show up – which meant he had to scramble. Every day was another fire he had to put out, and yet he was under contract to finish a job with a specific deadline under certain conditions, and so he had to just roll with it. But he hated every minute of it.
Another business owner got trapped in a different way in his business. He grew his business from a staff of five to a staff of 28, but his profitability was slipping. He was working harder for less money. What to do? And yet now, the momentum was growth – he didn’t exactly want to stop that, but he knew he had to do something, so he didn’t keep working more hours for diminishing returns.
Still yet another business owner wanted to sell his business. He had a number in his head of what he wanted, and potential buyers had very different numbers. If he sold at what people were willing to buy, he would essentially lose his retirement. So, he kept working in the business, hoping to find a way to make it sustainable. But the value kept coming back too small. He began to ask himself if he would die in the shop.