Are you hoping to turn your small business into your retirement? Then you should know how to build goodwill! Goodwill is the amount of money someone will pay you for your business, over and above the value of the assets. It’s a big imaginary number that represents how well you run your business, and how safe a purchaser thinks your business is to buy.
Have you ever placed a car you own up for sale? What is the first thing you do? You clean it up. You fix the things that need it. You get the french fries out from between the seats. You get the car ready to present to someone else with the hope that it will attract top dollar. It’s natural for us to do this. We are trying to get the most out of our car.
A curious thing happens right after you clean up your old vehicle. Especially, if you are still driving it daily. You get behind the wheel. You like the way it rides better, smells better, looks better, etc. You even start to think, “This is a pretty nice car.” All of the issues that made you ready to sell have suddenly disappeared. What a bonus! You get the benefit of riding in a “pretty nice car” throughout the entire period that it sits on the market. In the end, you get an offer that makes you happy. In the meantime, you received the benefit of a car that was providing the operator with great value.
It’s New Year’s Eve and I often take time to reflect on the previous year. I call it an After Action Review, from my time in the Army. It gives me a chance to look at what went right, what went wrong, and what I could do differently. The do differently part is always the most exciting, mainly because I get a “do over”.
It’s interesting to watch children at play and see something that obviously doesn’t go their way, or causes disruption in the cadence of their game. They defer to the most simple of concepts and call a “do over” to remedy the situation. The “do over” is probably the single most overlooked solution by adults running a small business. If things aren’t going your way, just call a “do over”.