Work-life balance for business owners
Business owners often ask
How can I get investors to be more interested in my business?
How can I also get more work-life balance as an owner?
Here’s something that can answer both questions:
Make the business more owner-investor ready
What does this mean?
In the world of small medium businesses, there are two main types of owners:
Owner-investor
Owner-manager
Both types of owners have different levels of involvement in the day-to-day operations.
They spend different amounts of time, and also have different goals and priorities.
We must also understand this:
Not all business buyers want to be an owner-managers
Let’s explore further.
Owner-investor
An owner-investor is a business owner who focuses on strategic work of the company. Their goal is to maximize returns on their investment in the company.
They may hire a CEO or other executives to handle the day-to-day operations of the business
This allows them to focus on high-level planning and decision-making
An owner-investor can provide oversight for the business without sacrificing their work-life balance
Owners need to be willing to use some business cash flow to hire an executive to run the business for them
The benefits gained by the owner from this transformation is priceless: Time
Owner-manager
An owner-manager is a business owner who is also the CEO and runs the day-to-day operations of the business.
They are heavily involved in the day-to-day decision-making and operations of the company
This can provide a greater sense of control and ownership
They do more hands-on management over strategic thinking
Owner-managers must be willing to dedicate a lot of time and effort into the business
They may not have as much time for family, hobbies, or other pursuits
This can lead to a lack of work-life balance for the owner-manager.
For some business buyers, the owner-manager approach means buying themselves a job.
Some may enjoy it, others not so much.
For owners-managers planning to retire or sell their business, it will be best to find the right executives to manage daily operations.
The work-life balance gained will be priceless
It can also attract business buyers interested in businesses that are owner-investor ready
Stay inspired!
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