The enterprise value specialists at Ceibass have been working with lawn and landscape business owners throughout the country to help them increase the value of their businesses by making them “buyer ready.”
“Failure to build a strong, capable management team, in addition to making your job as the owner more difficult, will also discourage potential buyers from paying maximum value for your business when you want to sell,” said Tom Fochtman, Ceibass CEO. “There are lots of reasons why owners don’t do it. They’re too busy, they can’t find the ideal candidate, they are unwilling to invest money in people, no one is stepping forward, their big ego is in the way. But don’t neglect this key area of your business!”
The team at Ceibass went on to identify some key traits of owners who neglect this key responsibility:
- They don’t allow their management teams to make important, key decisions.
- When clients call with an issue they call the owner and not members of the management team.
- The owner is “always there” even on vacation, even when they are at family gatherings.
- They micromanage. They play the role of “the martyr” and step in and “save” situations.
- They second guess even the smallest of decisions made by management.
“If you see yourself in any of these scenarios make a commitment to change your behaviors,” added Tom. “Take the time to groom your second in command. Take on the costs of recruiting, hiring and mentoring your team. And remember, recruiting in this tough labor market requires a focused, 24/7 effort, Learn to delegate. Work on your trust issues and let go.”