Last month Tom Fochtman, Ceibass CEO, was a guest speaker at the National Association of Landscape Professional’s national conference and expo called ELEVATE in Orlando, Florida. During ELEVATE’s closing session former Super Bowl-winning NFL quarterback Joe Theismann spoke to attendees about how to win and he challenged landscape professionals to determine their own definition of success.
“Joe advised individuals to write down what they want out of life personally, professionally, spiritually and financially,” said Tom Fochtman. “This is great advice for any landscape business owner … what are your criteria and standards for success? And not just in your business or financially … what defines success in all of the various aspects of your life?”
The enterprise value specialists at Ceibass help lawn and landscape business owners sell their businesses and as part of that process they ask their clients So, what are you going to do with the rest of your life? What’s next? What’s important to you?
“Coming up with the answers is not easy. It requires reflection, help from a lot of people, and an ability to be honest with oneself,” added Tom. “The sooner you get started on determining your own definition of success the sooner you will be on the path to live an authentic, good life, a happier life. Take the time and do this essential work.”
Based on their extensive work with lawn and landscape business owners considering retirement the team at Ceibass put together some other thoughts on defining success, including:
- How will you occupy your time? Everybody says travel more. How much travel will you really do? Will you do any charity work? Sure, more golf and fishing is great, but when it comes to really spending time, how will you fill your days?
- Philanthropy? Time to become a giver? Support what got you to where you are and what you are passionate about. Donate a life insurance policy to the NALP Foundation. Does not cost much and is a great thing to do and to be proud of.
- Money is not everything, but it is quite important. You must have enough to not have any money stress in retirement. Do you know how much you really need to retire financially the way you want to? Get busy on this one.
- About 10 – 15% of the time we at Ceibass must give our clients the message that they can’t retire — they do not have enough assets, too much debt, not liquid enough, will not net enough post close to meet their financial goals. It’s a tough message and it usually stems from inadequate planning. Don’t let that be you! Tough spot to be in. Give us a call and let’s evaluate your current situation.