April has arrived. If your zodiac sign is Aries, you are identified by your innate determination and passion – all prerequisites for successful business owners. Like music itself, all great composition contains dissonance which creates tension. Here’s where art mirrors life. What happens when you, the owner, are stuck, when you no longer feel progress is being made, when your sense of direction and purpose is lost? The metamorphosis occurred. You’ve turned into Nowhere Man.
This is not an unusual state for someone that owns a business – as long as it’s temporary. In fact, if a business owner tells you that he or she was never lost, never uncertain, and never made mistakes, take a look if their nose is growing like Pinocchio. Being stuck is part of the ownership terrain.
In fact, I recently discovered that even successful “serial entrepreneurs” can go through some difficult times, and still emerge stronger in spite of setbacks. Meet Belinda Digiambattista, (belindadigiambattista.com) and Sandi Webster, (Pandimedia.com) – two successful serial entrepreneurs who both built their respective organizations, which they successfully sold and now are both working on their second company.
They generously shared a few aspects of their journey with me during our conversation. I began with asking both women how they were able to beat the odds. According to the Exit Planning Institute, a paltry 20 to 30 percent of businesses that go to market end up selling.
Here’s what Belinda told me: “Years before the sale, I hired a business broker who asked what I wanted for my business.” Belinda gave him the number she was looking for. The broker said, “Here’s where the financials need to be to get your asking price.” Several years later DiGiambattista sold Butter Beans for several million dollars. She got the terms and the number she was looking for.
Sandi told me from day one, she and her partner Peggy Mchale, (authors of Black and White Strike Gold) were creating a business which would be sold. Here’s what she said: “Along with my partner Peggy Mchale, we were able to create, scale and sell C2G, a multi-million-dollar consulting marketing company which we grew to 150 employees, to a private equity firm who was better equipped to take the company to the next level.”
These are two successful women business-owners that beat the odds. They both started their companies from scratch, scaled them, had a clear vision of one day selling the businesses, and were able to achieve those goals.
It’s important to note that both Sandi and Belinda are nowhere close to retirement age. They built the business to fulfill their passion, but were able to do it in a way that it would be sold when it was no longer in their best interest and/or the company’s best interest to keep running it. This is a very different mindset for many MI retailers, who continue to run their business even when they may not be as passionate or as capable as when they first began the company.
I asked Belinda and Sandi the following: “Can you think of a time when you were struggling to come up with ideas? What did you do to regain your sense of purpose and direction?”
Belinda: “For me, the purpose is clear even if you can’t explain it at first. That comes with practice and hundreds or thousands of attempts to put it into words. The struggle is figuring out how to turn the purpose into a business model that makes money as well as serves the purpose. This takes time. After beginning my coaching practice four years ago on a part time basis, I’m just now starting to figure out how to make this work as a real business.
“Entrepreneurs who can keep going in spite of periods of doubt and uncertainty are the ones who succeed. They are not necessarily smarter, but they are persistent and consistent with their effort.”
Sandi: “So funny that you asked because I was thinking that I’m in that position right now. I’m starting a new business and I definitely have the purpose. However, I’m struggling to define my ideas and select which one of those ideas will work best. As for direction, should I take it slow with this new business or do I go all out – which is what I’m used to doing. Whenever I feel stuck, I go back to basics.
“Sit Still. Think. Analyze what’s going right and what’s wrong. Write down steps I need to do. Then go do it! To gain clarity and direction again, I’m going back to basics.”
How can business owners overcome periods when they feel they are going nowhere? Reconnect to the passion that was flowing through your veins when you started up. Ignite the “beginner’s mind” and go back to basics and exercise patience.
All good advice from going nowhere to somewhere.
Jaimie Blackman – a former music educator & retailer– is a financial advisor, succession planner, and certified business advisor. Blackman is a frequent speaker at NAMM’s Idea Center. Visit bhwealth.com to subscribe to his newsletter and podcasts. Registered representative, First Allied Securities, Inc. Member FINRA/SIPC.
