Business owners, so you think you can’t take a holiday?

Your partner has been begging you to take a break from work for months. But how can you? The business you have built relies on your knowledge, experience and resources to function. Its growth and profits are all tied to your personal input and achievements. Taking a holiday could jeopardise everything you’ve worked hard to create, couldn’t it?     

If you believe you can’t step away from your business, even for the shortest amount of time, how will you ever be in a position to sell it? Businesses which are heavily reliant on their owner to function are much less valuable in the market. If you feel too tied to your business to take a break, it’s time to start making changes to allow your business to operate without you. If you don’t act now, your stubbornness could impact both your personal relationships and risk a future business sale.

In this blog we pull together four common owner objections to taking a break, and explain how to counteract them. As a helpful aside, if your partner has been nagging you to take a holiday, maybe you should share this with them too! It always helps to have someone supporting you through change. Failing that, contact your local business broker.  

Owner objections to taking a break from your business

• I can’t take a holiday because nobody in my team can do my job.

Apart from sounding a bit self-centred, this is categorically untrue. Your people are a valuable asset, in fact your employees are one of the most important factors when selling a business. Having an experienced team in place is often the biggest factor that makes a business stand out to prospective buyers.

There will be people in your team that you rely on and trust. Train them up, share your knowledge and keep building that trust until you feel confident to leave your business in their hands. Take them through the operational and financial management tasks you do that are so important. 

If you don’t employ someone who could take over your responsibilities and allow you to step away, recruit a manager to fill that gap. Failing to do this could be putting your business at risk. You will never be able to take a relaxing holiday, let alone build sufficient value to sell your business. Can you afford not to explore the possibilities?

• I can’t take a holiday. What happens if something goes wrong whilst I’m away?

They key to this one is to create systems and processes your team can follow to manage the business in your absence. If something was to go wrong, they should be able to resolve the situation without you.   

These days we are so well-connected through technology, it’s easier to take a break knowing you could get involved if you are really needed. Video calls, cloud-based systems and access to live data provide the comfort some of us need.

If you are genuinely concerned about something catastrophic happening whilst you’re away, start local. Choose a location from which you could travel to work, if needed. Test the waters with a long weekend and build yourself up to a longer stay. You’ll never look back!

• I can’t take a holiday. I am too involved in day-to-day business operations.

Business leaders should be responsible for the high-level, strategic activities that will take your business to the next level. If you find yourself constantly involved in daily decision-making, firefighting or problem-solving minor issues, these are signs you need to delegate. 

Before passing responsibilities to your management team, you first need to establish a robust business structure. Employees need to know who to turn to if they need help making a decision – not you! With careful planning and clear communication you can gradually hand over specific tasks and activities and free up time to take a break.

• I can’t take a holiday when I’m selling my business.

You can when you have a business broker who’s on your side. Selling your business can be a long and demanding process. Without the services of a business broker you can expect these effects to intensify.

Appointing an experienced, recommended business broker to facilitate your business sale means there is someone acting in your best interests whilst you are on holiday. Someone you can rely on to handle the due diligence requests and trust to answer buyers’ questions in your absence, and keep the deal moving. When you are entering into the business sale process, you may not ever imagine taking a holiday during such a critical period. Entering into a sale with a business broker by your side changes everything. You could be by the pool with a mojito before you can finish voicing your objections!

Every business owner has the right to a break

Taking a break from the business you have built should not impact negatively on business operations. With a skilled team in place, a robust structure, processes and clear communication, every business owner has the freedom to have a holiday. In fact, it is one of five ways to build value in your business.

Ask yourself which pieces are missing from your jigsaw?

• Could you do more to empower your team to grow the business? 
• What needs to change to liberate you from daily firefighting?
• Which duties could you delegate to your team to get you off the managerial hamster wheel? 

Buyers want reassurance that your business can operate without you. So learn to take a break! If you crave freedom and are ready to sell your business, search for your local, friendly and experienced Business Partnership broker and ask how we can help.

We are all so used to being always-on and connected to our work, sometimes we forget the business benefits that come from taking a break. Improved health and wellbeing, time for reflection, planning and idea generation are some of the biggest.

The smartest business owners are already travelling the world, enjoying new experiences with their families, whilst their business grows and gains value in their absence. Don’t be the owner who is chained to their business forever. Step away and see what happens.