What I Would’ve Done Differently – Episode 2

By Tiffany Toliver, P.E.

This story starts in the suburbs Atlanta, GA. I was working on a pad-deal in a prominent lifestyle center. The LOI was fully negotiated and executed and I was waiting on a lease draft from the Landlord. During this time, I had a local engineering firm doing some code research on the site so that I could accurately estimate a project schedule and permitting costs.

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WHEN TO SELL YOUR BUSINESS

by Steve Slowey

When is it time to sell your business? I can tell you the time NOT to sell your business is when you’re losing money. We’re going to make an assumption that your business is profitable, and that is definitely the best time to sell it.

I have a question for you. If you were to invest $1 million dollars and over a 4-year period, that million dollars was given back to you, and at the end of that 4-year period, you were given an additional $400,000, would you do it? If the answer’s yes, then I agree with you. I would do it too. Let’s talk about what I just said.

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Do you have what it takes?

By Steve Slowey  

Recently, I took over an existing restaurant operation and though I consider myself pretty smart, I was overwhelmed by the challenge and the magnitude of problems.

In 2012 the store was a powerhouse. It performed very well, but due to a number of issues, it has continued to regress to the point it is now; down 2% from 2015 which was down 2% from 2014 etc. Needless to say, the store is down and I have to fix it. I will share with you my assessment of issues and my plan to repair.

My first day at the restaurant, all the employees of course, were worried. They acknowledged things were bad but they were reluctant to change. They all wanted to let me know how long they have worked there as if that is some “get out jail free card”. (Personally, I would have stayed quiet, since the reviews on the store are really bad.) So I have a bunch of “entitled” employees (refer to previous blog posts) rather than productive employees. The other issues I saw are poor operational procedures and lots of discounted pricing. My guess is that the discounted pricing was used to increase traffic and/or to offset slumping sales {it did not work}. Labor costs were way too high and my cost of goods was 6% high due to discounting and poor procedures.

My biggest challenge is ME. I have to be willing to asses the situation, put a plan together, and execute. My plan takes me to my goal and to get there I have to be focused and committed without time and energy restraints.

If you’re faced with a similar situation, you had better be willing to do it the right way or you will add to the issues, and further devalue the business. This business is worth it. The first step I had to take; determine if the ROI was worth the time and energy and cost to repair what is broken.

This week I will put the focus back on the customer and not the employee. I will evaluate my staff to build the team I will need to accomplish my goals. My blogs going forward will be a journal, documenting my plans, struggles, and accomplishments. These are the realities of being in business and when you’re the leader of your business, you had better know what direction you are heading.