From High-Tech to Small Business Focus
Len’s career began in the high-tech industry, working with prominent companies such as Intuit, Constant Contact, and Grasshopper. His focus was always on small businesses, helping them grow through innovative solutions and strategic partnerships.
“My entire career really has been focused on small businesses as the customer. I built partnerships where companies would promote our products to their small business customers.”
Despite his success, Len found himself growing tired of corporate life. Reflecting on what he truly enjoyed, he realized his passion lay in mentoring and coaching others.
Transition to Coaching
Len made the leap to become a certified business coach with Focal Point, targeting small business owners, especially those looking to transition out of their businesses. He emphasizes the importance of preparing for this transition well in advance.
“Nobody teaches you how to get your business ready to transition out. There are lots of guides on starting and running a business, but not many on preparing for a successful exit.”
Challenges in Business Transitions 🏃♂️
Overcoming Entanglement
One major challenge Len identifies is the deep entanglement of business owners in the everyday operations of their business. This can make delegation and eventual transition daunting.
“A big piece of what I do is helping business owners untangle themselves from their business. If you can’t separate yourself, you can’t sell your business.”
Realistic Valuation
Another crucial step is obtaining a professional business valuation. This helps set a realistic starting point, as many business owners tend to overestimate the value of their business.
“Most business owners think their business is worth way more than it really is. A professional valuation provides a reality check and a baseline to work from.”
Preparing for the Future 🌅
Planning Post-Transition Activities
Len stresses the importance of having a post-transition plan. Whether it’s retirement, starting a smaller business, or volunteering, having a clear plan is vital for a smooth transition.
“Buyers want to know what you’re going to do next. If you don’t have a plan, they might fear you’ll back out of the deal.”
Documenting Processes
Documenting business processes is essential for independence. This not only makes it easier for someone else to take over but also helps business owners start delegating tasks.
“Documenting processes can be done through written forms or video tutorials, making it easier for new management to take over.”
Tools and Resources 🔧
Business Valuation Calculator
Len offers a free business valuation calculator on his website. This tool provides a rough idea of a business’s worth and assesses its readiness for transition.
“The calculator gives a rough estimate of business value and a readiness score, helping business owners focus on areas that need improvement.”
Working with Len
Target Audience
Len typically works with businesses in North America, with revenues ranging from $1 million to $10 million. He emphasizes that he can help businesses across various industries without needing to understand their inner workings in detail.
“In some ways, it’s beneficial that I am agnostic to the industry. It allows me to look at the business from a fresh perspective.”
Contact Len
If you’re a small business owner thinking about transitioning out of your business, Len Bruskiewitz is ready to help. You can reach him through his website, connect with him on LinkedIn, or follow him on Twitter.
