Deal Doomers come in many different guises. I’d like to shine a spotlight on three today.
That first Deal Doomer, I affectionately call this the “Special Snowflakes” Syndrome, is an assumption. Yes, each snowflake is unique. But, when piled in among all of the others-not so special and not so valuable. This dooms your deal. Anyone can have a health crisis, supply chain disruption or cash flow issue-that can be mitigated with the proper systems and processes.
As an owner, you can develop a growth mindset to replace your special snowflake syndrome. You can go on to coach others around you to develop a growth mindset with you as the model. Then, teach each of them to coach their direct reports to develop a growth mindset. CEO leadership empowers each member of the team to step into their skills, strengths, and gifts. In doing so, each person becomes a valuable asset to the organization. That creates value and sustainability.
Deal Doomer #2: Time- we all have the exact same amount in each day and year. This Deal Doomer, is an interpretation. Time can be a resource if managed correctly. Any time is a good time to plan. You are not immortal and haven’t found the pot of gold at the end of a rainbow, have you? Get your business ready by being deal ready, every day, all year long. Set your eventual transaction up to succeed with each hire, system, and client. Any business can put systems and processes into place to create readiness and resilience.
Finally, the 3rd Deal Doomer, is a set of limiting beliefs, – treating your business like it is your baby and then NOT parenting it through each stage of maturity as it grows up. You may DIY choosing advisors. You may be so down into day to day operations that you don’t have an “end game” or “long view” perspective because you believe you don’t have to have one. What may be valuable to you in a business is NOT necessarily valuable to a buyer or to a seller.
Base your “assumptions, interpretations and beliefs” on data that is collected over several years. Leverage the expertise of external advisors who have access to research, teams, investors and a lot of experience that fill the GAPS. You do have the time to onboard external advisors. You do have the time to empower others within the organization-if you start early in the business’ development.
Each of these Deal Doomers are beliefs, assumptions, or interpretations that limit the value of your organization to another. Your GAIL’s can blind you to the toll that these Deal Doomers can take on your bottom line:
- Less prep= lower value/ returns
- More stress= more mistakes
- Less trust/ knowledge= emotional regrets
Give yourself permission to succeed! Process the success of the transaction! Get your business ready by readying yourself and your team to meet any transition or disruption with curiosity, enthusiasm and a sense of competition. These are the by products of a growth mindset.
With self-awareness, the CEO learns to fill their own GAPS, step out- to allow others to step up and in, and to grow the assets of the team as a whole. Change, disruptions, mistakes, failures, all become lessons, opportunities to build resilience.