I’ve met many business owners whose ego and identity are tangled up with their work.
I’m sure you’ve heard the comparison before – that building a business is like raising a child.
Both are all-consuming in the beginning, can’t be done without good help, and eventually force you to separate yourself from your ‘child’ so it can thrive, even without you….
In fact, the comparison came up in my conversation with Elizabeth Kilvert last year on I'm a Millionaire! So Now What? and I wrote about babe-to-adult business stages here.
Well, Sunday (March 8th) was International Women’s Day, and if anyone can relate to that comparison, it’s got to be the female founders I’ve met who have birthed, nurtured and raised both businesses and children.
Of course, both are extremely hard to let go.
I did have the pleasure of speaking last week, for episode 110 of I'm a Millionaire! So Now What? with three sisters who now lead their family business together. In some cases, when it comes to a family-founded and operated business, the best exit strategy may be NOT to let go; encouraging your biological babies to grow into leadership positions in your adult business.
I also found this interview timely because these women have become industry leaders in a male-dominated industry: construction. So I got to celebrate International Women’s Day by showcasing women making progress. We’ve come a long way, baby! (And…. there’s still lots of room for improvement, but I’ll save that rant for another day.)
Stéphanie Brunet, Chantal Régimbald, and Mireille Guay are second-generation owners of Ottawa construction firm, Michanie Construction Inc. Michanie is a fully bilingual, family owned and operated construction services company with about 30 employees and a network of over 300 subcontractors. Michanie specialises in commercial and industrial construction, including new construction, renovation and additions, and heritage restoration. Stéphanie, Chantal and Mireille are all moms managing the business and the whirlwind of family life.
It was interesting to hear that, even when a business stays in the family, it still hits that point when its vision and impact grows bigger than the founder and the family.
Jim Collins, author of Built to Last: Successful Habits of Visionary Companies, calls this the power of ‘clock building’: “Having a great idea or being a charismatic visionary leader is ‘time telling’; building a company that can prosper far beyond the presence of any single leader and through multiple product life cycles is ‘clock building’.”
Remember, it’s not about you! As the founder, you impart your own values, then those take root throughout the organization.
Chantal explains:
“When we were just teens coming in to work for the business, we always respected everybody else. We’re very honest with each other, in terms of discussing the challenges we have, or the business decisions we have to make. We just put everything on the table and are very honest with each other and try and make the best decisions out of it.”
Respect and deep listening are built into this business. Then you create bench strength by spreading responsibility, accountability and tools amongst your people – whoever needs to carry the torch.
Mireille told me “We tend to select our employees, make sure that they have the same motivation, work ethics that we have, and it’s been going great…” and Chantal added, “…that’s why you need good relationships. Don’t be afraid to call for help or for advice, because you can’t do this on your own.”
Right from the beginning, nurture the values and the vision of your company. Develop the continuity, and then know when to release control to see your creation thrive.
I’ve been talking a lot about selling your business, cutting the cord, with the reward of a cash rich exit.
Handling emotional connection and difficulty letting go will be a likely topic for discussion at Double to Sell with Cameron Herold: How to Make a Cash Rich Exit.
At this high-octane event, we’ll look at options, which quite likely will include succession plans, that will help you take your business worth millions (on paper) and exit for multiple times that, by building your multi-million-dollar exit strategy. Our Lessons from the Trenches panel will offer incredible insight and answer your questions as you plan your cash-rich exit from the business you’ve birthed, nurtured and raised.