I had a chat with a business owner the other day. In actual fact, he was no longer the business owner. His dad had setup the firm many years ago, and he had inherited the firm as his dad retired. He had worked in the business for several years, and for several more years he ran the business as a business owner. He then decided to sell the business.
I was amazingly curious about why he would choose to sell the business, since isn’t it the goal of just about everyone to be their own Entrepreneurial CEO / Business owner.
He cited many reasons, problems with customers not paying, customer complaints, customers calling him any time and all the time about any issue they deemed relevant. It just seemed he was “on station” all the time, and in this ever increasing interconnected world, his customers expected him to be available and responding to emails, almost 20 hours of the day.
He mentioned he’d grown to dislike the business so much, that he sold the business, and stayed on as an employee. He now got to do just the bit he loved. The 10%. And now his 10% was his 100%. Perfect!
There has to be something in most business owner’s life, where 90% of what they do isn’t what they like. Handling employees requests for pay rises, chasing slow paying customers, juggling the bank account to make payroll – these are all things small accounting firm owners juggle, and which really don’t add any value to the bottom line.
For those that are willing to focus on the 10% of what they love, the decision has to be to delegate or outsource the other 90%. Delegating still requires managing, so many business owners are looking to outsourcing – giving the entire problem to someone else.
If you’d like to talk to Odyssey about how we can help with your Australian tax compliance then drop us a line. Our 10% is likely to be your 90%!