“Most problems aren’t Rocket Science, but when they are rocket science, you should ask a rocket scientist“
– Scott Kelly – retired astronaut.
Australian business owners have a very dangerous inbuilt (probably cultural) habit: we believe we can DIY problems. We often hear of business owners managing their social media and AdWords campaigns, looking after their accounting, bookkeeping and tax and I’ve even seen one business owner download a template for a sale of a business contract and edit the document to use himself – DIY at it’s finest.
This might be fine for small start-ups (though not really) who need to bootstrap and preserve cash, but it is not at all good for a mid-market business (mid-market businesses typically turnover between $5 mil and $200 mil). Importantly, this can affect sales valuation and due diligence: buyers of mid-market businesses are looking for a professionally run and managed operation with systems, policy and procedures documents, business continuity planning (particularly relevant right now during the COVID-19 pandemic), compliance and risk management systems and the appropriate legal, taxation and HR compliance documents. All of these things will be checked during the due diligence process.
“I was never the smartest guy in the room. From the first person I hired, I was never the smartest guy in the room. And that’s a big deal. And if you’re going to be a leader – if you’re a leader and you’re the smartest guy in the world – in the room, you’ve got real problems.”
– Jack Welch
Surrounding yourself with good advisers should not be costly or expensive. If that’s the case then you have the wrong advisers. A good adviser should make you, save you or earn you 3- 4 times what they cost (and some much more). You would never do your root canal or operate on your tonsils … so why would DIY your business?
One of the biggest strengths of our business is that we surround ourselves and our clients with highly talented, experienced and well-qualified advisers. So if you need help finding the right advisers reach out and let me know. Happy to arrange an introduction!
