In good times or bad, you must take control and make the big decisions, especially about the future of your business. You may want to throw your keys down on the table and say, “I’m done with this.”
If you’re done, go. If not, pick up your keys and lead.

We’re all dealing with the same things. Cash flow, banks, juggling impossible schedules, tracking down customers, and convincing new customers you are sustainable. That’s just the day-to-day challenges. Everyone expects you to have the answers.

Your employees are looking to you for solutions, remedies, for hope. Customers expect you to be up and ready when they are. Supply chain management requires you to be flexible and meet commitments. Strategy and planning are at the forefront.

I can relate.

As an owner myself, I planned a business pivot this year – in celebration of my 45th year in the industry. I launched LaManna Consulting Group in April. We debuted with a fresh website and bold, new programs to optimize our clients’ businesses for growth, sale or succession. When coronavirus appeared, everything went on hold. Buyers still wanted to buy, of course, but the players involved in the process – including banks – were busy scrambling with their own issues. We were two months into my new business when I saw the need to pivot again.

Pivot. Pivoting. Pivotal.

At some point, you have to pivot. You will continue to do so, probably multiple times, before we see the kind of stability that doesn’t have you tensed for the next punch to the gut.

In my career, I have been through economic hard times in business. Each decade has had its roller coasters. As a nation, we shared the debilitating period after 9-11. After 2008, the road to recovery took years, not months. Even for the best companies, you can climb out of an economic trough only if others can do so as well, and that takes time.

Five years? More? If you’re an owner on a five-year horizon to sell, transition or retire… well, you’re going to burn up those five years in economic recuperation.

Furthermore, the businesses in our industry that survive will have scars. New scars we can’t even imagine right now. 

Yes, though scarred, many will survive. Some will even thrive. But others will close abruptly or slowly fade away. A few will completely revamp and go a different direction. Many will shrink to survive, hoping they can bounce back. Some will say, “I’m done” and shut the doors because they think there aren’t options.

There are options. There are buyers out there. It’s a ripe time to acquire or be acquired. In fact, your competitor may be at the negotiating table right now, getting stronger.

Private equity groups, especially, are hungry to acquire, and our industry is still in favor, for now. Those types of buyers have talent, strategies, cash and runway. They crave deal flow to enhance their portfolios. They want the right product mix to complement or expand their offerings. They want locations, customers, strong managers, and production people who will stay with the company. They’re asking for well-led businesses with room to grow. They like stable companies with known growth markets. They love innovative operations with openings to new verticals.

They want winners that will come out strong in a few years when it’s time to parlay their investment.

Often, private equity buyers want to put together packages of “deals” – or groups of businesses to fund in one round. The doors to these opportunities open and close based on their specific timeline, financing requirements and search parameters – not on the seller’s preference.

These sorts of transactions require specific communications and due diligence in a regulated climate. A seller’s ally is looking out for the seller’s interest and educating them. An advisor is crucial to keep the deal moving.

“Buyers in today’s environment are energized by uncertainty and fueled by possibilities.”

That’s what’s going on “out there.” Inside, you may have family members and employees in your own organization who are saying, “We’re ready to take this on.”  They’re willing to lash themselves to the mast and weather the storm.

They want to buy your company to prove it. They will need guidance through the hoops, just as you will need education and empowerment. Succession planning is a process, not an event.

Whether private equity, family members, ESOP, a competitor – buyers in today’s environment are energized by uncertainty and fueled by possibilities. I’m working with them all right now. The sellers, buyers, families, employees, innovators, risk-takers, and the captains of their own fate.

It could be that you really are “done with this.” Perhaps you’re actually “ready for this.” Ready to let someone else navigate the next five years. Ready to jump ahead of your competitors in a time of
opportunity. Ready to create a road map and forge ahead.

Can you hear it in your head? “Let’s do this.” Bottom line – leaders lead.


Rock LaManna helps label, printing and graphics company owners make better decisions. If you are ready to sell your business or improve your bottom line, integrity matters! Email Rock@ RockLaManna for a confidential discussion.