There are numerous reasons fleets change owners. However, there are common themes we often hear when talking with fleet owners. Four reasons it may be time for an ownership change are:
1. Your health is declining. You can look at this two ways. Either your business is negatively affecting your health, or your declining health is preventing you from fulfilling your duties effectively. If the situation is unlikely to improve, either you or your company’s health (or both) may suffer irreparably if you don’t step down.
2. You’re just not that into the business anymore. Have you lost the passion you once had for your business? If you don’t have that spring in your step that propelled you to the office or a meeting in the past, check yourself. How long have you felt this way? A CEO without passion is like a boat without a sail. It’s just going to drift along, and who knows where it will end up?
3. Other priorities consume your time. Many successful entrepreneurs will tell you they sleep, eat and drink their businesses. To get to the top, they made sacrifices, and building the company was their No. 1 priority. As years pass, interests change (other business ventures, personal relationships, charitable obligations, etc.), and priorities may shift. If your business is no longer a top priority, it may be time to hand over the reins to someone else.
4. You are hesitant about investing in future growth. A number of things can deter CEOs from investing money in their businesses: they just don’t have the money; they are afraid (of outside influences, new technology, intelligence or markets, etc.); they don’t know what areas of the business would best prosper from an investment in growth; they are satisfied with the status quo (“We’ve always operated this way, and it’s worked.”).
Successful fleets are in high demand today. Due to the current abundance of cash in the market, CEOs have numerous options available ranging from selling all or part of the company, to restructuring and recapitalization.
A change in ownership is rarely easy. However, it is often required if a fleet wants to continue to grow.
Ask yourself – “Am I the best person to lead this company into the future?” If not, what are you doing to prepare for the transition?