You’ve heard me say the phrase, “Do something while you do nothing.”

What does that mean? Almost every week I talk to printing business owners who are deciding about the future of their businesses. They are wondering if they should retire, sell or keep their businesses.

Many of these owners have been deciding for years, and are still trying to figure out if it makes more financial and emotional sense to keep or sell. Some owners are waiting for an earth-shattering event to make their decision for them. Others are taking their time and chipping away at the things they will one day need when they retire or sell.

One thing is for certain: we are all getting older.

Sooner or later we will leave our businesses, so it’s important to do a few things right now that will improve your business whether or not you decide to sell.

1. Get your financial house in order. Use accurate financial information to make wiser decisions about your business. Get your personal wealth under control (see #4).

2. Work with a professional to understand and monitor the most important metrics in your industry sector, including benchmarks and RMA ratios. Ask for customized reports, based on the information you and your accounting team provide, so you can make better decisions about the future of your company.

3. Build growth in three areas. Make an ongoing effort to show positive trends in gross sales, net profit, and revenue from new markets.

4. Assemble an advisory team or join a peer group. Belonging to such a group can help you with item #2, as well as position yourself for a sale when and if the time comes.

5. Hire a reputable wealth planner. This type of professional can help you develop a strategy about your money and estate.

If even these tasks seem overwhelming, break them down into smaller chunks.

1. Is your CFO and accounting staff giving you the reports you need to run your business strategically? Do you have the right people in these roles? Are reports accurate and prompt? Are you making decisions based on real time feedback and financial information? Have you recently had a business valuation? Get these smaller tasks under control so you have the right information at your fingertips.

2. Are you setting realistic goals for growth? Are the goals the right fit for your company and are you set up for predictable success? Are you identifying the sales opportunities and innovations that can open doors? Are there bottom line savings you could be achieving through a better understanding of your operational costs? Consider hiring a consultant to help set your strategic plan for the year with a quarterly meeting to check your progress.

3. Do you run your business on your own counsel but don’t trust outsiders or key managers to help you make major decisions? Join a peer group in your trade organization, or simply vow to attend more events where you can network with colleagues, give back to the industry through leadership, and serve others.

4. Is it daunting to find a trustworthy person to help you manage your wealth and have a glimpse of your personal information? Start by asking others you already trust. Those people could be your CPA, attorney, banker, doctor, and business consultant. Reputable people hang out with other high-quality people, so find the best person you know and ask for a referral.

Finally, it’s always helpful if you work with industry experts who also understand the pulse of the industry and market segments.

In our practice, we make it a priority to attend and network at industry events. We make personal visits to businesses so we can walk and talk with the leaders. We seek out and identify new ideas that can help owners achieve better ROI. We gather data and analyze it in light of changing industry conditions. We closely follow sectors that are growing or projected to grow. And we help owners capitalize on niches that are prime right now so a company can maximize the timing to sell, merge or exit.

Whether you plan to sell in a few years or hold on to your business, doing a little bit of the things I’ve listed above to improve the future of your business is infinitely more strategic than doing nothing.


Rock LaManna helps printing owners and CEOs use their company financials to prioritize and choose the proper strategic path. He is President and CEO of the LaManna Alliance, and provides guidance on how to grow a printing business, merge with a synergistic partner, make a strategic acquisition, or create a succession plan. Rock can be reached by email at [email protected].