Claim the Whole Cookie

Currency is a symbol, and like any representation, it means what we say it means. In each country, the government defines the currency, flag, and anthem.

On a microscale, your family defined and influenced your relationship with money in ways you may not realize. Perhaps this started with a standard work ethic. In my family, my parents expected each kid to get a job to earn our spending money in high school.

When I wanted a car, I had to figure out how to earn the money and make it work. My parents helped me pick out a used car, and my brother and I thought it made sense to share the expense and the car.

However, I failed to factor in the teenage definition of share. Since my brother was bigger and tougher than me, there was little I could do when our definitions differed – or he left me with an empty tank of gas.

Our parents wisely refused to get involved, so we had to learn important skills like communicating, negotiating, compromising, and forgiving. This was one of many life experiences that taught us responsibility, commitment, and integrity and directly influenced how I raised my own children.

Evaluating your relationship with money may help you uncover limiting beliefs that are hindering your business results. You may also discover foundational beliefs that help you get great financial outcomes.

-- Excerpt from Patty’s book, Your Hidden Advantage: Unlock the Power to Attract Right-fit Clients and Boost Your Revenue

Today’s Question:

What are your three top beliefs around money that are helping you be successful, and what are the three top beliefs hindering you?

But Here’s the Twist . . .

When you’re raised to think you can’t possibly build a company you can sell, that belief will become real.

You may believe that no one will value what you’ve built – and therefore, they won’t pay to buy your business.

If you believe that, you won’t put the time and energy into positioning your company for your exit and will simply close the doors when you’re ready to stop working.

But let’s say you do believe you can sell your business and you get to work building real business value. Yay!

Even with that foundation, I see women accepting less money and less beneficial sale terms than their male counterparts. Why is that?

Now What?

The work I’ve done since 2006, helping women build and exit profitable companies, has revealed some startling patterns.

You may have heard me talk about The Broken Cookie Effect® - and nowhere do I see it more acutely than when women exit their businesses.

Even when your business is very successful – maybe especially then – you’re busy saving the whole cookie for everyone else.

Meanwhile, you’re still eating the broken cookies, enduring that internal pressure that every problem is yours to solve, worrying you’re the bottleneck in moving things forward, and feeling acutely alone without a trusted, knowledgeable confidante.

This is also when your relationship with money comes into play.

While realistic expectations are important, women frequently compromise on the dollars when they don’t need to. They may think they are trading money for better terms, but that is rarely the case. You can be fairly compensated for the value you’ve built and get beneficial terms too.

For example, if your top priority is making sure your staff keep their jobs, you are likely to negotiate away your other priorities, like a healthy sale price and the length of time you are required to continue working during the transition.

This is The Broken Cookie Effect® in action. You’re willing to live on crumbs rather than claiming the whole cookie.

In the complex exit process, if you are positioning your company for sale, it is crucial to have trusted, knowledgeable advisors so you don’t fall into those traps.

At some point, you will exit your business, whether it’s voluntary or not. Are you leaving your life’s work, your impact, and your legacy in the hands of fate?

Even if your planned exit is 5-10 years down the line, the time to prepare is now.

Intentionally building value and positioning your company for your exit is a solid business strategy. While you are planning your transition, you will make more money, lift the burden of the business from your shoulders, and find balance between work and leisure.

Achieving an Elegant Exit™ requires a new way of thinking, new skills, a simple and elegant design, and an advocate on your side. Contact me to learn more. 

Discover your Exit Readiness Index™ with this assessment: http://she-exits.com/