Good hiring practices can minimize a lot of these problems, but they can rarely eliminate them. Someone has to be captain on deck, watching over the ship, and making sure it doesn’t go down.
An Absentee Business Owner Will Never Really Know What’s Going On
What happens if a manager quits? An absentee business owner would be unlikely to be able to step in and take over until a new manager is hired. Further, the numbers don’t always tell the whole tale of how a business is doing. If all you’re doing is cashing checks every month, you may not be aware of a manager who is learning everything he or she can to open a competing business, taking your employees and vendors with him or her.
The Myth and the Reality of Absentee Business Ownership
The myth of absentee business ownership is that it’s a completely hands-off ownership style. But “hands-off” doesn’t work, at least not if you want your business to continue to grow and be successful. And a modified approach is challenging, as well. In many cases, someone has worked for years to build a business. When they’re ready to retire, they want to gradually turn the business over to a son or daughter or a longtime manager.
The reality is that those gradual transitions rarely work smoothly and require a great deal of effort to keep on-track. It’s often better to just sell a business outright, if you don’t want to continue running it (or to avoid getting into it, if you plan on being an absentee owner).
Absentee business ownership is great as a dream, but in the real world, is rarely effective. Plan to be involved in your business…and plan to do something you enjoy.
Latest posts by Susan Baroncini-Moe (see all)
- Sponsored Post: Minimizing Miscommunication in the Workplace - November 28, 2017
- Sponsored Post: 5 Ways Business Owners and Office Managers Can Be More Efficient - October 16, 2017
- Guest Post: I Started Sending My Team a Weekly Inspirational Email. Something Extraordinary Happened, by Robert Glazer - October 13, 2017