Quest for the Perennial Long Weekend
A long weekend is a welcome break from the weekly routine, a chance to rejuvenate and reconnect with family. Maybe a short trip away from home, fishing trip, weekender or just a chance to put your feet up and forget the schedule for a day. What if this were the norm, not the exception? The reason why a long weekend is so relaxing is that it breaks the habit of work. And the reason why it is thought-provoking is the half-joking statement “I should do this more often.” Followed occasionally by the realisation that you could do this more often. Professionals in practice have the potential to control their work/life balance to a significant degree. But we don’t train ourselves to think that way – we consider deadlines and workload, but we tend to approach downtime as if it were slack time, just another opportunity to add more workload. But there are alternatives. A practitioner can think of adding an equity partner, for example, to share and expand workload while maintaining profitability without compromising work/life balance. It’s also an opportunity to mentor a successor – an issue that no practitioner in their prime wants to spend time on but which every practitioner will need to consider sooner or later (and trust us, sooner is better than later.) You don’t necessarily need to make changes right now, of course – you should never charge headlong into change. But the sooner you start considering and planning the more options you will have, and the better your outcomes are likely to be. Enjoy your weekend, and don’t forget – you can do that more often. If you want to.
Mark Witt CAMark is the Head of Brokering at Business Exchange with over 20 years experience and 400+ completed transactions
Read more articles
29/10/2021
Changing Business Brokering - the Business Exchange Network
The sun is fast setting on the old way of business brokering. The privileged position of a business broker as a gatekeeper to information and connection is under threat in a world where clients can now find each other via searches on smartphones, and that means the most fundamental adage of business survival applies: adapt, or die.
Read More
06/10/2021
About Business Exchange's Private Broker Network™ (PBN)
The Private Broker Network™ (PBN) is a members-only walled garden marketplace for business brokering and succession transactions. It is intended to be used by large networks of member businesses such as financial planning dealer groups and franchises.
Read More
28/10/2020
Alternate Partnership Arrangements on the Rise
With cost of housing up and uncertainty all around it's not surprising that professionals seeking partnerships might hesitate at taking on more debt for an equity purchase. But some practices are solving the issue by offering a different take on the traditional partner package.
Read More
27/10/2020
Finding Funded Buyers for your Financial Planning Practice
The combination of FOFA / RC fallout, Covid-19 and a tightening of credit availability is shifting the financial planning practice market in the direction of buyers. This has ramifications if you are thinking of selling - but it's not the whole story. As always, context is critical.
Read More
29/07/2020
Choosing Your Legacy - Thoughts on the Empty Chair
Some practitioners are comfortable with the assumption that they will continue working until the end of their life, what might be considered the 'die at your desk' model. Fair enough, but there are big problems if you arrive at this position by default.
Read More
|