Lesson 99: Quitting
About the Searcher
Nothing is more tempting than quitting. We are only 16 days into the new year. Your new diet is already getting old. Using your gym membership is now as desirable as planned. You are losing track of the budget you set up.
Sometimes, the reason we stop is not because we said, “I quit.” It is because days drifted by without working on our goals. While we do not intend to quit, the noise of distraction drowns out our goals.
Each Friday, I have the privilege to reflect on what I learned about ETA this week. Is it getting old like that diet? Is this career as desirable as I planned? Am I losing track of why I planned to do this?
About Entrepreneurship Through Acquisition
The toughest part about ETA is to keep going. Each year, people pursue this path and do not acquire a business. They set up a system for outreach and meet hundreds of business owners. However they do not close on an acquisition. That is okay.
There are two rules for ETA:
Do not do a bad deal
Get a deal done
Some of these searchers were under Letter of Intent, possessed strong networks, went to top MBA programs, had experience in consulting or investment banking or private equity. But they did not get the deal done. Maybe the Quality of Earnings report for an acquisition target had a surprise. Maybe the business had pending litigation. Maybe customer contracts are only handshake agreements. These are valid reasons not to close on a deal because that would result in breaking rule number 1: Do not do a bad deal.
Searchers have autonomy but not control. When to quit is one of the only things we can control. Searchers do everything we can otherwise.
About the Bigger Picture
My vision is to leverage my influence as a Black business leader to pursue economic justice. You might have a different vision for your journey to business ownership. The important thing is that it is your journey.
Searchers all face the temptation to quit searching for the right business to acquire. It is the quiet pull of letting too many days or weeks go by before taking the next step. Your vision will be more satisfying than quitting ever could be. If you are energized by this path and it is becoming difficult, then remember the vision you crafted at the beginning of your journey. Even if time has passed, refuse to quit. You might be 99% of the way there.
This is Lesson 99: Quitting. Next week is Lesson 100: Reflection.
