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Have you ever used a throwaway line you’ve regretted? I have, and it came back to bite me right in the butt.
During the final throes of handover during the sale of my business, the unwise line fell out of my big mouth: “If you’re ever stuck, give me a shout and I’ll help you out.” Well, the call came recently. I could hardly say no, although I thought about it.
A former employee who handled a large account with a guy who is, shall we say, extremely awkward had left suddenly. Because of the difficult nature and complexity of the client’s business needs, the new owner had kept his distance and let my former employee run the show.
My task was twofold: get the new owner up to speed on the nuances of dealing with the guy, and smooth the path with introductions and a bit of hospitality to reminisce about our past business adventures. The goal was to keep him on side with the changes—a bit of ego massaging over his importance and value as a customer.
So I found myself back to the grindstone and in the thick of it, sucking up to an “important” client. I have to say, I didn’t enjoy the experience and although my head was in the game, my heart certainly wasn’t. I really found it difficult to get my “game face” on and care about the outcome. But I endeavoured to be professional and things went well. My input over the week left the new owner in a better position.
The positive takeaway for me is an absolute validation of my decision to sell up and retire. Although I knew it was the right choice for me, it’s nice to have the opportunity for confirmation. The negative takeaway is a reluctant agreement to revisit my paid consultant role for a few weeks in the run-up to corporate tax reporting season early next year.
It seems the invisible ties that bound me to the business I created nearly thirty years ago are reluctant to release their grip. I would find it hard to see it stumble even slightly if my input helped, but where to draw the line? That’s the question.
What industry or line of work?
“… my decision to sell up and retire.”
I’m curious about your use of this phrase. In American English we say, “… sell out and …”. Our implication is clear – “I’m out, so leave me out.”
Is selling up considered to be something different in Irish English?
I guess “sell up” has some etymology related to packing up or boarding up i.e. related to a sense of finality and closure. It’s not just parting with a stake or taking a back seat (further metaphor there).
“Sell out” only really means betrayal for money in UK English. Apart from sell out events of course. Wordz iz hard.
“Sell up” would be the normal Irish phraseology, “sell out” would generally mean betraying one’s principles or something slightly underhanded in an Irish usage of English.
“Sell out” also means that in American English, but it can also mean selling your business in certain constructions.
Language is a fascinating human construct; I love how it develops and evolves in isolation between different populations.
Hi Mark. It is great that you ran your own business successfully for 30 years to profit from it and then retire in your late 50s. Nicely done.
Would it be possible to enlighten us with a high-level description of what your business focused on and in which industry? Thank you.
I ran an OEM equipment importer/distributor business specializing in fluid handling and control systems for various industries and government agencies, including: chemical processing and petrochemicals, midstream and downstream oil and gas, food and beverage processing, and cryogenic fluid handling.
We provided engineered solutions: precision pumps, valves, flow meters, pressure regulators, filtration systems, and automated control systems that required technical knowledge to specify and support.
Mark, your throw away line was part of the contract when I sold my tax practice. The new guy was so overwhelmed just one week into the tax season, that I ended up working every day for the remainder of the season. I was paid 50% of the fee for the tax returns I processed.
The sale price of the business was based on retained clients. If I hadn’t bailed him out, I would have lost thousands of dollars.
He was tremendously grateful for my help, and offered to make me a partner. I graciously declined.
I hope that your next consultant role will be your last.
I’m sure it’ll be more enjoyable than last week. I’m a numbers nerd at heart; corporate year end was always my favorite part of the yearly business cycle. I know, I’m weird.
Next time you are called on let the new owner know the support ends one year after the sale or sooner if you wish, but after one year the training wheels should be off. It is no longer YOUR business.