From father to business owner: A journey of letting go

Young couple exiting church on wedding day smiling, holding hands with confetti thrown over them

The emotional milestone every business owner faces

Saturday was emotional…

My daughter Amy married long-time boyfriend Andy.

Happily, after months of planning, the day was perfect.

The sun was shining, the bride looked stunning, and everything went off without a hitch.

From the sleepy village church we moved to a rustic rural barn high on Cleeve Hill filled with twinkling fairy lights and exquisite meadow flowers.

Here’s a sneak peek:

Memories of Amy and Andy’s wedding day

As a father, giving away my daughter was a huge milestone.

Amy hasn’t lived in the family home for quite a while, yet I still feel like she’s flying the nest.

This is another stage in her process of growing up. A lot might change from here on – for example, Amy and Andy might choose to start a family.

We’ve given her the skills she needs to manage her own life (including, as a typical accountant, to know how to budget…). She’s already set herself up in business. Now we need to trust her to make all those decisions herself.

Of course, we’ll always be here to support her. We live quite close to Amy and Andy’s new home, and I have a feeling we will be seeing a lot of them. But ultimately, it’s their life.

The challenge for me is to learn to let go and leave them to it. It’s not always easy – Amy will always be my little girl! But I do try…

It reminds me of a struggle that many of our clients face, as well.

You see, the business you establish and run is in many ways like your baby…

When it’s young, you are typically very hands-on, because the business really can’t function without your input.

But as the business flourishes, it also grows up. You start to hire a team and decisions are made without you. You no longer always know everything going on in your business.

The business doesn’t need you as much… If you have kids, this will sound familiar!

For many business owners, this is emotionally difficult. When you’ve put your heart and soul into your company, letting go and trusting others to take the lead is hard. 

But it’s essential for your company to flourish. If you continue micromanaging every aspect of the business, there will be limits to how much it can grow…

I mean, the CEO of Tesco or Coca Cola doesn’t control everything going on in their business right!? Neither should you.

It’s just like your child will never achieve all their potential, if you don’t allow them more independence once they hit adolescence.

Now I don’t know of any service to help parents deal with this transition. But here at Insight Associates, we help company owners manage this change – at least regarding the finances of the business.

You see, once you no longer have your finger in every pie, you might lose your gut instinct for how your company is performing financially. For example, you might not have such a good grasp on which clients, products or services are profitable. Or perhaps you no longer really understand your outgoings.  

We provide you with the numbers you need to understand your financial picture at a deep level, even when you are no longer familiar with all the day-to-day work.

The good news is that just like Thelma and I are still involved with Amy’s life, you’ll still be involved with your business – but in a different role.

Instead of managing the nitty-gritty, you’ll increasingly take more of a high-level view and set the company’s strategic direction.

Through our Outsourced Financial Management service, we help you with that as well…

…ensuring that you understand the financial implications of all decisions you’re considering, so you can make them with confidence.

We also help you plot the future of your business, acting as trusted advisors, so that all the changes you implement are financially astute.

Let us help you let go – and watch your business thrive.

Contact us today to schedule a consultation and start the journey towards a more independent, successful business future. Simply email garry@insightassociates.co.uk or call us on 01279 647 447 to find out more.

Warmly,

Garry

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In this blog archive our Managing Director, Garry Mumford simplifies all things financial and shares with us a lifetime of practical financial business advice.

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