✈ August 9, 2017, Avicor Aviation Inc.
If you are the owner or a shareholder in an aviation business, there is probably something you want out of the business.
Sure, a decent income is part of your motivation, and since you are in aviation, then a passion for the industry is likely a key factor as to why you operate your business. Sill, there will come a time when you want to do something different, or perhaps retire, pass he business on to family, let a partner buy you out, or sell the business outright.
You may have a vague idea of a plan for the future, but have you really thought about the end goal for your business, and especially about your role in it?
Here are four steps you can take towards reaching your end goal :
In order to reach a goal, you must first set a goal. It seems obvious, but it is not at all uncommon for business owners and senior management not to have set long term goals either for their business, or for themselves.
Make the time to sit down to reflect on "the rest of your life," and jot down some ideas about where you want to go with the business. You may want to schedule a time on your calendar, shut the door to your office and focus on this. Or it might be better done away from your office without daily distractions.
Without a timeline, a goal will just always be "out there." If you manufacture something for the aviation industry, you have goals and timelines to deliver the product. If you charter aircraft, you think about when you need to add to or change your fleet. If you run an MRO, you assess whether you need to add that new piece of equipment or another A&P. It's difficult to achieve a goal unless you set a timeline.
Your overall timeline can and should be broad. It could be three years or twenty. It depends on you.
Now that you have your goal and your timeline, you need to identify how you will get there. What are the interim goals that you need to achieve along the way? For example, if you want to retire and sell your business in eight years, what do you need to do to increase the value of your business between now and then? If you want to add partners, what will make the business attractive to the right party? Once that has been determined, list the steps you need to get there, and don't forget to add a timeline!
Don't just leave that plan sitting in a notebook...check it often and re-evaluate it on a regularly scheduled basis to see how your are progressing in reaching your goal!
Have more valuation tips emailed directly to your inbox each week! Just sign up below to receive an email each Wednesday with more tips about maximizing the value of your aviation business.