The work required to create, sustain and grow a business is not for the faint of heart. Entrepreneurs spend years and even decades investing their life into a business that they hope will provide value to customers. There are crossroads that many entrepreneurs face when they no longer have the same desire or drive to push themselves as they once did. Sometimes the appeal of the product or service disappears. Sometimes the work involved is no longer engaging and interesting. Sometimes the magic runs out.
It is rumoured that Leslie Wexner, the billionaire behind Victoria’s Secret, is looking to step aside as CEO and may be exploring options on how to handle or hand-off the brand. For 57 years Mr. Wexner has lead L Brands, the parent company of Victoria’s Secret, to more than $7 billion in annual revenue but has had problems over the past few years growing revenue and increasing sales. Mr. Wexner is the longest serving CEO of an S& P 500 company having built Abercrombie & Fitch, The Limited and Bath & Body Works. Responsible for many influential and creative business ideas, Mr. Wexner has contributed a lot of energy to the products and markets served by L Brands.
Is the magic running out for you? Are you going through the motions in your business? What options do you have right now that you could take advantage of to make sure the business you have worked to build doesn’t disappear? Would your management team take over? Would a sale be necessary? Would a joint venture or strategic relationship exist that you could pursue? Just because you may not be as passionate or as interested as you once were in your business doesn’t mean you can’t capitalize on your efforts. Take some time to think through where you are now, where you think you want to be and what you could do to get there.