I’ve been going for coffee with another business owner for a few months to connect, network and bounce ideas off each other. Me, late 30’s her late 50’s.
We had planned on meeting at a new coffeeshop but needed to change plans when they couldn’t find staff to stay open.
I started telling her a story of a family member who wanted to sell their business to their child. The child agreed to take over the business but after a year decided it wasn’t for them and started a new business. My family member just heard back from their child last week and they now want to buy the business. Not for the client base, not for the sales, but for the staff. They saw the staff as the largest asset to the company and they wanted the staff for the new business.
That’s when her mind was blown and something clicked. A business’s value is more about the team than the sales in today’s market. She asked me how to keep & retain staff. Money, I said.
I simply laid out the challenges that trained young professionals face today and paying over market value for staff is the only way.
“What about struggling business“ She asked.
To that I replied “If they can’t afford to pay staff a livable wage, they don’t have a good business model, and can’t afford to be in business”
As she put her coat on she said,
“My mind is blown with this idea, you’ve given me a lot to think about”