Commercial Integrator 2023 - 34

ENTREPRENEURS Business Ownership
value, building the company fi nancially
and getting the company to the level of
performance expected. Outside the AV
integration industry, many owners might
be thinking about succession planning;
in our industry, though, it seems as if not
many do.
" A lot of folks are so engaged - so busy
fi ghting the daily fi res of AV integration -
they don't go into the business that way, "
Irvin shares. " They go into the business beDr.
Riley Moynes
TEDxSurrey: The Four
Phases of Retirement
" Everyone says you have to get
ready to retire fi nancially - and, of
course, you do. But what they don't
tell you is you also have to get ready
psychologically, " Dr. Riley Moynes
said in a TED Talk on the four phases
of retirement. " Ten-thousand North
Americans will retire today and every
day for the next 10 to 15 years. This is
a retirement tsunami. And when folks
crash onto the beach, a lot of them
are going to feel like fi sh out of water,
without a clue as to what to expect. "
In his TED Talk, Dr. Moynes explained
the four stages of retirement:
› Phase 1 is all about vacation and
not having a set routine. It's all
about relaxing, enjoying fun in the
sun, traveling, playing golf, etc. This
phase lasts for about a year. When
having fun starts to lose its luster
and you miss having a routine, you
move to Phase 2.
› Phase 2 is marked by feelings of
loss and being lost. You may ask
yourself questions like this: " Is this
all there is to retirement? What
did I do? "
› Phase 3 is fi nding your purpose
in life.
› Phase 4 is all about fi nding your
passion, whether that's volunteering,
sitting on boards or committees,
starting a new business or
engaging in service to others.
cause they're passionate about AV. They're
passionate about the industry. They love
the work that they do. They oſt entimes
don't go into it with the end zone in mind. "
And he off ers a candid admission: " I think
we were guilty of that, too. " Irvin further
refl ects, " If I were to do anything diff erently,
we should have approached it [earlier in
our careers]. When I started the company,
we were focused on how to make payroll! "
Irvin off ers additional refl ections,
saying, " When you're a small business
owner, it's like driving down the freeway:
Bugs are hitting your windshield; you're
trying to clean them all off with the wipers,
but you can't clean them off all the way.
It just smears things, and you can't see
through. " When you sell your business,
he says, you embark on a new chapter.
" Suddenly, " Irvin continues, " there's no
bugs on the windshield. It's kind of nice
because you can see more clearly. But it's
a bit lonely - and a bit diffi cult - because
you get to the point where you like to
clean the bugs every day. You clean those
bugs off the windshield every day and
fi ght those daily fi res. And that gives you a
purpose in life. "
There's one thing that Irvin certainly
doesn't miss: the day-to-day stress. He
does, however, miss the people, and
he misses waking up every day with a
purpose. What Irvin is experiencing can be
quite similar to the fi ve stages of grief.
34
Commercial Integrator JUNE 2023
Tips for Priming
Your Business for Sale
Irvin notes that AV integration is getting
harder and client expectations are now
much higher. To succeed in the competitive
world of AV, it's essential to continually
improve the quality of your services, invest
in your team and commit to ongoing
education. It's crucial to prioritize your
organization's value drivers - that is, the
things your company does that truly add
value and create additional stickiness with
your customers.
And, although many AV business
owners possess impressive technical
skills, they might not necessarily excel
in the realm of business strategy and
management. It's common to encounter
integration entrepreneurs who struggle
with the fi nancial and operational aspects
of running their business. Increasingly,
industry observers are noting the criticality
of striking a balance between technical
prowess and business acumen to thrive in
the AV industry.
So, here are some words of advice: Don't
be afraid to seek outside assistance. Be
more strategic and cultivate a business that
has immense value at the end of the day;
doing so will aff ord the owner the ability to
exit with a phenomenal legacy. A big value
driver for Spinitar was its ongoing customer
support, which extended long aſt er the initial
project was done. A remote helpdesk, as
commercialintegrator.com
'Consulting in the
aſt erlife is a good
avenue for many of us
that have passion and
life leſt to give to others
in this industry.'
- Mike White,
former owner of
Multi-Media Solutions
http://www.commercialintegrator.com

Commercial Integrator 2023

Table of Contents for the Digital Edition of Commercial Integrator 2023

Commercial Integrator 2023 - Cover1
Commercial Integrator 2023 - Cover2
Commercial Integrator 2023 - 1
Commercial Integrator 2023 - 2
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