It’s no secret that one of the characteristics of many entrepreneurs is that they like control. It’s this sense of control that drives many of them to want to do their own thing, rather than work for someone else. Does this describe you?
While this is often a positive thing during the start-up phase of a business, it can actually inhibit growth and profitability as the business becomes more established. There is an article in the Wall Street Journal by Colleen Debaise titled “When Business Owners Are Control Freaks” that describes why, if you fit that description, you may want to think about reining in your controlling tendencies. As a business broker, I can think of another reason why Ms. Debaise’s suggestion of systematizing a business and giving up control is prudent: if a business revolves around, and is dependent on, one controlling person, then it will be less marketable when you are ready to sell it.
