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What’s Next For You and Your Property Management Business?

August 11, 2017 | Bill Collins

Many of us have asked ourselves this question in the past, are pondering it now, or will be asking “what’s next” sometime in the future.

As our lives and careers grow and change, our wants and needs change as well. Because we are all at different stages, there really is no one-size fits-all succession option for those thinking about taking their business in another direction or getting out altogether.

Different Options for Different Stages

  1. Retirement Stage
    A “cash-out” option is often the most sought after for those interested in leaving the working world altogether. For those of retirement age who feel that they have put in plenty of time and effort and won’t miss the challenges that have helped them get out of bed each morning, this is probably a very viable option. But for those not of retirement age, and with plenty of fire left in the engine, this is most likely not the best option. While sitting on a beach counting your money might sound great now, the reality is that the energy and enthusiasm that helped you build your business is probably still burning at some level inside you, and you could quickly discover you really still want and need to work.

  2. The Art of The Sale
    A more fitting option for those who are not ready for retirement, but want to shed some of the more mundane operational and back-office headaches that go along with running a property management company, might be to focus on the sales side. This option would appeal to those of us who consider ourselves sales experts and really enjoy this part of our business. Sales may be why many of us got into the business to begin with—we’re good at selling to those who need a property manager. There is something to be said for sticking to what you know the best and love to do.

  3. Can’t Leave the Income Stream
    There are also some of us who want to leave the business altogether, no longer prefer to participate in sales and do not want to “cash-out.” We’ve worked hard over the years to build a nice income stream and really don’t want to walk away from that. We also have developed a team of employees we feel responsible for and don’t want to leave out on the street. This can be one of the more challenging stages to find an option for.

When you get around to asking yourself “What’s Next” for you and your business (if you haven’t done so already), think hard about which of the stages above best fit your desires and needs. Spend time on your due diligence, really looking for a good fit with a purchaser or another company that can meets your needs. Good luck in finding “What’s Next.”

About the Author
Bill Collins is the Chief Operating Officer for Marketplace Homes. He works daily with property management professionals to help identify succession options for them and their businesses.

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