By: Jim Verdonik
I'm an attorney
with Ward and Smith PA. I also write a
column about business and law for American Business Journals, have authored
multiple books and teach an eLearning course for entrepreneurs. You can
reach me at JFV@WardandSmith.com or JimV@eLearnSuccess.com. Or you
can check out my eLearning course at http://www.elearnsuccess.com/start.aspx?menuid=3075
or http://www.youtube.com/user/eLearnSuccess or purchase my
books at http://www.amazon.com/Jim-Verdonik/e/B0040GUBRW
[Note:
This post is a longer version of an Article I wrote that was originally
published in Triangle Business Journal in March 2013. I expanded the article and added video
clips.]
I'm a big Walking Dead fan.Southern Zombies chase Rednecks across Georgia.
It doesn't get much better than that!
For connoisseurs of Zombie Apocalypse movies the big issue
is: Do you like fast Zombies or slow
Zombies? Walking Dead is about slow
Zombies. It usually takes a bunch of
Zombies to catch you, unless you are wildly you of shape. It's usually someone's fault when they get
eaten by slow Zombies.
So, what do Zombie movies have to do with you and your
business?
It's usually your fault when your business becomes a
Zombie. It happened because you weren't
paying attention or you weren't keeping your business in shape.
Most businesses go through cycles: Struggle followed by growth followed by
struggle, followed by growth, followed by struggle.. . . etc.
Both Struggle and Growth can wear down the business'
Founders and management team.
At that point, the business may stabilize. It's not struggling, but it's also not
growing.
Short naps like that can sometimes be healthy. But if it lasts too long, you may have a
Walking Dead business.
Why do businesses become Walking Dead?Can you cure the Walking Dead disease?
Or does one Zombie Bite doom your business?
Let's look at several different types of Walking Dead businesses and talk about how you deal with each of them.
Zombie Problem:
Family members you brought into the business don't have what it takes to
grow your business.
Remedy: Fire your
family, train your family, adopt a new family or sell your business.
Zombie Problem: The
business outgrew the Founders' skills. Remedy: Either get new skills or bring in a new management team to run your business for you. Maybe you should sell the business in a management led leveraged buyout. [Check out this short video from my eLearning course about Leveraged Buyouts]
