015: Why we really sold our social enterprise coffee shop
Listen Here and Now for the Reasons We Sold Our Social Enterprise
The nitty gritty of why we really sold our social enterprise coffee shop to a nonprofit. Beware: the reasons might inspire you to stick with or make a transition with your business.
Quotable of the Week
“Switching from one career to another can be scary, but it also can be a thrilling experience. Look at it as an opportunity to really go after what you want to accomplish in life and make a difference in the world. The key is to take small, conscious steps and prepare yourself for a successful transition.” -Jack Canfield
This quotable is a good foundation for what we’re going to talk about. Our current transition is both scary and thrilling. We love Jack’s advice to go after what you want. When we get to the final reason we share today, we’ll talk about the small, conscious steps that prepared us for a successful transition.
Highlights from the Episode
- You’ve probably heard by now that we sold Overflow Coffee Bar to a nonprofit.
- Before we get into the reasons why we sold, we should reiterate like we have so many times before how much we enjoyed the entire process from dreaming up Overflow to seeing it come the fruition.
- When it came down to it, there are a few reasons we ultimately decided to sell. We’re going to give them to you in ascending order of importance.
- As we share, evaluate your own experience within your business.
1. Long before any thoughts of selling came up, we learned about the idea of sunk-cost fallacy and committed to making sure we didn’t fall trap to it. [7 min 0 sec]
- If you’re not familiar, sunk-cost fallacy is defined as “Individuals commit the sunk cost fallacy when they continue a behavior or endeavor as a result of previously invested resources (time, money or effort).” (more here)
- After learning about sunk-cost fallacy, we were determined not to stick with it just because we had put so much time, effort, and money into it.
- This commitment was really what opened our minds to consider other possibilities.
2. We tried to be all about serving the community but it was very frustrating when those we served didn’t support us in return. [8 min 34 sec]
- There are lots of community members who have so very supportive and we are very grateful to them.
- We tell a real story of a community leader here.
- Be sure to listen to the last episode for more about how important environment is.
- Brandon rants a little about being the customer you want to see in your business.
3. The nonprofit we sold to has the financial capacity to take the exact mission of the coffee shop farther than we’ll be able to in the immediate future. [12 min 15 sec]
- We still believe in the mission.
- This nonprofit will be able to take the mission farther and faster than we will with our currently growing family.
4. We discovered other opportunities to further ethical economics and community building through coaching and training entrepreneurs and shadowing our financial advisor. [12 min 57 sec]
- Ten years ago, we were totally different people. At that point, starting Overflow Coffee Bar was absolutely the thing we needed and wanted to do.
- Over time though, we’ve grown and changed.
- In case you don’t know, we have a program called Business Activist Academy. In the Academy, we are taking our knowledge and expertise about starting a business in order to make a positive difference in the world and sharing it along with exercises and a tribe of people who help you take the knowledge and put it into action. Within the Academy, we’re focusing on 2 major components a lot of entrepreneurs struggle with: marketing and money. We would love to welcome you into the tribe that’s forming. All the details are at businessactivistentrepreneur.com/academy.
- There are also some great benefits for us too. That’s not what it’s all about but it’s important too.
- Going back to Jack Canfield’s quotable, we took small, conscious steps to try out coaching and get our own finances in order long before anything came up about selling our coffee shop. These small steps set us up to take advantage of this opportunity.
What sticks out to you?
What sticks out to you as something to consider within your business?
If we were to chose for you, we’d reiterate and triple underline the idea of always looking for opportunities to grow personally. Put yourself and your growth high up on the list. It should help you make more money and more of a difference in the world. Those things are important but you are the most important. Without you, none of the things you’re doing happen.
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