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SBA's Pat Gibson: Think of Your Business as Your Biggest Asset

Name: SBA's Pat Gibson: Think of Your Business as Your Biggest Asset
Uploaded: 2018-10-10T14:20:13+00:00
Duration: 59 s
Channel: Your Advisor
Description: Short video statement by Pat Gibson, a Senior Advisor at the U.S. Small Business Administration (SBA) and long-time business owner, advising…

10 Oct 2018 · 1 min

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Short video statement by Pat Gibson, a Senior Advisor at the U.S. Small Business Administration (SBA) and long-time business owner, advising entrepreneurs to treat their business as their largest personal asset. He recommends hiring complementary expertise, shifting from working in the business to working on it, and structuring the company to create options such as continued growth or sale.

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Hi, my name is Pat Gibson and I'm a senior advisor to administrator Leonard McMahon here at the SBA. I've also been a business owner for many years. I owned a strategic communications company for nearly 30 years and I had a startup in healthcare IT. So the one thing, piece of advice I would give to somebody who is running a business is to think of your business as the biggest asset that you have in your portfolio. And if you think of it as an asset, it colors how you, the decisions that you make and how you approach your business. So as you start to hire people, you're looking for people who can be adding expertise, maybe that you don't have. You can be looking to reduce the amount of time you spend in the business and work more on the business so that you can continue to grow it and quit thinking of yourself as the person who has to do everything. And what that enables you to do as your business grows is it gives you more options. So you can continue to grow the business, or you could sell the business, take the money you make off of it, start another one.