While attending a rodeo with his daughter, family business consultant Dave Specht saw similarity between bull riding and business ownership.
He says, “In bull riding, the key to scoring well is based on two main factors – you and your bull. If you stay on and ride well, you’ll score some points, but in order to get a great score you have to ride the toughest and meanest bulls.”
Specht says the business parallel is this: In business you may be a good leader, but if your business isn’t successful or doesn’t perform to its highest capabilities, you can’t receive the greatest rewards either.

Planning the Exit
Specht continues his analogy by noting that in bull riding, an individual knowingly ties his hand to the back of a 2,000-pound beast and understands that there is only one way to finish the Ride – and that is to dismount the bull.

“When the buzzer sounds after an eight-second ride signifying that the rider has been successful and earned a score, the most dangerous part is still to come – getting off the bull,” points out Specht.

Similarly, every business owner understands they must eventually exit their business, whether planned or unplanned, whether in year one or year 35. Specht says, “Like the bull rider, the business owner figuratively ‘ties his hand to the bull,’ putting all of his thoughts, efforts, and resources into building and growing the business. But one of the most critical positions for a business owner is during the exit.”

Specht explains that the business owner’s financial assets, personal identity, and social status are based on running a successful business and, when it comes time to get out, they often get “hung up” and can’t seem to let go.

“This inevitably leads to either emotional, financial, or relationship problems for the current owner and the next generation of business leaders,” says Specht.

Prepare, Prepare, Prepare
Specht believes that the best way to ensure a successful business “ride” – and exit – is through preparation. He returns to the bull rider example, saying, “One thing that is often overlooked by attendees at a rodeo is the hours of preparation the rider goes through to ready himself mentally and physically to be up to the task of riding the bull. The rider often builds his body’s resilience by lifting weights and exercising. He prepares mentally by studying film of his own past rides and of other bull riders to gain insight into how to stay on the bull as it twists, jumps, and turns. The bull rider is not just some crazy guy willing to get on a bull on a Saturday afternoon.”

Likewise, successful business owners must invest years of preparation, mentoring and training to develop their talents and abilities to successfully manage a business and ensure its future.

Resilience is also a key characteristic for success. Specht says, “Any bull rider who has become great has gotten bucked off many times, then gotten up and dusted off, learned from the experience, and had the courage to get back on the bull. The same can be said for business owners. They may tell you they are successful because of great ideas or novel products, but what they’ve all got in common is resilience.”

He continues, “The ability to take failure and turn it into lessons learned is their true gift. The capacity to focus when times get tough is what sets apart a great business owner from someone who might not be at the top of his field. A successful business owner understands that problems will arise and failures will happen. But they also know they have the ability to perceive and grasp opportunity in the face of adversity.”

That said, Specht offers these concluding thoughts: Whether you are a new business owner or a seasoned veteran, remember that in order to succeed you must first have the courage to strap yourself to the bull. You then must find the strength and know how to stay on for the allotted time. Lastly, you must have the courage to know when it’s time to get off as gracefully as humanly possible.

“Owning a business may feel like an eight-second wild ride, but the rewards for riding successfully and making a clean exit are well worth it, both monetarily and emotionally. Enjoy the ride!” says Specht.

For more information contact Dave Specht via his website at www.davespecht.com or (402) 470-7416. Specht has roots in Idaho and California, and currently is a lecturer in family business management at the University of Nebraska-Lincoln, in addition to his consulting work.