I think it’s a popular assumption that the biggest decisions in the business world are start-up decisions—questions on when, how, and on what basis to start a company. For Lara Morgan, however, one of her biggest decisions dealt with the appropriate time to “bow out” and to actually part with the company that had brought her success.
Lara Morgan started Pacific Direct, a company centered on creating and distributing hotel products, at the age of 23. She started the business with nothing, and quickly built it up over 17 years of, in her words, “relentless determination to be the best…in a highly competitive global marketplace”. At the end of her time with them, she was able to sell the company for 20 million.
The bottom line here is that once she had built her company up, Lara was able to objectively recognize both its success and her personal need for something new. Yet, she did not exactly “back down” or go out quietly- she knew what her company was worth and was able to obtain that even at the end.
So once we are successful figures in the business world, remember Lara—do not be afraid to sell. Selling is not giving up, but rather, it is recognizing that you worked hard enough to create something worth selling.