The Reinvention of an Entrepreneur: What to do Next in Life

I am originally from Panamá, Central America. I grew up in the city, but in my heart, I am a lumberjack from the mountains. I guess I conveyed that persona to others because people started asking my brother and me to work on some carpentry projects. We ran with it. Aspiring to fulfill this role to the nth degree, we moved to a small mountain town for about two years. Hence the birth of JEFH Woodshop. This business has become my life for the last decade. It saw me single, then as a husband, and now as a father.

1. Stop and think

After the global pandemic of COVID-19, our business suffered many losses in sales. We improved our strategy and fought hard to keep sales going, but by the middle of 2021, we realized we were facing a fork in the road of life, and only one lane had a future. We decide to take a chance. This type of risk was easy when I was younger, but now, with a wife and young daughter, I felt the burden on my shoulders as a family man.

This was the moment to stop and think. We gathered our advisors and spoke with our wives, parents, and friends, trying to devise any last resort business strategy that could save us. We went into a calculated financial debt to try to increase sales. Most of our advisors had advised against it and looking back, I can tell you, they were mostly right.

Even though there were a few additional ways we could keep our business afloat, we did not want to merely "keep it alive"; we wanted to thrive. We started this because people "thought" we were woodworkers, and we continued because we saw an opportunity to make money (very little in reality) and to grow a business. We went from a house garage to a fully-fledged woodshop with some workers, an office, and a showroom. The growth made us appear successful. It energized us, encouraged us, and we felt great. However, seeing the expenses rise alongside the sales, we noticed we were not able to generate the desired profits.

Woodworking was a hobby. Now, I can tell you from my experience, hobbies and passions do not always make the best businesses. This is not always the case, but from what we saw, with a lot of time and effort, it did not pan out in the end. We became one of the highest quality bespoke furniture makers in Panamá, and we were proud. But deep down, we knew the financial ceiling was already low, and the scalability was even lower. Our passion made us hard-headed, and we thought we could make it work.

In the end, we wanted more. Back to the fork in the road, life presented a natural exit door into new opportunities (thank you pandemic for making us walk the plank). The easiest and safest option was actually to keep trying and maybe eventually have some success. The hardest was to get out and face the unknown. We choose the latter, and now I have no idea what is next.

2. Plan your exit

We planned our exit from the market and did not abandon the ship without a good strategy. We had people dependent on us and clients who had projects running, and we finished well with them all. Reputation is critical, and it may open doors into the future, so do what is in your power to keep a good reputation with others.

In the end, we were able to sell our local operation. While it was super hard emotionally, it also was rewarding to see it go to another owner full of new ideas. We hope he will make it work with his new brand and strategic approach. JEFH will remain our own brand; after all, it's hard to get rid of your own initials. We may transform it into something new. We are thankful for a debt-free finish and a clean slate to start afresh.

3. Look into the abysm

"What are you going to do next?" At the time of writing this article, that is the question I have been asked most. I still don't know, and that is okay. It's good to take the time to process and meditate on the experience along with the lessons learned along the way before jumping into something new. Never have I felt lighter and with so many possibilities than after deciding to close the business.

Maybe you've been at this point as well. You've also been attached to a project in life, yet you do not see how it will align with your life goals. It's okay to let go and open up space for new initiatives and ideas. Yes, it may seem intimidating, but you never will know what is in the unknown unless you look into it.

I like business a lot, so one clear step for me right now is to master managerial, financial, marketing, and business strategy skills. I have learned much about businesses doing it on my own, but being an owner of a small business with a small team sometimes limits your network. I want to hear from others about what they are learning and doing in the marketplace. I am also immersing myself in learning new digital business skills to do more internet-based commerce, and that (along with this site) will be a priority in the future.

4. Set new priorities

I have learned many things about business, but mostly, I have learned about myself and what I appreciate in life. I want to focus on my family and see my little girl grow up. I want to discover what new passions arise in my new course of life.

Maybe I will never start a business again, but perhaps I will. So far, I have created three businesses, which is pretty good in my book. Maybe I will work with a company and learn new things while helping them with the skillset I have developed in my own companies. But then again, perhaps it's better to see what surprises lie ahead in life.

Until the next time,

Javier F.