Building a business is a challenging experience.
There’s no doubt about it, building a business is a challenging affair. You’ve got customers to keep happy, employees who want leadership, a family that has needs and a community as well. You’ve done a good job along the way. You’ve also gotten stuck from time to time. You may even want to figure out how to leave your business and have been confused as to the options or even how to start.
It starts with creating value
In our world creating value means having lots of free cash flow. Yes, profits are important for your business. Having excess cash is even better.
Some of the things that you’ll need to do to create value are:
- Have a marketing system in place that creates high value customers.
- Know what products you make that create the best profits.
- Have a system in place for attracting and retaining great people.
- Have methods in place for measuring the truly important things in your business.
- Understand why all businesses should be niche businesses.
Then there’s always the challenge of leaving your business
Someday you’re going to leave your business. You can sell it to an outside source, transfer the business to managers, transfer the business to family members or just close it down. Each option is one that could be the right one for you. The trick is to have all of your options open till the day you decide to leave.
We think having your business be sale ready at all times is a great thing. If you do this well, you’re going to always be in a position to take advantage of an offer you can’t refuse.
The key to having a business sale ready is to make you, the owner of your business, operationally irrelevant in the business. We call this state of affairs, "passive ownership."
Creating Value and Leaving Your Business Have Similar Challenges
Whether you want to sell your business or create extra value, the tools and skills needed are very similar. First, you want to concentrate on building business value. Second, you want to build a team that will last after you leave.
These skills are all learnable. Yes, there is hard work involved. You’ll feel awkward at first. The rewards are worth the effort. The question is, are you ready for the work ahead?
Here are some special reports you might be interested in checking out: