3 Key Steps for Owners to Sleep at Night

Yesterday, I spoke about the top three anxieties sure to disturb a good night sleep for many business owners in their 40s and 50s:

Below are the issues, their concerns, and solutions to address the concern.

1) Succession Planning: 

Problem: I have spent many years building this business and it’s very important to me that it continues to thrive after I step away. I worry about ensuring a smooth transition, whether it’s to a new owner or to the next generation of my family. I want to ensure that they are well-prepared and that the business is in a good position for them to succeed.

Solution: Prepare your business for a successful transition. Whether it’s to a new owner or to family, put in steps and processes now to ensure that they are well-prepared to take the reins. Focus on creating robust systems and processes that can operate independently of any one individual – especially YOU, and so reduce the risk associated with any transition.

2) Financial Security: 

The sale of the business will likely be a significant part of my retirement planning. I worry about getting the best possible price for the business and making sure that I have a secure financial future.

Solution: Start now to begin maximizing the value of your business. Driving up the net worth of your business should be at the forefront of your business strategy. 

Stand out and position your business as a premium, unique offering in the market and charge accordingly. With differentiation and pricing freedom, you get to optimise your revenues, attract high-quality buyers willing to pay a premium and fund your growth.

A growing company that is seen as unique and special in its market will attract the buyers and investors you need to have the pay day that will provide you the financial security you want for you and your children’s future.

3)Business Continuity: 

Problem: I have built strong relationships with our customers, suppliers, and employees. I worry about how these relationships will be maintained after my departure. I want to ensure that the business continues to provide excellent service and maintain its reputation in the marketplace.

Solution: Be proactive and focus on preserving the key relationships you need to ensure the business continues to run. Make sure contracts with suppliers and customers don’t have change of control exits or loopholes. 

Retain key staff and think outside the box with creative retention strategies so business can continue as normal.

Keep delivering on your promises to customers and suppliers, and continue to provide excellent service and uphold your reputation in the marketplace.

In short, transform your business into a premium, sellable asset that will secure your legacy and provide you with peace of mind.

Call me if you need help doing it.

 

Thinking About Selling Your Business

We know you’ve worked hard on your business. What if we told you there’s a way to make it even better, and position it to sell one day at the top price? With Socratic Scaling, we can show you how.

In as little as six months, we can help your business stand out, scale up, and become something others would have to pay top money to buy.

The best part is these benefits start today. Even if you don’t want to sell, your business will put more money in your pocket, free your time, and be more enjoyable to run.

But you need to start getting ready now. Don’t be like the 7 out of 10 business owners who put it off until tomorrow and then find out they’re stuck with profitable businesses that no investor wants to buy, or child wants to inherit.

Click here to transform your business to give you the life you want – starting today.