Hi,
Last week I gave a presentation on the Advantages of Owning a Sellable Business and gave a good amount of information and insights in the 7 days before the presentation.
Today, I am sharing the top 3 questions I often get asked on how making your business sellable also makes you more competitive.
Question 1: Why would making my business sellable make it more competitive?
A sellable business is efficient, resilient, and well-structured – all qualities that give it an edge over the competition. When building a business that is sellable, you focus on creating reliable systems and processes, cultivating a strong team and generating consistent profits.
This empowers you to dominate competitors who are overly reliant on one or two key people, lack organized processes, or struggle with inconsistent profitability.
Question 2: But isn’t focusing on making my business sellable a distraction from running my day-to-day business?
It’s easy to think that way, but in reality, the steps you take to make your business sellable are the same ones that streamline your operations and make them more effective. Creating systems for your business, reducing dependency on key people, and making things more consistent and profitable enhance your day-to-day operations while allowing you to step back and focus on the big picture. It’s a win-win situation.
And as a bonus, it’s key to making your business more attractive to potential buyers or even your own children to run one day.
Question 3: I’m a small business owner and have a very hands-on approach. How can I make my business sellable without losing my personal touch?
Your Personal touch might be the unique factor that allowed you to launch and grow your business and it’s definitely something you want to retain. However, it’s crucial to strike a balance.
The idea is to scale your business so it can run smoothly even when you’re not there, but with the same core identity and values you have instilled. It’s about cloning yourself in your team and processes.
This means training your team to provide great service and holding them accountable for it while also creating systems and processes to deliver consistent high quality. You still ensure your personal touch, but the business isn’t solely dependent on you having to personally deliver it.
Transforming your business into a sellable asset takes time, but it’s worth starting now even if you don’t plan to sell soon. It not only makes your business more competitive, but also gives you the freedom and peace of mind knowing that your business can thrive even in your absence.
To your success and sanity,
George
Thinking About Selling Your Business
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