Business Owner Resources

When beginning a business, always start with the end in mind. The reason you start a business is to some day sell the business.  That's how substantial wealth is created.  Even if you have owned a business for years, you should gradually be getting it ready to be sold.  It is never too soon or too late to position your business to be sold.

To eventually sell your company for a fortune, your ultimate goal is to become the least important person in your company. While that sounds illogical, it makes perfect sense.  As owner, you can not afford to be at the center of every problem, every decision, every mess, and every transaction.  If so, you will hold back the growth and development of the business and your employees.  Your business, long term, cannot depend upon your presence, personality, problem solving or perspiration for its daily survival.  If so, your business does not work for you - you work for your business.  You'll always remain a prisoner to your business.  You need to create an independent, self-sustaining, cash-flowing machine.  Instead of having the business be dependent on you, have the business be dependent on the operations manual and simple systems you put in place.

When you can say you are no longer the most important person to the daily operations of the business, you can sell it for top dollar.  Since your business is where you'll create your real wealth, you need to position yourself to generate as much equity in it as possible.  Wake-up call --- a company is never worth its full value to a buyer if you have to come along with it to make it run.  From day one, or as soon as you can, structure and operate your business so that you are NOT the most important person there.  Do not let the business depend on you for everything.  Provide the vision, leadership, business systems, and the passion, but not the blood, sweat and toil on a daily basis.

With the proper end game in mind, you will do the right daily actions to create a customer-serving, money-making asset separate from you.  It's like loving and raising your child to eventually be independent and self-sufficient from you.  Same thing with your business.  Give it the proper foundation and wings to fly on its own ... you will enjoy the business while you own it and you will be richly blessed when you sell it.  Let your business grow up too.

Daniel Murphy
The Growth Coach
Business Coaching Franchise System