Why You Want to Build a Sellable Business
Jun 12, 2023I believe that all business owners should build their business from the perspective that it will one day be sold. I do not hold this opinion because I think that it is everyone's goal to sell their business, but I do believe that approaching your business with this mindset will make you create processes and systems that will stand the test of time, with or without you.
At the end of the day, none of us can predict the future, and if something were to happen to you or someone critical in your business, would your business survive? Building systems and processes that would allow your business to continue operating will be better for the long-term health of your business, and ultimately may be sellable to help other businesses.
The key takeaways from this episode are:
1. Build your business with the perspective of eventual sale: Regardless of whether selling your business is your goal or not, approaching it with the mindset of eventual sale helps create robust processes and systems that can withstand the test of time.
2. Create systems for long-term business health: Developing systems and processes that allow your business to continue operating in case of unexpected events or changes is crucial for its long-term health and sustainability.
3. Explore options for selling portions of your business: There are methods to sell parts of your business while retaining control of the core business. Exploring these options can provide opportunities for growth and expansion.
What you'll hear in this episode:
[1:17] Here’s why you should be building your business to be sellable, whether you plan to sell it or not.
[2:45] These are some key aspects of a sellable business.
[4:08] My vision for Fitnancial Solutions long term.
[6:23] Methods to sell portions of your business, without actually letting go of your core business.
Related episodes:
Tips for Negotiating Business Deals
Which Financial Professionals Do You Need in Your Business?
How to Build a Solid Financial Foundation in Your Business
Resources:
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
