It’s your baby. You have slaved your guts out and built a business. But is it just a good job or is it something you want to grow or eventually even sell?
Running a business often the owner is at the centre of it all. So if the owner leaves, then what is the business worth? Can you delegate? Have you built something of value outside your expertise.
Marketing podcast with John Warrillow from Marketing Ducktape is a good at explaining some tips about businesses set up to sell rather than just employing the owner.(Click to listen, right click and Save As to download) – subscribe now via iTunes John has a new book called Built To Sell.
John has some good points:
1. Outsource your sales and marketing function – can it function without you showing up every day. Can you take a vacation?
2. Positive cashflow
3. Employee retention program
4. Don’t share equity
Keys to creating a business you can sell:
1. Isolating product and service – meaningful to your customer
2. You can teach your employees to deliver
3. It is repeatable – the experience
4. When you come to sell, get a business broker
5. Evaluation. Figure out what you think your company is worth and how much upfront.
Go to John’s site Builttosell.com and take his survey to see how sellable your company is.