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We all will exit our business at some point. If you are intentional about getting your business ready for sale or succession, here are a few questions and a major activity for you.
Start by working towards taking off three consecutive weeks. This means zero activity with the business. No phone, email, nothing. In doing this, you will be able to see how well your team does without you.
• Can they run the business day today?
• How about long-term?
• Can they take the business to the next level? The last question is entirely different as many leadership teams can run the company operationally but may not have the vision and/or experience to grow the company.
Can you take off three weeks? If not, what do you need to do to get there?
The next steps will be to think in terms of a six-month time frame and that your business is in better shape when you return. This adds significant value to the business because we know that businesses which are not dependent on their owner trade for significantly higher multiples of earnings than businesses who are dependent on them. Achieving the goal of a six-months absence takes significant planning and taking advice from an external perspective.