The article, Why Your Business Shouldn’t Need You, has some very good information for business owners, no matter what industry you are in, that could find beneficial.
As a Business Intermediary I cross paths with many business owners who are looking to sell their business…a business they have placed a great amount of time, effort, and sweat in – not to mention lost vacations – during their ownership. These business owners have also built a solid and successful business that each played a major role or roles in that success.
This is the key take away from the article: these business owners have found themselves deeply involved in much of the everyday activities within their business. When you are running the business year after year, many an owner does not realize the impact they have in the normal day to day operations. The sage advice might be to step away for short periods of time and see how the other folks handle the multiple scenarios that you may otherwise take for granted and handle yourself because you are always present. Increasing your time away allows key employees to build up their knowledge and skills in your absence.
Please read on for more thoughts on how to prepare in advance of the day you do decide it is time to sell!
Mike Van, Business Intermediary