Am I building a business I can sell?
Ask yourself the questions listed below and think carefully about your answers in order to make an accurate assessment on whether or not you are growing your business into a saleable asset.
- Can my business run without me for more than 3 weeks over a month end any time of the year?
- Can I replace a staff member should they leave my employ and have the new employee up to speed within one month?
- Am I growing an investment portfolio outside of my business which I fund through dividends from my business?
- Am I being approached by people or companies interested in buying my business?
- Can my customers tell me why they support my business and not my competitors without mentioning price or service?
- If they mention service, do they refer to the way the business does things (or is it about me instead)?
- Do my customers share my view on why I consider my business to be specialised?
Your score: 0
You have created a job and not a business. You had better love what you do because you will be doing it for a very, very long time. Seriously, you need to get some help ASAP.
Action is needed today. It is remarkably frustrating how long things take. Look at your ‘no’s’ and map out a plan of action to turn them into yes’s. But, start now!
You’re on track. The only concern you should have is time. If you want to sell soon, you have work to do. If not, address the reaming issues and stay focused on them until done.