Thank you to my valued audience for your positive feedback on my original article “Can you sell your business for a profit?” Due to the overwhelming popularity of the article and the requests from several readers to make this a 2-part series I am happy to add this second article.
The Tactical Work of Building a Business That Can Be Sold
In the first part of this article, we talked about the end result, selling your business. Now we will discuss what you must do tactically to build a business that someone else wants to buy. keep reading »
Not everyone wants to sell their business, in this article, we will discuss why building your business so that it can be sold, not that it must be sold, is the important final piece to building a great business.
Many people I talk to struggle with this concept.
I should start here by saying that not everyone wants to sell their business and that’s okay. Some people want to build legacy businesses that they will pass on to family members, others plan on working till they die because they love what they do, and I say, “each to their own”. However, even if you do not ever plan to sell your business, building your business so that it CAN be sold is what is important.
You have made a big decision. You are going to start your own business!
There is a lot of attention given to the start-up phase of becoming an entrepreneur but I would like to provide you with lessons I learned after my business was successful and I wanted to sell my business. By applying these lessons now, while you are in the start-up phase, I hope you can benefit from my experience and save yourself a great deal of time and future frustration.
If I was to do it all over again this is how I would do it! keep reading »
The Pareto principle (also known as the 80/20 rule, the law of the vital few, or the principle of factor sparsity) states that, for many events, roughly 80% of the effects come from 20% of the causes. – Wikipedia
This principle can be applied in almost every aspect of business and life. In the context of today’s article, we are going to apply it to identifying the core of your business. keep reading »
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