Time to Sell or Grow Your Business
Go or Grow, Club E Minneapolis
I attended a great panel discussion event Tuesday for Business Owners deciding between whether they wish to Go (sell, spend less time in the business) or Grow (develop their business to be more attractive for others in the future). The following is a summary of the key elements of success that were cited by the team of panel experts, I thought the community would be interested.
Here are the 5 keys every Business Owner should know, whether you wish to Sell or Grow your business entity.
- Have a Vision of what a successful outcome looks like in the future and understand your why for this Vision. This will provide the framework for making decisions for the future.
- Start before necessary. Any business transition takes time, whether you are implementing new sales processes to grow, putting new systems in place to improve effectiveness, or securing the foundation of your business for a transition.
- Think like a Franchise. The business model of a Franchise is one in which a new owner, or new leader, is able to step in with training to follow systems and processes to support and operate effectively early in the process. Having good systems and processes in place will enable you advantages whether hiring new people to grow or preparing for a transition to go.
- Demonstrate a consistent track record of business success. The business needs to be financially sound, have positive cash flow, show a track record of consistent growth and profits.
- It can’t be all about YOU. The business needs to be able to operate effectively without you for periods of time, with of course, the proper controls and monitoring systems in place.
These were the 5 keys I garnered from the discussion at the event, they are appropriate regardless of whether you are interested in selling your business, transitioning your business to others, implementing an absentee owner business model or just working smarter on your business.
If you’re interested in an assessment of where your business may be in each of these areas, please click the following link to download my free guide, 5 Keys to Successfully Transition Your Business. This action oriented document will guide you through a high-level assessment of your preparedness for any type of business transition.
Special thanks to Rick Brimacomb (https://clube.com/about/), who’s passion is in connecting Entrepreneurs with the network of resources they need to be successful, for coordinating events like this to help all of us make the right connections. And thanks to the panel of experts for providing their knowledge to assist others.