I’ve spoken to a number of enterprise house owners lately who’ve mentioned to me that they wish to place the corporate on the market throughout the subsequent three to five years. All of those companies have been financially sturdy with revenues in extra of $three million a yr.
After talking with them for awhile, every of them made one other fascinating remark. They mentioned that they weren’t considering rising as a result of they’d then have to rent and handle supervisors and extra workers and that will be an excessive amount of hassle. It could additionally trigger them to lose contact with their clients, which gave them a aggressive benefit within the space of Buyer Service and High quality Management.
I requested every of them how a lot the corporate could be price with out them being there. All of them agreed that it might be price lower than their monetary indicated, as a result of they have been the corporate. My subsequent query; “So when you go away for an extended time frame, what would occur to the enterprise?” Once more the reply was principally the identical, “It could start to lose cash.”
Are you able to see the issue right here? How can these profitable entrepreneurs place their enterprise on the market if all the Goodwill is positioned on their shoulders? It is going to be very troublesome at greatest.
So, I respectfully prompt to every of them that they weren’t doing themselves a favor by staying so near the enterprise. It was crucial that they begin right this moment placing processes in place to permit others (Sure, they could want to rent supervisors and extra workers) to run the enterprise. This was not going to occur in just some months. It may in reality take your complete three to five years to achieve this goal.
For those who intend to promote what you are promoting and make what it’s price, do not get caught with the goodwill in your court docket. Give it to the enterprise.
To Your Success –
To obtain a free copy of the audio CD “The 5 Foundations to Enterprise Success” go to Goodwill Franchise and signal as much as be on our mailing listing.
Rick Stephens is a acknowledged enterprise advisor and marketing consultant. He focuses on working with small to mid-sized enterprise house owners to strengthen their enterprise processes and finally develop their enterprise. Rick has been accredited by the Institute for Impartial Enterprise, an Worldwide accrediting physique for senior executives.