Category Archives for Small Business Owners

3 Tips To Avoid Burnout, Sell Your Business For Top Value & Retire Wealthy

are-you-ready

Will you be able to sell your business for top value and retire comfortably before you burn out?

Most small businesses or family-owned businesses are not ready to be sold because they are too dependent on the owner running and working in the business every day. As a result, millions of business owners will never be able to tap into the wealth they have tried to create after years and years of effort.

Here are three requirements for being able to sell your small business for top value or be positioned to retire with peace of mind and security (click here now to take a free assessment and find out):

#1: You have the right mindset. Success begins with your mindset. Many business owners keep their businessesYou can't sell your business if you have a closed mindset dependent on them due to limiting beliefs. For example:

  • “I can’t trust anyone to do the job as well as I can”
  • “I need to be the hero”
  • “Everything always needs to be perfect” and
  • “This company is my baby and I won’t surrender control

In contrast, business owners who are able to sell their companies for top dollar go beyond these beliefs. They are willing to surrender full control. They don’t need to micromanage. They are open to hiring people smarter than they are, and to giving them the resources and time to develop professionally.

#2. You have a plan in place to recruit, retain, and develop people who can keep the business growing without you. Building a successful business starts with a strong foundation that makes it possible to develop a pool of talent who can run the company without you. Elements of this plan include:You need a succession plan to sell your small business

  • Clear roles and responsibilities for all owners and employees
  • Accountability and standards for quality work
  • A clear organizational chart (or at least a description of who is responsible for what and who makes which decisions)
  • A plan and strategy to attract good employees and potential buyers
  • A process that develops your own leadership skills, business skills and your employees’ industry knowledge
  • Relevant rewards and a management philosophy that engages and keeps your best people on board
  • Opportunities for you to delegate responsibilities to key employees
  • Systems and processes that allow the business to run independently from you
  • A clear idea of expectations that are fair yet demands the best from your team

#3. You have an ongoing succession planning process to keep challenging and preparing your team.  If you have the above requirements in place, the final piece of the puzzle is an ongoing succession planning process. Succession planning is not a one-time event to replace a retiring business owner. It is an ongoing approach to identifying top talent, developing them, and challenging them to move up. Develop your team to sell your small business

Small businesses that have these three essential ingredients in place can keep on growing. They give the owner more time to spend on strategic issues and setting high standards. They allow the owner to take long vacations and have a great life outside of work. Most importantly, they make the company more valuable.

Small businesses that don’t do the above will not sell – eventually they will wind down, and the owner will lose out on a huge potential source of wealth.

Sometimes the help of an outside advisor can make a huge difference in being able to sell your business– now or in the future – for top dollar to an enthusiastic buyer. The Center for Sustainable Strategies specializes in this area. For more information, contact us at Christina@christinahaxton.com or call (970) 387-8935 or click here to take a free assessment to see if your business is ready for SUCCESSion or sale.