As a business owner, selling your company is probably the last thing on your mind. But creating a sustainable, profitable business doesn’t just help you sell for the most value when you do retire. It also helps you enjoy your business to the fullest.
On this episode of the ROI Online Podcast, author Josh Patrick shares 5 practical ways entrepreneurs can maximize the value of their company and sell for a price they can feel proud of. As a financial consultant, Josh helps business owners work on their business rather than inside the business, so they can improve its value, profitability, and efficiency.
Josh understands the difficulties of running a business himself. While working in a vending and food service company, Josh began to consider ways to save time so he could focus on other ventures. In the process, he stumbled upon simple ways entrepreneurs can improve their business:
- Values and mission
- Having enough revenue coming through the door
- Becoming operationally irrelevant to your business
- Systemizing the business
- Filling the four buckets of profit
Josh wanted to help other entrepreneurs prepare for life outside the business. So, he transformed this knowledge into a book, Sustainable: A Fable About Creating a Personally and Economically Sustainable Business. He also started his business, Stage 2 Planning Partners, and podcast, Cracking the Cash Flow.
According to Josh, a problem many business owners face is the “perma-five.” They’re so overwhelmed about the thought of leaving their business that they put off planning for retirement, saying, “I’ll think about that in 5 years.” But as years go on, they’re permanently pushing it off.
So when is the best time to start planning for business succession? Josh recommends business owners start looking at the five aspects of business growth above now. On a scale of 1 to 10, if you have the five aspects at an 8 or higher, you're going to be dying not to sell it because you’ll be having too much fun and making too much money. At that point, when you do decide you’re ready to retire, your business will be ready as well. You can sell your business for a price that reflects all the hard work you put into it.
You can learn more about Josh here:
sustainablebusiness.co
stage2planning.com
Listen to the Cracking the Cash Code Podcast
Read Sustainable: A Fable About Creating a Personally and Economically Sustainable Business
Read the books mentioned in this podcast:
The 12 Week Year by Brian Moran
Critical Path by Buckminster Fuller
Fix This Next by Mike Michalowicz
Vivid Vision by Cameron Herold
Enroll in the QuickStart Academy today to learn how to develop and implement a proven growth strategy that grows your ROI, your business, and your confidence. Learn more HERE.
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