BRX Pro Tip: Building a Business You Could Sell Tomorrow, But Won’t Want To
Stone Payton: And we’re back with Business RadioX Pro Tips, Lee Kantor and Stone Payton here with you. Lee, what’s your take on building a business that you can sell?
Lee Kantor: I think that whenever an entrepreneur starts out on any venture, they should be thinking about what their exit is going to look like, so you should be aiming towards that. The best businesses are built with the future in mind. So, even if you never plan to sell the business, you should create a business that could be sold. And if you’re doing that, then you’re building something that’s truly valuable, that’s truly sustainable, and it’s going to be enjoyable to own throughout the whole journey.
Lee Kantor: So, start by making your business run without you. That’s kind of the beginning that every business, once you’ve kind of mastered, you’ve got a good client market fit and you have a business that seems like it’s going to work, then you got to figure out how to make that business run without you. So, that means document all your processes and procedures so that anybody can step in and keep things running smoothly.
Lee Kantor: You got to build the strong team that isn’t dependent on your daily involvement and delegate sales operations, whatever aspects of the business to other people, so that it isn’t tied to your own personality or your own personal relationships, or your own expertise in order to make it run.
Lee Kantor: You want to create a brand that stands on its own. You want to make sure your company’s reputation, it’s marketing, it’s client relationships aren’t all about you. They can’t be tied to one individual. It has to be the value that the business delivers. So, build a business you can sell tomorrow and you’ll have a business you’re proud to own today.
