Is that the same as Start with the End in Mind TODAY, regardless of how old your Business is? Pretty much!
If an Asset to sell is what you're going for, then building your Mother of a Business needs to be structured (or at least be structuring), using an EXIT strategy format to be ready when the time comes to SELL…
This evolution of your Mother of a Business is partly informed by the "renovation" process.
To get you started, ask yourself these questions:
• Why did you set up your business?
• What is the "story" of your Business?
Thinking of typical "departments" of a business: whose name features in the org chart boxes below? Maybe yours looks like this:
If your name features in all the boxes, if your business solely revolves around you and you want to be able to sell it eventually, time to put different names in the org chart!
* When does your business sell its stuff?
* Where does your business sell its stuff?
* How well does your Business sell its stuff?
Not happy with some of the answers?
Yes, I agree, some of these are sound universal business practices that should be used at start-up and during growth, which would have your Mother of a Business in the best shape when the Urge to Purge takes hold.
However, even if you only start getting your ducks in a row NOW, it will work out swimmingly come EXIT time. Believe me!
If the answer is yes, then by Starting with the End in Mind TODAY, regardless if how old it is, you might just find you have something to sell after all.
If your Mother of a Business is really well thought out, people won't be confused about the product and/or the service you're providing, so you'll get fewer queries come Sale time. Work with me to help you "renovate" and you will be set up as well as you can ever be.
If you can't see yourself wanting to get out just yet, don't let that narrow your view when building your Mother of a Business. May as well follow the same path, just in case. You just never know who might come knocking on your door!
For that very reason alone, you may be waking up to the fact that you have to really consider what you want to do. No point spending all that time and effort and money on something that cannot eventually be sold, as an Asset can.
Many who have not gone down this path, and have just closed and packed their Mother of a business away with the toys have done so because: