Build your Mother of a Business
So, you think you're in business... are you really?
If building your Business into an Asset, which you plan to sell in time, is what you want to do with your Mother of a Business, then here's what to start thinking about when looking to eventually go down the EXIT path...
First off, what Mother of a Business have you actually built?
Do you have more of a Practice than a Business, or is it a bit of a combo? One is no better than the other. The imperative though is to understand what you have and then decide whether, if it's not a Business now could it be, that you can in turn Sell if you choose to?
The one exception noted in the list above to getting the best possible price for a Business at Sale time is that of a low profit margin. To have the best chance of getting a price you're pleased with, the profit margin must be as high as can be.
Hence why the renovation via "EXIT strategy execution" over time is key, as it's all about increasing the profit margin, and refining the areas of value that drive the profit margin, making it a no-brainer for a Buyer.
Before we get too carried away though, lets do a stocktake of what you've got TODAY.
Introducing the "How to Build your Business as an Asset Checklist"…
Download and print your own copy of "How to Build your Business as an Asset Checklist" by clicking here…
Read through it, and tick boxes to your hearts content.
If you've ticked all and you're sure it's done and dusted requiring no more work at this stage, excellent, well done!
Yes, I agree that you can always do better. But do you really have all the fundamentals right, in place, doing their thing? If you do? Congratulations.
Spending more money willy nilly is rarely the answer. The first wave of Internet companies proved without a doubt that hundreds of millions of dollars in advertising and the like could not buy success.
Pouring extra $$$ and more importantly Time into a flawed or flagging or non-saleable product or service is not nearly as impactful as thinking smarter and more creatively about how you spend the first 100% of your dollars.
Investment in yourself, learning how to maximise your $ and minimise your Time is a much smarter way of spending what you've got, especially if the budget is limited.
If you know you want to do it differently to the way you're doing now, maybe it's time you found out more about creating your own Mothers Group.
If that sounds too hard, then you're definitely in the right place and I invite (urge!) you to thinking about joining my Mothers Group.
Either way, you know you've got work to do...