Your business cannot sell if you are the business

At the moment I am keeping a list of reasons why a business does not sell and more importantly, what the seller can do to increase the chances of selling. It’s not pretty but it is what it is.

As entrepreneurs we get so excited about getting into business, rarely do we think about getting out as we often don’t know that nor have the time and energy to work that out; that is, we will deal with that later.

The seller is the business

Over the last 2 months or so I have jumped in and upgraded my website. What do you think?

Websites change and evolve not only with new technologies but also new trends with how a website looks and feels.

As I am not a website designer or developer I reached out for professional help and amongst my many choices, found James Chartrand of Men with Pens fame. James is an interesting lady as she lives in Canada and her principal skill is writing which she complements with her website design skills.

If you research what makes a good website you will probably read that it’s mainly about content. That is, a good website needs to look good but the best looking website won’t go anywhere if the information or material is poor. Hence my reason for choosing James; as she knows how to write. In fact she teaches a course over 10 weeks called Damn Fine Words.

James is a critical cog in her business. In fact, a lot of small business owners are the cog, the spark, the energy and well, they are the business. This makes it tough to sell when it is time to go and do something different.

Read More: To see a sample business valuation.

How the seller can fix being the business

This is a critical problem and must be solved if the business owner wants to sell and pass the business to a new owner or more importantly, be paid for the ability and cash flow they currently generate from their business.

Here are three solutions.

The first solution is to outsource. Find complementary skills from other professionals and add them to the business to make it bigger and stronger. If they are like minded business people it will make both businesses stronger.

The second solution is to hire, train and motivate the right employees. This can be tough on a lot of small businesses due to the cost and time it takes to find the right employees and allow them to grow and reach the right level so it provides a Return On Investment to the owner.

This is where the third solution comes in. There is an Australian company called Way We Do and they have a web based solution that works in the cloud to allow a business owner to systemize the business by documenting all processes and procedures so there is a consistent written set of standards. If you have ever read the E-Myth series of books by Michael Gerber, Way We Do will make perfect sense to you.

The Way We Do offers the business owner a tool to document written policies and procedures and as a result, a minimum set of standards. This is in contrast to the business performing to the employee’s moods and attitudes.

The best news in this scenario is what happens when the owner sells the business. Because all processes and procedures are in place and employees know how they are measured and compensated, a buyer will see how simple it is for them to replace the seller and continue the business. It doesn’t get any better than that.

As Michael Gerber said “The only reason to start a business is to sell it.”

If you want to sell your business it has to survive and thrive without you being the engine on a daily basis to run the business.

The best news is that there are great solutions out there.

Are you thinking about selling your business and move to your next challenge? Would you like to know the value of your business? If you would like more information please visit this page of my website Business valuation.

For more immediate help you are welcome to send an email to Andrew Rogerson or give me a call on 916 570-2674.

The article Your business cannot sell if you are the business first appeared on Andrew Rogerson and Rogerson Business Services by Andrew Rogerson