The #1 secret of business success
If there's one thing I've learned over my 20 year career of helping business owners build awesome businesses (and growing my own), it's that the true secret of business success is this:
Build a business that others want to buy - even if you don’t plan on selling any time soon.
Building a business others want to buy is not actually about the sell. It's about a sell mindset - which is critical for those who want a business that’s a delight to own and run in the here and now, but that also want to build a highly valuable business asset that will secure their family's future.
Because the attributes of a business that others want to buy – strong cash flow, outstanding profitability, loyal customers who are a dream to work with, and a team of inspired and energised people who follow clearly defined processes so that the business doesn't need the owner(s) to operate effectively – are also the attributes of a business that's a dream to own and run.
A sell mindset involves taking action now to build a business that others will want to buy in the distant future - and will pay top dollar for.
"But I don't want to sell my business!" I hear you cry.
Don't worry, you don't have to actually sell it any time soon. (But you'll have to exit your business one day, so you may as well give yourself the best chance to get full financial reward for all your hard work.)
By building a business that’s attractive to others, and maximising its value, you’ll have the choice to accept that dirty great cheque to buy it off you, or politely decline and keep enjoying the financial and lifestyle benefits the business gives you.
That's a choice I'd like to have. That's having your cake and selling it too.
Jason's latest book, Have your cake and sell it too: the 7 key ingredients of business success, is out now.