Take a Break!
3 Questions to Ask ABOUT MAKING SURE YOUR BUSINESS CAN RUN WITHOUT YOU
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You’re at the age where you feel like you’re ready to retire. You’re ready to leave the bookkeeping, the marketing, the day-in, day-out grind and everything else behind and spend the remaining years of your life on a beach somewhere. But, among the several questions you should probably ask yourself before selling, you should ask yourself this: Can your business survive without you at the helm? Now, your first thought at that question might be, “Who cares? It won’t be my problem anymore!” However, if potential buyers find out that your business would be significantly less profitable without you there, or if you’re planning on leaving your business to a family member, you should probably concern yourself with the survivability of your business beyond your tenure as its captain. To determine if your business will outlast your leadership, ask yourself these questions: What are your true goals? Chances are, your goal isn’t to work at your business until you die. Do you want to spend more time with your family? More time traveling and playing? If so, do what you can to make your business support those lifestyle choices. It will make your transition away from the business much more natural. Where do you need to make yourself redundant? If there is an area of your business where you’re at the bottleneck for moving customers along, create a system or train an employee to take over that task for you. Delegate tasks and systemize your role until there’s nothing left for you to do in the daily operation of your business. Which tools will help you automate your role? Remember those parts of your business where you’re the bottleneck? Well, once you identify them, either find or create tools that can remove you from that role. Is it bookkeeping? There are software tools for that. Is it customer service? You can train someone in that role.
ALIEN BALLPARK CHERRY FIRECRACKER
FLAG INDEPENDENCE ORCHID PADDLEBOARD
PATRIOTIC SUNDAE
SUNSCREEN TRAMPOLINE
SUDOKU (SOLUTION ON PG. 4)
Once you don’t have to be at your business in order for it to run smoothly, you can start looking to sell and get to that sunny beach sooner rather than later.
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