Deena Janes – Managing Director – YCM
The most impactful book I read when I was in my mid 20s was a book called The E-Myth by Michael Gerber.
I’m sure most of you have read it – if not grab it.It will be the best business book you will read.
At the time I had just left a position as the training centre manager in the IT industry and moved interstate to work with a business coaching company.
Although I was hopeful to be a business owner at some stage of my life, it was still a fantasy and a long way away in my mind.
The reason I found it so inspiring was because the key message for business owners was to build a business that you can sell one day – even if you think you will never sell it.
And you start to put everything in place from day one.
You see to get the maximum price for your business, it has to run without you.
That’s right! WITHOUT YOU!
When I first started working in the finance industry, in particular with mortgage brokers, I have always had concerns for your business because in 90% of finance businesses, the business revolves around YOU.
So when the time comes for you to sell it, or retire, or even live off the trail income, unless you have super systemised your business and can prove the leads will come in and be serviced without you being around, unfortunately the reality is that you will only obtain about a 2.5 times value for your business.
And brokers accept that. But funnily, other businesses outside the finance industry typically sell for 4 times or more their value. Why should your business not be valued the same?
Contact Your Client Matters today to plan your exit strategy for maximum return.
Whether you are in start-up mode, growth mode or retirement mode, OR growth mode for retirement, we would love to have a chat with you regarding our strategies that you should be putting in place NOW to ensure you have a viable, scalable and profitable business to sell one day.