If you are like most entrepreneurs you have gone through quite a bit of trial and error to bring your business to its current level of success. You have also taken quite a few hits along the way and learned some lessons. If you are not careful, your success may begin to cloud your judgment.
Would you like to learn how to take a once-profitable business that was on the verge of insolvency and grow it by 70%, with essentially the same number of employees, and no need for significant external funding? Would you also like to learn how, after doing all this work, you could screw it up? In real life, we helped a client do the above only to have the CEO sell it prematurely and for far less than he should have. His own leadership blindness cost him $5 million.
Successful Entrepreneurial Traits
Many entrepreneurs have traits and beliefs that have helped them become successful. However, the challenge they face is that they usually attribute too much of their success to themselves and do not have a handle on the other factors that led to their success. Worse, their past achievements blind them to things that they do or don’t do that are now causing them to be less successful. That is what happened to the CEO who unwittingly missed lost approximately $5 million or one-fourth of his sale price.
Factors that Effect Selling a Business
Are these 5 factors compromising your success and potentially going to allow someone to substantially shortchange you when you sell your business?
- Leadership – How effective are you as a leader?
- Financial discipline – How well do you manage your personal finances and that of the business?
- Focus, alignment and accountability – How well do you set and narrow your team to a few key priorities to align your organization and keep them accountable.
- People – How well do you hire, keep and grow the right people?
- Sales Capabilities – How well can your organization get and convert sales opportunities?
If you are interested in maximizing your business valuation, let’s schedule a time to further discuss your business and how we might work together to increase your price when you exit. Call us for a FREE consultation (305) 722-7213.