Why Building a Sellable Business Should Be Your GoalNov 29, 2023
Shannon discusses the importance of building a sellable business, even if selling your business is not currently on your radar. She draws an analogy to parenting, where it's essential to prepare for the future, even when the thought of parting ways seems distant.
Shannon emphasizes the need to view your business through the lens of potential buyers. This means considering factors such as recurring revenue and creating systems that allow for seamless transition of responsibilities, should a key member of the team leave. The goal is to ensure that your business remains attractive and functional, with or without your direct involvement.
Listeners gain valuable insights into Shannon's personal journey in building a sellable business. She shares her approach of creating a unique offering, the “first-class cabin method,” for her clients, and explains her intention to package and license this method in the future rather than selling her client relationships. Shannon's strategic planning and long-term mindset serve as a guiding light for aspiring entrepreneurs.
Whether you're just starting out or seasoned in the business world, the advice in this episode is relevant and actionable. Shannon emphasizes that the decisions we make today contribute to the future value and appeal of our businesses.
If you've ever wondered about the potential exit strategies for your business, this episode is a must-listen. Tune in to EP441 to gain valuable insights and practical tips for building a sellable business.
The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.