Are You Building a Business You Could Sell?
Are you building a business that you could sell?
Not every business can be sold. And that is not a problem. Where a problem arises is when a business owner thinks they have a business they can sell and they do not.
A key feature of a business that can be sold is that the business can run without the owner being present. Here is a test — picture your business without you — do you see a business that could be run by anyone who wanted to buy it?
Here is my example. If you were running a taxi business and you want to build it to sell, then you are not the one driving a taxi. You are also not doing the dispatch. You are doing administration and marketing. You grow the business, you have a bunch of cabs and drivers. If you don’t care to grow your taxi business then you drive the cab, you don’t hire anyone, you don’t buy more than one vehicle. In this case you make great tips and you try and save some money so that you can retire. When that time comes you have a taxi to sell — not a business.
Either of these models will work. What does not work is thinking that you have a business to sell when really all you have is a taxi.