Create an Asset

I sat down with a prospect the other day who was looking to sell her business. When I asked her what her main reason for selling was, she told me that she has never made more money before in her life yet she still has nothing to show for it.

Translated: She had tremendous revenues and even greater expenses. Part of her problem was the unrealistic expectation that she could just start a business and treat it like a job where she was the boss. A good company has systems and processes. It also has a great deal of complecity over and above being one of the best employees and being the boss at the same time.

This business owner was so deeply involved in day to day operations that she could not have been a good manager of the business. She was working in the business and not on the business. At some point she will need to start working her way in to a management and ownership role instead of owning a job. Her mindset should be that of an individual creating an asset to sell instead of an employee looking for job flexibility.

Do you have a job or do you own a business? Define your exit strategy now so that you can leave the business as a wealthier person in the future.