[Nathan]

Could you sell you business? Does it have any independent worth?

This is an interesting question that can change the way you run your business. Is your business a self sustaining company that could exist without you? If not you probably couldn't sell it! You may be able to sell a client list or equipment but that wouldn't be nearly as valuable.

Where does your business stand? Are you setting up process that will allow you to one day Retire, Sell, or Expand you business?

Thoughts?

 

[pgriz]

Could you sell you business? Does it have any independent worth?

This is an interesting question that can change the way you run your business. Is your business a self sustaining company that could exist without you? If not you probably couldn't sell it! You may be able to sell a client list or equipment but that wouldn't be nearly as valuable.

Where does your business stand? Are you setting up process that will allow you to one day Retire, Sell, or Expand you business?

Thoughts?

In our case, the exit strategy is part of the business plan we're carrying out. To allow this to happen, we've organized the company as employee-owned, and have spent considerable time setting up procedures and systems to ensure that the company knowledge is "embedded" in the systems we use. New employees are looked at as possible share-owners, and their recruitment is seen from the point of view of adding to the company's abilities and skills, and having a personality fit with the existing members. However, procedures tend to become bureaucratic monsters, and we have periodic reviews to ensure that the information we are collecting is relevant to decision-making, as we are all aware that every dollar we spend on "pushing paper" is a dollar less profit available.