“Whenever you see a successful business, someone once made a courageous decision.”
~ Peter F. Drucker
Why do we pay a premium for a new automobile versus a used one? Because we know the new one doesn’t have any problems. It hasn’t gotten into any accidents. It doesn’t have an oil leak, etc.
Similarly, acquirers will pay a premium for a business that is in great “running condition.” Sure, every business will have its challenges, but a business that is simple to run, like a new car, will be highly valued.
So, let me ask you this: if you sold your business today and retired, would the new owner be able to easily run your business thereafter?
- Do you have systems in place that enable your business to run consistently every day?
- Are your employees trained to handle all key issues that arise?
- Will your customers continue to buy from your company even though you’re no longer a part of it?
Always think how your business will run after you’re gone. And if currently it wouldn’t run smoothly, take action now so that it will.
How to Build a $10 Million+ Company in 2022
What’s the difference between successful multi-millionaire entrepreneurs and the typical small business owner just struggling to get by?
Well, there are a LOT of differences, actually…
But I’ve summarized the main differences on this page:
The really interesting part is that you don’t have to work yourself to death to grow a wildly successful, eight-figure business…
In fact, when you follow this formula, you can make much more by working less…
Today’s Question: What is the youngest company to ever reach annual revenues of $50 Billion?
Previous Question: Why does the Ivory Bar Soap float?
Previous Answer: Ivory bar soap floating was a mistake.
They had been over mixing the soap formula causing excess air bubbles that made it float. Customers wrote and told how much they loved that it floated, and it has floated ever since.
Join our Tip of the Day
To get Growthink’s Tip of the Day delivered to your email inbox, enter your information below: