“Play by the rules, but be ferocious.”
~ Phil Knight
This week I’ve been talking about building a business you can eventually sell for a significant sum of money.
Another key tip in this regard is to make sure your business has “predictable future revenues.” The predictability of revenues has to do with how many new customers you get and the number of times your customers buy from you over time.
Clearly, a business that has repeat customers is more valuable than a business that has to constantly search for new customers. If your business is the latter, you need to figure out how to extend the lifetime value of your customers.
Is Your Business “Built to Sell”?
Do you know how the wealthiest entrepreneurs make their money?
It’s not from building their businesses… or owning their businesses…
Actually, most wealthy entrepreneurs get rich by cashing out – by selling their businesses.
This is why: When you sell your business, you can generate a huge lump sum (plus there are powerful tax advantages).
Today’s Question: What shoe brand rose to success as a direct result of the aerobics craze of the 1980’s?
Previous Question: What popular ice cream brand’s name comes from two made-up words that were put together to look Scandinavian to American consumers?
Established in New York by Reuben and Rose Mattus in 1959, the name Häagen-Dazs was designed to convey an aura of the old-world traditions and craftsmanship the couple brought to their ice creams.
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