Owner (In)Dependence
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Does your business depend on you? Do employees come to you to solve their problems instead of solving the issue themselves? Do you have a management team in place? What happens when you’re not there for a few days? When getting ready to sell your business, it’s important to be aware of how reliant your business is on you. Potential buyers see too much owner dependence as a risk when they’re looking for a business to buy. If you’ve never thought about this before, spend the next week noticing how much of the operations depends on you.
Ask yourself…
- Can I take an extended vacation without things falling apart in my absence?
- Are business operations dependent on all the information I keep in my head?
If you answered “yes” to either of those questions, it is time to consider how you can minimize dependency on yourself, build up your team, and start delegating responsibilities.
Ready to start the conversation about valuing, buying, or selling? Give us a call.