Whether you're planning to sell your company sometime soon or
sometime in the future; now is the time to ensure that your
business isn't all about you.
From the latest Sellability Score
involving 2300 companies from around the globe, here are two key
that are linked to the probability of getting an offer
for your business when it's time to sell.
*The Sellability Score is a cloud-based software
tool that allows a business owner to assess the "sellability" of
their company. The researchers at The Sellability Score analyze the
data from 2300 companies in a variety of countries to understand
trends in the business market, with a special focus on the
liquidity of privately held businesses.
- You're almost twice as likely to
get an offer if your business can survive the "hit-by-a-bus"
If you were out of action for three months and unable to work,
would your business keep running smoothly? The more your staff
and customers need you, the less valuable your company will be to a
potential acquirer. One good way to start making your business
more independent is to begin spending less time at the office.
Start by not working evenings or weekends, and don't reply if
employees call. Once they get the picture, the best ones will start
making more decisions independently. The shift will also expose
your weakest employees, the ones that need training or that need to
find another job. As for you, it might come as a shock to find out
how much your business has become such an essential part of you;
but if you're going to sell your business one day, you need to
look at it as an inanimate economic engine, not as something that
defines who you are.
- Companies with a management team
(as opposed to a sole manager) are getting offers at almost twice
If you don't have a management team, hiring a 2iC is a good first
move. A second-in-command can help you balance the demands of
running your company and advance your targeted exit time.
Here's a four-step plan for hiring a 2iC, thanks to advice from
Silicon-Valley-based Bob Sutton, author of "Good Boss, Bad
- Identify someone internally. "The research is clear,"
says Sutton. "Unless things are totally screwed up, internal
candidates have a strong tendency to outperform external
- Give your 2iC prospect(s) a special project, one that
allows them to demonstrate their leadership skills to you and the
rest of your team. If your candidate or one of your candidates
excels, it will be clear to your team why he or she was
- Communicate your choice. If you pick a 2iC from an
internal pool, explain your choice to the rest of your team. At the
same time, wrap your arms around those you passed over and make it
clear how much you value their contribution.
- Shift from manager to coach. "The transition from
manager to coach is a gradual evolution where the goal is to ask
more questions, spend more time listening, and spend less time
talking and directing," says Sutton.
If you want
help making your business "You-Proof"
just want to make 2014 Your Best Year Ever,
me a call. I am here to help!
Certified Business Coach and Sellability Advisor
FocalPoint Business Coaching Excellence
1-506-849-6319 or toll free: 1-877-223-0622