Not easily. A business that depends on the owner lowers what your business is worth, because a buyer cannot buy you.
Why buyers walk away
For any potential buyer, like a private equity firm, having one person who, when they leave, the whole thing falls apart, that is a huge, massive red flag.
And so they are thinking, why would we buy a business when the business only runs when one person is present? It is not going to happen.
And so even if getting acquired or selling is not something you want, it will just dramatically reduce the valuation of your business.
What a buyer finds
There is a name for it. It is called key man risk. It means that everything in the business flows through one person. So when that person is out, the business stops.
You will think about selling one day and you will realize that there is nothing to hand over to a buyer. How the business runs was never written down, never put in a process anywhere.
In the normal weeks, key man risk just wears you down. But when the leads double, when you try to sell, it can really start to mess up everything that you have built.
Run the business, not the other way around
I like running businesses, but the key is that I like running the business and not the other way around.
You do not want to have to sell your company or anything, or you might not be in a position to even decide.
But either way, a business that keeps running when you are out sick is better for you, it is better for your team, and it is better for your customers.
How to make it less about you
Getting a business off one person is not luck. It is a set of steps you can repeat.
Get the know how out of your head and onto a written process with a clear start and an end. And we put that into software.
How we find it
In the Flight Plan, you get our key man analysis. Remember that question, what would stop if you were gone for a month? Well, this is your answer.
It is $1,500 flat, and there is nothing for you to prepare.