Christoff Oosthuysen reviews “Built to sell – creating a business that you can thrive without you” by John Warrilow, published by Portfolio/Penguin (2011).
Many business owners start out with the intention to do what they like doing most.
But, they soon find that with the demands of their business they are attending to what needs to get done, rather than what they thought they would be free to do.
This is how you get trapped in a job you do not really want to do.
Other business owners may have built up a good business, where they have been able to keep doing what they love doing and what they are good at doing, but they find that the success of their business is fully dependent on their ongoing involvement. They can’t go on holiday without there being severe implications for their business, while their customers often insist that the owners serve their needs directly. They do what they love, but are over-worked.
And, then there is a third group of business owners, who are misled into believing that they’ll be able to sell their businesses one day because it is making good money right now.
They are planning their retirement based on the value they think their business will have when they want to stop working – but without them doing anything to create value in the business which is not directly dependent on their personal involvement.
If you are like any of these business owners, you need help. The good news is that help is available through “Built to sell”.
In his book, Canadian business improver John Warrilow offers 17 realistic tips that you can apply to your own business right now.
Warrilow illustrates the tips practically through the story he tells of a business owner who takes his business step-by-step from being fully dependent on his involvement and not being profitable, to being at a stage where he is able to sell the business. His tips contribute towards helping to create a business with value without your ongoing involvement – which is clearly a requirement if you are planning to sell your business in the future. And his advice is also applicable to business owners who are not planning to sell their businesses.
Applying these tips will help give you the chance of turning your firm into a better functioning and more profitable business, which is a great outcome for all businesses.