My client’s father asked him a very important question about his future as a business owner, “Are you going to work half day on the last day of your life?” This question is more poignant to me because my father had a stroke at work and never came home again. Fortunately, my client has built a strong, profitable business. As his business broker, every day I find people interested in buying it. We are currently in escrow and will close a few days after this article is published. My client will take home over $1.5 million dollars, a consulting contract and 10 years of rent on the property he owns, a package deal totaling well over $2 million.
What is your business worth? Will you be comfortable in retirement upon selling it? I often wish I could meet a business seller 5 years before they want to exit their business. I have a process that has helped hundreds of owners increase the value of their business by millions of dollars. Among my clients are Coconut Joe’s, Mauricio’s, Porterville Citrus and my protégé helped to develop Pop Cap Games, the creator of Bejeweled. Pop Gap sold for $1.3 billion dollars. Many of our clients have been honored in INC magazine as the fastest growing businesses in the nation.
The process is contained in Best Practices of High Performance Entrepreneurs, currently available on Amazon.com. While the book is very helpful, we have found that most business owners need some encouragement to implement the process. It all starts with a change in attitude about your business. Instead of puzzling over your next sale, you should be planning how to generate another $1 million in sales. The scope of your business will change dramatically as you implement your strategy. You will require policies and procedures to help you control the growth. That is where the book comes in. It is a checklist of the things great businesses do to make more money and increase equity, so you get more for the business when you sell it. This is not a revolutionary process, most great CEOs follow similar steps to increase their stock price, but very few entrepreneurs know how to do that.
We at Sunbelt Business Brokers and Advisors invite you to come to a free seminar in the first quarter of 2017 and learn how you can increase the value of your business by millions of dollars in five years. Please call 661-323-2358 to find a convenient time.
By Russ Allred MBA