Welcome to my weekly articles on business building. In this article I discuss what Best-in-Class means, and why it its important for a business to strive to become a Best-in-Class company. Not only does it allow a company to gain more market share, higher customer loyalty and greater profitability, it creates greater salable value for an owner when they decide it is time to exit.
Most owners get one chance to get it right and being ill prepared should not be an option, yet most owners cannot sell the business they built (only 1 in 10 are actually successful) because they did not build a salable asset. If you must sell your business to fund your future lifestyle, ask yourself – do you want to be the one that does, or one of the nine who could not?