Welcome back to my weekly articles on business building. In order to extract value from a business it needs to be sellable. There are several facets to creating salability, one of which involves Human Capital - your team. Growing a successful, sellable company requires competent team members who are committed, who stay and who are productive. Having a good onboarding process to ensure that new employees are integrated and who are welcomed can go a long way to ensuring that. Research has shown that companies that have solid onboarding processes have seen both year over year increase in revenue and much higher retention for new employees. Better employees mean a better business.
Most owners get one chance to get it right when they decide to sell, yet most owners cannot sell the business they built (only 1 in 10 are successful) because they did not build a salable asset. If selling your business to fund your future lifestyle is a must, ask yourself whether you are prepared or not, and then identify what you need to do to get to where you need to be.
With up to 76% of Canadian businesses reporting that they hope to exit in the next 10 years, being unprepared might cost you both your legacy and your retirement.