Welcome back to my weekly articles on business building. In order to extract value from a business it needs to be sellable. In order to create enhanced salability, the business must have a good team driving it. A good team requires leadership skills to be effective. Leadership requires an understanding of what it means to lead. Unfortunately, leadership is not taught in many schools or workplaces. Leadership is a skill that can be taught, but it requires a commitment to principles and practices that drive effective leadership. My article this week talks to the leadership commitments and practices that are necessary for good leadership to take hold in an organization.
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 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.