Welcome to my weekly articles on business building. These weekly articles are designed to stimulate thinking about the process of creating a valuable business, about getting yourself personally prepared, and about getting your business exit ready and exit attractive for that future buyer.
In this article I discuss Mission, Vision and Values: what they are and why they are important. As a business owner you need to have a clear purpose and direction for you both yourself and your team to follow. A company that knows where it is going and why, attracts, can create, and then retain great employees who are committed to getting the business to where you want it to go.
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 successfully) 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?