The Importance of Building the Right Team
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. There are many reasons why it is important to develop a cohesive and empowered team, but to get there you have to have a great process for finding, building, growing and empowering the team to make the decisions that will drive success even after the owner departs. When owners finally realize its not about them and start to grow leadership internally, then not only scalability but increased salable value will result.
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.