Business owners often don't know if they're profitable enough compared to their industry. Speaker A calls this the "value gap" and says closing it is essential for retirement funding and extracting real value from your business.
So, you said something, and that's a super great point, and, you know, certainly something that, you know, everyone thinking or everyone listening that, you know, runs a business should be thinking of. Am I running a business that is as profitable or more profitable than the averages for my industry? Because that's that value gap. And is it— or profit gap— is it as valuable or more valuable than other, you know, businesses in my industry? Do I have the the wealth that I need to retire, or can I extract it from the business? Because not having those things in place really sort of puts you at the mercy of, of the market and some external factors. But you mentioned something earlier that I want to come back to, which is this idea of, you know, building on the foundation of legacy.
How Can You Maximize Your Business Value Before Selling? with Randy Katz Video
