Many small businesses collapse when their owner or key person gets sick or leaves because everything depends on them. Mark Osborne argues you need to build systems and knowledge that survive without any one person, or your business becomes worthless the moment you do.
I think when we look at the exit planning side of things, you have so many businesses that are just— I think I look at a lot of the businesses that kind of have one person that really runs the show, or maybe 2 people, 2 partners that kind of— one guy handles kind of the sales and operations side, and somebody else handles, you know, whatever else. Maybe not. Maybe sales and operations are separate, but Or one guy that kind of, he knows how everything runs. He has all the relationships. He's built the business. He's run the business. And a lot of times those types of businesses, that guy suddenly gets to a point, or those guys get to the point where they either get sick or they get burned out or they even pass away. And all of a sudden that business, which is producing tons of revenue, is producing tons of revenue dependent on one or two people.
How Can You Maximize Your Business Value Before Selling? with Randy Katz Video
