Plan your business exit from day one. Lifestyle businesses support your family, but owner-dependent companies that rely on you doing all the work rarely survive the founder without a succession plan. Health crises or personal problems can end everything.
And so you have to be preparing from the beginning of your business to say what is going to be there at the end. Because there's 2 kinds of business owners, right? A lifestyle business owner, they're just working to provide for their family and have a good life. And most million-dollar businesses, they really are profitable. And the reason why is because the owner's doing most of the work. Right. And that's great. If you do 5 jobs, you can make hundreds of thousands of dollars. But people burn out and/or want more. And so the legacy for a million-dollar business is very— not very often that it's able to be continued and go to the children or be bought by someone else if indeed there's an issue with health or, or a marriage breaking up or a partnership breaking up.
How Can You Maximize Your Business Value Before Selling? with Randy Katz Video
