Owner dependency kills business value. If you can't take a vacation without the place falling apart, buyers won't touch it. Build systems and a team that work without you, and you get your life back plus a company someone actually wants to buy.
One of the biggest challenges that businesses have when they get ready to sell is this owner dependency. And owner dependency means you can't go on vacations. You always feel like the roof is caving in on you. If you can either build a support team or build the systems and processes that aren't reliant on you or any one key person, that makes it a better business and it also makes it more enjoyable to run. And I think there's lots of things like that that are ways to not only improve the experience of running the business today, but that also pave the way for better, better exit or M&A or recapitalization or any of those sort of activities.
How Can You Maximize Your Business Value Before Selling? with Randy Katz Video
