Bill Gallagher explains why business owners should build teams and culture that work without them. Owner-dependent companies are worth millions less. Your business is the most valuable thing you'll ever sell.
There's a time and a place for like, taking charge and being the last word, the decide or that kind of thing. But then there's also, Are you developing a leadership team, a culture, a business that is not dependent on you? Or does the business live and die by you? Because that, as you point out, will dramatically affect the valuation down the road. Even if you start to convince yourself that it's going to go well, if, if you're central to it, it's very hard for, for anybody to fully extract that value.
Oh, absolutely. And the value is, you know, can be millions of dollars, depends on the size of the business. But it's easily, you know, in even a medium business, a small business could be millions of dollars, you know, at risk. And so the point you raised right at the beginning is, you know, what's the most valuable product you'll ever sell? If you're a business owner, it is your business. And if you're not prepared, you're going to take a lot less than if you are prepared.
