Phil Risher and a cohost argue that service business owners should build systems and hire a second-in-command so the company runs without them. This creates options: work less, bring family in, sell equity, or partner with private equity. The goal is freedom, not being trapped in your own business.
March 8, 2024
60%
2IC
Can make a case that the hourly.
Worker has way.
More freedom than.
The average entrepreneur.
But I don't think it.
Has to be that way.
I think if you apply some of the stuff we talked about.
Today, I.
Think you could create.
The ultimate freedom.
Which is basically.
Having options, right?
Knowing that.
You'Ve got a business that's going to run without you and, and.
You can cherry pick the stuff you.
Want to get involved in.
Knowing that you've got a 2IC in.
Place is just kind of a running thing. Ships are moving, the trains are getting there on time.
Equally. You could sell 60% of it, roll some equity, put some money in your.
Jeans and.
Like ride along with a private equity group for a while.
You could bringing.
In your, you know, your kids because the business can thrive without you. You're not going to give them an.
Albatross like you've got all the options if you built.
It so that it.
Doesn'T depend on you.
And so that's, I think, the highest.
Aspiration we should all have is building something that.
Doesn'T depend on us and that gives us options and freedom.
