"Built to Sell" is about creating a business that can thrive without the owner, making it a valuable and sellable asset. It provides a framework and action plan for business owners to ensure their businesses are among the desired 1% that can be sold.
The target group of "Built to Sell" are entrepreneurs and business owners who are interested in creating a business that can thrive without them, and potentially be sold in the future.
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The paradox of entrepreneurship lies in building a business that can flourish without its founder.
The chaotic nature and owner-dependency of many small businesses, coupled with "bad revenue" from unscalable projects, hinder their growth and sale potential.
Navigating daily challenges and managing underperforming team members pose significant obstacles to business scalability.
The recipe for scaling: Sticking to the core competency, calculating the market potential, hiring two sales reps and aligning the team's skills.
Ignore the financial statement in the year of the transition and have two years of successful statements before selling.
A loyal and committed management team is needed to demonstrate to potential acquirers that the business can run without the owner.
A specialized advisor for the whole sales process can be crucial for making the best deal.
The Sales-Srategy: Think big, frame the business as a product-oriented, scalable entity and prefer strategic buyers.
The right answer to "Why do you want to sell your business?" conveys a vision for the business.
Involving the management team in the business sale process not only eases the transition but also adds value for the potential acquirer by ensuring business continuity.
Keeping the momentum and knowing when to apply strategic pressure in the due diligence process helps to finalize the deal.
John Warrillow's "Built to Sell" is a guide to creating a business that can thrive without its owner. The book follows the story of Alex Stapleton, a business owner who wants to sell his successful advertising agency. The narrative explores the process of making a business sellable, highlighting the importance of systematizing operations, focusing on a specialized service, and building a management team that can run the business independently.
John Warrillow is a Canadian entrepreneur and speaker, known for his expertise in business value and scalability. He is the founder of The Value Builder System™, a software for improving the value of a company.
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