Creating a Transferable Business™ – Overview of the Five (5) Step Process

transfer

Running a privately held business is a very large challenge.  On a daily basis, owners are confronted with a countless series of interdependent issues that require their decision-making abilities.  One of these issues is the future ownership of the business by someone else.  More succinctly stated, the issue is whether or not, you the owner of the business, are taking actions today with the decisions that are being made in the business that will increase or decrease the likelihood of having success in finding someone else who will be able to run your business in the future.

Owners who are thinking about the future and are asking the question “who will own my business next?” need to consider two (2) very important questions in preparation for a future transition. The first question is “Is My Company Transferable?  The next question is “how do I go about Creating A Transferable Business?”  This newsletter provides five (5) steps that owners can take in Creating a Transferable Business.  It is written with the intention of having you think through the transferability of your business and what decisions you can make today that will make your business easier to transition to a new owner in the future.

The Five (5) Steps in Creating a Transferable Business

The following five (5) steps can assist you in Creating a Transferable Business.  They are:

  1. Adopt an Exit Planning Process and Mindset
  2. Measure and Manage your Company’s Owner Dependence
  3. Assess Your Current Management and Support Team
  4. Understand and Evaluate Your Industry Transfer Statistics
  5.  Review and Act Upon Your Company’s Relative Performance

This newsletter will introduce these five (5) steps so that you, the owner of your business, can, today, begin to take action in the specific direction of Creating a Transferable Business.
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How Bill Gates and Mark Zuckerberg Conquer Fear to Succeed

BY   @KEVINJDAUM
Fear is the greatest obstacle to any entrepreneur. Success requires you to conquer it. Here is how the greats did it.

 

Simon Dawson/Bloomberg via Getty Images

 

This country has a great admiration for entrepreneurs. Many people hold up leaders like Bill Gates, Richard Branson and Mark Zuckerberg as heroes, maybe even gods. Some believe them to be invincible superheroes. But, every entrepreneur is human. And each has to battle their fears everyday in order to reach success. And for each fear they conquer, the better the entrepreneur they become.

1. Fear of Failure Failure is the most obvious fear for an entrepreneur. Successful entrepreneurs never lose this fear but rather harness its energy to drive harder, faster and better. And the best know that a bad failure means a great lesson.

2. Fear of Inadequacy Many wonder if they are good enough and smart enough to accomplish greatness. Successful entrepreneurs become great learners so they can fill gaps intheir education. They also become masters of recruitment to fill gaps in their capabilities.

3. Fear of the Market Catching the market just right can be like surfing a giant wave all the way to the beach. But just like the ocean, if you miscalculate the wave’s trajectory, it will slam you into the sand headfirst and crush you. Successful entrepreneurs show a healthy respect for market forces and study the dynamics so they can capitalize.

4. Fear of Fraud There are few who gain success without some sort of exaggeration of capability or connections. Successful entrepreneurs are careful not to stretch the truth far beyond reality. Even an inkling of legitimacy allows them to maintain credibility.

5. Fear of Selling Although the practice of sales is a necessary requirement for success, most people detest trying to push something on someone else. Successful entrepreneurs want their product or service to be the obvious choice. And they effectively use marketing to attract customers so fewer sales pitches are required.
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