Your Business Legacy is the continuous process of your actions, decisions, and the structure that is created through the course of your businesses existence. It details every action and reaction from where you start to where you end up.
So, what do you want your business legacy to be? Were you hoping to pass your business on to your children in order to provide a stable income for their future? Are you hoping to sell your business in order to take care of your family? Or, are you looking to collect residual income in order to fund your golden years of retirement? Whatever your forecast, you are going to need a robust set of systems in place.
Businesses are less valuable when they are owner dependent.
Did you know that most businesses fail because of the detrimental effects of owner dependence? Did you know that the sale price of a business is considerably lower (if the sale happens at all), when the business is dependent on the owner for day-to-day operations? In fact, the business brokerage industry reports a mere 20% success rate for businesses trying to sell. That means only one out of every five businesses that want to sell will actually succeed.
The reason? In most businesses, an enormous amount of information for running the business is unwritten knowledge that exists only in the minds of the owners and key managers. This unwritten knowledge isn’t just related to day-to-day business practices; it extends to logistics, inventory, sales, customer relations, employee relationships, hiring, training practices, and roll clarity. Which is why, if you want your business to be valuable to anyone other than yourself, you must employ a strong strategy of systemization.
What is systemization?
Systemization is the written art of organizing and detailing the day-to-day processes, structures, and strategies to empower your employees and customers- ultimately constructing a financially valuable business.
At Insight Business Coaching we are well versed in writing systems. When we write and apply these systems to your business you will see extraordinary benefits. Your sales and profits will increase- giving you more money. You will see an uptick in productivity which provides you more time. Your employees will feel empowered which delivers your customers better service. We can even teach you how to write your own systems as the needs arise. But most importantly, when it comes time to sell, your business will be owner-independent which increases the value and marketability of the sale by 100%. And, you won’t need to stick around and train the new buyer. You can – literally – cash your check and walk away.