No business should be too dependent on the owner
Your business’ value is much higher with a strong second-in-command and management team.
in his interview with Ron Ameln of the Smart Biz Show, Dave Driscoll explains why you need to think about this long before you want to sell your business ...
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Transcript of this segment:
Dave: You start a business thinking you are the guy or the girl, and you are the center of the universe. But what you come to realize as that business grows, you are the least important person when it comes to value. You are the least important person in that business.
Jeff: Because you are going to leave at some point in time.
Dave: Right and the old saying ‘some buyer is going to come in and hand you a check with a big bag of money and you are going to walk out the door’ and what is the expectation of that buyer for tomorrow to make the same amount of money; to do all the same amount; to have the same type of impression the next day. That is all the intelligence walking out the door all the experience. So you have to build that second-in-command. It is what Jon and Derrick Gleason do in their business – build that second-in-command which is a very critical asset to building a business.
