“The best businesses are sellable, and smart business people believe that you should build a company to be sold even if you have no intention of cashing out or stepping back anytime soon."
From the book Built to Sell by John Warillow. Foreword by Bo Burlingham, Editor-at-large, Inc. magazine and author of Small Giants: Companies that Choose to be Great Instead of Big
In the book Built to Sell, John Warrillow talks about having an "options strategy", as opposed to an "exit strategy", for your business.
He says you "build systems and a management team around you so that if a buyer comes along, or you decide it's the right time to get out, you have a sellable business."
That’s a brilliant strategy.
It’s brilliant because it highlights the need to make your company sellable regardless of whether you intend to sell your business anytime soon.
It takes planning
It means structuring and managing your business in a way that increases its value.
That’s already your goal, right? You want to build your company and make it strong and viable for the long-term.
The more successful you are at that the more options you have.
It helps focus your efforts on putting the systems and practices in place that will put you in the driver’s seat, regardless of the road you choose to travel.
Making the accounting and financial side of your business strong is a critical component of successfully executing your "options strategy".
Write down a couple things you can do today to get started on your “options strategy”. It will pay off for you big time.
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