It Took Seven Years…

Summary

• Growing a team to the point where you can sell your business is a long process. It took me about 7 years for my first business. Be patient; it won’t happen overnight.

• When you're ready to sell a business, potential buyers may want to meet your team. This is a test to see if your team can handle the business without you.

• During a meeting with buyers, I realized I didn't know the answers to many questions, but my team did. This showed the buyers that the team was capable and knowledgeable.

• Surprisingly, not knowing the answers myself turned out to be a positive thing. It demonstrated that the business could run without me and increased its perceived value.

• Trust your team and empower them to handle responsibilities. Their competence can be a strong asset when selling your business.

Video

How To Take Action

I would suggest focusing on building a strong, empowered team as the first step. Trust them with responsibilities and let them handle various aspects of your business. By doing this, they develop their skills and you show that the business isn't solely dependent on you.

A good way to start is by delegating tasks. Choose tasks that take a lot of your time but aren't crucial for you specifically to handle. Let your team take them over, and give them the guidance and support they need to succeed.

As your team grows in competence, encourage them to solve problems without your direct input. This not only boosts their confidence but also demonstrates to potential buyers that your business can function without you being present all the time. It sends a signal that the business is stable and valuable.

Another smart move is to hold regular, open meetings where your team can share their insights and solutions. Pay attention to what they know and allow them to take the lead on discussions. This shows you trust their expertise and makes them feel more invested in the business.

Lastly, be patient. Developing a team that can effectively support your business long-term is a gradual process. Celebrate small wins and encourage continuous learning. Over time, this will create a robust team that strengthens your business and adds significant value when the time comes to sell.

Full Transcript

growing my team to the point where I could sell my business for my first business it took about 7 years it's not something that happened overnight when we went to Market one of the tests is that people say well we want to fly in and meet the team we sat in the room and we had our team there they started asking us all these questions and I actually realized I actually didn't even know the answer to most of the questions because they were actually the ones doing it and they knew more than we did at that point in time the funny thing that happened is that our inability to answer questions about our own business was actually a plus for us because the buyers were like wow well your team knew all the answers to all these questions which tells us they actually do run the company without you this is not a hoax you haven't punked us so we actually see the business as more valuable now that we've met your team