Do you like money? How would you like to make even more of it by either exiting your company or working less and making more money? In my lifetime, I’ve owned seven businesses and every one of them – whether I decide to sell them or work less and keep my ownership – has an exit plan.
The idea is to think of every way you can increase the value of your business so you can sell it for double the worth.
This month, I’m talking about the two ways to 10X your business so you can either exit rich and never have to work again, or make more money and work less. So, let’s dive into the first strategy:
Sell Your Company for Massive Profit
Wanna get yourself out of the rat race and hand the business over to someone new? One way is to sell your company and retire rich. More than 80 percent of millionaires got their wealth by owning a successful business that they sold for huge gains.
You should grow your business with the goal to exit with massive profits! The difference between successful business owners and your average Joe with a little bit of cash flow is that they have their sights on the larger end goal, and they build their businesses around it.
There are five ways to increase the value of your business before you sell it:
- Increase your sales and boost your profits. Potential buyers will be attracted to your business if they know it is still booming with profitability.
- Update your company’s website, social media pages and any other promotional platforms. Investing in marketing is crucial to increase your brand awareness.
- Develop an effective process for your employees. Reduce turnover by having set processes in place that make it easy to onboard new staff.
- Incorporate new technologies and software. Continue to invest in the best tools for maintenance and operations.
- First impressions are everything. Buyers want to know that each part of the company is in top shape and shows how valuable it is, inside and outside.
Work Less, Make More
This is one way you can have your cake and eat it too; switch positions. No one wants to be stressed out of their mind for the rest of their lives; why not reduce your workload while still raking in the cash?
The trick here is to decrease the number of hours you work. Wouldn’t you rather work 20 hours per week raking in the cash than work 80 hours per week constantly tired, overworked and stressed? Do you want to continue working 24/7 for the rest of your life? No.
Another 10X Option: take on a position that requires you to do less: less work, less maintenance, less managing and for more free time, more family time, more travel time, whatever you desire. This exit strategy is great for business owners who want to simultaneously increase their profits and decrease their workload without sacrificing time for everything else that’s important to them.
This method doesn’t make you give up ownership; it simply means switching the type of responsibilities and duties you have to taking on a different role in the company – and it’s still a win-win.
It’s important to plan your exit early and use these strategies while you’re working. The idea is to think of every way you can increase the value of your business so you can sell it for double its worth.
