Do you own a business with dreams of selling it one day? Here is how to maximize the selling profits of your business. Opinions expressed by Entrepreneur contributors are their own. Every entrepreneur dreams of funding their freedom by one day selling their business for 10 to 20x multiples or more. Unfortunately, selling for multiple valuations is not as common as we all wish it was. We know it’s possible because we’ve seen it happen, but it’s the exception, not the rule. So what’s the secret? What makes a business achieve that level of success? As an entrepreneur and a coach to my fellow entrepreneurs, I have had countless conversations on this subject. After an intriguing meeting with my friend Tom Lambotte, founder of OneDayWorkWeek.com, I now know the secret is to establish processes and systems that allow the business to run smoothly without the founder in place. When it comes time to sell, the multiples will be dismal if the business is highly dependent on you to run it. If the business is self-running , the payoff has the potential to be exponential. There’s a bonus to this strategy: You get more freedom before selling the business. You […]
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