Is What You Do Teachable?
Is what you do in your business teachable? We often work closely with business owners that are stuck in their business. It’s not that they don’t have ideas on how to grow their business. It’s that they don’t have time to work on growing their business because they’re too busy completing the work they’ve already sold.
This creates a bottleneck. The business cannot grow past the capacity of the business owner or, sometimes, key employees. Sales get missed. Quality starts to slip because they are trying to get more done. This leads to burnout.
The problem for business owners is bigger than this though. At some point, an owner is going to want to move on from their business. Maybe they want to try something new, but often it’s to retire after decades of pouring all their time and energy into the business.
The problem is that businesses that are too reliant on the owner, or key employees, is difficult to scale. When we first acquired a business brokerage to add to our coaching business we were shocked at the number of businesses that simply closed the doors; because they couldn’t find a buyer that was willing to pay what was seen as a “fair” price.
We understand. Small business owners work hard. They put their time and money into building a business they are proud to call theirs. They deserve to sell it for a great price and enjoy their next chapter in life.
However, buyers are only looking toward the future. They will only pay for revenue the business will create in the future and not what it is doing now or in the past.
Therefore, the business is only worth what it can create in revenue WITHOUT the owner or key employees. If the business is not teachable a buyer will find a business that is. This means that great businesses close their doors. This means many hard working and successful business owners retire without being able to reap the full benefits of their hard work.
And truthfully, as much as it is heartbreaking to see, it is avoidable. It does not have to happen. You can design your business to not just live past your ownership, but to thrive. And when you do, you will not only reap the benefits now, but also when the day comes that you decide to move on to a new chapter.
Often though, it takes someone outside your business with experience in creating systems, processes, SOPs, tools and resources that help teach others how to do what you do. What you do is so natural to you. And sometimes that gets in the way of breaking your work into teachable pieces.
The good news is you don’t have to do it alone. Our business has a unique skillset. Not only do we help hundreds of business owners sell their business for maximum price, but we help thousands of business owners design a business of value. A business that is less dependent on them today. Which frees them up not only as they operate it, but also when they are ready to sell.