Is your business a lifetime commitment — or a way out? Today we explore the difference between “lifestyle” businesses and businesses designed for (eventual) sale.
Which one are you building?
Thing is, you need to answer that question, like yesterday. Because the way you build and run your business will differ wildly depending on what your endgame is.
“Lifestyle” businesses are all yours. You’re going to do it for as long as possible, maybe for the rest of your working life. Because of that, you don’t have to do anything with an eventual sale (or the eventual buyers) in mind.
But if you’re dreaming of a nice exit, you need to make sure your business is something you can market. That means everything from ensuring there’s more room to grow, to making sure the branding, processes, and systems don’t depend too much on…well, you.
Are you building a business to have money, or a job you love? All things come to an end, and it’s never too soon to start thinking about how your time with your business wraps up. Click Play at the top of the page!
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