How do I Build the Machine to Work ON My Business vs. IN the Business?

Today's episode of the podcast, Robert Hirsch from Freedom Factory discusses "How do I Build the Machine to Work ON My Business vs IN the Business".

 

Listen to the podcast, watch the video, or read the transcript below.

Additional Videos From Freedom Factory

Should I Hire a Consultant or a Business Broker to Sell My Business?

How do I Leverage Other Peoples' Money For Buying a Business?

 

Transcript of Podcast

Hi, Robert from Freedom Factory here, and I want to talk to you about something that is entrepreneurs we hear a lot, but we don't necessarily think about a lot. And I'm sure we've all heard the analogy of working on your business as opposed to in your business. And this is especially true when you want to go sell your company.

So if you're this highly specialized piece and you have to, you're the only person that can make it rain. Your business is going to sell for a lot less. Then if your business ran even better when you weren't there. And so something to think about here is instead of being in the machine, work on building the machine to work when you're not in it, and you need to resist the urge to jump in, and there's oftentimes that maybe you're the best at it in your company.

It's a small company that you want to jump in and do it. Well, I would suggest not doing it and really training your team to be able to do it. And a great way to set your altitude correctly is to revisit your operations manual. And if you don't have an operations manual, it's a great thing to get done before you go to sell, because you're going to need to sell it.

But if you revisit it or create it, look at it from the operations manual perspective. Dial-in your processes so that your business operates even more efficiently when you're not there. The reason this is so important is this is going to change the multiple of your business dramatically and also is going to create more competition among buyers.

If you have questions on any of this, why don't you give us a call it Freedom Factory. We look forward to seeing you soon.

 

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Freedom Factory
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Phone: 844-MAX-VALUE (844-629-8258)
https://www.freedomfactory.com/
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Managing Partners

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