How can it be true that the more I work in my business, the less it’s worth?
I first heard this comment from a fellow EOS Implementer, Kevin Armstrong, who hails from Vancouver. He explained that the notion came to him when he was working with a small business owner who wanted to sell his business. To the business owner’s dismay, when working with a valuation expert, he found that given his lifelong habit of controlling everything in his business and consequently not developing a strong leadership team, the valuation he desired was dependent on him staying in the business. He was stuck!
This conundrum is true for any business owner who has a desire to sell one day, or to pass his or her business on to the next generation of the family, or simply enjoy the fruits of his or her labor and be able to have a modicum of work life balance. If the operation of the business depends completely on you, then none of those is possible.
On the other hand, if you implement a business management system like EOS, which allows you achieve Vision, Traction, and Healthy, you have options.
- Achieving Vision means making it clear to your leadership team what your vision is for the company,- what it is, where its going and how it is going to get there.
- Achieving Traction means getting your leaders to hold themselves and their people accountable to executing your vision and becoming masters of execution resulting in increased revenue and profits.
- Achieving Healthy means creating an open and honest environment where your leaders trust each other and act for the common good because unfortunately quite often they don’t behave that way. And as your leaders go, so goes the company.
Eventually, after implementing EOS, you will find the business is producing results which exceed your expectations and, best of all, you will have succeeded in decoupling yourself as a mandatory part of its daily operations. When that happens you are in a position to take a vacation, maybe even a several month sabbatical (gasp!). You will certainly be able to get more of what you want from your business and be in a position, at the time of your choosing, to exit it in some fashion, at a value you deserve.
If you would like to learn more about EOS and how to implement it, let me know.
