I recently read the excellent book – Built to Sell by John Warrillow. The book is all about how to make your business sellable.
Many businesses are very owner-centric. Their clients rely on the “boss” to solve problems and get things done. The clients often don’t want to deal with underlings and won’t do business if the boss or owner isn’t involved.
The problem with this type of business is that they can’t be sold. Nobody is going to buy a business if all the clients disappear when the former owner leaves.
Warrillow suggests that the way out of this problem is to convert your business from offering various services which are open to negotiation to instead offer a standard service “product”.
This service product has to be standardized enough that you can document the process and hire people to perform the various tasks. This way the owner can step aside from doing the day to day work and actually think about ways to run the business better. Or even sell the business for some real cash.
He also covers in detail the process of selling a business which was quite interesting. Warrillow has built and sold four businesses so he knows what he is talking about.
His blog called Built to Sell is also worth checking out.
But I’ve already read E-Myth Revisited
I reviewed the book “E-Myth Revisited” on my other blog, which is also about how a business owner can learn to delegate and outsource various parts of their business.
I would recommend reading both of these books as they look at a similar topic in different ways.
E-Myth revisited covers the process of breaking down a business process a lot more, but it uses very simple examples. Built to Sell has much more realistic examples, but has a bit less detail.
Read them both!