If You Want to Sell Your Business You Must Remove Key Person Risk | 914

If your business depends entirely on you, it’s not really a business you can sell. In this episode of the Inside BS Show, Dave Lorenzo explains why key person risk destroys value and what you can do to eliminate it.

Key Topics Discussed:

• The Problem of Key Person Dependence
  Why businesses that revolve around the owner are unsellable, and how this traps owners in a job instead of creating real wealth.
• Step 1: Build a Real Leadership Team
  The difference between hiring managers and cultivating leaders who can develop people, solve problems, and drive growth.
• Step 2: Create Systems and Processes
  Why every task in your company—from changing printer toner to delivering client work—needs documented standard operating procedures.
• Step 3: Redundancy and Contingency Planning
  How cross-training and succession planning keep your business running smoothly when key players are unavailable.
• The Ultimate Test of Sellability
  If your business can run without you for a month—or indefinitely—you’ve created a sellable, highly valuable company.

Links and Resources:

• Subscribe Via Email: GetInsideBS.com
• Listen on Spotify: Inside BS Show on Spotify
• Listen on Apple Podcasts: Inside BS Show on Apple Podcasts
• Call Us: (305) 692-5531

Call to Action:
If you want maximum value when you sell your business, the first step is removing key person risk. Which of these three areas—leadership, systems, or contingency—needs your attention today?

Buy the Book: The 60 Second Sale