As the managing partner of Sun Acquisitions, Domenic Rinaldi helps entrepreneurs buy and sell businesses. Since 2005, he’s been personally involved in over 300 transactions and is passionate about helping entrepreneurs maximize value and minimize risks of their transactions. He is also the host of the M&A Unplugged podcast.

“if you own a business my strong advice is from day one work hard to not be the business. What I mean by that is to not have any functional role in the business at all. To really be able to sit back and work on your business from a much higher level. And I say it for a couple of reasons: 1) I think it will be a lot more gratifying when you don’t have to be involved in any particular functions unless you decide you want dip your toes in the water. 2) You will create the highest value for your business when you are not involved in it. And the third one because this is my business. There is a date on the calendar that most people look to sell their businesses. That date may be of your choosing but it may not be of your choosing. And when it’s not of your choosing it’s usually not under good circumstances like you’ve got a partnership breakup, a divorce, you’ve been diagnosed with an illness. But if you have been running your business so that it is self-managed that date won’t matter because your business can continue to operate and function because it hasn’t been reliant on you and it will maintain value, your people will be okay, your legacy will be okay. So, I think all entrepreneurs who own businesses should work very hard at creating a self-managing business”…[Listen for More]

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#682: Connecting Set & Story