In the spirit of “truth while it’s fresh,” one of my core values for this podcast, today I’m sharing a truth that has been on a low simmer for two years but that I’ve never quite shared publicly. I’m taking you behind the scenes of my explorations around potentially selling the Pivot side of my business—and why I chose not to (for now, unless you know of any $5 million to 10 million buyers around! ;)
🌟3 Key Takeaways:
- I think about three types of knowledge workers: builders, maintainers, and optimizers. Builders love to create new things, Maintainers like to continue and grow what exists, and Optimizers look at what exists and improve it. Knowing which one you are can help you decide what to do with your business, or how to delegate aspects of current projects
- Your business will be more desirable to buyers if you focus on building recurring revenue, eliminating key person risk, diversifying your client base, and documenting process that becomes part of your unique IP.
- It may be counterintuitive, but treating your business like you are planning to sell it gives you a chance to fall back in love with it.
📝Permission: Explore what exiting your business could look like, even if you don’t do anything with that information.
✅Do (or Delegate) This Next: What is one strategic area for improvement that would make your business more sale-able, even if it’s to yourself? For example: diversifying your client base, reducing key person risk by delegating more, and shifting client payments to recurring revenue.
📘Books Mentioned:
🔗Resources Mentioned:
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Free Time with Jenny Blake