Time to find out…
Because it’s one or the other.
I meet a lot of business owners who find themselves in a predicament – have they created a lifestyle business or a scalable asset which they can sell?
Being honest about which type of business you’ve created will have a big impact on your ability to exit the business and get a meaningful valuation.
You know you have a LIFESTYLE BUSINESS when your business provides a comfortable living – but is less attractive to investors, because of limited growth potential, scale and a heavy reliance on the owner’s personal involvement.
A SCALABLE ASSET is a business with the potential to grow rapidly and generate substantial returns. They have robust systems and processes in place and operate efficiently without the constant input of the owners.
So if you are thinking about an exit for your business, ask yourself:
1️⃣ Is there a clear path for expanding your business and scaling?
2️⃣ Can your business thrive without your involvement?
3️⃣ Is your business generating increasing profits and positive cash flow?
4️⃣ Who can help accelerate this journey before your exit?
If you’re unsure about the answers to these questions and your intention is to exit your business in the near future – don’t worry.
There is usually time to transform your business into a fully scalable asset – if you start NOW.