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Businesses sell for any number of reasons - out of despair, deperation, necessity ... and every now and then, because you've built a bloody good businesses and it's time to turn that success into cash so someone else can drive it to the next phase. (Just ask my fellow director, Matt Noller of businessDEPOT Broking - he's seen it all.)
Now, in the business lifecycle the Sell Up phase doesn't mean you HAVE to sell. If you're youthful and excited, this is the phase where you are best place to escalate your vision and take your company to a whole new level (repeating the lifecycle as a result).
It's also one of the two best points in the journey to turn that success into a sale. How do you know if you're ready? What do you do if you are? These are some of the topics covered in this week's episode as we tak about the Top 3 Priorities for a business in Sell Up.
And as a reminder...
Every business moves through the same lifecycle. EVERY. Business. Understand the business lifecycle, as it applies to your business and where every one of your clients is situated, is so fundamental an entrepreneurial skill that the lifecycle sits atop 'The businessDEPOT Way' and was the topic of #BlackboardFridays Episode 1 way back in 2016.
This is the fourth in the series of episodes where we dive deeper into each of the four phases in the lifecycle: Start Up, Scale Up, Step Up, and Sell Up.
Wherever you are in your business, one of these will have immediate relevance. If your clients are also business owners or businesses, then watching each of these will help you better understand, service, and sell to your customers.
Take 5 minutes each week to focus on your business instead of dealing with the demands of working in it.