Most business owners get so focused on managing their business they don’t take time to plan for the future – whether that future is 20 years from now, 10 years, 5 years, 1 year or next quarter. The reality is that there is never enough time, energy or money, resources are scarce, and what grabs our attention is right now, and what gets short-changed is the future.
So stop it. Stop being head-down and butt up and make your future part of right now. After all, the ultimate future play is exiting your business — transitioning to family, your management team or selling to a third party. And most owners end up selling their companies to a third party.
Every seller we have worked with wants to maximize the value and the price that they sell their lawn & landscape business for…every one. And it doesn’t happen by luck, like winning the lottery. It happens one step at a time. First this, then that. Then this happens.
It is called an action plan. A strategy. You need to be following a plan to get your value up. It involves things like the power of your brand, the quality of your management team, having a 90%+ renewal rate on contracts, updated fleet and equipment, a low work comp MOD rating and a host of other very key items.
What’s all the buzz about having an Exit Strategy? Maximizing the value of your business, so you increase the probability of locating a buyer who “sees” the value, and who is willing to write you a big check. So you meet or exceed your financial goals and have enough money to live a great life.