A professional service firm such as an engineering design firm or construction engineering and inspection firm can be thought of as a rocket ship. Looking at the business as a rocket ship, it gets easier to remember and share the elements of developing a successful business.
Like a rocket ship a business has two basic parts, the engines that power the ship, and the guidance systems to set course. Our rock ship has five engines and four guidance systems.
Thinking back to when you first started your firm, if you did not go through the checklist you see below formally, you did so informally.
“Now what?”
It’s a simple question but it is not always easy for an entrepreneur to answer when selling their business.
You invest so much of yourself into your business that it can be hard to distinguish where “work” ends and “life” begins. But selling your company may require you to cleave one from the other. Will you survive when you do?
As a business owner, you are accustomed to, and perhaps even thrive upon, solving today’s pressing problems and pushing on to tomorrow. But have you looked beyond this week, this month, or even this year?
The average owner spends 80,000 hours building their company but only six hours planning its transfer. As a result, 80 percent of business owners fail to get top dollar when they sell.
Just as winning the lottery is not a vible strategy for achieving your dreams, nor is hoping to sell your business for enough money to support your future lifestyle. That is like winning a free lottery ticket on a drawing for a $1 million jackpot. They won, but they missed a much larger prize.
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Fax: (904) 731-0352
Email: lhunter@huntercpa.com
