Don’t make this mistake in preparing your business for a future successful sale
Many surveys have been done of retired business executives. A frequent question in these surveys is, “if there is one thing you could turn back time and do differently, what would it be?”
The answer is very often the same. “I would have made certain personnel changes faster.”
When I ran businesses I was trained to look at my employees, especially my key managers, and ask the following:
- Who is holding us back in building the net worth of our company?
- Who is helping us build the net worth of our company?
- Who is supporting those that are building the net worth of our company?
The first group should not be tolerated and a change of some sort MUST be made now. The second group I need to identify so I can reward and retain them. The third group is where a lot of our tactical work gets done so certainly want to work on retaining them. But what I simply cannot let continue, is the first group.
Don’t have this same regret that so many executives before you have had. Think about your employees, especially your key managers in these three categories. Do your future self a favor by building a strong team today and that is a team that is helping you build meaningful company worth, don’t tolerate anyone holding you back.
