Sell or Keep Your Business?

When it comes to selling, of all the businesses, only 10% successfully sell, which is an abysmal fact. If your business relies on you, that is, you are critical to its success, then your business is unsellable. In other words, you are trapped. This is the reason to fire yourself first. Here’s a quick question to check if your business is sellable: can it run without you? If it can’t, then now is the time to begin the process of firing yourself first. Remember, if your business can’t run without you, if you can’t step away from it for a few weeks and have it operate without you, then you don’t have a business—you have a job. If you want to have a true business, it needs to run with or without you.

There are both pros and cons to creating the ATM and selling the business. For those who create the ATM, you still have the opportunity to keep your mind active and solve problems. This option is for those excited about creating long-term business strategies and maintaining a great culture. These are the individuals who want to stay involved but limit their day-to-day involvement.

Over the years, I’ve observed many entrepreneurs crushed by the demands of their companies. Some even contemplated suicide. Sadly, they believe the only way to get out from underneath the weight of their business is to sell. In their minds, selling is the only escape plan. The truth is there’s another way. You can create a self-running business (your ATM) that enables you to remain a part of the business while you are apart from the business. Then, when the day finally comes to sell, you can sell because you want to, and on your terms, not because you think it’s the only option.

Live Well,  Jeff Russell