How to Build a Business Others Want to Buy

Chapter 24The top 21 metrics business buyers look for

Most entrepreneurs begin a business without much thought as to how they will end the business. They also tend to build a business around their technical skill: hairdressers open hair salons, builders start construction companies, chefs open restaurants. The trouble is, these technicians get so involved in ‘doing the work’ that they don't stop to think about what they really want from the business, or what they want the business to do for them.

Fast forward five, ten or 15 years, and the business owner starts to think, ‘I'm tired and a bit bored. I wouldn't mind moving on or doing something different. Maybe I should sell the business?’ They then work backwards to find out what they should have done at the start.

Here's a thought: why not start with the end in mind and act as if you're going to sell the business from the minute you begin it? If you do, I can assure you that you'll do things very differently and you'll end up with a much more valuable asset in half the time.

I didn't do this. I started my business when I was 29 years old, and wasted a good ten years working out what I wanted the business to do for me and why I was in business to start with. Now I know differently and I want to share that hard-won wisdom with you so you can get to where you're going more quickly.

If you truly want to sell your business, it pays to know what buyers look for before you even start your business: before you spend too much money, ...