Maximize Your Life’s Work! What are You Waiting For?

By Ted Capistrant, President – Profit Builder Network

Most owners think, dream, worry or consider how they will eventually capitalize on what they have spent years and a lot of their waking hours creating. Many hope and assume there is somebody out there with a bunch of money, time, talent and the same “screw loose” (passion) as them for their entity-child. Many owners turn out to be right! There are buyers that can see the wisdom of investing (resources, people, money, lifespan) into their baby. Many people also win the lottery. Thankfully, business owners can take action to improve their odds of success.

However, more often owners busy building their veritable ATM machine are disappointed, dissatisfied or accept something less than they once dreamed possible.

Hope is not a good transition strategy.

Beyond working hard to create and continuously grow your enterprise, the obvious, essential and most difficult thing to do in a successful transition is to START EARLY. The quote from Steven Covey’s book Seven Habits of Highly Effective People applies here “Begin with the End in Mind”. Duh, right? Apparently, it isn’t that obvious because the vast (estimated 75% -80%) of closely held owners don’t plan early.

Here are our top five observations of what successful business owners specifically do (or don’t do) to reduce the element of luck and chance in Maximizing their Life’s Work.

1. Plan in Advance

2. Replace Thyself

3. Create Their own Market

4. Verify Value

5. Assemble Advisor Team