With any business operation or project, you need the best team around you. Your business is only as strong as its weakest member.
There’s been times in my business life, that I’ve had to make, what those around me might have seen as really harsh decisions, but if they were in my shoes, with my responsibilities at that time, I’m sure they’d have acted in exactly the same way, and made those very same decisions.
We often say that a business is a ‘team’ of people, and we all work together, and to a certain extent that’s true, we’re all working towards a very specific target. But equally we all have to work on our own game too, we aren’t here to hold each others hand, at some point you have to step into the big bad world and stand on your own two feet. The same goes in every job. Everybody in the business, whether they believe in team work or not, they all have to take accountability and responsibility for achieving their own objective toward that shared target.
Let’s consider a game of football, or more importantly a football team. There are 11 players in the team, all working toward the target of winning the game. They all have their part to play in that process. For the strikers, it’s to score as many goals as possible. For the midfield, its to hold and pass the ball, keeping the rest of the team in play. For the defenders, it's about keeping the other team away from the goalmouth. Finally for the goalkeeper, it's about stopping any shots on goal from the other team. They’re all working as a team, correct. But what typically happens if you have 10 of those who are very experienced, and very good at their game, but then you’ve got one younger player, with no experience, or is generally just not very good.
Everytime the ball comes to this weaker player, the whole team end up losing the ball. The other players can’t really help, other than trying to support the player, but this just weakens the rest of the team, as they essentially have to carry the weak player. Eventually this weak player will just lead to the whole team losing. It’s the same in business. Everyone needs to be their best. Everyone needs to be on top of their game.
Why would you compromise the success of achieving your vision, by choosing a player that wasn’t playing at the level you needed.
The same applies when it comes to selling your business. To achieve your objective you’re going to need a team of people around you, all working toward that same target. Individually, all the very best players at what they do. All having years of experience in achieving that target.
The key ‘dream team’ you’ll need when selling your business are the following:
HR TUPE specialist
These individuals generally come toward the end of the process. Between now, and the time of closing a sale, you’ll need a team of people supporting you toward that process too. These are experts in their field, and will help you establish the very best process in each area of the business.
Technical Delivery (Excluding owners, this individual is normally within the business already)
Business Risk & Continuity
Without these people, you’re limiting the chance of success for yourself to achieve your vision. Imagine how easy your life might have been, had you had access to these people as you were running the business. Not just people to implement the best practices, but someone to bounce ideas off, and get feedback, from people who’ve done it all before.
This is what a business owner gets access to, when they work with us to achieve their vision. We’ll work with you, to create the vision for your life, and for your business. We’ll help you build a route map to get there, and we’ll support you with the resource & guidance to get there in the fastest way possible.
We hope you’ve received some value from this article, and some information that you can use to move forward toward your vision.
If you’re confident that selling your business is the way to go, or perhaps you’re undecided, it’s important to consider the significant amount of effort and resource you’ll need to make it happen. It’s a full time job. - The time investment alone is enough to put anyone off. So imagine for just a minute, that you didn’t need to do all of this work. What if this could be done over the next 3 - 5 years (by someone else). Everything we’ve listed in this article, is what you’d need to do, if you were selling through a business broker, or direct to a buyer.
Unlike other private equity firms, our focus is on growing businesses at the smaller end of the market. We’ve worked in, and grown our own businesses in the exact same fields you work today. We’ve spent years coaching and supporting small businesses just like yours, developing their teams, and helping them to grow, but now, we’d like to help you.
We have a solution for business owners that need to sell their business immediately, or for those who want to stick around for a few years.
If you’re considering the options to grow or sell over the next five years, read more about how we're helping others just like you. Click here to read about our unique approach to helping you get what you want with the YokeFormula™ for your business.
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