Why do so few entrepreneurs reach financial independence? I believe it’s because many entrepreneurs are willing to settle for less. They build an organization that will not grow without their involvement. Previously, we talked about the first three reasons why entrepreneurs start their businesses. To build an organization that people want to buy, you must be willing to work outside of your organization. Today’s blog talks about my favorite kind of entrepreneur, the serving leader. Let’s talk about what happens when you do everything right and achieve your goals that take your business from good to great. By thinking about how you’re going to leave the business early and often, you begin to create the future of your dreams. The difference in your results is staggering. The quality of your life changes in ways you can’t even imagine today. So, let me share with you how we can work together to change the world.
The fourth reason entrepreneurs start their businesses is to change the world. I find most of my better known clients have an incredible drive to change the world. They are passionate about what they do and they never tire of working with people and their key ideas. These people are visionaries and serving leaders. During the early stages of their business, they are able to woo people to their ideas and their business. They reach out to many different stakeholders in their communities.You can feel the energy coming off them when you sit down to talk with them or if they are in a room full of people.
They started their businesses because they saw the opportunity to make a difference in many other peoples’ lives. They were willing to work with their customers and their partners to make this happen. The reality is you can’t think small when you’re trying to change the world.
When these entrepreneurs choose to sell their business or move on, they find another passion to fill their time and master it the way they did their business. Most of them have built important relationships within their communities. Because many of these leaders have grown their businesses beyond $100,000,000 in annual sales, most of them no longer work for the money. So the critical question is how to you build your business’s sales to over $100,000,000 annually? What would you have to change for you to reach this goal?
I work with them to reach their goals in sales and profits. This not only allows them short term success but provides long term financial independence for them and their families. A large part of the work I do with them includes developing and mentoring future leaders, developing stronger strategic partnerships, learning how to enjoy their success, and deciding how to invest their time and money in future adventures. For many, they continue setting big goals and look to continue their work with their favorite causes. In many cases, I meet them through their philanthropic work and continue to help them identify new ways to contribute to society.
The time to start planning your exit from the company is when you start it. When you plan to sell your business it forces you to:
• Decide who to put in key positions
• Determine what your financial and personal goals are for your business
• Create repeatable processes that don’t constantly require your input
• Identify and attract the best partners to expand and grow your business
• Attract and maintain key client and customer relationships centered on the services your company provides, not just you
• Evaluate your business’s worth in the market
When you plan to sell your business it gives you freedom, control, financial security, and the chance to change the world. And isn’t that why you started your business in the first place? See you next week.