In this episode of the podcast, Phil Fraser joins Troy to talk about what business owners need to do to prepare their businesses. As an expert who helps business owners grow their companies, Phil shares some of the things business owners need to prepare as a matter of good business practice, even if they don’t plan to sell their businesses. He explains the PITA Patter system to solve problems and the two-week vacation test to see if the business is sellable.

 

Key Takeaways:

• Phil shares his journey from launching a start-up to selling his company. He tapped into his business background from his employed career in selling advertising to start his business and eventually sold it 18 years later.
• A lot of business owners get attached to their businesses and their clients. When big companies buy out smaller businesses, these business owners have to deal with how to tell their dearest clients and deal with the aftermath. That’s part of being a business owner.
• Business owners need to ask themselves why they are running their business. One of the benefits is hopefully getting a big payday.
• Business owners need to have their businesses ready to sell or hand off to someone else, even if they don’t plan to sell anytime soon. Phil explains the vacation test that business owners can use to gauge if their business is sellable.
• Another aspect business owners need to consider is if they have all their paperwork for the business in order. This includes client contracts, supplier contracts, and staff contracts, as well as rental agreements and financial plans.
• The third thing business owners need to do to prepare their business is to have their systems and processes documented, and this is also a good business practice in general.
• When it’s time to sell a business, it needs to be valued first. The value of the business depends on various factors, such as the sector and industry.
• As a business owner selling your business, you won’t be able to determine if the offer you have from a purchaser is a good one or not unless you’re watching the market.
• Every business owner should aim to get their business to the point where it runs correctly. Phil explains the PITA patter system of solving problems that can help business owners get their business in shape.
• The key to good management is always delegation.
• People do what’s important to them. Getting people in your company to do what you need them to involves explaining to them why the task is important.

 

External Links:

Maintenance-one.com

Phil Fraser

Phil Fraser on LinkedIn, Instagram, Twitter

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