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By Michael Angier

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Making Yourself Dispensable

One of my coaching clients just sold his business. He hadn't planned on selling it for several years, but he had some other ideas that had far more potential than the business he sold.

All I did was help him see that it was possible and advantageous to sell his business now. Within 10 days, he found a buyer, the deal was made, and he closed earlier this month, selling it for pretty much his asking price.

He's now free to pursue his other ventures with some more cash in his pocket and a nice monthly payment from the buyer.

It was an eye-opener for him and for me.

You see, most small-business people only THINK they own a business. In actuality, they're just self-employed. They've traded their former job for their current one, except that now they have to write their own paycheck. Many entrepreneurs tell me it feels like their business owns THEM instead of them owning their business. A REAL business is one that can be sold and/or be able to operate without you.

Very few people build their business with a strategy to sell it. In my own case, I don't plan to sell my business, but I want to set it up so that it COULD be sold if something catastrophic were to happen to me. I also want it to be as little dependent upon me as it can be.

To do that, I have to constantly be looking for ways to automate and systematize. I have to delegate well. I have to plan, manage and direct, while DOING less and less.

Action Point
Resolve to organize your business in such a way that you become dispensable. Even if you don't intend to, structure your business as if you were planning to sell it. Seek out systems that will allow others to operate the business.

You'll be surprised at what a difference this will make in your attitude, your balance sheet and your legacy.



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Last Updated 08/19/2004