Over a recent weekend the Seattle area had a massive wind and rain storm featuring hurricane shaped funnels (not hurricane strength winds), falling trees, power outages, and more. At a family event Sunday night the discussion turned to emergency preparedness. Between the four or five families represented we maybe have one fully stocked emergency kit (water, food, supplies, generator, etc.).
It got me thinking about how many businesses are prepared for a catastrophe. Not the kind risk management (insurance) people work with but something threatening the life of the business.
Five years ago one of my clients bought a business, and paid very little in cash plus an earnout, because the surviving spouse held onto the business for too long, without taking care of it.
Another client took the time to prepare the business and multiplied her price threefold (or more). And it wasn’t rocket science; it was knowing what to do and then doing the blocking and tackling, every day.
But let’s backup from both of these examples and go over what preparing a business for sale really means, even if you’re not thinking of selling, which is:
If a catastrophic event hits you, the business is not decimated!
Because you have the systems and people in place you can survive the storm. Want more? Get my book If They Can Sell Pet Rocks Why Can’t You Sell Your Business (For What You Want)? It’s the survival kit for the storm that could hit you and your business (or your client’s business).
“Rivers know this: There is no hurry. We shall get there some day.” A. A. Milne