When someone like Jeff Lacy says that the single most important aspect a business owner should remember when it comes to creating, and then sustaining, business value is to start with the end in mind, you listen – and for good reason. As a former business owner with “more than 30 years in business development, building and leading sales and operations teams and identifying the most critical gaps slowing sales growth and implementing the strategies,” Jeff now serves as an area president for FocusCFO, an Ohio-based professional CFO services practice. These days he works to help others grow and sustain their businesses. This week on episode 42 of unsuitable on Rea Radio, Jeff joins Mark to talk why a business’s true value matters and what business owners can do to maximize that value. Complete with real-world examples and words of warning – this episode is certain to be valuable to listeners in all stages of their entrepreneurial careers.
Are you ready to look beyond the day-to-day demands of payroll, minor challenges and the tendency to be overly focused on sales as a cure-all solution? Then this episode is for you! When this show ends you will be ready to set aside some time each week to contemplate the big picture – which is essential for securing meaningful business growth. In addition to recommending a variety of solutions capable of moving the needle, Jeff discusses why the true value of your business matters so much and why business owners should know the true value of their business as early as possible.
Finally, Jeff touches on overlooked measures of value that are oftentimes overlooked by owners and subpar valuation professionals. According to Jeff, solid relationships with vendors and clients, for example, can amplify the goodwill of any organization; thus directly impacting the company’s overall value. Jeff argues that real value is found within the trust that exists between the business and people – not just in the business’s products or services. Once you have identified your business’s true value, you can identify a plan that will not only work, but will work efficiently and effectively.
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How much is your business worth? How much do you need it to be worth to support your retirement? If you don’t know your business’s value – its real value – your retirement may be in jeopardy. If you knew what your business was worth today, what would you do differently to increase its value and leave your business on your terms?
If you don’t know the current value of your business or what steps you can take to increase it, Know and Grow The Value of Your Business: An Owners Guide to Retiring Rich, is a great place to start. Through the pages of this book author Tim McDaniel will guide you to help you realize that your business is an investment – an asset that needs to be regularly nurtured and protected. Know and Grow The Value of Your Business is designed to help you realize that you need to exit your business on your own terms.