One of the toughest things in life is knowing what you don’t know! How’s that for one of the world’s top oxymorons? [quotes]By definition, we can’t know what we don’t know, can we?[/quotes]
A quick path to discovering the gaps in your knowledge is to find somebody who knows more than you and get help, but that’s not always possible. The next best thing is finding that knowledge in a book.
Built to Sell: Creating a Business That Can Thrive Without You; and The Automatic Customer: Creating a Subscription Business in Any Industry
by John Warrillow
Most entrepreneurs start a business with the goal of building it. They want to create a job for themselves or others. Possibly even to create wealth. [quotes]What very few think about is the end game when they’re no longer in the business.[/quotes]
In a similar style to The E-Myth, this book is written as a story, not a dry, stuffy, traditional business book. It’s a quick, easy read that will give you a different take on how a business might be structured to run without the owner around, and ultimately to be sold so the entrepreneur can leave the business behind.
I’ve touched on the fact that a well-systematized business can be worth more (I even wrote a book about it myself – Systematize It Now).
In Warrillow’s other book, he discusses putting a subscription model into almost any business – this is a skill and concept you should master. Why? Most traditional businesses sell for around 3x their income, a business with a subscription model (also known as continuity) can sell for 6x or even 7x their income.
Imagine having a participation clause in a business that doubles in value thanks to your efforts!
Available on Amazon.com
- Recommendation by Ben Pritchett