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Many entrepreneurs believe that their business is also their retirement plan. This would be a great plan, if their business were in a position to be sold. However, that’s rarely the case. In fact, very few small businesses are ever sold.
Let’s take a look at what helps a business get sold with one of our favorite childhood stories.
Once upon a time there were three little pigs who built three small businesses.
The first little pig built his business out of straw, the second little pig built his business out of sticks, and the third little pig built his business out of bricks.
After they built their businesses, a big bad wolf visited the first two houses and blew them down. The two little pigs raced away to the business of bricks.
Then the big bad wolf went to the brick business and said, “Little pig, little pig, let me in!”
Of course, the little pigs reply with” Not by the hair of our chinny, chin, chins!”
“Then I´ll huff and I´ll puff and I´ll blow your business in!” roared the wolf.
However, the pigs were so organized and made such a good profit, the wolf could not blow their business in. In fact, he was so impressed with them, that he bought their business and the three little pigs retired and lived happily ever after.
Well, I think that is how the story goes…
So, what is your business made from?
- If your business can’t survive without you, it may be made of straw.
- If your business doesn’t show a profit on the tax returns, it may be made of sticks.
- However, if your business has good records, documented processes, valuable assets, and strong cash flow, your business may be made out of bricks!
Lay a strong foundation for your business and you may be able to sell it one day, instead of letting the big bad wolf blow it in.