There was a great item on the E-Myth blog recently entitled To Sell or Not to Sell.
One of the aspects of the E-Myth philosophy that I have become less certain of in recent years is the assertion by Michael Gerber that “the only reason for starting a business is to sell it”.
It was good to read in this E-Myth blog that business owners should think about alternatives to selling. Here are the main alternatives that I discuss with K&H clients when talking about their long-term plans:
1. The number one alternative to selling is taking a back seat and letting your team run the business for you, following the vision and using the systems that you created, preferably with input from your team.
2. An increasingly common second alternative to selling is simply to carry on working in the business indefinitely. This is absolutely not something that Mr Gerber advocates, but it seems to be what he is doing!
You may ask why anyone would want to work in their business indefinitely. Isn’t this something that those second-class business owners (i.e. the ‘lifestyle’ crowd) do?
The answer is that, if you love what you do, why would you want to stop?
The problem is that you probably don’t love what you do, or at least you don’t love every aspect of the role. So the challenge then becomes:
How do you change your own role within the business so that you only do what you love doing?
This then becomes your number one personal and business strategic objective.
The good news is that, whichever long-term strategy you choose, you still need to systemise and create a vision/core purpose/values etc., so the short- and medium-term objectives stay the same.
My thanks to Rowland Dexter of QGate Systems who, along with the E-Myth blog, inspired this post.
Please tell me what you think.