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rsr143's review against another edition
3.0
(audiobook edition) Insightful for any services business owner. Even if you have no plans to sell your business (I certainly do not), this book helped me realize the value in adding structure, standardization and also eliminate my involvement from aspects of the business whenever possible. This is a book any entrepreneur trying to run a consulting or coaching business should check out. I found the audiobook version nice, but the narrator voice (not read by the author) didn't sound great to me as it sounded overly formal in speech.
michelleloretta's review against another edition
4.0
While the "storybook" narrative isn't my favorite style of writing for business books, this is a GREAT read for anyone who is thinking of selling their business (long-term goal or short-term goal). It is simple and easy to understand. Makes the process seem so simple! HA! :) (Of course, this assumes you have an attractive "sell-worthy" business. But he talks about how to get there.)
briarraindancer's review against another edition
4.0
This is a nice little business parable. The truth is, if you’re not building your business to sell, then you just have a lifestyle brand.
devincarlos's review against another edition
5.0
Excellent! must read for every entrepreneur
An excellent and concise book that pays out one of the basic core tenents of a business. I highly recommend everyone starting a business or thinking of taking their business to the next level read this.
An excellent and concise book that pays out one of the basic core tenents of a business. I highly recommend everyone starting a business or thinking of taking their business to the next level read this.
mtbc's review against another edition
4.0
I learned a lot from this book and liked the storytelling aspect.
trevan's review against another edition
5.0
While the main story is fictional (following a man who wishes to sell his small advertising firm), the lessons and experiences Alex, the main character, learns and experiences are very realistic. Warrillow did a wonderful job with the plot and I honestly couldn't put the book down until the end when Alex finally sealed the deal on his firm (er, I mean business...)! I'm not in a boat to sell a business, but for those who are or maybe me in the future, this book is absolutely worth a read. The main focus follows that of the "E-Myth" methods (creating a business not reliant on the owner).
pianorunner421's review against another edition
5.0
Finished this book with the thought I need to read it again. Easy to follow steps to making tough choices to build a business worth selling. Excited to see where following this method could take it company
nyky's review against another edition
5.0
Very good read for anyone thinking about building a Business in the hopes of selling it.
princeofspace's review against another edition
4.0
Here is what I got out of this book:
Step 1-4 focus on building value. 5-8 on selling the company.
1. Isolate a product with potential to scale.
- Specific offering. Not customizable.
- Develop a sales pitch for your product
2. Create a positive cash flow cycle
- Subscriptions
- Make sure no one customer makes up more than 15% of your revenue.
3. Hire a sales team
- Remove yourself from selling the product
- Hire 2 sales employees. They are competitive
“Your job as an entrepreneur is to hire salespeople to sell your products and services so you can spend your time selling your company.”
4. Stop selling everything else
“Business owners often believe that to be “customer centric,” they have to give customers whatever they want. But giving customers too much choice can be a detriment, especially if you’re trying to build a company you can scale and ultimately sell.”
- Customization kills scalability
- Lead your customers. Do not follow. Do not be afraid to end the business relationship if they don't like your standard product.
5. Launch a long term incentive plan for managers
- Prove your managers can run the company and will stick around. Not equity.
6. Find a broker
- Must be able to answer:
“Describe your sales cycle.”
“How many salespeople do you have?” “Describe your cash flow cycle.”
“Who are your customers?”
“How do you know if they are satisfied?”
“How often do they repurchase?”
7. Tell your management team
- Offer bonus when company sells
8. Convert offers to a binding deal
- Beware of earn-outs
Now for the hard part, putting these ideas into action.
Step 1-4 focus on building value. 5-8 on selling the company.
1. Isolate a product with potential to scale.
- Specific offering. Not customizable.
- Develop a sales pitch for your product
2. Create a positive cash flow cycle
- Subscriptions
- Make sure no one customer makes up more than 15% of your revenue.
3. Hire a sales team
- Remove yourself from selling the product
- Hire 2 sales employees. They are competitive
“Your job as an entrepreneur is to hire salespeople to sell your products and services so you can spend your time selling your company.”
4. Stop selling everything else
“Business owners often believe that to be “customer centric,” they have to give customers whatever they want. But giving customers too much choice can be a detriment, especially if you’re trying to build a company you can scale and ultimately sell.”
- Customization kills scalability
- Lead your customers. Do not follow. Do not be afraid to end the business relationship if they don't like your standard product.
5. Launch a long term incentive plan for managers
- Prove your managers can run the company and will stick around. Not equity.
6. Find a broker
- Must be able to answer:
“Describe your sales cycle.”
“How many salespeople do you have?” “Describe your cash flow cycle.”
“Who are your customers?”
“How do you know if they are satisfied?”
“How often do they repurchase?”
7. Tell your management team
- Offer bonus when company sells
8. Convert offers to a binding deal
- Beware of earn-outs
Now for the hard part, putting these ideas into action.