My wife and I recently spent time in Grenada. The highlights of our conversation were on the fact that we are actually at a historic time for small and mid-sized enterprises (SMEs). As business owners, we are truly the strength of our nation, yet many of us run our businesses without an exit strategy.
In my years of working with business owners, I’ve noticed a dangerous trend: the rise of what I simply refer to as “system snake oil salesmen.” They’re everywhere on social media – polished, persuasive, and promising that their ” magical systems” will transform your business.
Through failed exits of my own, I learned that when enterprises fail (and 95% do), it’s not only because they lacked systems. In fact, every failed enterprise had systems in place. You need systems, but they must be accurately tied to predetermined results.
When I sold my first business, I got maybe 50% of what it was worth because I didn’t understand how buyers think. It took me years to get paid, but it taught me that the best way to build a business is simply to reverse-engineer what buyers want.
You don’t need the latest guru’s magic solution. Your business is a machine that should be naturally built for growth or sale.
Buyers of small businesses want:
- A management team that actually can run without you
- Clean, professional financials
- Systematic customer relationships that don’t depend on your personal charm
- Growth potential that does not regularly require miracles
Don’t get caught up in the social media lies from “gurus” promising you success without hard work.
If you wait until a crisis to create systems, it’s usually too late to make the structural changes that buyers value.
Your freedom should not be determined by social media standards or industry benchmarks but directly based on your personal definition of freedom.
