One fact that all business owners need to consider is the absolute unavoidable fact that they will leave their business at some future point. Since that is a fact, then we need to examine the steps that an owner should take to prepare for that eventuality.
One of the principles outlined by Steven Covey in the “The Seven Habits of Highly Effective People,” is, to begin with, the end in mind. His premise is that as individuals, we should think about the legacy we want to leave behind and then work toward achieving that goal.
The same principle should govern an owner's view of his business. Ask yourself, What do I want my business to look like when I walk out the door for the last time? Do I want to leave a thriving business with happy employees, satisfied customers and reap a solid reward for my endeavors? Or, do I want to leave a smoldering heap of ashes behind that is of no value to anyone?
We will discuss several...