A friend and client of mine (let’s call him Macca) lives one of the greatest lives of anone I know: skiing in France, running with the bulls, festivals, you name it. He owns a hospitality business, makes extremely good money, and works just six hours a week. The rest of the time he’s getting massages, going to the movies, or planning his next overseas trip.

This guy is literally living the business owner dream. I meet Macca and a few other friends for breakfast every Friday. As I get up to leave, Macca always asks the same questions:

‘Why do you need to go to work? Aren’t you the boss? Just take the day off!’ I tell him that I have to go. They need me. The business
couldn’t possibly function as well without me. This is the trap that many owners can fall into. If we think that we’re indispensable to our business – because we’re the most knowledgeable, the most skilful, and care the most – then we’ll probably end up a slave to it.

Too many franchisees I see end up buying themselves a job, rather than a true business, because they don’t fully leverage other people’s time. To me, Macca has the perfect business. He’s not pulling beers or watching the till. His business works (extremely well) without him. People are clamouring to buy it from him, but he’s happy with his return, and his lifestyle. It’s a true business: 1) profitable, and 2) sellable because it doesn’t rely on him. Macca’s situation defines what I believe is ‘business success’: a wildly profitable entity that can operate just fine without the owner, and that others are clamouring to buy.

What’s your business dream?
Most owners go into business for similar reasons: To be the boss and not answer to anyone; make more money; do what I’m great at; choose my hours. Basically, a more flexible and rewarding lifestyle, and the freedom to live life on our terms.

So... how’s that working out for you? The reality for most business owners I meet is polar opposite to Macca. Most don’t get the full financial and lifestyle rewards they deserve from their business.

They’re working longer hours, often for less reward (and definitely for a lot more risk and stress), than when they had a nice cushy job. Some make perfectly healthy profits, but are slaves to their business. Others have great lifestyles, but no cash to enjoy it. And the hidden killer: most businesses have their potential sale price reduced simply because the business relies too heavily on them, so it’s less attractive to a buyer.

The key to business success

If there’s one thing I’ve learned over my 20–year career of helping business owners build awesome businesses (and growing my own), it’s that the key to success is building a business that others want to buy - even if you don’t plan on selling any time soon.
Picture a business that others want to buy: it has strong cash flow, outstanding profitability, loyal customers who are fantastic to work with, and a team of inspired, energised and well-trained people who follow clearly defined processes, and a well-oiled ship that doesn’t rely on the owner(s) to operate effectively.

These are also the attributes of a business that you won’t be in a hurry to sell (until you get an offer that’s too good to refuse). I say you can have it all: enjoy a dream business that’s a delight to own, and build a highly valuable business asset you can one day sell for top dollar. This is what it means to have your cake and sell it too.

“But I don’t want to sell my business!” I hear you cry. “I bought it to escape the rat race, not go back to it!” Building a valuable business is not actually about the sell. It’s about a sell mindset; taking action now to build a business that others will want to buy in the distant future (and will pay top dollar for). This will give you the choice to one day sell the business for a truckload of money… or keep doing what you’re doing, but with more profits, less stress, and lifestyle freedom.

Those choices sound pretty good to me.

“Get sacked!” – Why your business is better off with you not there
As the owner, you’re the single biggest critical success factor for your business. But you’re also holding it back from giving you the financial and lifestyle rewards you went into business for in the first place. Too often our business relies on us. There’s only one reason for that: us. We think the business needs us to survive; that things couldn’t possibly run better without us there. It’s this thinking that traps you in the business.

But if we heed Stephen Covey’s advice in The 7 Habits of Highly Effective People, and start with the end in mind – the day we sell our business for a truckload of money – we start thinking a lot more strategically about our business.

A business which doesn’t rely on the owner is a lot more attractive – and valuable – to a potential buyer. So you should aim to remove yourself from the day-to-day operations of the business; to ‘sack yourself ’. This will create room for others to step up and handle most of the ‘stuff ’ that takes up so much of your time. It will also free you up to focus on what you’re best at (and what is most valuable to the business).

It was only when I let go, and gave my team members the tools, training and support to drive the business, that I truly became a business owner. So who would you rather be? Macca, working 6 hours a week, or ‘Mr Indispensable’ who is trapped in the business?