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Nobody Will Buy Your Job
January 27, 2023
Here’s a quick and dirty tip for this week.
There’s been some buzz and money around the merger and acquisition (M&A) of small and medium-sized businesses.
If you’re a small business owner and you’re thinking about cashing out, keep this in mind.
If your business cannot run without you, then you don’t have a business, you have a job. And investors don’t want to buy your job. They want to buy a business capable of standing on its own.
Yes, you may have business assets that someone might want to buy. (Like equipment, real estate, or client lists.) But that would be an asset-only deal and you won’t get the payday you’re hoping for with one of those.
As it happens, the criteria for a sellable business are the same as for a business you can retire with.
If your business cannot run without you and someday you might want to retire or sell, then take this as your nudge.
Start building processes and systems, and make some key hires.
– Zac Smith, VC
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