This week's key takeaway:
How to increase the value of your business - with Ben Fewtrell & David Carlin
Episode intro:
Businesses are usually valued as a multiple of profit, and yet we see so many clients who are not properly focused on their profitability. They're thinking about selling up but they haven't systemised their business to the point that it's worth anything without them, and while they're at it, they've not factored in their own wage to their assumed profitability.
In this episode we go through the main pillars of business valuation and we will also challenge you on your intention. Are you doing this because you love the day-to-day work? Do you want to sell, and if so, when? Do you want to a grow a particular size before you sell? Whatever your motivation for valuing your business, we've got it covered.
In this week's episode you will learn:
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-The difference between putting together a plan, and being organised
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-How to create a business that doesn't rely on you
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-How much to pay yourself out of your own business
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-The 'business mindset'
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-'Systemised value'
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-How to get repeat business
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-The importance of subscription models
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-How to define 'the marketing value' of a business
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-The 'owner value' of a business
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-The difference between an owner mentality and a worker mentality
Show links:
** Get this week's free workbook here: http://www.maxmyprofit.com.au/value
