Are you an IT professional services firm owner feeling burnt out and considering selling your business? This is a common situation that business owners who have been working in their companies for 5-8 years find themselves in. However, selling your business due to burnout can result in a significant loss of value and leave you regretting your decision in a year or two. In this article, we will discuss how you can establish a sustainable business that others want to purchase and avoid selling your business hastily due to burnout.
At Loading Growth, we work with IT professional services firms to help them build sustainable businesses that offer long-term value to the owners and shareholders. Our Baseline Accelerator Program helps firms increase their shareholder value by developing robust processes, a high-level management team, and establishing a culture that aligns with the business owner’s value system.
To build a sustainable business that others want to purchase, two things must be done:
- Build your business around your value system
- Make yourself redundant and delegate tasks to a high-level management team
Building Your Business Around Your Value System
As a business owner, you must design your business around your value system. Ask yourself, “what do I want my business to do for me?” You must ensure that your business gives you what you want as a person, rather than the other way around. To achieve this, you must build processes and a management team that can assist you in running your business or take over tasks that you do not enjoy doing. Your goal should be to work in your business for two to four days a week, doing tasks that you enjoy.
Building a High-Level Management Team
To make yourself redundant and delegate tasks to a high-level management team, you must plan for it. It takes time to reach a point where you can step aside and allow people to run the business for you as a chairman or a board member. You must establish processes and procedures that allow your management team to work independently and take more ownership. Create a set of key performance indicators (KPIs) to measure your team’s performance and build processes that enable you to manage your team remotely.
Selling your business in haste due to burnout can result in a significant loss of value. If you are experiencing burnout, take a step back, and take the time to care for yourself. Seek ways to streamline your operations and delegate tasks to your management team. At Loading Growth, we assist IT professional services firms in developing sustainable businesses that offer long-term value to the owners and shareholders.
If you are feeling overwhelmed and require assistance, please do not hesitate to contact us. We would be delighted to hear from you and assist you in building a sustainable business that you can take pride in owning.
In summary, establishing a sustainable business that is desirable to buyers is critical. By constructing your business around your value system and delegating tasks to a high-level management team, you can develop a profitable and efficient business. If you need assistance in developing your business, Loading Growth can provide expert guidance to help you succeed.