Create a business model that turns your company into a valuable asset.

The definition of an asset: property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.

Research shows that the number of employer businesses with 1-99 employees accounts for 97% of businesses in Canada (source: GOC: Key Small Business Statistics 2021).

And 67.6% of all employees work for small businesses.

As employers and businesses that often bring innovation and social impact through their products and services, what would it look like if more of these companies survived into the next generation? What if many could sustain and continue to bring their innovation, social impact, and dependable products and services to future generations?

In this series of understanding the different (eight be exact) drivers of your business’ value, today’s driver is really about what the future holds for your business.

First, I want to acknowledge all you’ve accomplished to date - building something from nothing, or taking an existing business and building it to the point where you are now. I know you’re not finished yet, but, it’s important to acknowledge how far you’ve come.

Congratulations!

Revel in the past rewards, accomplishments, awards, client success stories, and fulfillment you’ve enjoyed to this point.

Having a great history is one thing and while this can provide a wonderful sense of pride and fulfillment, someone interested in taking over your business in the future is not only thinking about where you’ve come, but how much is possible in the future.

In other words, your company’s growth potential.

Here is something to consider:

Does your business currently align with YOU and your goals? Does it provide you with what you need to live your life in the way you wish?

Here are two important considerations:

1. Does it align with your desired lifestyle while working?

2. Is it structured in a way to set you up for your lifestyle after you want to move on from your business? (whether that’s passing it down to children or management, selling it, or moving into an oversight position, etc.)

Do you think of your business in these ways?

If thinking of your business in these ways is new for you or you simply haven’t given it much thought then I invite you to spend a few minutes to entertain them.