Don’t get trapped by your business

This article from The Wall Street Journal brought to mind the issue that every business owner needs to plan for: exiting the business.

Author Steven Covey popularized the concept of beginning “with the end in mind” in his book The Seven Habits of Highly Effective People, and it’s a concept that most business owners don’t put into practice.

How do you know if your business is designed to be sold? As a business owner, you should be able to leave your business for one-to-two months and come back to find your business operating profitably and smoothly. That is a no-kidding indicator that the business is system/process-centric and not owner-centric. What that means to a potential acquirer is:

Read the rest at The Washington Business Journal.