Do you like money? How would you like to make even more of it by either exiting your company or working less and making more money? In my lifetime, I’ve owned 7 businesses and every one of them – whether I decide to sell them or work less and keep my ownership – has an exit plan.
In this post, we’re talking about the two ways to 10x your business so you can either exit your business rich and never have to work again or make more money and work less. So, let’s dive into the first strategy:
Sell Your Company For Massive Profit
Wanna get yourself out of the rat race and hand the business over to someone new? One of the ways is to sell your company and retire rich. More than 80% of millionaires got their wealth by owning a successful business that they sold for huge gains.
You should grow your business with the goal to exit with massive profits! The difference between successful business owners and your average joe with a little bit of cash flow is that they have their sites on the larger end goal, and build their business around it.
There are 5 ways to increase the value of your business before you sell it:
- Increase your sales and boost your profits – This will attract buyers to know your business is still booming with profitability.
- Updates your company’s website, social media pages, and any other platforms – Investing in marketing is crucial to increase your brand awareness.
- Develop an effective process for your employees – reduce employee turnover by having set processes in place and easily onboard new employees.
- Incorporate new technologies and software – Continue to invest in the best tools for maintenance and process.
- First impressions are everything – Buyers want to know that each part of the company is in top shape and shows how valuable it is, inside and outside.
It’s important to plan your exit early and use these strategies while you’re working. The idea is to think of every way you can increase the value of your business so you can sell it for double the worth.
Work Less, Make More
This is one way you can have your cake and eat it too; switch positions. No one wants to be stressed out of their mind for the rest of their lives, why not reduce your workload while still raking in the cash?
The trick here is to decrease the number of hours you work. Wouldn’t you rather work 20 hours per week raking in the cash instead of working 80 hours per week constantly tired, overworked, and stressed? Do you want to continue working 24/7 for the rest of your life? No.
Your other 10X option is to take on a position that requires you to do less; less work, less maintenance, less managing and for more free time, more family time, more travel time, whatever you desire.
This exit strategy is great for business owners who want to simultaneously increase their profits and decrease their workload without sacrificing time for everything else that’s important to them.
This method doesn’t make you give up ownership, it simply means switching the type of responsibilities and duties you have to taking on a different role in the company – and it’s still a win-win.
Learn To Exit Your Role As An Operator Within Your Business And Be A True Business Owner.
My partner, Brandon Dawson and I will be hosting the FREE 10X EXIT LIVE webinar where we’ll show you two ways to 10x your business with an exit plan. Brandon Dawson is the co-founder of Cardone Ventures. He is an expert at teaching business owners how to maximize their business’s value and amplify their vision and impact.
He was named one of the youngest entrepreneurs to list their company on the American Stock Exchange in 1998. With zero debt and no outside capital. He founded and self-funded his company Audigy that grew an annual revenue of over $35 million through organic growth and he EXITED the company at 77X EBITDA for $151 million.
Like me and my partner Brandon, we built Cardone Ventures with the goal to help business owners like yourself create a 10X EXIT plan.
We’ll cover: How to make the most money, know when to sell, and how to prep quality factors. Want in? Register for the 10X EXIT Webinar on June 26th, 2021.