Building your business into an enterprise will be the hardest transition you ever make, but the growing pains are well worth it: for the freedom, the wealth creation and the ability to sell your enterprise to buyers who will enhance the value of your legacy and reward you incredibly well.
The first hurdle is admitting that your business is actually a family-run or leader-driven company whose survival solely rests on your striving and grinding. That has to change.
Yes, you may be the best at selling your products or driving innovation, because you do it with more passion – or you simply enjoy it – but your growth will never be truly sustainable until you can get yourself out of the weeds and out of the way.
Look at your business. Define it as a model, so it can be scaled. This is a really major transition that ultimately will take you all the way through strategy, structure, people and finally process: implementing simple policies and procedures as you grow – and building in access to the right numbers, so you can see what needs managing and how you need to manage it.
Fill the gaps in the bandwidth of your business – marketing, finance, sales, HR and more – until you are able to take your eyes off the details and take a helicopter viewpoint: working ON the business, not working IN the business.
If you are too close to the tools, no-one will feel confident in buying your company, in case the wheels fall off when you take your nose off the grindstone. You need to become expendable to the business – so when your buyer looks at what you have built, they don’t see a family-run company, they see the scaling potential of a really well-structured, high-performing enterprise model. You can create that.