Every Tuesday we share with you a short review of a business book as our book recommendation of the week. This week it is John Warrillow’s Built to Sell.
In Built to Sell, John Warrillow focuses on why creating a business that relies heavily on you could be problematic. That is, by making your company too dependable on you, you are basically making it unsellable – even if it is a profitable one. So, in this easy to read book, Warrillow aims to explain how to avoid that mistake by telling the fictional story of Alex, who is struggling to sell his advertising agency.
First of all, it is important to understand that if you intend to sell your business at some point in the future, you should have that idea in your mind right from the start-up of your company. From start to finish, your business should be designed in a way that allows it to thrive without you – so the next owner can continue to grow and profit from your hard work. Built to Sell aims to teach you just that – how to create an efficient business that is profitable, fast growing and, thus, sellable.
According to Built to Sell, a sellable business needs to be teachable (focus on services that teach employees to deliver), valuable (specialise in doing one thing better than anyone else) and repeatable (engineer products that costumers have to repurchase). By introducing a range of strategies, Warrillow shows how you can optimize your own time by automating things that you do not need to handle personally. Furthermore, his principles’ ultimate aim is to allow you to step away from your business more often – eventually your company will be able to run smoothly in your absence, making it attractive to buyers. Among the book’s key points are not relying too heavily just on one client; hiring people who are good at selling products, not services; thinking big when creating your business plan, and building a management team, offering them a long-term incentive plan.
Built to Sell is the perfect read for a business owner who wants to develop a company so efficient, it will quickly attract a buyer when it needs to. However, even if you do not intend on selling – the book introduces you to powerful strategies for getting more growth as some of its main principles are focused on making your company a strong competitor in the marketplace.
If you would like to learn more, you can get Built to Sell here.
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