If you are looking for ways to increase the sale price of your business, I would strongly suggest reading, “The Emyth”, by Michael Gerber.
I have to admit, I am typically not the person to go to when looking for a book recommendation. I enjoy reading, but unfortunately as I am reading most books my mind starts to wander on topics like, how can this apply to me, will it work, what if I change this, and on and on. After 30 minutes of reading I have to go back and start over.
There are from time to time, books that I read that I feel are real game changers, and The Emyth, is definitely one of those books. This book is not only for those looking to sell their heating and air businesses, but for those who are looking to grow it without going crazy.
Michael Gerber is arguably one of the foremost experts on building a business that does not rely on the owner, and that is where I feel the greatest value in this book is.
Here is a quick list of some of the topics in his book ( and I strongly suggest you buy the book and read it, I am not a professional at summarizing, and only scratch the surface of this great book ):
- Many of us who start a business, do so because we know how to do the job, and would rather work for ourselves.
- We often do not spend time working ON our business, only IN our business.
- We should consider building our business as if we are going to open multiple locations
- Our business should be system dependent and not people dependent
- Great ideas can be learned from successful companies, many of which are franchises
There is a ton of information in this book that I feel most people can start applying right away, these are just a few I wanted to discuss today.
Let’s put a price tag on each of these and how they could effect the selling price of your business;
- If you put yourself in a buyers shoes, ( which I often suggest you do ), would you put a higher price on a HVAC company you were looking to buy that relies on one or two key employees, or one that has systems in place so it does not matter who shows up in the van that day?
- If you were a buyer, would you put a higher price on a business that can be duplicated across multiple areas, or one that needs to be overseen and managed by the owner all day every day?
- Which would you pay more for, a business that has systems and procedures to consistently produce new clients, or one that grows because everyone knows the owner and has for 20 years?
As you can see, these items I mention are not only great for those looking to sell their business for the highest amount of money, but for those who are looking to grow your business as well. The two go hand in hand.
For those looking to grab a copy of his book, I have included a couple of links below. I receive no benefit or compensation for recommending the book or where to buy it, I just included them as a matter of convenience.
As always, if you have any questions or if I can help out in any please do not hesitate to reach out to me.
I would love to hear any book recommendations that you have that have made a drastic change in your business, leave your comments below.