834: Built to Sell: Create a Business That Thrives On Its Own with John Warrillow

Do you want to build a valuable business that can thrive without you even laying a finger? If you are a parent, your goal for your children is to make them an independent and thriving member of society. And this is the same for business owners. If you are an entrepreneur, your goal is not to sell the product but to sell the company. The goal is to build a business that thrives and creates profit without you.

John Warrillow is an expert on helping business owners build, accelerate, and harvest the value of their businesses. He is the author of several books, including "Built to Sell: Creating a Business That Can Thrive Without You," "The Automatic Customer: Creating a Subscription Business in Any Industry," and "The Art of Selling Your Business: Winning Strategies and Secret Hacks for Exiting on Top." Today, John discusses his recent focus on launching a new product that aims to help entrepreneurs document their standard operating procedures, a crucial step in building a business that can run without the founder's constant involvement.

Quotes

“Effectively, we're trying to solve an issue that many entrepreneurs face: documenting standard operating procedures.” - John Warrillow

“A lot of entrepreneurs are good at starting things but are not necessarily process-oriented individuals.” - John Warrillow

“If you're selling the wrong product, you need to hire salespeople to sell it. You also have to apply the same sales, marketing, and influencing skills to sell your company.” - John Warrillow

Takeaways

02:55 Entrepreneurs often struggle with systematizing their businesses, as they tend to be better at starting ideas than following through with processes.

12:35 Building a business that can succeed without the founder's constant involvement is crucial for creating flexibility, freedom, and options for the entrepreneur.

16:17 Focusing on one unique, differentiated offering can make a business more valuable and attractive to potential acquirers, rather than cross-selling a mix of products.

19:58 Avoiding the temptation to chase revenue through cross-selling and instead staying disciplined to a single, differentiated offering can lead to a more valuable and desirable business.

23:37 Entrepreneurs should think of their business as a child they are raising, with the goal of creating an independent, self-sustaining entity.

Resources

Podcast: Play in new window | Download (Duration: 28:15 — 26.1MB) | Embed

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Filed in: Archive 4: 2020-2023 • Interview • Podcast

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