As Seen in Multi-Unit Franchisee Report – 3 Questions To Ask Growth And Building Value In Your Business
Before you make that next deal, or as you start and/or continue with your growth plan, you should ask yourself a few vital questions surrounding growth and building value:
Do I have synergy among my management team and leadership?
Teamwork and management synergy is imperative to business succession simply because you as the franchise owner cannot do it all.
Do I have the excess capital and resources that growth requires?
For example, looking at where your business stands compared to your competitors, ensuring your franchise and employees are working as effectively and efficiently as possible, and how your business is prepared for the future.
Do I have the confidence that my successor(s) will be able to manage what I’m building?
Communication of your goals and priorities to all those involved in the business is critical.
A great deal of your business value is locked in the resourcefulness, commitment, enthusiasm, and teamwork of your management team.
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Business value is tied to performance. Top talent, strategic vendors, and creditors will be influenced by the organization’s competitive advantage in the marketplace. Traditionally, transitions generally bring with it a drop in profits. It is crucial that your business is operating at peak performance in order to fulfill cash flow needs and expectations during times of transition.