Dear Members,
Welcome to Spring!
NAWBO Chicago’s 40th Annual Celebration of Achievement is just around the corner. And I’m calling on all members to join me on April 27 for the biggest luncheon and conference since the pandemic hit. Together, let’s make it the best ever! This year’s keynote speaker, Precious Williams – the Pitch Master – will not disappoint. In fact, Ms. Williams has overcome tremendous adversity, started several businesses and has written three best-selling books. Autographed copies will be available for sale in the conference exhibit hall.
Shifting to the monthly NAWBO topic: why is it important for your business to run without you? A business should be able to run efficiently and effectively in the absence of ownership for several reasons. What if there is a family emergency, or you get sick? What would be the impact if you decided to sell the company?
It’s your responsibility as the owner to document processes and to make sure that your employees are trained and proficient. Additionally, you should have clients under contract and vendor/supplier agreements in place. With well-trained employees and these systems implemented, you should be able to leave your company and tend to other issues without fear that something will fall through the cracks.
Another reason it is important to have these systems is if or when you have an interest in selling the business, you can demonstrate the company’s ability to operate autonomously from you. I know of several business owners who work their business every day and then seem surprised that a buyer wants a lower multiple. It works against you. The company must have the proven ability to be just as successful in your absence. Overcoming this variable will result in a sale at a higher multiple.
I hope this letter finds you well and your business thriving. I again encourage you to attend the Celebration of Achievement conference on April 27 from 8:00 am to 6:00 pm at the Hyatt Lodge Oak Brook Chicago. I assure you that you will receive many take-aways from the keynote speaker, various sessions, exhibit hall and networking in between. I’ll see you there!
Sincerely,
Edie Fienemann