The rung of business owner is a game-changer.
On this owner rung, you will have built a remarkable leadership team that has assumed full responsibility for the day-to-day operations of your business.
This step is tough. It requires you to step back, to cultivate a team capable enough to run the business on your behalf, and then grant them the autonomy to do so.
It means removing the titles of CEO, President, or any other executive position from your business card.
It also means figuring out how to respond when friends ask what you do.
Your primary task on the owner rung? Deciding whether you truly want to own the business or not.
Yes, that’s right. At least once a year, it’s crucial to evaluate your business and actively determine if it’s a worthwhile investment of your capital.
With your absence from the day-to-day operations, you have successfully transformed it into a valuable asset.
Now, just like assessing potential investments in the stock market, you have the privilege of deciding how to maximize its value.
Do you want to retain ownership and continue reaping the rewards through dividends and profit distributions?
Or do you prefer a substantial payout by selling it?
Indeed, it’s a significant decision, but it’s one that you now have the power to make.
Beware of the trap of merely claiming to be an owner while still being actively involved in the daily grind of your business.
The reality is that such involvement resembles a job, and jobs aren’t as valuable as true ownership. Consequently, if you’re still immersed in the day-to-day, your business will be valued less than you might think.
Complete your transition to being an owner. Only then will you truly embody the essence of ownership.