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Dan Whittaker shares a few thoughts on the concept of "de-risking" your business.
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Bill: There are many ways to grow your business, and one of the most effective ways is to reduce the risk, or de-risk your business. Here’s Dan Whittaker.
Dan: De-risking is really, if you’re gonna go through a process to transition out of the business, what are the things that can jeopardize the sale, or jeopardize the value? Are there any lawsuits or pending litigation that can crash the business? Another one is customer concentrations. Is your business operating with one customer that represents 40, 50, 60% of your business and if you lost that customer, the value of your business is essentially wiped out? And, how do you go through to go ahead and solidify the customer or take of that? Is the business highly dependent on a couple of people? So is the CEO, the owners, are they so involved if they step out, then there’s nobody else there to run the business? From and outsiders buyer’s standpoint, they need to see that the business is gonna run on its own.
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