The Plunder stage is the final of the four stages, which I describe in my book The Quiet Millionaire. For most entrepreneurs, this is the most complex period of time as a business owner. It was for me both financially and emotionally as well as technically. It’s also the transitional stage for which the entrepreneur is usually least prepared to manage.This is why my main focus on educating and guiding others is on how to properly prepare for the issues encountered during the Plunder stage. Succinctly put, you must start the planning process well in advance during all three of the earlier stages.
The biggest surprise for me was even though I am an advisor, is how important it was to have a qualified team of other advisors to help me with my transition and exit from the business, and how few qualified advisors there actually are to utilize. While I was able to eventually assemble a first-rate advisory team, I wasted an enormous amount of time and money making mistakes in originally selecting wrong advisors to help me. Not only do the advisors have to be knowledgeable and technically competent, but they also need to understand and address the emotional aspects involved.
Having the right team in place was crucial for the business’ success. I was finally able to slowly let the business stop solely relying on me for the day-to-day operations. This is extremely important when looking to increase business value. Is a business that can only run with its owner valuable to others? In short, no it’s not! In fact, it could be argued that the entrepreneur doesn’t own a business at all, but rather a worthless job!
For more information, on ways to increase business value or things to consider when starting a business. Visit my guidance site for business owners www.qmguidance.com.