Does your renovation business provide you with a pension? Probably not, right? So how do you make sure that, one day, you have enough money to retire?
Most renovation companies I see make barely enough money to support the contractor today, never mind stockpiling money for retirement.
One solution to this problem is, of course, to sell your business one day.
Impossible, you might say. You are the business, you might argue, and not too many of your current clients are going to want to give their business to someone else who might, theoretically, buy your business.
If that is your approach, you have been thinking about your business the wrong way. Renovation businesses can be sold and in the next issue of Canadian Contractor I will be writing about a contractor in Edmonton who sold his business for half a million bucks.
How did he do it? He implemented systems in his business, so that the business wasn’t all about him. He delegated, he got himself out of tending to the business 6 days a week, 12 to 14 hours a day. By changing the business so that it could run without him, he had something to sell to the new owner.
At Renovantage, our definition of a successful business is: A commercial, profitable enterprise, that works without you.
If you can turn your reno business into a commercial, profitable enterprise that works without you, you, too, can sell your business for a lot of money, when you wish, and enjoy your retirement.
Next week, check this space for the full story of how you can do this, too.