Starting a business is a great adventure for every entrepreneur. Sometimes one experiences the thrills of victory, but at other times the agony of defeat. The determined entrepreneur picks herself up again and again, implementing lessons learned, and ventures onward....the question is to what end?
What is your business worth? 
When I ask this question of my coaching clients, I tend to get answers that range from "nothing without me" to "I have no idea" to "whatever someone is willing to pay me" or "I'd like to be a millionaire". The answer should be income minus expenses = net profit - owner's discretionary expenses = recast net profit + assets.
Confused? Unfortunately too many women entrepreneurs, and male entrepreneurs, are and therefore have not even considered planning an exit strategy. The reason this is important is that YOU, the entrepreneur, have an expiration date -- yes, someday you will die. But, your business doesn't, or at least doesn't have to if you plan, and. as the book pictured suggests, build your business to sell.
Of course, depending on the type of business you have and whether you sell products or services, who will buy your business will vary widely. Some of the natural buyers are another entrepreneurial-type like yourself; a competitor that wants to capture a larger share of the market; one or more of the employees working for you; a family member who wants to follow in your footsteps; or maybe even a business from someplace else that wants to expand to your location. Each one of these buyers is looking for something specific in your business that will provide the desired outcome with a purchase. But, I can promise you they all have one thing in common, and that is the need to make their purchase price back in generally within three years and a chance to growth revenues beyond those of today.
How can you value your business today? Start by taking a look at the last three years of tax returns. How much business income did you report? If the answer is "not much" ask yourself why would someone want to buy your business if it doesn't generate income? If your answer to this question is "I operate a business because I enjoy it", then get the book Built To Sell ASAP as you have a lot to learn about business. Even if your answer is "I operate a business for the advantages associated with owning a business, then get the book Built To Sell ASAP and start reading.
As an entrepreneur, and even more as a woman entrepreneur, you have put your blood, sweat, tears and probably a lot of money into launching your business. If your business is older that three years old you have proven that you have got what it takes to be successful in business. Your business has value and if you are not protecting that value and growing that value you are squandering your retirement!
Every woman entrepreneur I have ever worked with has given up something to become a woman in business. Most often it is time with family and friends and sometimes it is her dependence on others. But in the end, she knows that giving birth to a successful business makes her proud of herself and provides a role model for others to follow. It also gives her a greater opportunity to give back to all those in her life and community. All of these great accomplishments must be respected by her planning for an eventual exit from the business.
Just as we send our children out into the world to use the skills and values we have instilled in them so MUST we sell our companies to those that will take them to the next level.
It's time for every woman entrepreneur to focus on building a business to sell and knowing the value of her hard work. Build it to sell.
