Make Your Business Buyable With Steve Preda’s Help

Entrepreneurs face the constant challenge of creating self-sustaining, profitable businesses while the threat of failure, debt, and bankruptcy looms overhead. Self-help books and YouTube videos can only help entrepreneurs improve their company so much, but these options often lack one-on-one mentoring from an expert. Certified EOS® Implementer Steve Preda recognized this problem and created a program that provides entrepreneurs with the guidance and tools they need to succeed. His groundbreaking concept of buyability changes how entrepreneurs perceive their company. Here are some of the most frequently answered questions about buyability. 

What’s the Difference Between Buyable and Sellable?

While “buyable” and “sellable” sound like synonyms, these words explain different concepts. Sellable companies are businesses that can be and were meant to be sold one day. 

Buyable companies, on the other hand, are self-sustaining businesses that grow, generate profit, and create a talent-attracting culture. Preda believes every business should be buyable, even if an entrepreneur never plans to sell it. 

What’s the Buyability Process?

Preda’s Buyability Process is a blueprint that helps entrepreneurs transform their business, even if they are not currently planning on selling it. The process entails four steps:

  • Design your future: Entrepreneurs identify their ideal life and develop actionable steps to achieve it.
  • Orchestrate your business: Entrepreneurs learn how to optimize their business by implementing the Seven Management Concepts.
  • Drive growth and value: Entrepreneurs learn to optimize their business through differentiation, attracting top tier talent, and maximizing sales. 
  • Construct your ideal life: Entrepreneurs learn to monetize their company and transition to the next chapter of their life. 

Why Should My Company Be Buyable?

Buyable businesses are ideal businesses.

Even if you are not currently planning to sell your company, ensuring your business is buyable is vital. Buyable businesses are self-managing, self-sustaining, and highly profitable. Essentially, buyable businesses are the dream for entrepreneurs. The buyability principles will help you reach that goal.

Buyable Businesses attract others.

Buyers seek profitable businesses–ones that can meet their long-term financial commitments, have a strong market position, and have an established, loyal customer base. If you choose to sell your business, the buyability principles can help it become more attractive to potential buyers and maximize your profit from the sale. 

Opening a new startup or small business requires funding, and about 90% of all businesses are initially funded by their founders. The United States Bureau of Labor Statistics reports that about twenty percent of small businesses fail within their first year. About 37% of startups in the United States fail because they lack capital or profitability. Investors can be the difference between a new business’ success and failure. The buyability principles can help make your business more attractive to potential investors. 

How Do I Make My Company Buyable?

There are three main criteria for a buyable business:

  1. The business is self-managing.
  2. The business can compete and generate a healthy profit.
  3. The business attracts top-tier job talent and has dedicated employees.

Preda developed a Buyability Assessment on his website that determines how buyable your business is by analyzing your vision, management orchestration, growth drivers, profit optimization, grooming status, and transaction savviness. Routinely self-assessing your business is critical for its success. Success can be fleeting if you become complacent during periods of success, while mistakes can be fatal if you fail to recognize and address them. 

The Man Behind Buyability: Steve Preda

headshot of Steve Preda: a white man sitting on a chair wearing a red and blue plaid shirt and a receding hairline.
photo Steve Preda's new book, Buyable

Before opening his own business, Preda worked for top consulting firms and banks in London and Budapest. His company, MB Partners, assisted business owners with ownership transitions. His new book, Buyable – Your Guide to Building a Self-Managing, Fast Growing, and High-Profit Business, is the perfect read for any entrepreneur looking to improve their business.

The book releases on June 1, 2021, but you can pre-order it here.

Products You May Like

Articles You May Like

US Supreme Court signals willingness to curtail abortion rights in America
Thom Yorke and Jonny Greenwood Rehearse the Smile Songs on Instagram Live
Jordan Alexander Is in It for the Long Haul
Particle Accelerator Magnet Discovered That Achieves Record Ramping Speed
Book Riot’s Deals of the Day for December 1, 2021

Leave a Reply

Your email address will not be published. Required fields are marked *