Read Millionaire Fastlane
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- Aug 26, 2018
It's real, but it means you have to have systems and processes in place that are good enough to replace the owner's direct, daily supervision.Is "absentee business" a myth or a real thing?
I know people who own businesses and don't work there, but they have their kid(s) working there, which is kind of different.
How big can your biz get while you're still working full time somewhere else? This has been my biggest BS bias: I don't want to quit my job (see insider intro for why), but I have this nagging belief that you need to commit full time to do anything valuable...
Most smaller businesses don't have that... if they did, they would normally grow to the point where you wouldn't call them smaller businesses.
If you have this kind of business, you probably are not working somewhere full time. Unless it's to start your other business.
The more profitable (replacing 'bigger' with a slightly better measure) the business is, the more likely it is to not require full time attention from the owner (s). So it's not so much a matter of "how big can a business get" before the owner has to spend all their time there. A very small, unprofitable business usually requires more work from the owner than other businesses... this is why people burn out in the early phases when they haven't gotten the business standing on its own legs yet.
One blind corner is the "no exit success." Basically the owner makes good money, but they never externalize the business. As a result, they're stuck being the main worker there forever, or until they have a stroke or something. Before that happens, you need to find ways to make the business absentee-ownership compatible... then you can choose whether to actually work there, whether to let your kids work there, etc.
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