THE INVISIBLE MULTI-MILLIONAIRE: SCALING, DELEGATING, AND SECURING GENERATIONAL WEALTH

Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant

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Hey everyone, Brian Will here, and I've got some exciting news to share with you. I'm diving into the world of authorship again, and this time, the inspiration struck like lightning. During a recent live session where I was discussing my previous book, "The Dropout Multi-Millionaire," someone in the comments threw out a gem of a title: "The Invisible Multi-Millionaire." It clicked, and just like that, a new book was born.

Now, let me give you a sneak peek into what "The Invisible Multi-Millionaire" is all about. This book is a direct follow-up to The Dropout Multi-Millionaire, focusing on scaling your business, preparing for a sale, and ultimately creating generational wealth. So, how do you become an "Invisible Multi-Millionaire"? It's all about scaling your business in a way that it doesn't need you in the driver's seat. In this blog based on The Dropout Multi-Millionaire Podcast, I’ll get into a few of the lessons covered in the upcoming book.

Scaling Your Business with Profitable Delegation

The heart of the “Invisible Multi-Millionaire” concept revolves around what I like to call the art of profitable delegation. 

If you're eyeing a future sale of your business, there are certain steps you need to take. The value of your business in a sale often comes down to a multiple of earnings, and that X factor is what can make or break the deal.

Factors Influencing Your Business's Value

The following factors will help boost the value of your business in the long term:

• Multiple locations
• A recurring revenue stream
• Product exclusivity in your market
• A killer marketing presence
• Great brand awareness
• A documented SOP (Standard Marketing Procedure)
• A well-informed management team 

Just as all of these factors will increase your business’s value, not having one or more of these can significantly decrease it. You want to set up the business for a smooth transition to another owner, meaning you as the current owner can’t be too involved in its processes. 

Creating a delegation plan to remove yourself from the business will not only make it more profitable, but also highly attractive to potential buyers.

Putting the Delegation Plan into Action

1. Technical Phase

First up is the technical phase. Are you still doing the nitty-gritty work of your company? Whether you're a plumber or a software guru, it's time to stop doing the actual work and start hiring people to handle it.

2. Administrative Phase

Ever thought about hiring an administrative assistant? It's one of the first crucial steps in the administrative phase. Let them handle the $15-$20 per hour tasks so you can focus on where your time is best spent.

3. Marketing Phase

Are you the face of your marketing efforts? Time to outsource those. You can’t be the sole driving force of traffic to your business. Hire a marketing manager and/or a social media manager to take over for you.

4. Sales Phase

If you're the primary salesperson or in any capacity in sales in your organization, that needs to change. No one wants to buy a business where the owner is the main salesperson. Your goal should be to build a team that can keep the momentum going even if you're not directly involved.

5. Executive Phase

The final step is the executive phase. You need to replace yourself entirely. Hire an assistant for daily tasks, outsource marketing and sales, and bring in a Chief Operating Officer (COO) to handle the day-to-day operations. Your role? Providing strategic oversight from a 30,000-foot view.

Challenges and Rewards

Let's be real – implementing these changes might initially hit your productivity and profitability. But trust me, if you push through, the long-term gains are substantial. It's about thinking beyond today's profits and focusing on your exit strategy for a higher multiple later on.

Conclusion

As you embark on this delegation journey, keep the long-term in mind. That's precisely what "The Invisible Multi-Millionaire" is all about – reverse engineering your business for a future sale and creating generational wealth. I'm confident that "The Invisible Multi-Millionaire" will be my next Wall Street Journal bestseller. Stay tuned for actionable insights on scaling, delegating, and creating lasting generational wealth. It's time to make your business thrive without being tethered to it 24/7. See you on the other side of success!

If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!