He told me about a lawyer he works with.
Reasonable book of clients / goodwill.
5 Staff.
Good profit and income.
The lawyer reckons his business is worth nothing. Kinda hard to argue with, if I'm honest. Every client relationship runs through him. When he leaves, the client relationships leave with him.
I'm not having a go at him. My name's on my door too, so I get it.
Most owners over $1m I talk to are in a similar spot, right? They've built something that pays well while they're standing in it. Good income. Nothing wrong with that.
A buyer wants the money to keep arriving when you're away for 4 weeks. Most of us have never actually tested that.
Easy test. Pick your best client and ask who'd look after them tomorrow if you couldn't. If it's nobody, you own a very well paid job. Fine, until you want to sell it or take a month off. If that makes sense.
Who actually looks after your best client when you're away?
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