Make Your Company Transferrable
Have you ever thought about what would happen to your business if you stepped away? Whether it’s for a vacation, an emergency, or a future exit, learning how to make your company transferable is key to building a sustainable business. A truly resilient company can operate and grow without being dependent on you, the founder.
Making a company transferrable isn’t just about documentation—it’s about creating a system that can thrive without you.
One of the biggest mistakes businesses make is relying too much on specific people rather than strong systems. If your company depends on you or a few key employees to function, it’s vulnerable. Instead, focus on building repeatable systems and processes. This means having clear workflows, SOPs (Standard Operating Procedures), and structured training programs.
Build Systems, Not Just Roles
I encourage clients to keep documentation updated and current, but also to be careful about creating such documents with too much detail. When there’s too much detail then any small change requires updating the documentation. Worse still, if someone new steps into a role and is relying on outdated documentation then they will be doing things incorrectly. Find a delicate blend between current documentation and not creating overly complicated or detailed documentation.
Develop Leadership at Every Level
A transferrable company isn’t just about processes—it’s about people. One of the best things you can do is develop leadership at every level of your organization. Train your team to take ownership of their roles. Empower them with decision-making authority and encourage problem-solving.
I’ve always believed that a great leader creates more leaders. When I was in charge of overseeing operations, I made it a point to mentor my team, delegate responsibilities, and trust them to make decisions. The result? When I finally stepped away, they didn’t just survive—they thrived.
Leverage Technology and Automation
Technology is your best friend in order to make your company transferable. Automate repetitive tasks, use cloud-based tools, and implement software project management tools like Asana or Monday.com to keep everything organized.
I remember setting up automation for reports that used to take hours to compile. Once that was in place, it saved my team so much time, and they could focus on more strategic work. Simple tech upgrades can mean the difference between a business that can function independently and one that crumbles without constant attention.
Test the System
A good way to check if your business is transferable? Step away. Take a break and see if everything runs smoothly without you. If issues arise, take note and refine the system.
At one point, I took a step back for a few days and observed. It exposed weak spots—things I hadn’t documented or delegated properly. But fixing those gaps helped strengthen the company for the long term.
The Ultimate Goal: Longevity and Growth
A business that depends on one person is fragile. A business that can run without its founder is built for long-term success. Making your company transferrable isn’t just a backup plan—it’s a growth strategy. It allows for expansion, creates opportunities for others to step up, and ensures that what you’ve built can last beyond you.
As an added bonus: a transferrable company is also worth more. When you’re ready to sell your company then it will be easier for the new owner(s) to step in without major overhaul. And that’s worth something!
So ask yourself: If you had to step away today, would your company survive? If the answer is no, now is the time to start making it transferable. Trust me—it’s one of the best investments you’ll ever make.
Contact us to learn more to make your company transferable.