Have you ever wondered why some athletes struggle to transition from player to coach? This challenge isn't just limited to sports; it’s a critical shift that many business owners need to make to build a valuable business.
Take Wayne Gretzky, for example. Despite being arguably, the best hockey player of all time, he failed to make the playoffs in four years as the coach of the Phoenix Coyotes.
Similarly, Ted Williams, the greatest hitter in baseball history, couldn't lead his team to the playoffs in four years as a manager.
George Best and Paul Gascoigne, arguably two of the greatest footballers or all time, had a miserable record as managers (Gazza lasting just 39 days at Kettering Town),
On the other hand, some of the most successful sports team leaders never excelled or even played the sport they coached professionally.
Andy Reid has won three Super Bowl titles with the Kansas City Chiefs without ever playing in the NFL. Greg Popovich, one of the best NBA coaches of all time, never played professional basketball.
Take Arsene Wenger or Jose Mourinho, neither were great players, but both were exceptional leaders. Dave Brailsford never cycled professionally, but transformed British cycling, coaching the GB team to outstanding success at the Olympics and Team Sky to outstanding results in the Tour de France.
So, what? Why does this matter for business owners?
Well, the transition from being the star player in your business to becoming its leader or "coach" is crucial.
The Value Builder System™ analysed more than 80,000 businesses and found that companies able to function without their owner for three months are more than three times more likely to receive a premium offer (defined as greater than 6x pre-tax profit).
In other words, owners who successfully transition from player to coach are much more likely to get a premium offer for their business.
Here’s a little example…
How Jason Bagley Made the Move from Player to Coach
In 2013, Jason Bagley started Firing Squad, a lead generation company specializing in cold emails. Initially, Bagley did everything himself, especially copywriting, which he considered his "ninja skill."
However, Bagley wanted to build a business that could thrive without him. To do this, he needed to transfer his skills to his employees. Here’s how he did it:
- Create a library: Bagley compiled good and bad copywriting examples in a folder accessible to all employees.
- Use video: He provided feedback through screen-sharing videos, making it easier for his team to understand his thought process.
- Avoid perfection: Bagley learned to accept 80% of his standard from his employees, realizing that nitpicking every detail wasn’t productive
This approach allowed Bagley to transition his skills to his team, enabling him to sell Firing Squad to Southern Web in 2020.
Whilst easy to say, making the shift from player to leader (“coach”) is challenging, but essential, if you aim to build a valuable and sellable business.
If you want help doing that, the place to start is by grabbing a copy of my book “The Business Exit Blueprint”.
In the Value Architect chapters of the Solid Foundations section, you’ll discover the leadership skills required to get off the tools and working on the business, not in it.
And the Self-Driving Teams section will teach you how to build a team that can take your business to your objectives with little day-to-day input from you.
What’s not to like about that?
“Nothing, Richard”, is the only sane answer to that question.
Anyhow, you can grab your copy HERE
Or don't and keep on working day-to-day in the business, and struggle to sell it when your time comes.
Warmly,
Richard.
PS: The book comes with my personal, unconditional, cast-iron, no-wiggle-room, works-or-it's-free, life-time guarantee (or double your money back). So, you've nothing to lose and everything to gain. Get your copy of "The Business Exit Blueprint" HERE