News and Views August 2024

In this month's newsletter, we'll explore the question: Are you a star player or a winning coach in your business?

Monthly Poll

📊 What is the longest period your business has run without you?

Many business owners face a critical challenge: how to transition from a top performer to an effective leader.

This shift is similar to what happens in sports when great players try to become coaches—and it's just as crucial for business success.

Consider this business parallel in the sports world: Gary Neville, one of the most decorated English and European footballers of all time, won 20 trophies, including eight Premier League titles and two UEFA Champions League titles. However, as head coach of Valencia CF, he struggled to achieve success and was dismissed after just one difficult year.

Similarly, baseball's top hitter, Ted Williams, couldn't lead his team to the playoffs in four years as a manager.

On the flip side, some of the most successful coaches never played their sport at a high level. Andy Reid has won three Super Bowl titles with the Kansas City Chiefs without ever playing in the NFL. Greg Popovich, one of the NBA's top coaches, never played pro basketball.

For business owners, this comparison is key. Moving from being the star of your company to its leader or "coach" is crucial.

A national survey looked at over 80,000 businesses and found that companies that run without their owner for three months are over three times more likely to get a high offer (defined as more than 6x pre-tax profits). In other words, owners who successfully switch from player to coach are much more likely to get a good price for their business.

Jason Bagley's Shift from Player to Coach

In 2013, Jason Bagley started Firing Squad, a lead generation company focused on cold emails. At first, Bagley did everything, especially copywriting, which he saw as his main skill.

But Bagley wanted to build a business that could work without him. To do this, he needed to pass his skills to his employees. Here's what he did:

1. Made a resource library: Bagley collected good and bad copywriting examples in a folder all employees could access.
2. Used video feedback: He gave input through screen-sharing videos, helping his team understand his thinking.
3. Didn't aim for perfection: Bagley learned to accept work from his employees that was 80% as good as his own, realizing that fixing every small detail wasn't helpful.

This approach allowed Bagley to pass his skills to his team, allowing him to sell Firing Squad to Southern Web in 2020.

Moving from player to coach is hard but necessary if you want to build a business that others will want to buy.

🧭 Is your SaaS business facing a crossroads?

Join the discussion on LinkedIn about our latest insights: "6 Warning Signs Your SaaS Needs a Pivot (And How to Do It Right)" - and share your experiences with strategic shifts in the SaaS industry. Read more >>

Ready to transition from star player to winning coach in your business finances? Just as top athletes must evolve to become great coaches, business owners need to shift from doing everything themselves to leading with financial confidence. Our Financial Confidence Index can help you make this crucial transition.

Take our quick, 20-point assessment to:

• Identify your financial strengths as a leader
• Spot areas where you might still be "playing" instead of "coaching"
• Get actionable steps to build a financially robust business that can thrive without your constant involvement

Don't leave your company's financial future to instinct alone. Invest a few minutes now to gain insights to help you build a valuable, sellable business.

Start your free Financial Confidence Assessment and begin your journey from player to coach!

Growth Never Sleeps! Connect with us on LinkedIn for more SaaS growth strategies.