Joshua Phillips's Key Ideas from Built to Sell
by John Warrillow

Focus your efforts on building proprietary products, systems, processes, and intellectual property that deliver recurring revenue streams and core value that stays with the company even when you leave.

These transferable assets, like brands, patents, and customer relationships, are what buyers pay for.

• Equity value comes from consistent profitability over time and proven capability to scale.
• Structure your financials and operations to maximize this.
• Manage cash flow carefully.
• Seek high retention customers with potential for increased lifetime value.
• Build your track record.

• Attract, develop and retain A-player talent who buy into your vision and complement your strengths.
• Compensate them well, with bonuses for results.
• Do not cling to average or problematic performers.
• Put excellence into your culture.

Build standardized systems, documented processes, training programs, and templates so that replication and scaling of the business does not rely on founder tribal knowledge staying "in your head".

Operational excellence should not depend on any one person.

Reject complexity and stay focused on a simple, streamlined business model centered around a compelling and differentiated offer that has profitability baked in and is difficult to replicate.

Stick to your core competency.

• Be obsessive about strengthening your brand image, promise and story.
• Deliver on what you say consistently.
• Craft a brand identity and experience that connects emotionally with your niche and stands apart.
• Your reputation is priceless.

Research and create a list of ideal potential buyers for your business.

Get on their radar early by speaking at their events, writing for their industry, seeking partnerships, finding shared values and organically building relationships without any ask.