Business Sale Book Club is a new series here at the APEX blog. We review books you should read in preparation to buy or sell a business, as well as how to build a company to sell one day. The first one in our series comes from the man who popularized the term, “Work on your business, not in your business.”
About the Author
Michael Gerber is renowned for helping small and medium-sized businesses and their owners develop from an “owned job” to an “owned business.” He’s been doing it for over 40 years and has worked with over 100,000 clients.
So, what’s the E-Myth?
Michael’s first book, The E-Myth Revisited, explained the roles of Technician, Manager, and Entrepreneur. The technician is in charge of producing the main product or service of the business. If you own a pie shop, this would be the person who bakes the pies.
Manager is self-explanatory. The Entrepreneur is the visionary and the person who holds the business together and takes it to the next level. The E-Myth, in part, is about creating a balance between these three roles.
What’s the new book about?
Michael saw that many of his clients hadn’t, despite his advice and admonitions, built a company as a product for sale. Michael saw that many firms were still “Companies of One,” meaning if the owner left, the company would eventually fold.
Michael wants to shift people away from rebuilding or tweaking their current businesses to building it right starting from the beginning. He doesn’t literally mean close the business and start over, but rather, begin at the beginning so that by the time you’ve done all the documentation and work, you’ll have a product for sale at a time of your choosing: your business.
Why should we read it?
Firstly, because it’s only 113 pages and it’s by a mastermind in the small business space. Michael focuses on the business owner and subdivides him/her into Dreamer (dreams), Thinker (creates a vision), Storyteller (has a purpose), and Leader (has a mission).
Again, each owner is going to have a bit of each of these roles within him/herself. But by shifting your attention to how you execute these roles you will transform your role in the business and hence transform your business.
Building a business is a lot of sweat and hard work. But a fair bit of it is learning as well. If you need book recommendations on building, buying, or selling, we have plenty to give you. Just ask!