Built to Sell: Creating a Business That Can Thrive Without You by John Warrillow

Author:John Warrillow [Warrillow, John]
Language: eng
Format: mobi
Publisher: Penguin Group US
Published: 2011-04-27T14:00:00+00:00

Build a management team and offer them a long-term incentive plan that rewards their personal performance and loyalty.

much. As an employee, I’d much rather have an understandable cash bonus plan than a few shares in a closely held small business.”

As they wrapped up the meeting, Ted asked Alex to spend the next week considering how he wanted to structure the compensation of his management team.

Alex promoted Angie to vice president of sales, Rhina to vice president of client services, and Chris to vice president and creative director. His new management team was thrilled with their new titles. He gave them each a 7 percent pay raise and introduced a long-term incentive plan similar in design to the one Ted had described at their last meeting. Alex explained to his new management team that they were still a small business, they would each need to continue to do their jobs as before, and their promotion was designed to recognize them for the extra management tasks they were being asked to take on.

Alex left the office on Friday with a sense of satisfaction. He’d created and focused on a standard process that others could deliver, built a sales engine that produced excess cash, and established a management team with a long-term incentive plan.

He was close to having a sellable business.

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