With summer fast approaching, now is the perfect time to start working towards increasing your business valuation.

The most valuable business model is one that not only survives without the owner running the day to day operations, but thrives.

A company which runs on autopilot is highly sought after by buyers, and they are willing to pay a premium to find one. But, a company which requires hands-on involvement from its owner is likely to result in a heavily discounted offer.

This upcoming summer, consider the possibility of giving yourself a lengthy break. See how your business runs while you’re not around.

It’s highly likely there will be things that go wrong. But by identifying areas which need improvement, you can put steps in place to take your business one step closer to operating independently - while making it more valuable.

By taking action now, you still have plenty of time to smooth over anything which may potentially go wrong, before you start your holidays.

Here is an Eight Step plan towards Owner Independence for your business

You know it’s important to have systems and processes in your business.

After all you won’t be able to scale without them.

Right now, the business is still heavily reliant on you. This is making it harder to keep on top of things and allocate time to focus on growth.

That’s why you’ve started taking time to write out procedures.

You’ve documented them in a manual and explained them to the staff. You’ve even placed them in a central location so everyone can have access to them.

The problem is, the staff seem to just ignore them and choose to do it their own way!

Sound familiar?

Often the issue is not the actual processes themselves, nor the staff.

It’s the way the information is presented.

Family businesses form the backbone of economies the world over.

Examples include Amy’s Kitchen, started by a US couple who turned their kitchen-based organic food business into a $500 million turnover company, and the fifth-generation Finnish paper firm, founded in 1851, that today is one of the world’s largest and most successful fibre-based businesses.

Highly profitable family firms such as these can also be found here in Australia. They include the Fairfax, Myer and Linfox companies, all of which were once small family businesses. Though most family businesses don’t achieve such fame and fortune, they most certainly contribute significantly to our economy, accounting for 70-percent of all businesses in Australia while turning over an average of $12m each per year.

Have you ever wondered what determines the value of your business?

Perhaps you’ve heard an industry rule of thumb and assumed that your company will be worth about the same as a similar size company in your industry. However, when we take a look at the data provided by The Value Builder System^TM, we’ve found there are eight factors that drive the value of your business, and they are all potentially more important than the industry you’re in.

Not convinced? Let’s look at Jill Nelson, who recently sold a majority interest in her $11 million telephone answering service, Ruby Receptionists, for $38.8 million.