Is a business without documented processes just a job? If you have a business where everything is in the head of the owner and everybody has to rely on them, then you're not building a business. You're building a job. If you’re a solopreneur and your processes aren’t documented, you can’t even take a break because when you take a break, money stops.

How do you overcome the fear of a successor not having the same grit as you? You have to accept that your kids or an internal successor may love the business but not have the same desire for the hardcore ownership duties you did. They might say, “I like my role here. I don't want to do the ownership thing.” You have to have a formal plan to deal with that possibility.

What's the one thing we can all agree on about building a business? Whether you're building for a legacy or building to exit, the one thing we can all agree on is that you have to have a plan. You not only need to have the plan, but you have to formalize it.

Watch the full episode at https://youtu.be/2Hf52QhcwBo and read more in THE ASCENT | 015