I believe there are three ways to grow a company. Each is valid and a fit for a different type of entrepreneur. Each has the potential to make a business buyable. Let’s look at each approach in turn.

Build Your Business by Buying a Franchise

The first approach is the “franchise prototype way,” advocated by Michael Gerber in E-Myth. When you buy a franchise, you get a complete blueprint for building a certain type of branded company, like a UPS Store or a Subway sandwich shop. You don’t have to come up with any ideas on your own. In fact, the fewer ideas (temptations) you have to customize the system and the more rigidly you follow the recipe, the higher are your chances of success.

The Playbook Manager™ can be an invaluable resource here, even for franchise owners. It allows you to document, refine, and manage your processes, ensuring consistency and helping you stick to…