How to run a successful absentee business in 9 steps

A few years ago, I realized it was time to expand my business. I had been effectively managing my current route business with a small team of three, while personally handling tasks like billing, sales, and route preparation for several months. It got me thinking, why not purchase another business and manage it as an absentee owner? By “absentee,” I mean not disappearing from it but running it in a manner similar to my current business.

So, long story short, I began my search on Google for →  “absentee businesses for sale” and came across numerous platforms. One, in particular, caught my eye: BizRoutes. As I continue my quest for my next venture, I’d like to share with you the key aspects of running a successful absentee business. It’s not a simple task and took me four years to transition away from hands-on involvement in my first business.

When you invest your money into a business, you can’t simply hand it over to anyone and expect them to run it exactly as you would. That’s why I’ve outlined these nine steps to provide you with a blueprint for what it takes to run a successful owner-absentee business. Are you ready to get started? Great!

What is absentee business?

For those who might be unfamiliar with the concept of an absentee business, allow me to break it down for you. It’s essential to understand what an absentee business is before delving into how to effectively manage one.

An absentee business is a unique entrepreneurial endeavor designed for those seeking a more hands-off approach to ownership. In simple terms, it’s a business that can run smoothly and profitably without your daily, hands-on involvement. Picture it as a well-oiled machine that operates efficiently, even when you’re not physically present at the business location.

The beauty of an absentee business lies in its ability to generate income and grow while affording you the flexibility to pursue other interests, manage multiple businesses, or simply enjoy more leisure time. It’s a path to financial freedom that allows you to be the owner, all while delegating the day-to-day operations to a trusted manager.

In this guide, we’ll explore the key steps to successfully managing an absentee business, so you can achieve the freedom and financial success you desire. Let’s get started on this exciting journey of entrepreneurial empowerment.

9 steps to running a owner absentee business

Step 1: Choose the Right Business

Select a business that matches your skills and passions. This will not only make your job more enjoyable but will also make it easier to manage from a distance. Look for opportunities in industries you understand and feel excited about, for example if you are looking for a IT business head to flippa, if you are looking for a business with little  overhead and a small team head to bizroutes, if you looking for brick and mortar head to bizbuysell.

Step 2: Invest in Reliable Software

Invest in modern software solutions to automate tasks, track finances, and gather data. Software like QuickBooks for accounting and customer relationship management (CRM) tools can make your business more efficient and enable you to access critical information remotely, i personallhy use breezeworks to help me manage my customer scheduling, but based on your niche you can find many free tools.

Step 3: Hire a Competent Manager

Finding the right manager is crucial. Seek someone with a strong track record in the industry, who shares your business values and can take charge of day-to-day operations, the manager should have at least some years in that industry under their belt.  Their leadership is key to your business’s success.

Step 4: Transfer Your Trained Employees

This is great when running a absentee business, If you have skilled employees in your current business, consider transferring them to your new venture. Their experience and familiarity with your work culture will minimize training time and help maintain a consistent level of service.

Step 5: Set Clear Guidelines

Create detailed standard operating procedures (SOPs) that outline how tasks are to be performed. Make these guidelines easily accessible to your team. Clarity and consistency are vital to ensure your business operates smoothly.

Step 6: Regularly Communicate and weekly meetings

Regular communication is vital for an absentee business. Schedule weekly check-ins with your manager and team to discuss progress, address concerns, and provide guidance. These weekly meetings create a structured and consistent channel for communication, ensuring everyone is on the same page. Consider using tools like video calls and project management software to stay connected efficiently and foster collaboration. This ongoing dialogue will help you address issues promptly and keep your business running smoothly.

Step 7: Monitor Key Metrics

Continuously monitor essential metrics, such as sales figures, expenses, customer satisfaction, and employee performance. This data will help you make informed decisions and identify areas that need improvement.

Step 8: Adjust and Improve

Based on the data you collect, make informed adjustments and improvements to your business processes. Be open to change and innovation, as this will keep your business competitive and adaptable.

Step 9: Build a Support System

Establish a network of advisors, mentors, or business partners who can provide insights and support when you face challenges. They can offer fresh perspectives and help you make critical decisions for your absentee business.

Running a successful absentee business requires a combination of strategic planning, technology, strong leadership, and a support system. By following these steps, you can build and manage a thriving business while maintaining a connection with your team and ensuring its ongoing success.

In Summary: How to Run an Absentee Business

In essence, when it comes to mastering the art of running an absentee business, your ultimate objective is to empower, train, recruit, and manage your investments effectively. You must build a team that not only works diligently but also shares a vested interest in the success of your business. While they will put in their best effort, it’s important to recognize that no one will ever be as dedicated to your business as you are.

When buying a business, it’s crucial to remember that there are both pros and cons to consider. However, here lies the beauty of having a dedicated team: it provides you with the priceless gifts of time and focus. When your employees are aligned with your vision, you can shift your attention from day-to-day operations to what truly matters—growth and expansion. Just envision the possibilities of managing not just one, but two or even three absentee businesses, all from the comfort of a small office. With the freedom to concentrate on strategic planning and scaling your ventures, you can unlock the potential for boundless growth and financial success.

As you embark on this journey of absentee business management, remember that building and nurturing your team is your secret weapon. With the right people by your side and your unwavering commitment, you have the power to turn your dreams into reality and create a flourishing empire of absentee businesses.