I read an article recently by Bo Burlingham an INC magazine writer, about what he described as an evergreen company. The definition is described as a “private, profitable, market- leading businesses that are designed to remain unsold and independent for a long, long time.” It was interesting to read about entrepreneurs who had decided that it was not about how high the could get their valuation, how much money they raised, or how big they would grow, but rather looking for a meaningful experience building their companies.
Here are seven tips on building an evergreen company.
- Purpose
Passion driven organization from its vision/mission. It’s not about the money.
- Perseverance
The resiliency to keep pushing forward and overcome obstacles
- People First
Have an engaged workforce aligned with its culture. Team members who are taken care of will in turn take care of your customers, suppliers, community, and stockholders
- Private
Taking advantage of the long-term view as a private enterprise
- Profit
Success is measured and that includes the bottom line
- Paced Growth
The discipline to focus on growth that is steady and consistent. Every company has a speed limit to profitable growth
- Pragmatic Innovation
Embrace the mantra of continuous improvement and be willing to take calculated risks that don’t jeopardize the company
Here’s to knowing how you can drive your evergreen company to the results that you want!
Mike