Topic for Discussion: Your business is your baby. How do you nurture it through its life cycle?

Answer: Think strategically. Despite the all-consuming tasks associated with starting a business, some long range planning is definitely in order.

Like all of us, businesses have a life cycle. They are embryonic (remember when you first had that great idea?), are born, grow to maturity (oh, the challenge of those early years!), live the adult life, age, and finally, pass on. If you create a business with a longer life cycle than your planned working period, you'll have something of value to hand over to someone else!

As you build your business, you are creating an annuity. To capitalize on that, you must document, document, document. Start THE BOOK early, just as early as possible! Go to your favorite search engine and do a search for "scrapbooks."

Get the right supplies and do the book right. Include lots of photos, every piece of press you get, every mailer you send. By the way, this is a great way to get a parent, aunt or uncle involved in your efforts. Explain to them the importance of documenting your business' evolution, equip them with the right supplies, and pass on to them all the materials you want in your book.

You think about it: What could you show a buyer today that would impress them enough to give you millions for your business? What should you do to get ready for a buyer? Who could help you with this project?