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However, the foregoing is still not the largest component of risk in privately held businesses As I have stated in several places earlier in this book, and as Linda Feinholz states in the downloadable Web site chapter, the largest single risk to most privately held businesses is overdependence on the business owner If you want to make your business valuable, you need to wean your employees away from dependence on you How By hiring and training excellent employees, creating a logical system of organization with good structure and procedures, being computerized (with an impeccable backup system) and very professional just like big business, but hopefully without the cumbersome bureaucracy Many people think of their business as their baby A child is a good metaphor for a business Babies need near constant attention or they won t survive As children grow, a responsible parent will make sure to give them life skills and responsibilities, so they learn to be independent Eventually, they will need to live their own lives A parent who does everything for an older child is crippling the child The same is true of a business Your young business may be your baby, but if you want to sell your

(which you first saw in 8) into the array. In general, you don t have to prepack your NSMutableArrays with NSNulls, but in this case, doing so makes things a little easier later on. At the end of init, we return self, because that s the object we just finished initializing. Next come the accessor methods for the engine. These are setEngine: and engine. setEngine: uses the retain the object passed in and release the current object technique that we showed earlier:

Figure 18-4

- (void) setEngine: (Engine *) newEngine { [newEngine retain]; [engine release]; engine = newEngine; } // setEngine

Core Data check box (Figure 17-3) Xcode will create an almost functional Navigationbased Application with Core Data support, including a default xcdatamodel file

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business for a lot of money someday, make sure it becomes your big boy or girl wean it off of dependence on you The more turnkey you can make your business, the more you can enjoy life, and the more you receive when you sell it I remember valuing a business in 1987 that was so turnkey, the president was preparing to leave for a one-year fishing trip on his own ship He was leaving his various generals, captains, and lieutenants in charge and going off for the time of his life and he had the chutzpah not to invite me to join him! While you may or may not like fish, that degree of independence from the owner is the model for any private business to become valuable

(continued)

And the engine accessor method simply returns the current engine:

Eventh and Eventm class files for the Event entity, you would be able to run the new application that was just created Fortunately, Xcode will create the class definition for you based on the attributes defined in the xcdatamodel Select the Entity and then select Create NSManagedObject Subclass from the Editor menu

Now let s do the tire accessors. First comes the setter:

In this chapter you have learned the methodology to value your business as of a future date Additionally, we have analyzed the future valuation equation to understand how you can maximize your company s value over time Here are the actions you can take to maximize value, in descending order: 1 Reduce the risk of your business a Reduce its dependence on you Make it a turnkey operation, to the extent possible Become well-organized, systematic, and professional b Strike the proper balance in fixed versus variable costs Only take on high fixed costs when your expected gain from higher income outweighs the additional risk of the higher volatility of income that goes along with high fixed costs c Use debt wisely, remembering that relatively smaller amounts will increase your expected return and decrease your risk, while large amounts of debt decrease expected return while increasing risk All other things being equal, the higher the operational risk of your business, the lower should be your financial risk Thus, startups, cyclical businesses, and businesses with high fixed assets should use little or no debt

will notice that you can create new events in the list, and edit the list to delete events If you quit the application and later relaunch it, the events have all been persisted

- (void) setTire: (Tire *) tire atIndex: (int) index { [tires replaceObjectAtIndex: index withObject: tire]; } // setTire:atIndex:

RootViewController and familiarize yourself with the methods that were automatically generated for you Listing 17-1 Definition of a simple Event class

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