It’s a common observation among business brokers: "they think they’re selling a business, but they're selling a job." Which do you have?

Many people dream of owning their own business but find that they’re working harder than ever for less pay than they did as employees. Clay Clark, writing for Forbes online, puts it this way: "The desire [to be a business owner] wears off, however, when new entrepreneurs realize they are now self-employed and have to choose what 80 hours per week they want to work instead of being told what 40 hours per week they have to work. And without learning best practices for building, organizing and managing a team, they will find themselves in the self-employment "rat race.’"

Do you own your business or does your business own you? Here’s a great way to find out: take a vacation.

A real vacation – traveling a few hours away to the mountains or the seashore, where you can actually unwind. Somewhere where phone reception is a bit spotty. If the chills you feel are more like dread than anticipation, you have your first clue.

Who Is your Number Two back at the office?

The person you leave in charge when you take time off? Do you have one? Does he or she know they’re that person? How well-trained are they? How confident are they? Have you spent time showing them how the business runs, or have you been too busy doing the work yourself?

How well does the staff run in your absence?

Does everything get done? On time? Meeting the standards you set? Or do things languish, get put off until you come back to straighten them out or take care of them yourself?

I think you can see where we’re going with this.

Here are the traits that distinguish mere self-employment from running a business.

• You have at least one trusted staff member who can be put in charge when you’re out of the office. Everyone on the staff understands and respects their authority to make decisions.
• Your team is empowered to make decisions when you’re gone because they know the company’s values. If they make mistakes, they’re non-lethal mistakes based on the best information and judgment available in the moment.
• Your customers feel comfortable talking to your staff members and don’t see you as the only source of information or recourse if something goes wrong.
• Your staff only calls you when there’s something important to be handled or decided. They don’t bother you on your days off with trivial questions or problems.
• You feel comfortable unplugging for a few days at a time.

If you answered "no" to any of these statements, you might want to consider making some operational changes. A business should be able to run efficiently without the owner for extended periods of time. That’s achieved by having strong systems, processes, and checklists in place so that even a new employee won’t be at a loss during a shift.

It’s also a function of hiring good people and treating them well. It’s worth your time to make an objective evaluation of your current team. Who is capable of being designated your Number Two? Who is ready for more responsibility or cross training?

On the other end of the spectrum, who is not pulling their weight? Who is most likely to leave for another job in a few weeks or months? Are you prepared to replace them quickly? Do you have a plan in place for redistributing the work if something changes on short notice?

Developing a strong hiring process is one of the best investments you can make in your business. Job one for any owner is finding and keeping good talent. Train them well, pay them fairly, and listen to what they’re telling you about the work. Keep your eye out for good people wherever you go; smart business owners never stop recruiting.

Passing the vacation test is about more than taking a week off in the mountains. It’s also one of the key factors in how a potential buyer will value your business. Prospective buyers are purchasing cash flow, not a full-time job. If a business is completely reliant on the owner to operate effectively, they’ll pass on it and look for a different kind of company.

One that allows them to take a nice, long vacation when they need one.