EP 11: Exit Strategy

This episode should resonate with any of our listeners who own their own business. It doesn’t matter if you're in your twenties and just getting started or in your twilight years and ready to ride off into the sunset.

How much your business is worth, how and when you can sell it, and who might want to buy it, is what we are going to dig into as we look at the Elements of a Successful Exit Strategy.

We reveal the importance of creating an exit strategy from the beginning, so you can sell your business one day and create personal and financial freedom.

Here’s how you can start taking action on building an Exit Strategy

• You need to understand the ELEMENTS needed for a successful exit
• Vision/Mission: Everyone on the team needs to understand why they are doing what they are doing or chaos will fill the void.
• Empowered Team: Autonomy, Authority, Leadership
• Systems: You need to reduce your complex thoughts, systems and processes down to simple, clear, understandable instructions. Simple is hard but the results are worth it. Simple is a competitive advantage!
• Defined Processes, Procedures, Training and Support.
• Recurring Marketing Strategy
• Relationships OUTSIDE OF YOU.

Show highlights include:

Your business can be worth less than $50k even if you bring in millions every year (4:09) 

Why your team members make the best owners (and will get you the most money when you exit your business) (12:51) 

The “Portfolio Method” for selling your business without tossing and turning about how you’ll pay your bills every night (13:43) 

How to make your business attractive to potential buyers - even competitors. (14:18) 

7 non-negotiable things your business must have or you’ll never be able to sell it (regardless of how much money makes for you) (17:52) 

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