Create An Effective Exit Strategy For Your Business, Work IN, Not ON Your Business, And How To Begin With The End In Mind with Randy Long [PODCAST 75]
An exit strategy is something you need to be thinking about from the first days of building your business.
It sounds strange to say but if you’re not beginning with the end in mind, you won’t build your business to be sellable when and if the time comes. Today’s guest, Randy Long, is a Certified Financial Planner, Exit Strategist, and has recently written a book about what it takes to successfully sell a business, “The Braveheart Exit.”
Randy and I talk about the biggest mistakes business owners and entrepreneurs make when selling their business, why you need to build your business TO sell even if you don’t think you’ll be exiting it soon, and much more…
Build your business with an exit strategy from the beginning, even if you never think you’ll sell it.
Why? It’s pretty simple. First off, you don’t know that you won’t need to sell your business someday. It’s better to be prepared than unprepared.
But second, and maybe more importantly, you want to structure your business in ways that give you maximum freedom. That means you’ll create systems and add team members that enable you to get OUT of the processes of your business. That way you’re experiencing the lifestyle freedom you want AND your business is ready to be sold and handed over to someone else should that time come.
This episode is about the long view – and it’s a view that adds greater value to your life, the life of your team members, and the world.
Here’s a glimpse of what you’ll learn in this show:
- Welcome and introduction to “The Braveheart Exit” with Randy Long; [0:31]
- Imagine you’ve created a great business and sell it for a big profit; [0:47]
- Who is Randy Long? ; [1:50]
- The biggest mistakes people have when selling a business; [3:19]
- The one asset most bootstrapped businesses misunderstand; [6:08]
- What is EBITA? [7:35]
- How Randy and Dan first met through Genius Network; [9:00]
- Why you build a business TO sell even if you don’t want to sell it; [10:05]
- The power and importance of building a customer/client list; [10:35]
- What is an earn-out? [14:30]
- One of the biggest success traps entrepreneurs and business owners make; [16:25]
- How to get help as your company grows; [18:47]
- The superpower that Randy’s firm has in the industry; [20:16]
- They key processes newer companies should build from the beginning; [22:20]
- How potential buyers can get you caught up in a “fishing expedition;” [26:10]
- Dealing with the fears you have about growing and selling your company; [29:21]
- What it means to be a “braveheart” in your business exit; [31:15]
- What Randy most thanks his wife for today; [34:46]
- The legacy Randy wants to leave in the world; [37:38]
Get in touch with RANDY LONG
Resources mentioned on this episode:
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People mentioned on this episode:
ABOUT DAN KUSCHELL:
Dan Kuschell is a success driven business growth strategist, a media contributor, and thought leader. He helps entrepreneurs, leaders, and business owners grow and scale their companies 10x by driving the flow of elegant ideas, execution, and team-culture for greater clarity, confidence, and direction. Dan has been recognized worldwide for creating results with his resources, books, and strategies.
Meet Dan at http://www.DanKuschell.com
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