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Ever wonder what your business will be worth when it comes time to sell?
Building a business of actual value - something you can sell for a pile of money - is not (despite what many people think) just a function of hard work and dedication. There’s a strategy to it. A playbook, if you will. And countless entrepreneurs, sadly, don’t read it.
`My guest on the show today is best-selling business author John Warrillow.
John’s 3 books, Built To Sell, The Automatic Customer, and The Art Of Selling Your Business, have, over the years, become something akin to sacred scrolls for the entrepreneur looking to build a business they can cash out of.
Click the links below to learn:
- How specialization can keep your service from becoming commoditized.
- Why charging upfront keeps your monthly cash flow healthier but also boosts the price a potential acquirer is willing to pay.
- And why giving away equity to long-term employees (while often done with the best intentions) usually backfires when it comes time to sell your business.
Full of brilliant insight and decades of experience, this conversation with John Warrillow is a must-listen!
00:00:00 - Intro
00:01:56 - Why do so many small business owners find themselves with a business that isn't worth anything?
00:06:37 - How many years in advance should an entrepreneur be planning their exit?
00:15:56 - In what ways is a contracting business similar to an agency, in what ways is it different?
00:18:06 - Don't Generalize, Specialize
00:25:18 - How should we examine our businesses for where specialization is possible?
00:29:20 - Is branding your process the next best thing?
00:42:46 - Calculating Market Size
00:48:18 - Leadership Teams & Long Term Incentive Plans
00:55:51 - What's your 10-year forecast for business sellers? How can entrepreneurs maximize their cash out?
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