PODCAST REVIEW: Starting, Growing, And Selling Small Businesses: Christine McDannell’s Entrepreneurial Mastery
Featured this week 11–7–23 in TheHub Mainstreet M&A news and events:
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The Hub Short Take:
Christine McDannell, founder of The Magnolia Firm, shares her insights on building and selling successful businesses. She emphasizes the importance of thinking about the future in the present and journaling goals to make them a reality. Christine discusses her journey as a serial entrepreneur and the pivots she made along the way. She highlights the significance of prioritizing profit, hiring and retaining A-players, and building a strong reputation. Christine also provides valuable advice for small business owners who are planning to exit their businesses in the future.
Key Takeaways:
- Journaling goals helps make them a reality by engaging the subconscious mind.
- Prioritizing profit and focusing on the bottom line is essential for business success.
- Hiring slow and firing fast is crucial for building an exceptional team.
- Building a strong reputation through excellent customer reviews and media coverage is key.
- Planning for the future and working towards a successful exit is important for long-term business success.
Quotes:
- “Journaling every day what I’m grateful for, and my future goals helps make them a reality.”
- “Hire slow and fire fast to build an amazing team of A-players.”
- “Your reputation is hard for a buyer to fix, so focus on building a strong one.”
- “Work on your business, not just in your business, to maximize its value.”
- “It is worth the hard work and sacrifices to achieve the freedom and success of entrepreneurship.”
The Guest:
Christine McDannell is a serial entrepreneur, author, and speaker. She is the founder and principal business intermediary of The Magnolia Firm, an M&A brokerage firm specializing in helping digital business owners achieve successful exits. With over 20 years of experience in founding, growing, acquiring, and selling businesses across various industries, Christine is passionate about helping entrepreneurs achieve their dream business exit.
The Host:
Michael Morrison is a small business coach and podcaster, this podcast they “provide expert advice, tips, and strategies to help small business owners achieve success. This channel shares insights on small business strategy, goal setting, time management, mindset, company culture, marketing, sales, operations, finance, management, systems and processes, and more.”
The Article:
The Path to Success: Lessons from a Serial Entrepreneur
As a small business owner, the road to success can often feel like an uphill battle. The challenges, trials, and tribulations can sometimes make you question whether it’s all worth it. But according to Christine McDannell, a serial entrepreneur, author, and speaker, the key to achieving your goals lies in having a clear vision, a strong work ethic, and a relentless pursuit of your dreams.
In a recent episode of the Small Business Pivots podcast, Christine shared her insights and experiences on building and selling successful businesses. With over 20 companies under her belt, spanning various industries such as cleaning, wellness, beauty, technology, exotic cars, and real estate, Christine has honed her skills and developed a formula for achieving the perfect business exit.
The Power of Vision and Gratitude
One of the key takeaways from Christine McDannell's journey is the importance of having a clear vision for the future. She emphasizes the need to think about the future in your present and to set goals that may seem crazy at the time. Christine herself is a firm believer in the power of journaling, where she writes down what she’s grateful for and her future goals every single day. She believes that this practice helps to make those goals a reality by activating the subconscious mind.
“I journal every single day what I’m grateful for and then my future goals because it helps make them a reality even though they sound crazy,” Christine explains. “I could tell you a million stories of stuff I wrote down or on my vision board that I achieved.”
The Importance of Work Ethics and Optimism
Christine attributes her success to her strong work ethic and unwavering optimism. She recalls her early days as a young entrepreneur, starting a cleaning company at the age of 23. Despite the challenges and the menial tasks involved, Christine approached her work with a positive mindset, always envisioning a future where she would have a team and a manager to handle the day-to-day operations.
“I’m an optimist, so even when I was scrubbing a toilet, I wouldn’t be thinking, ‘This sucks.’ I would be thinking, ‘I’m scrubbing this toilet as a means to an end,’” Christine shares. “I know I’m going to have a bunch of team members, I’m going to have a manager, and I’m not going to have to show up to the office in the future. But until then, this is what it’s going to take to get there.”
The Art of the Pivot
Throughout her entrepreneurial journey, Christine has had to make several pivots to adapt to changing circumstances and seize new opportunities. One notable pivot was in her wellness spa business, where she started by outsourcing the production of green juice, a relatively unknown concept at the time. However, she soon realized the potential and decided to create her own juice brand, which she sold within the spa. This pivot proved to be a success, with higher profit margins and increased customer satisfaction.
Another pivot Christine made was in the adoption of infrared saunas in her spa. Recognizing the high profit potential and minimal operational costs, she incorporated these saunas into her business model, resulting in a significant boost to the bottom line.
Building a Winning Team
One of the key factors in Christine’s success has been her ability to build and retain a winning team. She emphasizes the importance of hiring slowly and firing fast, ensuring that each team member is an A-player who aligns with the company’s values and goals. Christine believes in treating her employees with respect and providing them with opportunities for growth and development.
“I always hire A-players and treat them like gold,” Christine says. “I give them freedom and make sure they have a clear understanding of their long-term goals, both personally and professionally.”
Christine also highlights the power of referrals in finding top talent. By offering incentives to current employees and customers for referring potential hires, she has been able to attract high-quality candidates who are already familiar with the company’s culture and values.
Maximizing Business Value
As a business broker, Christine understands the importance of maximizing the value of a company for a future exit. She advises small business owners to focus on key areas such as net profit, reputation, client list, contracts, and recurring revenue. By building a strong reputation, maintaining loyal clients, and securing long-term contracts, a business owner can significantly increase the value of their company.
Christine also emphasizes the need for business owners to separate themselves from the day-to-day operations of the business. By delegating tasks and empowering employees, the business becomes less reliant on the owner, making it more attractive to potential buyers.
The Rewards of Entrepreneurship
Despite the challenges and sacrifices that come with entrepreneurship, Christine believes that the rewards far outweigh the hardships. She encourages small business owners to stay focused on their goals, maintain a positive mindset, and never lose sight of the bigger picture.
“It is so worth it,” Christine affirms. “I’ve traveled the world, I have the freedom to live and work wherever I want, and I can truly say that I love every day of what I do. The hard work and dedication pay off in ways you can’t even imagine.”
As small business owners navigate the ups and downs of entrepreneurship, Christine’s journey serves as a reminder that success is within reach for those who are willing to put in the work, stay focused on their vision, and surround themselves with a winning team. With the right mindset and a relentless pursuit of their dreams, small business owners can achieve their goals and create a legacy that lasts for years to come.
Join us next week as we continue to sift through the wealth of information out there, helping you understand what it takes to excel in today’s dynamic business environment.
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Written by the team at How2Exit.com
