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Michelle Seiler Tucker, How to Prepare Your Business to Sell for Huge Profit — InnovaBuzz 420

Michelle Seiler Tucker, Exit Rich

  • Why it is important to plan your exit strategy from day one of your business using her “GPS Model”
  • Her 6 Ps — People, Product, Process, Proprietary assets, Patrons and Profit
  • Three magic questions, based on what business we are really in

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Show Notes from this episode with Michelle Seiler Tucker, author of Exit Rich

  • Exit Rich helps business owners hone their exit strategy from day one of starting or buying a business. It helps business owners build a solid infrastructure to ensure that their business is running on all cylinders — the 6P’s, so that they can build a sustainable and scalable business, and have a sellable asset.
  • The best time to sell your company is when your company is doing well and is in its prime.
  • Your business is not your baby. You need to start thinking of your business as a valuable asset and build it in a way that you can sell it one day.
  • Nothing lasts forever. What goes up, goes down. You are either growing or dying. Build your business as if you are going to sell it so that you can have a more profitable business that can run without you, and a sellable asset if you need to sell it.
  • You have to plan for your end game in business. Figure out what your desired sales price is and reverse engineer your way to it just like you would on your wealth plan.
  • The Exit Rich GPS Model
  • Start with your desired sales price.
  • Know where you are starting from. What is your business worth today? It’s important to know what your business is worth every single year.
  • When do want to sell your business for your desired amount?
  • Who will be your buyers? Buyers not buyer. You don’t want to put all your eggs in one buyer’s basket. Maximise the value of your business by creating competition.
  • Where does your gross revenue need to be? What is your EBITDA (Earnings Before Interest Taxes, Depreciation, Amortisation)?
  • Know the synergies that buyers are looking for. What are they willing to pay for?
  • Know your 6 P’s — People, Product, Process, Proprietary assets, Patrons and Profit
  • Your WHY — why do you want to sell? Your WHY has to be strong and powerful enough to keep you in the game and to keep you motivated through all the financial storms.
  • The first thing you need to do when you go into business is to find out who your ideal target market is and the same thing goes when selling your business. You need to identify who your buyers are going to be, what your financials need to look like, and what synergies are your buyers looking for.
  • The number one reason that a business is not sellable is because the business is 100% dependent on the owner.
  • The 6 P’s
  1. People — the most important piece. You don’t build a business. You build people and people build the business.
  • You have to stop doing it all. You will never grow unless you let go of control.
  • Focus on your strengths and put the right people in the right seats.
  • Ask WHO is going to do the things that have to be done. Your name should never be next to the WHO. You want to build your business to run without you.
  1. Product — your industry, product, or service.
  • Ask yourself — is your industry, product, or service on the way up or on the way out? Is it thriving or is dying?
  • If your industry is dying, ask yourself these transformational questions — What business are you in? What do you do really well and better than everybody else? What are your core competencies? What business should you be in?
  1. Processes — Processes need to be thought of from the beginning.
  • Stop thinking about processes based upon your agenda or what you are trying to accomplish.
  • Processes need to based upon your customer’s experience. Your processes should be designed to create raving fans or happy clients.
  • Processes need to be productive, efficient, and shouldn’t cost you money.
  1. Proprietary Assets — your intellectual properties such as trademarks, patents, contracts in place, databases, etc.
  2. Patrons — your diversified and loyal client base. Brand advocacy is the highest level of branding you can get to where people tell other people to use your brand. It is where clients sell for you.
  3. Profit — Lack of profit is never the problem. If you’re not making money, it is a symptom of not operating on any of the 5 other P’s.
  • You always have to look at things through a different set of eyes and identify the problem that nobody knows is a problem. All of us have the ideas in us, we just have to act upon them.

The Buzz — Our Innovation Round

  1. #1 thing to be more innovative — Learn from people outside of your industry. Go outside your own circle. Learn what the best companies in the world are doing. Figure out what people need before they even need it, and then create it.
  2. Best thing for new ideas — Learn from people outside of your industry. Get a mentor.
  3. Favourite tool for innovation — Audiobooks and trade publications.
  4. Keep project/client on track — Have many different touchpoints along the way. Identify what their biggest bottlenecks are and make sure that they are following your advice.
  5. Differentiate — Ask yourself the 3 transformational questions. Identify your strengths. Look into other industries to figure out how you can innovate to be unique in your industry.

To Be a Leader

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Cool Things About Michelle

  • She’s a two-time #1 Best-Selling Author, Speaker, TV & Radio Host.
  • She has spoken alongside other prominent speakers including Eric Trump, Kathy Ireland, Mayor Rudy Giuliani, Stedman Graham, and more.
  • She makes regular radio and TV appearances including interviews on Fox Business News, Forbes, CNBC, and is featured in INC and USA Magazines.

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Dr Jürgen Strauss

Founder of Innovabiz: TRANSFORMATION MARKETING — Building visibility, professional authority and connection with your dream clients