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Time Code/Show Notes
0.35 In this episode from the Evolve Upper Limits Mastermind, Dru Morgan of Morgan Business Sales talks about what you need to know before you sell your business.
1.25 An overview of Dru’s business acumen and rapidly scaling expansion into international markets.
3.45 How can you make your business high value and easy to sell.
4.43 The canoe analogy is worth revisiting. Don’t paddle it faster, the intelligent owner is outside his canoe to re-sand it and think about how to win the race. Work smarter – not harder.
8.00 Case study; the business owner who took his grandfather’s advice and did nothing inside his business except start with 500 dollars. He has a staff of 40 plus and sold it for over a million. He 100 percent leveraged the power of others.
11.47 This is an amazing story of a man who worked less than 2 hours a day OUTSIDE of the canoe. It is an example of how easy it is to sell a business where everything is set up – no training required – all systems in place.
Having a plan can make scaling your business easier. How you can replicate what you do in other markets. Scale only works if you have a niche and you are working it from outside of the canoe.
13.30 Dru explains why he can’t sell a business if the owner is critical to it. You must have a smart team so you can remove yourself and let someone else run it.
16.30 Success is based on a ‘group’ of talents, not your own individual talent. Aim to put your faith in other people – this is easier said than done.
19.00 People first – business second. This must anchor your core set of values to retain the best people. People are more important than profit – your staff and your customers. Your people must know that they are your first priority. You will never lose them.
22.00 Relationships matter and staff should be enjoying themselves. Go the extra mile and bring in the champion’s mentality. Have more values. Let your staff live the life they want. Staff will always choose values over money.
26.50 Talk to your staff about values. If the heartbeat is strong, everything else will grow.
31.05 Thinking about a time frame for selling your business…. it changes for different industries. But how long does it take to transition out of your business…. try 12 months? And you won’t be handcuffed to your business if you put your faith in smarter people.
Remember you can only build an empire if you’re on the outside. No one built an empire by doing all the jobs themselves.
35.40 How is your income generated? If you’re on the golf course every day and your business is ticking over nicely, it’s invariably an attractive and sellable business. Pay staff more rather than offering them ownership.
39.00 Once a year, you should invest in a valuation of your business. It’s a great exercise in how you are tracking and how the money is generated. It’s not the money you are making – but how it is generated.
41.30 Dru talks about the best time to sell up. From retiring to changing direction simply because you need a change or you’re not happy doing what you’re doing. It can be approximately a 2-year process to set up a management structure and get it to a sellable position. Think forward, think ahead – but get out of the canoe to do it.
45.30 Giving without asking for anything in return can provide pivotal, life-changing direction in business. It will come back to you. Give is gain…
47.00 Exit with Success is a planning e-book with a whole lot of videos and top-shelf advice from Dru and his team.
49.50 Inspired? Head to upcoach.com.au for more.