Start with the end in mind. While Stephen Covey coined this phrase, my guest Michelle Seiler-Tucker has made it a focal point for her businesses and those for which she consults. Whether you’re new to business ownership or have owned one for a while, you need to think about an exit strategy. This is where Michelle comes in. Today Michelle shares an overview of the GPS exit strategy that she has designed for her clients and discusses having a destination for your business, the importance of getting regular valuations, having a timeframe in mind, and why lining up multiple buyers are key.
Michelle Seiler-Tucker is a born natural when it comes to sales and the art of closing the deal. After taking classes through Dale Carnegie, the training company approached her to teach with them. Shortly thereafter, she was poached by Xerox where she became known as “The Closer” and quickly rose through the ranks. Finding the corporate life unsatisfying, Michelle eventually set out on her own, first starting by building franchises then pivoting to help people buy and sell businesses. Michelle is now sharing her business acumen with the wider world via the courses and books she has authored.
In this episode, we’ll cover:
- The importance of making sure that the people you’re in business with share your business values.
- Identifying your strengths and weaknesses so that you can focus on using your strengths and hiring out your weaknesses.
- That the number one reason why businesses don’t sell: which is that owners have not thought about their exit strategy.
- The GPS exit model for businesses.
- Factoring in Covid when you’re looking at buying a business. You can’t use growing or declining numbers obtained during the pandemic to get your baseline.
- The amount of working capital you should have as a standard, and what is needed to get you through tough times.
- The fact that contracts can make or break a sale, so you better know your stuff.
- Michelle’s book Exit Rich. It’s not just about selling your business, but about building a sellable asset by building a sustainable scale-able business.
Links and resources mentioned during this episode:
- Visit Michelle’s website
- Connect with Michelle on on Facebook, Instagram and Twitter
- Buy Michelle’s book, Exit Rich
- Check out some of the courses Michelle took through Dale Carnegie
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