What does a great exit look like? How do you accomplish one? Geoff Green is on the show today who is the author of The Smart Business Exit. Geoff started off his career as an M&A attorney and has been a business advisor, value building advisor, and exit strategist for over 30 years. We talk about the different variables needed to build a sustainable business that is highly transferrable and valuable. Geoff explains how navigate all the variables that go into accomplishing a great exit that includes being happy in your life after business.
You Will Learn About:
- Geoff’s journey from an M&A lawyer to a business and exit advisor
- What is involved in a great exit
- How to take control as the business owner over the process of who you sell to and when you choose to sell
- Putting yourself in a good position emotionally to be happy post-sale and down the road
- The importance of starting or thinking about having a community outside your business
- The “uncomfortable truths” about your business
- What type of business owner you are
- Focusing on building a highly sellable business
- Getting into the mindset of thinking like a buyer and looking at your business differently
- Working out your renewed purpose
- Variable one of a great exit is freedom. Freedom is why we start our businesses, why entrepreneurs take the risk. Freedom comes in a couple different forms. One is financial freedom which includes being financially rewarded for all the blood, sweat and tears you put into your business. The other is freedom of time to do whatever you want when you want. There is also the freedom to surround yourself with the people you want to hang out with. All in all, it is the freedom to paint your own picture of what your life looks like after the sale.
- Variable two to accomplish a great exit is having a legacy. What is the legacy you want to pass on? What is it that you want to be remembered for after the sale of your company? This could be passing it down to your kids or making a mark in your community. It is up to you to decide.
- Variable three is your renewed purpose. What is next? What is your new purpose? Are you going to start a new company, consult other owners, or do something completely different? Your new purpose will make you happy and allow you to explore and grow as an individual post-sale.
Links and Resources:
Geoff Green on LinkedIn
The Smart Business Exit website
Buy The Smart Business Exit by Geoff Green on Amazon
Finish Big by Bo Burlingham
Built to Sell by John Warrillow