What’s your exit strategy?
Many consultants decide to move on and find that they can’t sell their business. All of the years of hard work potentially up in smoke because there really is nothing of value to a buyer!
You need a plan to recoup your investment. All successful entrepreneurs know when to leave the stage. They have a clear business timeline and a vision of how to sell on profitably. Do you?
Today’s guest, John Warrillow, has written several books including ‘Built to Sell’ and is going to give you key advice to help you get your facilitation or training business ready for sale. Check it out.
Listen to the episode now
To sell your facilitation or consulting business, you need to make sure that you have developed intellectual property, including a system that others can follow. In simple terms, your system needs to be “Teachable, Valuable, and Repeatable”.
Instead of thinking of your business as a way to demonstrate your expertise or to fill your bank account… think of it as a child that you are trying to raise into an independent adult …John Warrilow
All your years of results, methods, courses wrapped up in a system that others can buy and monetize. This is what people are buying.
It’s no good having it ‘in your head’. A buyer wants to know that you have developed some valuable training process or coaching framework that can be implemented and monetised from the moment they buy it.
If your business can’t operate without you, it’s worthless to a buyer. – @JohnWarrillowTweet
The more ‘systemised’ your business is, the more valuable it is to your buyer. So if your plan is to sell your training / coaching / consulting system one day, you need to start figuring out how someone can run it without you. Grab a pen and get started!
Take-aways you don’t want to miss
- How to separate yourself from your business so you can make an exit
- Why you should start thinking about your exit strategy
- Steps to take to build a business that is attractive to sell
- Why you need a monthly recurring revenue (MRR) and how to make it happen
- How to garner enough money to fund your lifestyle when you exit your business
- Why you need to establish what John calls your TVR
- Hard questions to ask yourself to prepare for an exit
Some resources for you
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