About this Episode
5 Top Tips from Business Owners Who Sold Their Businesses
After nearly 100 stories from business owners about buying, growing, and selling, it is time to wrap up the season with a bang. In this final episode, we have distilled the wisdom of five exceptional guests, each sharing pivotal insights that every business owner should engrave into their entrepreneurial DNA.
Learn the top tips of this season from Beate Chelette who sold her business to Bill Gates, Radek Sali who sold his wellness business for over $1.7B, Sunny Vanderbeck who grew his tech company at an incredible speed of 40% every quarter, Ryan Niddel who has scaled businesses to 9-figure revenues in under three years, and Nicky Senyard who exited her SaaS company for over $40M.
We will see you next year for a new season’s worth of stories, lessons, and insights from entrepreneurs who have been there before. Until then, enjoy this episode!
What you will learn in this episode
- Calculating the number you need to exit your business on your terms
- Why you need to know your numbers inside and out
- The importance of having the right advisor by your side
- The biggest mistake business owners make when they receive an offer
- How to not just physically, but emotionally, prepare for an exit
Connect with Simon Bedard
LinkedIn: https://www.linkedin.com/in/srhbedard/
Website: https://buygrowsell.com/
Website: https://exitadvisory.com.au/
Show Notes
(2:49) Your walkaway number is more than pulling a figure out of thin air. Beate Chelette reverse engineered the future she wanted to be able to find her number, here are the factors that went into her decision. Do you know yours?
(13:39) As soon as you start the sales process, you need to get your reporting in order. Radek Sali’s team ensured their reporting, books, and processes were of IPO standard, which set them up for success during diligence.
(14:57) In an exit, Sunny Vanderbeck shares that the most important person is your advisor that is acting on your behalf, and you won’t realise how valuable this service is until you are through the process.
(20:05) So many entrepreneurs take their foot off the pedal when they enter negotiations – especially when there is an LOI in place. But Ryan Niddel is here to say that now’s the time to ramp up and keep your eyes on the prize until you are well over the finish line.
(26:15) Some entrepreneurs treat their business solely as an asset. Others are incredibly emotionally attached. Nicky Senyard advises you to know where you fall on the spectrum as it will affect your valuation, negotiations, and your mental health when it’s time to transition out.
