348: Running and Selling a Business: Best Practices for Your Small Scrappy Company

Tips on running and selling a business from an exit entrepreneur who never planned to sell. 

How can you build a business that both you and future you will benefit from? This episode covers the steps to growing a business you can sell.

My guest (and friend) Jared Nations shares his lessons, tips, and learnings from recently selling his business. His story is interesting because his plan had been to keep running the business as a cash flow business and never sell. After a cold offer, he changed his plan and pivoted. 

This episode gives you an inside view to what selling a business looks like and what you can do to prepare your business (even if you’re not planning to sell). 

Episode Highlights:

• 6:36 COVID impacts on business growth 
• 10:52 Getting a cold offer to buy 
• 13:51 The layers of building a deal to sell 
• 15:03 Why you should position your business as a strategic acquisition when selling 
• 17:34 What makes a deal successful 
• 18:58 Running a business for growth 
• 20:44 Learnings from the selling process 
• 25:57 Not having a single point of failure that the owner is involved in 
• 27:47 Building a business for the future you 
• 30:45 Hiring while in an intense growth period 
• 33:26 Creating culture in a remote team 
• 39:04 How many meetings is too many meetings 
• 42:01 Understanding what the people on your team value 
• 46:17 Business models and mistakes when trying to innovate

Resources:

• @nations_jared on Twitter 
• The Brand Growth Membership (Join today to get 7-days for $1)
• @BrandGrowthX on Twitter
• Review or subscribe on iTunes