In this episode, A.J. Lawrence and Kirk Michie from Candor Advisors (@candoradvisors) discuss the secrets to profitable business exits. They discuss the six key steps for a successful business sale, emphasizing the importance of understanding your purpose in business, seeking outside help, and working with trusted financial advisors.
Kirk’s expertise in strategic planning and legacy preservation offers a roadmap for achieving the right outcome, whether it's maximizing profits, controlling your legacy, or securing favorable terms for your business exit. Tune in and gain valuable insights into preparing for a business sale, optimizing financials, and setting reasonable expectations.
EPISODE HIGHLIGHTS:
- Getting Help When You Need It: Entrepreneurs often struggle to ask for advice, especially when big decisions loom. But if you want the best outcome, whether it's more money or retaining control, find someone trustworthy to lean on. It's a crucial step. (04:38)
- The Power of Effective Communication: Good communication is vital in every business deal, including selling your business. Ever heard of Neuro-linguistic Programming (NLP)? It's like a communication superpower that helps you understand different styles and leads to more successful sales. (09:20)
- Picking the Right Advisor: When hiring someone to help with a major financial move, like selling your business, look for a multi-talented advisor. They should be a guru, a guide, and a gladiator all rolled into one. This combo usually leads to the best results. (15:39)
- 6 Steps to a Successful Sale: Want to sell your business like a pro? Remember these six steps: Understand your 'why,' match it with the buyer's 'why,' get your finances in tip-top shape, don't give away too much too soon, lean on experts, and keep your expectations realistic. (23:48)
- Discover Your 'Why': Before you sell your company or seek investment, figure out your 'why.' It's like the North Star for your financial journey. Knowing it helps you optimize the process, ensuring a smooth and successful sale. (32:43)
ABOUT KIRK MICHIE:
Kirk Michie is the Founder and currently the Managing Partner of Candor Advisors, a company providing transaction advisory services to successful founder-led businesses. With 30+ years of industry experience, Kirk has built an exceptional career in strategic planning, investment, and legacy preservation. He has leveraged his entrepreneurial wisdom to guide business owners, entrepreneurs, and high-net-worth families through complex financial decisions. He has an impressive record, having managed over $1 billion in capital allocation and assessed over 2,000 direct investments.
Kirk is also the Founder of EBITDA University, which offers learning programs about selling businesses. Kirk is not just a financial advisor but a thought leader, having spoken at numerous prestigious events and organizations, including Association for Corporate Growth events, Vistage, and Entrepreneurs Organization gatherings.
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