Manage episode 291085439 series 2415578
In this episode, Mac Lackey tells us why being proactively preparing your business to be sold is vital even if you do not plan to exit. Are you adding the strategic value your business needs to be sold? Tune in to another episode with Mac Lackey to find out.
About our Guest:
Mac Lackey has started and sold 6 businesses beyond 7 and 8 figures since 1995. Today, he runs ExitDNA which is a 90 day coaching program for entrepreneurs. The program helps entrepreneurs add strategic value to their companies to ultimately increase their exit valuation.
On today’s episode
- Reimagining how we do business during covid-19 - 2:00
- How to detect business trends early? - 3:50
- When to prepare your business exit strategy? - 6:55
- This is the reason entrepreneurs buy existing businesses - 11:33
- Who would pay most to buy your business? - 14:03
- Is your business ready for exit coaching? - 15:50
- When is the best time to get exit coaching?- 19:20
- Signs you are ready to exit your business - 21:17
- The most exciting business opportunity of 2021- 26:00
- Here is why the early exit is the best exit - 30:20
- You do not have to choose between family and business - 33:10
- To detect trends early, ask yourself: What is new in the world (eg: Covid-19)? what’s going to change as a result of this new dynamic? What’s going to remain the same? What are other people doing?
- 1 - 3 years away from an exit is the best time to start working towards your exit.
- Preparing your business to be sold is crucial regardless of whether or not you plan to sell it.
- Creating value quickly and exiting early is usually easier than selling in more mature stages.
- Technology today makes it much easier for entrepreneurs to create significant value fast in the early stages of the business.
- Large corporations often acquire small businesses in their early stages. They can focus on distribution and scaling, as the intellectual work and product-market fit has already been established by the small business.
Memorable Quotes by Mac Lackey:
“It doesn’t matter if you ever want to sell your company or not, what you really want is you want the option. One of the ways to create the option is to decide immediately that you’re going to be proactive about it. Once you make that mental shift those things start to happen”
Do you have an exit story? Share it with us in the comments. And don’t forget to say hello if you would like to share your entrepreneurship story on our podcast.
Connect with Mac Lackey:
- Exit DNA website: Exit DNA
- Personal website: https://maclackey.com/
- Instagram: maclackey
- LinkedIn: Maclackey
Connect with A.J. Lawrence:
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