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The Difference Between an Exit Plan and a Sellable Business - Lorraine McGregor
Manage episode 421659643 series 2848647
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What separates a business with an exit strategy from one that truly attracts buyers? Discover the secrets with Lorraine McGregor, a seasoned expert in preparing businesses for sale. Host Jerome Myers, in a detailed conversation with Lorraine, unveils how strategic alignment, not just operational efficiency, shapes a business into a compelling prospect for potential buyers. She explores the crucial difference between merely planning an exit and crafting a business that buyers are eager to acquire. Listeners can expect a blend of actionable advice, market insights, and strategic frameworks to transform their business's approach to selling.
Gain insights on making your business a prime buyer target with Lorraine McGregor. She delves into the psychological and practical facets of selling a business, providing essential strategies for aligning your business with prospective buyers’ needs. Listen to the full discussion to learn how to make your business attractive to buyers. Discover key strategies for a profitable sale and how to position your business for success. Take advantage of expert advice that could transform your exit strategy.
[01:04 - 11:02] Meet Lorraine McGregor: Expert in Business Saleability
- Introduction to Lorraine’s extensive background and the essence of making a business sellable
- Insightful discussion on the difference between having an exit strategy and a genuinely marketable business
[11:03 - 20:09] Demystifying Business Sales
- Lorraine shares startling statistics about the actual rate of business sales versus expectations
- Exploring common pitfalls and misconceptions that business owners face when trying to sell
[20:10 - 30:59] Strategic Growth and Value Drivers
- Detailed strategies on how to align your business with potential buyers' growth plans
- How to implement value drivers that make your business operational and attractive to buyers
[31:00 - 39:07] Assessing and Increasing Business Value
- Techniques for objectively evaluating your business’s market value and potential
- Discussion on the adjustments needed both financially and operationally to attract serious buyers
[39:08 - 47:04] The Psychological Journey of Exiting
- Preparing for the emotional realities of detaching from your business
- Tips for navigating the complex emotions and practicalities of selling your business
Key Quotes:
"Having an exit or succession plan isn't enough; it must also appeal to buyers." - Lorraine McGregor
"You have to adjust everything strategically, so your offering, your markets, your team is exactly what [buyers are] looking for." - Lorraine McGregor
Connect with Lorraine!
Website: https://www.spiritwest.com/
LinkedIn: https://www.linkedin.com/in/lorrainemcgregor
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