The Smart and Savvy Exit - Build It to Sell It - Ellen McIlhenny

Ellen McIlhenny - “The Smart and Savvy Business Exit”
 
PROFIT RADIO..."Grow With Us"
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Introduction
Hi I am Ellen McIlhenny, the Host of “The Smart and Savvy Business Exit”.
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 This Thursday is Thanksgiving 2020 and I know many of us need to think harder about what there is to be thankful for after the year we have had.  But I submit that there is so much to still be thankful for. Let’s see 2020 will be over in a little over a month and we can put it in our rear-view mirror. And those of us who have lived through it are no doubt stronger. Even if we aren’t able to be with our families this year technology gives us the ability to see their faces. I heard someone giving a commentary the other day, he talked about what if this whole COVID thing had happened just 25 years ago.  We certainly weren’t as connected and virtually no one would have been able to do their jobs from home. The question is, would people have been so acceptable with these shutdowns? I think it is a good question.  Nonetheless, there is great hope with the vaccine which may be the key to getting our lives back to normal.

 Here in Virginia and throughout the United States there are heightened lockdowns which started last week, and I worry about the businesses especially the food service businesses; the ones who survived the lockdowns earlier this year. Will they survive this? My anniversary was the other day, and my husband and I had to really search to find a restaurant that was doing indoor seating. Most are doing carryout only. That’s no fun.  We finally found one that looked like it offered what we wanted.  It was a great restaurant, but we had to shift our schedule because they closed at 8:00. I guess the COVID is more potent in the evening or that’s what it appears to be based upon the new rules where bars must close at ten o'clock.

This brings me to my plea for everyone to think seriously about giving major support to local businesses during the holiday.

Amazon and the other big online businesses are going to survive this. In fact they will thrive during the holidays.  Let’s help our friends in our local communities.

Listen>Apply>Engage

​Show Objectives
As a Fractional CFO I work with business owners every day. I work with a wide variety anywhere from a few hundred thousand in annual revenue to tens of millions in revenue. These businesses are in many different stages, but one thing is universal in my dialogue with them. What are your exit plans? And have you started thinking about and more importantly preparing for your ultimate exit.  And yes, everyone will eventually exit…one way or another.

Today’s show will hopefully answer the question. Why should I build it to sell it now? I don’t plan to sell for many years.
 
https://www.ibgr.network/show_notes/the-smart-and-savvy-exit-the-exit-plan-ellen-mcilhenny

Or you can listen to last week’s show on episodes 17 through 21 
https://studio.podcast.co/ibgr/future-financial-confidence-with-ellen-mcilhenny/episodes

Key Issues - ​Owner/Manager Perspective:
A look at John Warrillow’s book Built to Sell

1. The number one mistake Entrepreneurs make
2. Why Buyers aren’t confident of the value of your business - even when profitable
3. What are the three principles to go by when building a sellable business?​

What You Need to Know
 The five big ideas?

1. Run it like it will last forever.
2. The best businesses are salable -even if you don’t want to sell
3. Make it so it doesn’t need you.
4. Find the thing you do well and concentrate on that
5. Don’t rely too heavily on one customer

 
What You Need to Do​
A look at the Value Builders System created by John Warrillow
 
 Written by Ellen McIlhenny - CFO Plus Services - www.cfoplusservices.com

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