The Smart and Savvy Exit - The Serial Entrepreneuer - Ellen McIlhenny

Ellen McIlhenny - “The Smart and Savvy Exit – A Conversation with a Serial Entrepreneur”

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INTRODUCTION
Happy March and in a couple of weeks we will be acknowledging (not celebrating) the first anniversary of the fifteen-day COVID pause to flatten the curve. Never in a million years would I have anticipated what ensued after that. I wonder what things will be like one year from now. Who knows
 
I absolutely love statistics. Especially business statistics.  They are great things to have in your back pocket when doing a speech. I found a great article by Oberlo labeled “10 Small Business Statistics Every Future Entrepreneur Should Know.”
 
I want to go over all of these because some of these statistics are surprising and very well could make anyone going into business hit the pause button. 
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1. There are 30.7 million small businesses in the USA. 
2. Small companies create 1.5 million jobs annually and account for 64 percent of new jobs created in the United States.
3. Over 90 percent of the business population represents small and medium-sized businesses. 
4. 55 percent of respondents said that the biggest motivation for opening your own business is being your own boss. 
5. COVID-19 has rendered 31 percent of small businesses in the U.S. currently non-operational.
6. Millennials and Gen Z-ers are 188 percent more likely to have the aim of creating a side business, compared to baby boomers. 
7. More than 50 percent of small enterprises fail in the very first year, and more than 95 percent of small startups fail within the first five years. 
8. 42 percent of small businesses fail because of a lack of market demand. 
9. 52 percent of the respondents stated that the most important problem for small businesses was labor quality.
10. 64 percent of surveyed small businesses use social media in their marketing strategy. 

Credit to Oberlo – 10 Small Business Statistics
 
Show Objectives - The Why
 
Today I am talking with my friend, serial entrepreneur Jill Tuchman. We will discuss why she keeps returning to the SBO life after selling her businesses.

Key Issues
1.    Looking back – are you happy with the way things have turned out?
2.    Is there anything you would change?
3.    Are there any mistakes you’ve made that you could have avoided?
4.    Your current business is obviously very successful. How did you know you had it right?
5.     Any doubts? How did you handle?
6.    What were the ways you built value?
7.      How did your previous sales affect your employees?
8.    How did you market your businesses?
9.    Do you see retirement on the horizon since you have had a lot of success?
10.  Were there any failures along the way? What did you learn?

 Shows 

• Previous: Podcast Episodes 29 – 32 of Season 4 - The Smart and Savvy Exit – Family Business Transfers - We talked about the unique challenges faced when transferring a business to a family member .

Find My Podcast at https://pod.co/future-financial-confidence-with-ellen-mcilhenny
Next Week: Episode 9 of Season 4 – An Interview..

Resources:
Written by Ellen McIlhenny 
Owner of CFO Plus Services, a Fractional CFO services firm which also offers Back Office Bookkeeping Services.  Author of the business novel The Big Turnaround; How Bad Management Nearly Destroyed an Exceptional Company.

​Check it out at https://thebigturnaround.com


You can connect with Ellen on any of her #cfoplusservices platforms or ellen@cfoplusservices.com
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