(The Smart and Savvy Exit) Why confindentiality is important - Ellen McIlhenny

Ellen McIlhenny - The Smart and Savvy Exit – The Importance of Confidentiality When Selling Your Business.

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INTRODUCTION
I was giving a presentation to a group of small business owners the other day and I got a lot of the regular questions which dealt with what to do in certain situations.  One question came up that made me pause. The question was if you had to pick one thing, that is the most important thing that makes success likely. I thought it was funny because I talk a lot about the unique personality of the entrepreneur. There is something different about someone who puts it all out there every day and is willing to give up the security of a job to pursue their dream of being their own boss. But taking that one step further I would have to say that a true vision, or as we have all heard, a clear why is the single most important ingredient in the recipe for a successful business. 
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Even though Napoleon Hill pegged the concept way back in 1937 with his book Think and Grow Rich, there has been reemergence over the last 12 years or so starting with Simon Sinek’s great Ted Talk about “Starting with Why”. 

But where does the 'why' come from? Your why is all about the unique contribution and impact you make in the business world. The impact is the difference you make. The contribution is what you do to make the impact. Couple that with the inner drive to succeed that almost all entrepreneurs have; well that is really what it takes. Creating something bigger than ourselves. 

If anyone is thinking about starting a business think long and hard about your potential business’, “Why”. Starting a business takes a lot of sweat and tears…and sometimes maybe some blood as well. What will get you through the tough time will not be the promise of success or a lot of money. I mean those help, but the thought of creating something that will last and is bigger than just you. Well that is the golden circle.

I have heard there are a couple of questions you should ask yourself. First, would I do this for free? And yes, I have had several business owners say they would do it for free if they could.  And second, what am I doing to make a difference? The answers to these questions will tell you a little about your passion and your purpose. 

Show Objectives - The Why
 
Today I will be talking the importance of confidentiality when selling your business.


THE BIG FOUR

1. Your Customers
2. Your Vendors
3. Your Employees
4. Your Competitors

Using a Broker to insure confidentiality
The Non-Disclosure Agreement


 Shows 

• Previous: Podcast Episodes 33 – 36 of Season 5 - The Smart and Savvy Exit – What a Successful Sale Looks Like – I interview Business Owner Bryan Sklar.

​Find My Podcast at https://pod.co/future-financial-confidence-with-ellen-mcilhenny

Next Week: Confidentiality when selling a business
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
https://cfoplusservices.com

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