The AC Method

#17: Planning Your Exit Strategy with Aaron Clippinger

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In this episode, Aaron emphasizes the importance of having an exit strategy for one's business, highlighting that many people fail to consider this aspect. He recounts a story of a client who wanted to retire and sell their business but hadn't thought about the process. As a result, the client ended up closing their doors and losing the value they had built over the years. Aaron stresses the need to document standard operating procedures (SOPs) from the beginning and continuously refine them to facilitate the smooth running of the business and prepare for a potential sale. 


He also emphasizes the importance of training someone to take over one's role to ensure the business can operate without its original owner. Aaron concludes by encouraging listeners to think about their own exit strategies and avoid losing the value they have worked hard to build in their businesses.



HIGHLIGHTS:


  • Aaron stresses the importance of having an exit strategy for your business.
  • A client's failure to plan resulted in the loss of their business's value when they retired.
  • Documenting standard operating procedures (SOPs)
  • Training a successor is key for a smooth transition and sustained business value.
  • Aaron encourages listeners to think about their own exit strategies to protect their hard work and business value.



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    TIME STAMPS


    • 00:00 - Prelude
    • 00:44 - The exit strategy
    • 02:20 - Selling a company and somebody doing your job
    • 03:47 - When you buy a company, write down standard operating procedures
    • 05:00 - Work yourself out of a day-to-day job
    • 05:31 - How the company went under 10 years ago
    • 06:25 - How the software changed the company
    • 07:38 - The importance of having an exit strategy
    • 08:07 - Good company training vs bad company training
    • 09:38 - Selling your company
    • 10:16 - You have to have your exit strategy!
    • 11:42 - Not fair to employees and to the team
    • 12:56 - Good time to sell the company
    • 14:04 - What is more valuable than money?
    • 14:46 - When to sell the company?
    • 15:51 - END


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      The AC MethodBy Aaron Clippinger
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