Summary: In this episode, Adam and Steve discuss the importance of systematizing your business and the benefits it brings. They use the example of Wawa, a convenience store chain known for its detailed systems, to illustrate the value of clear processes. They outline four steps to systematize your business: identify the tasks involved, detail the steps to complete each task, make the processes accessible to your team, and continuously improve the processes. They emphasize the importance of documenting processes for continuity, delegation, and increasing the value of your business.   Chapters 00:00Introduction 04:17Identifying and Detailing Tasks 08:31Making Processes Accessible to the Team 12:47Documenting Processes for Value and Continuity   Takeaways

• Having clear systems and processes in place is crucial for the success and growth of your business.
• Documenting your processes allows for continuity, delegation, and onboarding of new team members.
• Accessible and well-documented processes increase the value of your business.
• Continuously improving your processes can lead to increased efficiency and profitability.

 

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Summary: In this episode, Adam and Steve discuss the importance of email marketing as an underrated marketing resource. They highlight the benefits of having a healthy email list, including control over communication, building relationships, and creating opportunities for repeat customers. They emphasize the value of consistent and valuable content in emails and the impact it can have on the success of a business. They also mention the additional resources and services available through Scale to Sell to help business owners scale and exit their businesses.   Chapters 00:00 Introduction and Mission of Scale to Sell 04:27 The Importance of an Active Email List 09:41 Creating Opportunities for Repeat Customers   Takeaways

• Email marketing is an underrated marketing resource that can have a significant impact on business growth.
• Having a healthy email list allows for control over communication and reduces reliance on social media algorithms.
• Consistently providing valuable content in emails helps build relationships with customers and keeps businesses top of mind.
• Email marketing creates opportunities for repeat customers and increases the likelihood of referrals.
• Scale to Sell offers additional resources and services to help business owners scale and exit their businesses.

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Episode Links:

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Summary: In this episode, Adam and Steve discuss the importance of working on your business, not just in it. They highlight five reasons why business owners need to take a step back and focus on strategic planning, delegation, and personal growth. These reasons include the inability to do it all, the need to manage risk, the importance of vision and goals, the development of leaders, and the need for personal margin to grow. By working on their businesses, entrepreneurs can achieve better profitability, scalability, and work-life balance.   Chapters 00:00The Importance of Working on Your Business 09:11Managing Risk through Strategic Planning 13:50Vision and Goals: Guiding the Company's Direction   Takeaways

• Business owners need to work on their businesses, not just in them, in order to achieve better profitability, scalability, and work-life balance.
• Delegation is crucial for business growth as it allows entrepreneurs to focus on income-producing activities and strategic planning.
• Working on the business helps manage risk by ensuring that the company can continue to operate even if the owner is unavailable.
• Having a clear vision and goals for the business is essential for strategic planning and long-term success.
• Developing leaders within the team is important for growth and sustainability.
• Personal growth and continuous learning are necessary for business owners to adapt to changes and drive innovation.

Episode Links:

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Summary In this episode, the hosts discuss the pros and cons of external sales as an exit strategy for business owners. They emphasize the importance of considering all options and having a team of professionals to guide the process. They also highlight the need for long-term planning and preparation for a successful exit.   Chapters 01:31  Missed Opportunities in Considering the Sale of a Business 03:29  Pros of an External Sale 04:50  Cons of an External Sale 07:05  Partial Sale of a Business 10:13  Importance of Planning the Exit Strategy   Takeaways

• Consider both internal and external sales as options for exiting your business.
• An external sale can provide market value for your business and allow you to receive all or most of the money upfront.
• However, there are challenges to consider, such as the potential loss of the business name and key team members.
• Partial sales of a business can offer flexibility and allow for continued involvement in the business.

Episode Links:

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Summary In this episode, the hosts discuss the pros and cons of an internal sale, which involves transferring the business to someone already within the company. They highlight the benefits of continuity and legacy, as well as the advantage of not having to search for a buyer. However, they also address the concerns and risks associated with an internal sale, such as selling the business at a discount and potential conflicts within the family or among employees. The hosts emphasize the importance of careful planning, considering skillsets and desires, and addressing estate planning concerns.   Chapters 01:25  Internal Sale: Definition and Benefits 04:21  No Need to Find a Buyer 06:01  Concerns and Risks 08:47  Skillsets and Desire 09:41 Estate Planning Concerns 10:34 Rolling Out the Transition 11:29  Importance of Preparation 12:28  Considering Employees 13:48  Internal Sale vs External Sale 14:17  Pros and Cons Recap 14:40  Key Takeaways 15:06  Closing Remarks   Takeaways

• Consider the goals you want to achieve from exiting the business.
• Evaluate if there is someone with the skills and desire to take over the business.
• Understand the potential benefits and drawbacks of an internal sale.
• Plan for estate planning concerns and potential conflicts within the family or among employees.
• Prepare for the transition and seek guidance from experts.

 

Episode Links:

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Summary

In this episode, the hosts discuss the importance of being financially ready to retire. They introduce the concept of the financial formula, which involves determining your retirement income goal and subtracting your current assets to identify the value gap. They emphasize the unique challenges faced by business owners in estimating their retirement income due to the complexities of their compensation structure. The hosts also highlight the need to maintain your desired lifestyle in retirement and the importance of planning ahead and seeking professional guidance.

Chapters

00:00 Introduction 00:49 Are You Financially Ready to Retire? 03:07 Estimating Retirement Income 06:19 Maintaining Lifestyle in Retirement 08:41 The Role of the Business in Retirement Planning 11:27 Importance of Planning Ahead 12:26 The Financial Exit Formula

Takeaways

It is crucial to assess your financial readiness for retirement, considering your retirement income goal and current assets. Business owners face unique challenges in estimating their retirement income due to their complex compensation structure. Maintaining your desired lifestyle in retirement requires careful planning and consideration of all expenses. Planning ahead and seeking professional guidance can help ensure a successful retirement and exit from your business.

 

Episode Links:

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Summary    In this episode, Adam and Steve discuss the importance of knowing the value of your business. They highlight that for many small business owners, a significant portion of their net worth is tied up in the value of their business. However, determining the value of a business can be challenging due to the lack of easily accessible information and the wide range of multiples used in valuation. They emphasize the need for business owners to have a clear understanding of their business's value in order to make informed decisions and plan for the future. The episode concludes with the offer of a free business valuation for listeners.   Takeaways

• Knowing the value of your business is crucial for planning your retirement and making informed decisions.
• Determining the value of a business can be challenging due to the lack of accessible information and the wide range of multiples used in valuation.
• The trailing 12 months are critical in determining the value of a business, as potential buyers are interested in recent performance.
• Timing is important when selling a business, as external factors and the condition of the business can significantly impact its value.
• Scale your business with the end in mind and continuously work towards increasing its value.

Chapters   01:09 Importance of Knowing Business Value 02:01 Challenges in Determining Business Value 03:50 Accurate Representation of Business Value 04:48 Understanding Multiples and Business Value 06:17 Trailing 12 Months and Business Value 08:40 Timing of Selling a Business 09:36 Scale with the End in Mind 10:59 Takeaways  

Episode Links:

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Summary

In this episode, Steve and Adam discuss the importance of having an exit plan for business owners. They emphasize that every business owner will eventually exit their business, and the question is whether it will be on their terms. They explore different ways to exit a business, including retirement and the five Ds (death, divorce, disability, distress, and disagreement). They highlight the challenges in successfully exiting a business and the impact on a retirement financial plan. They stress the importance of having processes and systems in place and the role of coaching in exit planning. They also discuss the importance of scaling the business and the impact of burnout on business value.

Chapters

00:49 The Importance of Having an Exit Plan 02:15 Different Ways to Exit a Business 03:09 Challenges in Successfully Exiting a Business 04:37 The Impact on Retirement Financial Plan 06:29 The Importance of Processes and Systems 07:45 Overcoming Fear and Misconceptions 08:34 The Role of Coaching in Exit Planning 09:30 Exit Planning as Good Business Planning 10:27 The Importance of Scaling the Business 11:20 The Impact of Burnout on Business Value

Takeaways

• Every business owner will eventually exit their business, and it is important to have an exit plan in place.
• Retirement and the five Ds (death, divorce, disability, distress, and disagreement) are common ways to exit a business.
• Successfully exiting a business can be challenging, and it is important to have processes and systems in place.
• Exit planning is not just about the exit itself, but also about scaling the business and preparing for unexpected events.
• Burnout can have a significant impact on the value of a business, highlighting the importance of taking care of oneself and having a plan.

 

Episode Links:

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80% of business owners make a crucial mistake when it comes to one (if not THE) biggest asset they have - THEIR BUSINESS!

But, you do NOT have to make that mistake.

Learn what that mistake is, some key reasons behind it, and how you can avoid it, so you can scale your business and create an exit strategy that works for your retirement plan.

Chapters

00:00 Introduction 01:16 Steve's Unique Position to Help Business Owners 03:09 The Mistake 80% of Business Owners Make 04:03 Reason 1: No Exit Plan 08:07 Reason 2: Business is Not Transferable 11:22 Reason 3: Centralized Customer Base 12:51 Key Takeaways

Takeaways

• Having an exit plan is crucial for business owners to ensure a successful sale of their business and secure their retirement income.
• Building transferable assets, such as documented processes and a capable team, is essential for a business to be attractive to potential buyers.
• Managing risks, such as diversifying the customer base, is important to avoid hindering the sale of the business.

Episode Links:

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Welcome to SCALE TO SELL - the Business Owner's Podcast to Grow and Exit Your Business.

The father/son duo of Steve and Adam Burton help business owners like yourself get the clarity they need on what it takes to successfully scale and sell the company they've worked so hard to build. 

Steve is a financial advisor and has owned numerous businesses over the decades. Adam, who besides working in the family business, is a licensed attorney and specializes in marketing, education, and business development.

Learn the tactical and practical things to leverage up your potential and live the life you want.

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IG: @scaletosell