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summary

In this conversation, Jonathan Fodera and Keith Gause discuss the critical aspects of building a business that is not only successful but also sellable. They emphasize the importance of understanding the statistics around business sales, the due diligence process, and the necessity of creating a business that can operate independently of its owner. The discussion covers various topics including the significance of having a clear organizational structure, financial accountability, effective hiring practices, and the creation of standard operating procedures. They also highlight the need for diversifying marketing channels and understanding the target customer to ensure business growth and sustainability.

takeaways

• 7% of businesses actually sell, highlighting the importance of building a sellable asset.
• Due diligence is crucial in the selling process; many businesses fail to prepare adequately.
• Key man risk can significantly impact the saleability of a business.
• A business must be able to operate independently of its owner to be considered sellable.
• Starting with the end goal in mind can guide business decisions and strategies.
• An organizational chart is essential for clarity in roles and responsibilities.
• Financial clarity and understanding your numbers are vital for making informed decisions.
• Hiring should be based on financial projections and the ability to handle increased leads.
• Standard operating procedures (SOPs) are necessary for training and consistency in operations.
• Diversifying marketing channels reduces risk and increases stability in lead generation.

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Apple Podcast: https://podcasts.apple.com/us/podcast/the-integrated-entrepreneur/id1721945867

Spotify: https://open.spotify.com/show/44djZ5wR9cyqTAKJs8DyEX

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Podcast Info: https://feeds.buzzsprout.com/2285267.rss

Apple Podcast: https://podcasts.apple.com/us/podcast/the-integrated-entrepreneur/id1721945867

Spotify: https://open.spotify.com/show/44djZ5wR9cyqTAKJs8DyEX

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