283 – How to Begin Planning Your Exit Strategy

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Most trades business owners are not aware of the fact that they can sell their business. A reason why an exit strategy is not something they plan on doing until later. But from the moment you opened your business, you can already start planning your exit strategy, starting with identifying why you want to exit your business, so you can gear up towards making your business saleable when the time comes.

In today’s podcast episode, I welcome my guest Danielle Putnam. This episode is the first of a three-part series called Exit Strategy vs. Wishful Hoping. We discuss why most business owners fail to create an exit strategy from the beginning. Danielle also shares a framework to follow for an exit strategy and the importance of understanding your organisational chart.

Find out more about what an exit strategy is and how you can start planning it by tuning in to this episode.

What’s Discussed in This Episode:

0:00 Offer and Introduction 
3:08 Danielle shares her story 
7:27 Most business owners don’t have an exit strategy from the get-go
9:48 Most business owners lack an understanding of business dynamics 
13:04 The exit strategy is about freedom 
15:12 Framework for an exit strategy 
16:37 Things a buyer wants to know before buying a competitor 
19:34 The beginning phase of an exit strategy
22:28 Evolution happens in business
23:15 The organisational chart 
24:11 Recognise how many spots you as the owner is filling 
25:23 What true success is
25:57 Have high-level talent in your team 

About the Guest:

Danielle Putnam is the president of The New Flat Rate, a company that she and her father founded in 2011. She is also the immediate past President of Women in HVACR, an organisation that encourages more women to enter the trades. 

Resources: 

Books mentioned in this episode: 

  • Good to Great: Why Some Companies Make the Leap and Others Don’t (https://www.amazon.com/Good-Great-Some-Companies-Others/dp/0066620996)

 

Connect with me on LinkedIn. For more podcast episodes, you may also visit my website. Tune in and subscribe to The Site Shed: You can also listen to The Site Shed on Apple Podcasts, Spotify, and Stitcher.

Thank you for tuning in! 

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