33: Making Businesses More Efficient & Effective to Prepare Them for an Exit – Interview with Tom Gledhill Part 2
This is part 2 of Nana’s interview with Tom Gledhill where the two discuss how to make businesses more efficient and effective to prepare them for an exit. Tom has founded, built and sold multiple companies during his career as a business owner. He is a former M&A Advisor and the author of best selling books “The Big Transfer” and “Xitpro System”.
KEY TAKEAWAYS
One of the mistakes Tom sees business owners make when exit planning and leaving money on the table is that they’re not familiar with the business buyers and what they’re looking for. The more you understand what they are looking for, then the better you can position yourself to maximize income.
Making your company more effective and efficient is one of the key ways to both show that your business can scale and show value to business buyers. It’s important to do it early but critical to do it before you try to sell.
You need well trained employees who don’t just come to you with problems, but with solutions too.
In order for a company to sell, it has to be transferable and sustainable.
If you’re looking to pass your business along then you need to know the value of your company so they can pay that off to you over time so you can live the retirement you planned for.
Only 1 in 4 businesses that go to market actually sell.
BEST MOMENTS
‘You cannot salce a company until you make it effective and efficient’
‘Owners should work on their company more than in their company’
‘The most important part of exit planning is positioning the company to sell’
‘It’s not rocket science, but it takes discipline’
EPISODE RESOURCES
Tom’s Free Webinar
Get your free valuation here: https://bit.ly/get-free-valuation
Get a 5-phase checklist to help scale your business. https://bit.ly/Business-ScaleUp-Checklist
Podcast website: https://https://infhorizons.com/podcast/
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PODCAST DESCRIPTION
Hosted by Nana Bonsu of Infinite Horizons, this show aims to serve small business owners who want to grow their businesses while reducing their own personal involvement. We do this through a combination of interviews with industry leaders, and host presentations. We are certified value builder advisors and leverage a statistically proven methodology to help clients such as you scale or transition their business to the next chapter.
We care for our listeners and see their dreams as our own. We aim to foster a community that embraces freedom, generosity, and integrity. This is a show by entrepreneurs and business owners for entrepreneurs and business owners.
ABOUT THE HOST
Nana Bonsu:
“I am an entrepreneur and ex-Corporate Executive who’s applying his experience and knowledge from working in various ways to pursue my passion of helping small business owners increase their choices in life by leveraging my knowledge and experience, their employees, systems and money. I help small business owners transform their business and increase value through action-oriented education and implementation of strategies and tactics to make their business sellable even if they are not planning on selling. Known for establishing an environment for personal growth and development. My multicultural background equips me with the intuitive understanding of different cultures and how they impact business owners.”
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