Stick Like Glue Radio #166 On this special episode of Stick Like Glue Radio, I interview entrepreneur, private equity investor and author, Shola Abidoye. Shola shares some great information about how to scale a sales funnel and prepare your business for sale – for the most amount of profit! Don’t miss this show
Stick Like Glue Radio www.getjimpalmer.com
On this special episode of Stick Like Glue Radio, I interview entrepreneur, private equity investor, and author, Shola Abidoye. Shola shares some great information about how to scale a sales funnel and prepare your business for sale – for the most amount of profit! Don’t miss this show!
Main Questions Asked:
- Talk about VC funded companies.
- When you talk about being a ‘professional entrepreneur,’ do you mean someone who is focused on the numbers and setting up sales funnels?
- When should you start planning to sell your business?
- How should business owners look at their time and financial investment?
- Do investors look at the sweat equity that owners put in?
- How does an entrepreneur set up CRSP without hiring someone to do if for them?
- Why is not having an exist plan robbing 50% of your company’s wealth?
Key Lessons Learned:
Venture Capitalists & Entrepreneurs
- When a venture capitalist plans to invest in a company, they have one key question, “If I put in x amount of money, when am I going to get back x multiplied, and by when?”
- Private business owners don’t really think about the personal investment of time and money in the same way as a VC.
- When entrepreneurs start tracking the investment time and money that has been put into the business and see the return, it will force them to focus on the things that really matter, which is customer acquisition and sales process.
- When you get an investor mindset, you will begin to make decisions that are driven by the numbers as opposed to what feels good.
- A lot of entrepreneurs look at short term goals rather than asking, ‘How will I make this a saleable asset?”
- The way to get off the feast of famine cycle is to systematize the sales process. This allows entrepreneurs to step away from the business.
- The single biggest question in the mind of someone looking to acquire a company is, “Will sales continue when this owner walks away and I take over the business?”
The 7 D’s
- If you know one of the 7 Ds is going to happen and you want to build a business that generates income and supports your dreams, family, and is an asset, then you have to plan a sales process that is independent of you.
- If you don’t plan for the following, then it could wipe you out.
- Departure (of key employees)
Being a Professional Entrepreneur
- A professional is someone who does something for income.
- Someone who gets consistent results.
- The big question for entrepreneurs is, ‘Can you describe your sales process, and is it broken down and automated?’
Planning to Sell Your Business
- You should start planning to sell your business from day one.
- If you build a business with selling it in mind, then you will build an entirely different business than if you built it for yourself.
- Up to 50% of business owners’ wealth comes from proper exit planning.
- A lot of owners only look at how much time they put into the business when they start to exit plan.
- If you have a laborious sales process, then that makes your business less attractive as an asset or not sellable.
Figure out Your Strengths
- Entrepreneurs have to start with an 80/20 analysis.
- People are infinitely more productive at doing things that plays to their strengths.
- Figure out what you are good at, then choose a customer acquisition process or strategy that plays to strengths and focus on that.
- Stop wearing so many hats and focus on the 80/20.
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