The Unofficial TikTok Shop Podcast with Jordan West
Ep 289: How to Successfully Exit Your Business With Joe Valley
As business owners, our goal is mostly focused on building and growing our businesses. However, once it’s up and running, we need to start thinking about an exit goal.
In this episode, best-selling author of the EXITpreneur Playbook Joe Valley talks about setting up your exit goals for your business. He shares the five critical steps to consider before selling your business.
Listen up and let's set some goals.
KEY TAKEAWAYS FROM THIS EPISODE
- Include exits in your goals.
- Reverse engineer your path to that goal.
- One key differentiator when you're selling your business is understanding that you're selling the business as a multiple of discretionary earnings and for e-commerce business owners, the inventories are always sold separately.
- If you renegotiate the cost of goods sold halfway through the year, you get to do an add-back for that.
- Shift your mindset from an entrepreneur to an exitpreneur.
- Learn about deal structures.
- Create competition when selling your business.
- When a good advisor has your best interest in mind, in the long run, it helps them more.
- The valuations are 10% math and 90% art.
- Documentation is a critical part that buyers are looking for.
- Once you've got a business that's up and running, it's time to think about those exit goals.
- Business is not about selling anything. It's how many people you can reach, connect with, educate, and help.
Recommended Tool: Google Forms
Recommended Book:
Good To Great by Jim Collins
https://www.amazon.com/Good-Great-Some-Companies-Others/dp/0066620996
Today’s Guest:
Joe Valley helped build Quiet Light Brokerage, one of the leading online-focused M&A Advisory firms in the world. He did this after building, buying, or selling a 1⁄2 dozen of his own companies, Joe Valley. Now, after facilitating nearly 1⁄2 billion in exits, Joe has written the bestselling book The EXITpreneur’s Playbook - to help online business owners get the maximum value and best deal structure when they seek their incredible exit.
Connect and learn more about Joe here:
Website: https://www.quietlight.com
https://www.exitpreneur.io
Email: joe@quietlight.com
The EXITpreneur's Playbook Free Book Form
This episode’s sponsor is KnoCommerce - the first survey platform built for eCommerce brands. Gain insight on everything from marketing attribution to purchase motivation, while leveraging your customer data for enhanced personalization.
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