Business
Bo spent over twenty years as an editor and editor-at-large of Inc. Magazine and is the author of five books, including three of my personal favorites Finish Big, Small Giants and The Great Game of Business. Bo explains to us the wide range of “good” and “bad” exits from businesses built by owner-founder entrepreneurs, and why over 75% regret the sale 12 months later. What You Will Learn in Today’s Podcast Interview: Why the word “exit” is a curse word for most business owners Why the word “exit” can mean different things to your role vs your ownership How to avoid regretting the eventual sale of your company How to get clarity on what you want from your business The 7 components of a sale that help an owner achieve the 25% who are happy The importance of understanding how the company value impacts your exit options and your personal drivers Bo’s 4 (sometimes 5) characteristics of a “good exit” Why missing just one principle leads to a “bad exit” and can put you in the 75% What to think about in order to prepare you to mentally for a sale How Bo’s work intersects with the 5 Intentional Growth™ Principles The Seven P’s of Evergreen companies according to Bo and the Tugboat Institute How companies that plan to last over 100 years think about their businesses Podcast Summary: Today’s episode is particularly special for me. I read Bo’s book Finish Big back in 2015 after our family company’s sale. His book was the reason I started this podcast and eventually created the Intentional Growth™ 5 Principles. I had the chance to interview Bo when this podcast was first starting (ep. #16), and today we have the chance to catch up and talk about the changes myself and my business have undergone over the past four years. Bo explains to us the wide range of “good” and “bad” exits from businesses built by owner-founder entrepreneurs, and why over 75% regret the sale 12 months later. He shares what the entrepreneurs did who were proud and happy with their exit compared to those who were not. Bo and I reconcile his research with my four years of work and over 200 interviews. One of Bo’s key takeaways from his research was: business owners that know “who they were, what they wanted and why” were the happiest about how things had unfolded during and after their exit. In my work, I found that the missing piece was a framework that helps owners figure these pieces out. Bo emphasizes the value of our framework today when we talk about just how important is it to intentionally