Business
On this episode, Loral is joined by Michelle Seiler Tucker, a partner of Sharon Lechter’s on her Exit Rich Book. Michelle is the founder and CEO of Seiler Tucker Incorporated. She is a certified merger and acquisitions professional and certified senior business analyst. Michelle and Loral talk about exit strategies. For so many of you, it is all about entering the business and you are not thinking about exiting. You need to start thinking about your potential exit strategies now. Exit strategies are just as important if not more important than starting a business. Show Notes: [01:24] Michelle Seiler Tucker is the founder and CEO of Seiler Tucker Incorporated. [02:38] In principle, anywhere in the world you can own a corporation and have the deductions. [04:11] Businesses that are a one-woman or one-man show are very difficult to sell because the business is dependent on the owner. [05:41] The number one reason businesses don’t sell is because business owners never think about selling and never plan an exit strategy until internal or external catastrophic events occur. Selling in a catastrophe is the worst thing you can do. [06:31] You really need to sell when you are in your prime and try not to sell during a catastrophic event. [07:10] Another mistake is that business owners are working in their business instead of on their business. You will never grow unless you let go of the control. [07:32] You have to focus on your strengths, hire your weaknesses on your business, with the right people. We are really trying to build a business to run without you. [08:28] You don’t build a business. You build people and people build the business. [09:45] You need to always innovate and market. [11:42] A lot of business owners design their processes around their own agenda instead of designing the processes around the customer experience. If we don’t create wow experiences for our clients somebody else will be happy to do it instead. [12:59] Proprietary is the number one value driver. There are six pillars to proprietary. [15:34] A big mistake business owners make with contracts is that they don’t include the transferable clause. We must be proactive and put that transferability clause in there. [17:26] Lack of profit is never the problem, it is always the symptom of. [18:54] Business owners don’t plan to fail, they fail to plan so they don’t have a destination. Business owners really need to think about their destination and next they need to know where they are starting from. [20:51] You never want to put your eggs in one buyer’s basket. You have to have backup buyers. There are five types of buyers. [23:41] Exit Rich launches June 22nd, but you can get the digital download today. Exit Rich is a gold mine for entrepreneurs. [27:06] You don’t have to do this alone. Your network equals your net worth. Find a mentor. Links and Resources: Ask Loral App: https://apple.co/3eIgGcX Loral on Facebook: https://www.facebook.com/askloral/ Loral on YouTube: https://www.youtube.com/user/lorallive/videos Loral on LinkedIn: https://www.linkedin.com/in/lorallangemeier/ Money Rules: https://integratedwealthsystems.com/money-rules/ Millionaire Maker Store: https://millionairemakerstore.com/ Real Money Talks Podcast: https://integratedwealthsystems.com/podcast/ Integrated Wealth Systems: https://integratedwealthsystems.com/ Affiliate Sign-Up: https://integratedwealthsystems.com/affiliates Michelle’s Website: https://seilertucker.com/ Exit Rich: https://askloral.com/exitrich