In this episode of The Author Your Brand podcast, host Doug Crowe interviews Steve Duke, an entrepreneur, business advisor, and author. They discuss the importance of exit strategy planning for business owners and common pitfalls to avoid.
Steve emphasizes being prepared for unplanned exits, which account for 50% of transitions. He advises monitoring the bottom line over the top line, avoiding over dependence on the owner, key employees, or major customers. Steve recommends replacing yourself early and cross-training staff as a backup. He suggests assessing your situation to identify risks but notes planning does not have to mean imminent exit implementation. Steve shares a story of an owner who grew too fast by overly focusing on sales, ran out of cash, and went out of business. He highlights that even small businesses can apply strategies like process documentation. Steve advocates working with an advisor to evaluate your company’s value and opportunities objectively. The key takeaway is that strategic planning is crucial to maximize value for a future exit.
Learn more about Steve and his dynamic book, “Failure To Exit! Build Your Valuable Business” at https://bexsi.clickfunnels.com/failure-to-exit