Summary

In this episode, Josie and David Fisher discuss the importance of having an exit mindset for business owners.

They emphasise that exiting a business is not a one-time event but a multi-year process that requires careful planning and preparation.

The conversation covers various stages of preparing for an exit, including optimising business operations, succession planning, and understanding market readiness.

They also highlight AI's impact on business and the necessity of adapting proactively to market changes. The episode concludes with a challenge for listeners to start mapping out their exit strategy.

Exit isn't an event; it's a Mindset.

Only 20 to 30% of small to mid-sized businesses that go to market sell.

75% of those who do sell, unfortunately, regret it.

Preparation for exit is a continuous process that takes years.

You need clean records of everything to attract buyers.

Understanding your legacy is crucial when planning an exit.

What gets measured gets sold; focus on exit readiness.

AI is a significant factor in market readiness and can impact your business.

You must optimise your operations to make yourself redundant.

Succession planning is essential for a smooth transition.

Sound Bites

"Exit isn't an event, it's a mindset."

"Only 20 to 30% of businesses sell."

"The preparation is a continuous process."

"You need clean records of everything."

"What gets measured gets sold, they say."

Chapters

00:00

The Exit Mindset

02:46

Preparing for the Exit Runway

06:08

Optimising Business Operations

09:04

Succession Planning and Legacy

11:52

Transformation and Negotiation

15:06

Readiness for Sale

18:11

Market Positioning and AI Impact

20:56

Weekly Challenge and Wrap-Up

Meetup Groups

Wed, Jun 4 · 7:00 PM AEST

Business Exit Strategies Workshop with JD & Friends (Zoom)

Business Exit Strategies Workshop

Fri, Jun 13 · 1:00 PM AEST

Business Referral Networking Mixer @Ovolo with JD & Friend (In-person)

Business Exit Networking Mixer

"The Five Pillars You Must Build Before (and After) You Exit"

Summary

In this episode of the Business Exit Secret Formula podcast, hosts Josie and David Fisher discuss the critical importance of preparing for life after selling a business.

They introduce the concept of the five pillars that support a successful transition:

Knowledge, Skills, Networking, Resources, and Reputation.

Through real-life examples, they illustrate how business owners can leverage their experiences and connections to create fulfilling second acts after their exits.

The episode emphasises the need for planning and self-reflection to ensure a vibrant future beyond business ownership.

Takeaways

Selling your business is just a transaction; building your life after is the real mission.

Knowledge gained from years of experience is invaluable and should be leveraged after the exit.

Skills developed in business are transferable to new ventures and opportunities.

Networking is crucial; relationships built over the years can lead to new opportunities after exit.

Resources, including time and capital, should be utilised wisely to create a fulfilling life after exit.

Reputation is a key asset; it can open doors and create opportunities after selling a business.

Planning for life after business is essential; don't wait until after the sale to think about your next steps.

Your future can be a masterpiece if you take the time to refine and reinvent yourself after exiting.

Don't just retire; find ways to stay engaged and passionate about your work.

The five pillars provide a framework for a successful transition into the next chapter of life.

Chapters

00:00 Introduction to Business Exit Strategies

03:12 The Importance of the Five Pillars

04:56 Pillar One: Knowledge and Experience

11:29 Pillar Two: Skills and Their Transferability

21:00 Pillar Three: Networking and Relationships

29:11 Pillar Four: Resources and Investments

36:09 Pillar Five: Reputation and Integrity

43:52 Massive Action Plan for Future Success

"You can sell your business and create your best life."

"Selling your business is just a transaction."

"Turn your knowledge into income and impact."

"Knowledge is currency, isn't it?"

"Skills don't retire, do they?"

"Your reputation is your business card in your second act."

"This is not the end, it's just the end of chapter one."

"Don't retire, don't fade away, refine, rebuild."

"Your future, now that's the real masterpiece."

In this engaging conversation, Josie and David Fisher interview Nick Cree, a digital marketing expert, who shares his journey from being a mortgage broker to becoming a successful web developer and marketing strategist. Nick emphasizes the importance of curiosity in technology, understanding customer needs, and the disruptive nature of modern marketing. He discusses the role of AI in transforming business operations and the necessity of building systems and processes for success. The conversation also highlights the significance of community, visibility, and authenticity in marketing, encouraging listeners to embrace technology and explore new opportunities.

• Curiosity in technology can lead to unexpected opportunities.
• Understanding customer needs is crucial for effective marketing.
• Disrupting traditional marketing norms can create a competitive edge.
• Listening to customers helps articulate their hidden fears and desires.
• AI tools can enhance marketing strategies and streamline operations.
• Building systems and processes is essential for business success.
• Visibility and authenticity are key in modern marketing.
• Creating engaging content is easier with AI assistance.
• Community building fosters deeper connections with customers.
• Embracing technology is vital for staying relevant in business.

00:00 Introduction to Digital Growth and Curiosity

02:22 The Journey of a Mortgage Broker

05:01 Disrupting the Mortgage Industry

07:43 Understanding Customer Needs

10:21 The Importance of Listening in Marketing

12:45 Creating Engaging Content

15:27 Selling the Mortgage Business

17:41 Transitioning to Online Ventures

20:35 The Freedom of Remote Work

22:59 Exploring AI and Its Impact

25:40 The Future of Marketing with AI

30:18 The Power of Authentic Content Creation

31:18 Underutilized Tools for Entrepreneurs

34:38 Navigating AI Confusion

37:27 Systems Over Tools: The Key to Success

40:37 AI as a Replacement for Traditional Roles

43:54 Embracing AI: Opportunities and Threats

47:34 Building Community in a Digital Age

49:32 Becoming Visible Online

Summary

In this episode of Business Exit and Beyond, Josie and David Fisher discuss their vision for helping business owners achieve successful exits while empowering the next generation of entrepreneurs. They emphasize the importance of having a clear vision for the future, connecting businesses with the right buyers, and the emotional and psychological aspects of transitioning beyond business ownership.

The conversation highlights the need for a supportive community and resources to facilitate this journey, aiming for global influence and community development.

Takeaways

Our mission is to connect business owners with experts.

Vision is crucial for business owners planning their exit.

Successful exits require the right buyers who value the business.

Empowering future entrepreneurs is part of our vision.

Transitioning beyond business ownership is essential for personal growth.

Community development is a key focus of our mission.

We aim to build a supportive network for business owners.

Emotional readiness is as important as financial readiness.

Sharing wisdom can enrich future generations of entrepreneurs.

The journey of business exit is about embracing new possibilities.

Chapters

00:00 Introduction to Business Exit and Vision

01:28 Understanding Vision and Its Importance

04:56 Connecting Businesses with the Right Buyers

07:40 Mission Statement and Its Purpose

10:57 Empowering Business Owners for Transition

15:15 From Business Ownership to Global Influence

19:10 Investing in the Journey Ahead

22:06 Unique Solutions for Community Growth

In this episode of Business Exit and Beyond,

Boris Biskupic shares his extensive journey in real estate and property investment, discussing the importance of resilience, understanding market trends, and the strategies that have shaped his career. He emphasizes the need for a solid mindset and planning for the future, particularly in the context of business exit strategies.

Boris also shares real-life case studies that illustrate the complexities of property investment and the significance of legacy and knowledge transfer in the industry.

Chapters

00:00 Introduction to Boris Biskupic

03:07 Boris's Journey into Property Investment

12:22 The Role of a Property Strategist

15:28 Mindset and Resilience in Property Investment

16:56 Case Study: Navigating the GFC

24:09 Lessons from Business Journeys

26:24 Building a Business with the End in Mind

28:14 The Importance of a Transferable Business

30:22 Navigating Challenges and Learning from Experience

31:55 Creating Systems for Business Success

33:39 Mindset and Focus in Achieving Goals

35:52 Overcoming Exhaustion and Finding Purpose

38:26 The Role of Legacy and Knowledge Sharing

42:06 Preparing for the Future and Embracing Change

46:36 Podcast 2 Intro Josie & David Podcast 26 Feb 2025.mp4

Connect with Boris on his website

https://www.biskupic.com.au/

And connect with Josie & David, JD, to join the journey of business owners and the team of professionals.

1. Preparing to exit

2. Next generation of buyers

3. Our team of brokers, accountants, financial planners, and advisors

4. Sold and what do I do next?

https://bizexit.com.au

We warmly invite you to embark on an exciting journey with us, especially if you're a business owner considering selling your business in the next 1 to 5 years. Together, we can explore these essential steps leading to your desired freedom!

If you're thinking about getting your business ready for sale or discovering the next steps, we’re here to support you!

Whether you're a business broker, financial planner, accountant, lawyer, consultant, mentor, or advisor looking to broaden your business network, there's a place for you in this journey.