Do you know the exit mindset you must have when you’re selling your company?
An exit mindset, you ask, what’s that?
Exactly.
Most sellers believe that the skills that built their business are the same ones for selling.
Buyers, who are smart, sophisticated, and experienced, hope you make mistakes.
Every mistake you make lines your future buyer’s pocket with your money.
When it comes to selling your company, you have one chance to make it count.
Back to the question, what is an exit mindset?
I’ll answer the question with a quick story.
I started my EdTech right out of school with no money, experience, or team.
Failure was my new best friend.
All-day. Every day.
My grit and passion kept me in the game long enough to experience success.
I received an unsolicited offer from a buyer who was like a wolf in sheep’s clothing.
When it came to selling my company, I lacked an exit mindset, and it showed in every way.
To the buyer’s delight, I made every mistake that most sellers make during the process.
The unsolicited offer was 7-figures, and the buyer expected that I would hand him the keys to the kingdom.
I said “no” to the offer and “yes” to mastering the art and science of selling a company.
What I learned shocked me to the core.
The system is set up against you in every way.
After much heavy-lifting, I uncovered the exit mindset required for success.
Twenty-four months later, I said “yes” to a 9-figure offer from a different buyer.
The game-changer was developing an exit mindset.
Do you want to know how to develop the exit mindset you need for selling your company?
Of course you do.
What do you do and where do you begin?
Keep reading.
An Exit Mindset Has You Remove Yourself From Your Business
Help others achieve their dreams and you will achieve yours – Les Brown
Want to retire wealthy and happy?
Develop an exit mindset that removes you from your business.
When you started your company, you wore many hats. From sales to customer service to support, you did it all.
Your attention to detail created a vibrant and thriving culture. Customers aren’t customers, and instead, are raving fans.
Everything has a time and place.
What brought you “here” won’t get you “there.”
An exit mindset has you understand that you must remove yourself from the business.
How?
Fire yourself.
Read and prosper from “Why You’ll Be Happier And Richer When Your Company Runs Without You.”
Whether you sell your company today or keep it forever, your company must run without you.
Firing yourself gives you back your life and your time. You can now work on the business instead of in the business.
With a strong management team running the day-to-day, you focus on new markets. Innovation thrives, as well as your profits.
Do you know why buyers pay a premium for companies that run without their founders?
Buyers want to protect and grow their investment in your company when you’re not around.
Believe it or not, there will come a day when you’re not welcome in your company, or you don’t want to be there.
Smart sellers have an exit mindset that has them remove themselves from the business. And so should you.
Do you know the one thing that buyers look for that will kill the deal?
You should.
Keep reading to learn what this tell-tale sign is.
Prosper And Succeed By Creating More Leaders And Taking No Credit
Leaders don’t create followers, they create more leaders – Tom Peters
Real leaders stand out from the crowd, which is why they are true leaders.
What a true leader?
True leaders create more leaders, help the company achieve, and take no credit.
When it comes to selling your company, adopt an exit mindset that has you fade into the background.
When it comes to selling your company, check your ego at the door.
What should you fade into the background, you ask?
Two reasons.
Whether you sell your company today or keep it forever, you must hire and mentor talent that is better than you. Your talented management team runs the company without you, and it thrives.
Second, the last thing buyers want is to have you as the “genius” entrepreneur who does everything.
In the eyes of buyers, you’re a flight risk, and buyers don’t like uncertainty.
An exit mindset that has you fade into the background creates a win-win-win.
Your team benefits from upward mobility, higher pay, and opportunity.
Company value increases. Buyers pay a premium when a company not only runs without its founder but thrives.
Last, but not least, your exit mindset looks after other peoples’ needs so you can look after your needs.
Develop an exit mindset of fading into the background today, and you’ll thank me tomorrow.
Do you know the four-letter word that massively increases company value?
You should.
Keep reading to learn more.
Do You Know The Four-Letter Word Every Seller Should Know And Use?
Hope transforms the impossible into the possible – Jeffrey Feldberg
Do you know the four-letter word every seller should know and use?
H.O.P.E.
Let hope for a better tomorrow be your trusted ally and friend.
Successful sellers are masters at developing an exit mindset that puts hope front-and-center.
Investment bankers insist that company value is a mathematical calculation.
Want honest advice? Don’t believe the investment bankers.
People make decisions using emotions first and justify the decision with logic.
An exit mindset has you find your so-called weaknesses and turns them into strengths.
Buyers know what you did yesterday and today. Buyers want to see what you can do for them tomorrow.
Remember the new market you wanted to enter but lacked the experience and money?
Great news, your future buyer has both the experience and money.
How about the new offering you want to bring to the market but lacked the time and people?
Even better news. Your future buyer has both the people and the time.
An exit mindset of creating hope has you spot the best buyer for your business.
Read and prosper from “5 Ways To Spot The Best Buyer For Your Business That Will Make You Successful (And Rich).”
When your company runs without you, you have the time to create and innovate.
An exit mindset has you sharing your big dreams and aspirations for your company with buyers.
Paint the picture, show the research, and share the projections.
Buyers will “buy” into it, or they won’t. Your employees and customers need a buyer who is as excited about the future as you.
An exit mindset has you identify the buyer who can and will make a difference.
An Exit Mindset Has You Help The Buyer Succeed So You Can Succeed (In That Order)
Helping others is like helping yourself – Henry Flagler
Successful entrepreneurs are successful because they help people solve painful problems.
When you help enough people get what they want, you get what you want. In that order.
An exit mindset has you put the needs of the buyer front-and-center, as you do with your customers.
As a result, an exit mindset has you and your exit team shine during the due diligence process.
Read and prosper from “The Due Diligence Mindset You Need To Win.”
Sellers view buyers as selfish and demanding. In turn, buyers see sellers as difficult and challenging.
Break the cycle by tuning in to my favorite radio station, WII.FM. When you tune in to the “What’s In It For Me” radio station, you explore both the fears and desires of your future buyer.
How does an exit mindset help the buyer succeed?
When you understand the fears and desires of the buyer, you help remove the fear and ramp up the desire.
Your exit team is quick to provide answers to due diligence questions. When you don’t know an answer to a question, you admit it and immediately work on a solution.
An exit mindset has you find out the individual goals and timelines of your future buyer’s team. In doing so, you help your buyer’s team achieve its goals.
Regardless of the industry, you’re in, you’re an entrepreneur. And entrepreneurs are world-class at helping people solve painful problems.
An exit mindset has you help the buyer succeed so you can succeed.
Do you know what most sellers overlook, to their detriment?
Keep reading.
An Exit Mindset Has You Expect The Unexpected So You Can Dominate And Win
Expect the unexpected – Bear Bryant
An exit mindset has you expect the unexpected so you can dominate and win.
Do you know the one area most sellers ignore at their peril?
You should, but don’t.
Answering with a “yes” or “no,” is your exit team and employees loyal to you?
If you’re like most sellers, you answered with “yes.”
Unfortunately, this above exit mindset can cost you the deal.
Your exit team and employees are only loyal to you if your needs happen to fit their needs.
Welcome to the human condition, my Rockstar entrepreneur.
Perception is reality. Your exit team and employees who see you riding off into the sunset happy and wealthy.
Not good.
You want your exit team and employees wanting the sale of your company to happen as much, or more than you do.
What can you do?
Provide an exit bonus to provide security and certainty to your exit team and employees.
Read and prosper from “This Is How Successful Sellers Crush Their Exits.”
With your team on board, you can now have an exit mindset of expecting the unexpected.
You don’t know what you don’t know. But you can count on the unexpected happening.
You can also count on you and your exit team to be ready and waiting to navigate through to success.
Develop an exit mindset to expected the unexpected today, and you’ll thank me tomorrow.
Conclusion
Do you know the right exit mindset you need to maximize the value of your company when you sell it?
If you think you do, think again.
When it comes to selling your business, what you don’t know can and will harm you.
How do I know?
I was that kid who started his EdTech right out of school with no money, team, or experience. Despite the odds, I grew my EdTech to dominate the industry.
I said “no” to the first 7-figure unsolicited offer I received from a buyer who was like a wolf in sheep’s clothing. I said “yes” to dedicating myself to master the art and science of selling a company.
Two years later, I sold my EdTech for 9-figures based on thirteen times EBITDA.
What made the difference, you ask?
An exit mindset.
In this article, I’ve revealed exit mindset strategies that work. Period. End of story.
Believe it or not, your future success is ready and waiting for you. But are you prepared for your future success?
Let’s make sure you’re ready to welcome your success with a few simple steps.
Start with the first exit mindset strategy and stay with it until you’ve mastered it. You’re now ready to move on to the next exit mindset strategy.
Repeat this process for all five exit mindset strategies.
You can do it. I know you can.
So what are you waiting for?
Here’s to you and your success.
Your BIGGEST Raving Fan,
Jeffrey Feldberg
Today, Feldberg's passion is helping you extract your deep wealth. The 90-day Deep Wealth Mastery program helps create a solid foundation for three areas: increasing profits to enterprise value and optimizing post-exit life. Deep Wealth Mastery offers strategies and insights drawn from Feldberg's rich experience. The strategies from the trenches get results. Jeffrey's vision is to increase the social fabric of society one entrepreneur at a time.
Learn more through https://iapdw.com/prosper
