Do you know how to extract your full business potential? For most entrepreneurs the answer is a resounding “no.” The host of The Deep Wealth Podcast and post-exit entrepreneur Jeffrey Feldberg speaks with Tejal Shah, the founder of Congruent Advisory. Tejal has spent her career helping business owners prepare for success and eventual liquidity events. Her insights are pure gold, and we’re here to share those nuggets of wisdom in a simple and engaging way.
The Power of Preparation
Tejal Shah believes preparation is key when it comes to selling a business. She says, “Preparation, it’s such a boring word. It’s a boring concept, but it’s really that golden key that unlocks everything.” Most business owners focus only on the day-to-day, but Tejal suggests thinking like a buyer. Imagine what a buyer would want in a business. She advises to ask yourself: Are your operations running smoothly? Is there unrevealed potential in your processes?
Preparation isn’t just a step; it’s the key that unlocks opportunities. Often seen as tedious, preparation truly sets the stage for growth. Tejal Shah emphasizes, “Think like a buyer.” For business owners, it’s crucial to understand how an outsider views their company. This means looking beyond the financial sheets to the people, policies, and processes that truly add value.
Tejal’s advice is simple: align your operations with your financials. What happens in your day-to-day business should be reflected in your financial statements. This ensures there are no surprises when a potential buyer or investor steps onto the scene.
By taking the time to properly prepare, you’re not just setting yourself up for a successful sale. You’re also making your business stronger today. Tejal reminds us that there may be risks that could put you out of business. Therefore, addressing issues sooner than later is crucial.
Think Like a Buyer
Tejal suggests business owners should “think like a buyer.” What does this mean? Well, buyers want to know exactly what they are getting and how it benefits them. Tejal encourages you to consider not only your current figures but also the human elements of your business. Are your employees well-trained? Is the business culture strong and positive? All of these factors can increase your value in a buyer’s eyes.
AI: A Game Changer
Tejal also highlights the importance of embracing change, especially with technologies like AI transforming industries. For businesses that haven’t yet adopted AI, she suggests starting by asking questions and experimenting. “Have you thought about adopting AI in your operations?” she asks, encouraging leaders to explore how AI can improve efficiency.
By integrating new technologies, companies can position themselves better for the future, making them more attractive to potential buyers or investors.
Tejal explains that artificial intelligence (AI) can be a major asset, even for those who may not consider themselves tech-savvy. She advises business owners to experiment with AI, saying, “Why don’t we at least bring in one or two people and at least ask them how to help make our business more effective.”
You might be wondering, why all this fuss about AI? Well, implementing AI can help streamline operations, optimize costs, and potentially create market disruptions. It’s about embracing the future and keeping your business relevant.
The Core Team
One of the keys to a successful business is having the right team. Tejal stresses the importance of bringing together a team of advisors well before a transaction occurs. “Have your tax person, legal counsel, and individual wealth planner ready,” she advises. This ensures that when the time comes to sell or partner, there are no hurdles that could derail the deal.
Tejal explains that having a prepared team allows flexibility in deal-making. Whether it’s deciding on an asset purchase or other structures, being prepared gives you confidence in negotiations.
One thing Tejal emphasizes is the importance of having the right team. She advises having a tax expert, legal counsel, and a wealth planning advisor involved in your preparations. She states, “The point is to see to it that you have the appropriate team in place.”
A well-rounded team means you’re not just guessing through the process; you are guided and informed. It lessens risks and increases the chances of a successful liquidity event.
Leadership and Relationships
Above all, Tejal reminds us that relationships are at the heart of every business. Focusing on building strong relationships with customers, vendors, and employees is crucial. “I would have maintained the same focus on relationships,” Tejal reflects, about balancing credentials with connections.
Tejal strongly believes in authentic leadership. She says it’s about, “doing what you say and saying what you do,” and that accountability starts with the leader. For her, it’s essential to set an example that others in the organization will follow.
Building strong relationships with your team is also crucial. It’s not just about creating a great work environment but about ensuring that everyone is aligned towards a common goal.
Leadership plays a crucial role in a company’s success. Tejal speaks about the importance of authenticity in leadership, which she describes as “doing what you say and saying what you do.” For her, it’s essential that leaders are transparent and build trust within their teams.
Tejal shares one profound insight: “You won’t have to second guess me.” Trust in leadership translates into a thriving company culture where team members feel valued and heard. It’s about setting the tone and leading by example.
Focus on People
Accountability is another pillar of successful businesses. Tejal believes it starts with leaders holding themselves accountable. When leaders exemplify accountability, it naturally spreads throughout the organization.
She says, “When I exemplify accountability, I model the expectation I have for my team.” This approach encourages a culture where everyone takes responsibility for their actions, leading to higher efficiency and morale.
At the heart of Tejal’s message is a focus on people. She emphasizes that business success is less about tangible assets and more about the team behind the scenes. “Our people are really the most valuable resources that we have,” she states. By empowering and investing in your team, you’re not only enhancing your current business but ensuring its long-term success.
Final Words
As you step forward, let the words of Tejal Shah motivate you to prepare more thoroughly, value your team deeply, and embrace emerging technologies. By doing so, you can unlock the full potential of your business. Remember, preparation is not an expense but an investment in your future.
Tejal offers a critical piece of advice: preparation is vital. Align your operations with your financials because that’s where value is reflected. She reminds us that while preparation may not be exciting, it is an investment in the business’s future.
Jeffrey Feldberg sums it up beautifully: “Your wealth isn’t just about the money in the bank. It’s about the depth of your journey and the impact that you’re creating.” As business leaders, focusing on preparation, culture, and relationships can lead to sustainable success.
So, as you go back to work, think about the insights you’ve gained from Tejal Shah. Start preparing today, build a winning team, and create a culture of trust and accountability. Your future success may just be a conversation away.
So, as we love to say here at Deep Wealth, may you continue to thrive and prosper while you remain healthy and safe. Keep these insights close, and who knows? Your next business breakthrough might be just a step away.
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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.
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