What’s your Exit Strategy? You have one, right? That’s the question a business mentor asked of Kyle Baccus a few years ago that led to the eventual sale of one of his businesses. Today on the Small Business Show, Kyle joins us for a second guest spot to discuss the sale and to spend some time exploring our Revenue Stack concept of developing multiple streams of revenue as part of your path towards world domination.
We get a chance to learn about the three different types of business sales that Kyle has been involved in and what he’s learned from each of them, with the concept that you should “Keep saying Yes until there’s a reason not to” as a guidepost during the transactions. Business owners should consider going to a business-sales seminar to learn about selling a company, but be weary of paying cash up front to a business broker when you area ready to sell, according to Kyle. We then jump into a conversation about what is the most difficult part about selling a Small Business and how to avoid some of the usual pitfalls.
Shannon and Dave then steer the conversation towards the Revenue Stack that Kyle has developed over time, how he’s moved from being self-employed, to being a business owner and finally an investor. We dig deep into how a missing revenue stream can be replaced with a varied Revenue Stack.
Finally, we wrap up the show discussing how wealth can make you fear risk, how to leverage your strengths to overcome weaknesses and we discuss time management – or the lack thereof.
Join us today for episode 122 of the Small Business Show, then visit our Small Business Support Group to leave your comments!
- 00:00:00 Small Business Show #122 June 7, 2017
- 00:01:43 Kyle Baccus – KC Tool
- 00:03:32 It’s a lot harder to count the failures than the successes
- 00:04:17 Selling 3 Businesses
- 00:05:19 Selling to a stranger is a different animal
- 00:06:55 What is your Exit Strategy?
- 00:08:00 Keep saying Yes until there’s a reason not to
- 00:09:26 Go to a business-sales seminar when you don’t need to attend
- 00:10:18 Learn how to price a business
- 00:12:41 The Most Difficult Part About Selling
- 00:14:33 Employees are the biggest challenge
- Be appreciative of the fact that they are working for you
- 00:15:35 Do Your Research!
- Google “Business Selling Horror Stories”
- Avoid the pitfalls
- 00:17:00 When a sale goes south
- 00:19:20 Avoid the embarassment of failure
- 00:19:46 “I’m self-employed and working towards being a business owner”
- 00:22:36 Replacing a missing revenue stream and building a revenue stack
- 00:26:04 Money makes you fear risk
- 00:27:10 Leverage your strong suit
- 00:30:20 Maximizing your Time… For You
- 00:34:38 Avoid Wipeout Risk
- 00:36:07 SBS Outtro