Listen to “#641 Exit Your Small Business Rich” on Spreaker.
On this episode of The Small Business Radio Show…
SEGMENT 1 with Sharon Lechter, starting at 0:00: Too many entrepreneurs push off planning for the sale of their business until the last moment. What can you be doing now as a small business owner to prepare to exit your small business rich?
SEGMENT 2 with Bill Sanders, starting at 18:33: There are many ways to negotiate. You can use hardball tactics or use principled negotiation techniques like in the book Getting to Yes. But my next guest says there is a third way that works best in business and it’s called Creative Conflict. What’s the process for this method of negotiating?
SEGMENT 3 with James Chapman, starting at 36:45: What is the future of networking if it is no longer in person and so many people work for themselves or as freelancers?
Sponsored by AT&T Business
More on each segment below.
Segment 1: Sharon Lechter is an entrepreneur, author, and Chartered Global Management Accountant. With a 35 year career as a licensed CPA and a life-long education advocate, she is the founder and CEO of Pay Your Family First, a financial education organization. Sharon co-authored the international bestseller Rich Dad Poor Dad and has released 14 other books in the Rich Dad series. Sharon is the co-author of new book, EXIT RICH: The 6 P Method to Sell Your Business for Huge Profit.
1:30 – Many small business owners don’t exit their business rich. How come?
3:00 – When everything in your business relies on you, the value of your business goes down.
6:15 – Here’s what you should know about what your business is worth.
7:45 – How to sell your business for a maximum profit and why it’s best to sell when business is thriving.
10:30 – What’s the value of having a business broker when you’re looking to sell?
13:00 – Your numbers tell a story.
14:00 – Advice for keeping your sanity through the emotional process of selling your business.
Segment 2: Bill Sanders is CEO of Mobus Creative Negotiating, a firm founded by the late Frank Mobus. Prior to the firm’s founding, Mobus and Sanders played central roles at Karrass, the twentieth-century gold standard for negotiation training, and are the authors of CREATIVE CONFLICT: A Practical Guide for Business Negotiators. Sanders received his doctorate in physical chemistry from Pennsylvania State University. He also consults with National Football League franchises on statistical analysis, helping ten head coaches to lead their teams to the Super Bowl over the last 30 years.
18:30 – How to get over your fear of negotiation. 20:15
21:45 – Good negotiators work the process and take their time.
23:45 – What does creative conflict look like?
25:30 – What do you do when you come across a hard bargainer?
27:00 – What’s important when you’re creating a relationship during a negotiation?
28:30 – Not reaching an agreement can be a strategic part of reaching an agreement.
31:00 – Controlling emotions allows creative negotiators to keep their eyes on the prize.
33:00 – What are other countries’ comfort levels with negotiation?
Segment 3: James Chapman has spent most of his career building bridges to social capital and financial opportunities. He started Detroit Demo Day, which has provided over $4 million in funding to small businesses. Prior, he ran an evening workspace for side-hustlers.
36:45 –People are getting burnt out from the lack of variety in ways to connect.
38:15 – What will networking look like post-pandemic?
40:45 – What’s the difference between networking and community building?
43:00 – How does Plain Sight help people make connections?
46:00 – How do you actually make a strong, genuine connection with someone?
50:30 – What’s in the works for Plain Sight? How do you sign up?
