The Worst Mistakes Entrepreneurs Make | Michelle S. Tucker - Mergers & Acquisitions Specialist
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In this "Lessons" episode, Michelle S. Tucker, a renowned Mergers & Acquisitions Specialist, discusses critical strategies for building and selling businesses. She highlights why many entrepreneurs fail to create sellable businesses and provides insights into her proprietary frameworks, the GPS Exit Model and the 6 Ps, designed to help entrepreneurs maximize their business’s value.
Avoiding the Job Trap: Michelle explains that many entrepreneurs build themselves a job, not a business. By making themselves indispensable, they create a situation where the business can't operate without them, making it unsellable. She stresses the importance of building a business that can run independently.
The GPS Exit Model: Michelle introduces the GPS Exit Model, emphasizing the need for entrepreneurs to plan their exit from the start. This involves setting a clear end goal, knowing the current business valuation, and understanding the steps needed to reach the desired selling price. This model ensures that business owners are prepared to sell when the time is right, rather than reacting to catastrophic events.
The 6 Ps Framework: To build a scalable, sustainable, and sellable business, Michelle outlines the 6 Ps: People, Product, Process, Proprietary, Patrons, and Profits. These pillars ensure that the business is structured to attract buyers and command a higher valuation.
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