The 8-figure Expert
“Sue Bryce took a photography business and figured out how to create a system to add value when selling,” shares Sam Thompson a Minneapolis business broker and the president of M&A firm Transitions In Business. “This podcast had valuable information for all business owners looking to sell. You’ll hear lessons on due diligence, employee onboarding and working the letter of intent.”
Imagine turning your expertise into an 8-figure exit. That’s exactly what Sue Bryce did. Bryce built a $1 million photography studio in an industry where owners are often limited to low six-figure businesses that are dependent on them.
Bryce figured out how to extract herself and then, along with three partners, turned her attention to helping other photographers with the launch of a membership site. Bryce recently sold her business for more than two times annual revenue.
This episode is packed with hard-earned wisdom for anyone determined to succeed. Specifically, you’ll learn how to:
- Name your company to maximize your chances of selling it.
- Transform a creative business into a sellable asset.
- Systematize your business to accelerate new employee onboarding.
- Convert your expertise into a paid membership online community.
- Pinpoint the best time to sell.
- Avoid getting ground down on price after signing an LOI.
- Protect your private information in the early stages of negotiating with an acquirer.
- Prepare to ace due diligence.
- Decouple your name from your brand (even if it’s part of your company name).
- Distinguish between a serious Letter of Intent and one that is likely to be re-traded on.