Scott Duke has founded 11 companies during his entrepreneurial journey; from fleece clothing to a hot-dog stand to a property management firm. All of Scott’s experiences taught him the value of building transferability into a business so that one day, when you’re ready, your business can be sold rather than shut down. It takes work to make a business attractive to buyers, and that’s where Scott’s expertise comes into play. Tune in this episode to hear some of the key lessons that he has learned about building to sell, what you should expect from the selling process, the importance of having a plan for your life post-sale, why you must avoid the “owner’s trap,” and more! Today, Scott is the owner of OpnRoad, a merger and acquisition advisory firm, and if you’re looking to sell your business, there’s nobody better to have in your corner!
Key Points From This Episode:
– An overview of Scott’s journey as an entrepreneur.
– When Scott founded his first two businesses (and what those businesses were).
– Scott explains the meaning behind his, “Every day, a step away,” philosophy.
– Some of the reasons that business owners struggle to delegate.
– The fate of companies that are not transferable (and Scott’s personal experience with this).
– The golden thread that ties together Scott’s first three entrepreneurial ventures on the West Coast of Canada.
– The bold move a business broker made that led Scott into the merger and acquisition space.
– Three key lessons that came out of the Exit Plan Summit that Scott held in 2021.
– The amount of time that it generally takes to sell a business.
– Exploring the concept of role/identity fusion.
– The importance of having a plan for your life after you sell your business.
– What the “owners trap” is and why you should avoid it.
– How to deal with mistakes as a business leader.
– Scott’s advice to real estate agents around scaling a team and building a scalable business.
– Discover the fear that holds many business owners back from growing their business into something sellable.
– Scott’s top book recommendations.
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