In today’s episode, our guest is Michelle Seiler, Founder, and CEO of Seiler Tucker. She has been in the business industry for more than 20 years, lauded as one of the most reputable businesswomen in the industry when it comes to closing deals, a two-time best-selling author, a keynote speaker, a master in merger and acquisition and so much more! Michelle fervently provides advice to her clients about the right time and processes needed when selling a business with a profit. As someone who has sold over a thousand businesses, Michelle shares to us the 6Ps from her best-selling book, Exit Rich, and utilizes it to sell like a true business champion.
[04:59] Why people get stuck?
It’s a pretty difficult question to answer. It might have something to do with their upbringing, genetics, network, self-motivation, and the trouble of finding the reason for their existence, their whys.
[05:52] How did you become who you are?
I am not the same with my siblings. My mom thought I will be a reporter but I am an entrepreneur at heart. I started owning a business at 18 and I worked at Xerox for six months. I was promoted as a regional manager, handling over 85 people and people hated my guts for moving up the ladder for a short period of time.
[07:29] I’m a tough person. I don’t let things get into me and I knew it stemmed from jealousy. They were just upset about being bested by me getting the position. At the end of the day, we realize to not take it personally.
[09:02] Women in the Corporate World
It is hard for women to be in the corporate world. I remembered attending a conference and there were only two of us women out of thousands of attendees, the rest were men. It’s is definitely a 90% male-dominated industry where they post pictures of men promoting other men seldom do you find anything related to women. Unfortunately, that’s life.
[10:12] Journey towards my passion
It was a big move. I was making six-figures with great benefits as a regional manager but because of my love with entrepreneurship, I reached out to the company in an attempt to buy one of their franchises. Instead of owning the franchise, I was convinced by them to a partnership, assist them, and expound their business visibility. I tried it for six months.
[11:35] We were doing well. I was selling hundreds of franchises that thoroughly expanded their brand, but they got cocky. They started promises on things that they failed to deliver.
[12:21] I cannot continue my partnership with them in good faith and ethics hence I transitioned from franchise sales, development, and consulting to selling businesses.
[12:53] Exit Rich
It is all about building a sustainable and scalable business that can be sold when you are ready. It’s about building a business that makes more money and can survive without you. Most business owners fail to plan their exit, where they can only sell their business in a downtrend due to catastrophic scenarios. The best example would be restaurants during the COVID19-Pandemic.
[14:44] You need to build a business that suits the buyer’s need in a particular timeframe and you can sell it at your desired price, which most business owners don’t do.
[15:41] The 6Ps towards a successful business
Handing their business from generation to generation are what most businesspersons thought. But nowadays, young people want to create their own masterpiece. Your business should run on all 6Ps because buyers will buy a business that follows that recipe.
[16:48] First, is People. Businessowners should make sure they have the right people who can manage the company without your presence.
[17:38] Second, is Product. You need to ask yourself if the industry you are in is dying or thriving. Being in a dying industry does not mean it’s a sign of your downfall, it means you need to change, pivot or shift.
[24:11] Third, is Process. You must be efficient and productive while considering the customer experience in mind.
[24:19] Fourth, is Proprietary. A bigger brand translates to a bigger price.
[24:41] Fifth, is Patrons. You need to have a myriad of clients and avoid customer concentration.
[24:52] Sixth, is Profits. You need to have profits or no one will buy your company.
[28:47] What promise did God made to the world, when He created you?
That I will always deliver more than what you asked for.
[04:23 – 04:29] “Life is short hence we should leave a legacy and a mark in the world that would make a difference in people’s lives.”
[14:12 – 14:17] “The best time to plan your exit is when you start your business from day one.”
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