We often liken the world of business to a battlefield, a cutthroat competition underpinned by concrete figures and stringent logic. However, such a perspective overlooks one underlying truth–the art of business. Like a grand canvas, businesses are vast entities painted with strategy, innovation, and narratives that craft not only our commercial landscape but also our society’s evolution. Post-exit entrepreneur and the host of The Deep Wealth Podcast, Jeffrey Feldberg, share how he transformed an initial seven-figure offer into a nine-figure deal, Jeffrey reveals why that the art of business is characterized by how we answer this simple question: “How do I prepare my business for a liquidity event?”
The Journey From Seven to Nine Figures
We took our venture, Embanet, from a seven-figure offer to a nine-figure success story not through some magic pill or peculiar alchemy. The key was in identifying the “art” side of business. We deciphered this art by focusing on narratives, preparation, and unwavering resilience–components often overlooked in a typical business conversation.
Step 1 and 2: Painting the Big Picture with the X-Factors
The initial steps towards transforming our business involved a thorough examination of Embanet and the environment it operated within. We asked ourselves, “What could we do to put ourselves out of business today that we can put ourselves into a bigger, more powerful business tomorrow?” This question intrigued us to understand the current limitations of Embanet and identify the solutions for tomorrow.
It led us to realize our ‘X-Factor.’ In the Embanet story, our X-Factor was our reputation, along with our firm resilience. When faced with setbacks we persisted, learning from our failures, and striving to improve consistently. We also identified and worked on areas where we were world-class, consolidating our strengths, and investing in our potential.
Embanet’s transformation from a seven-figure exit to a nine-figure exit is a story forged in narratives. Effective narratives are magnetic; they draw people in and make them invested in the story – or in this case, the business. For Embanet, these narratives highlighted how they were changing the social fabric of society and the prosperity that lay in the company’s future.
This engaging narrative, coupled with a comprehensive knowledge of their business, paved the way for Embanet’s spike in value. Buyers were presented with a compelling picture of a company in ascending trajectory. The potential to be a part of Embanet’s success story was a significant pull factor.
Step 3: Perceiving the Future Buyer’s Perspective
One golden rule we learned in our journey was that decisions were not made solely based on hard facts and figures. After all, businesses are made up of people, and people are driven by emotions. This was a significant shift that influenced the way we presented our business to potential buyers.
Focusing on creating a compelling narrative helped us attract investors. We realized the power of optimism and direction as we told them about Embanet’s future, the problems we planned to solve, and the impact we envisioned. Our clients, prospects, and future buyers were all excited about the promising future that Embanet held, and this created a frenzy among buyers.
Comprehensive Preparation: Step 4
The next step is rigorous preparation. Engaging in a painstaking due diligence process in advance to unearth and handle any potential skeletons in the business was crucial for success. This internal audit process, which included finding extraordinary Rembrandts and displaying them while removing any potential detriment (skeletons), was vital. Comprehensive preparation allows you to step into your liquidity event with clarity and peace of mind.
Mastering The Winning Mindset: Step 5
Having a winning mindset heavily influenced the outcome of the journey. The narrative should never set up an ‘us versus them’ scenario; instead, it should subscribe to the philosophy of ‘us’. The aim is to develop a win-win situation for all parties involved. Therefore, even during negotiations, the entrepreneur should always embrace the philosophy of ‘the servant attitude’, aiming to address the concerns of all stakeholders.
Building An Advisory Team: Step 6
Just like you can’t build a house alone, you can’t scale your business to this magnitude singlehandedly. You need specialists, professionals, and trusted advisors who can represent your best interests. Functioning with an advisory team fosters a systematic approach to navigating the journey. A right advisor acts as an advocate, helping to forge relationships founded on trust.
Timing And Artful Execution: Step 7
Perfect timing is crucial when executing business strategies, as it avoids unnecessary repercussions. Being too early or too late can derail your momentum. Therefore, being just right with your timing, akin to the Goldilocks scenario, aids in achieving desired business outcomes.
Formulating A Winning Strategy: Step 8
Creating effective launch plans while honing the narratives around them achieves a winning strategy. Unveiling these plans increases the attractiveness of the business by displaying high potential growth and profitability to potential buyers and investors.
Preparing For Life Post Exit: Step 9
Preparing for life post-liquidity event wraps up the journey. Ensuring that your post-exit life aligns effectively with your business and personal goals is essential to maintaining fulfillment and success in life.
The course of turning a seven-figure offer into a nine-figure sale was indeed intricate, but the rewards were far-reaching. By implementing and finding the balance within these steps, we were able to provide a vibrant color palette to our business. As a result, the perceived value of our company skyrocketed, and our commercial canvas turned into exquisite art.
This journey taught us the inevitable truth that the art of business isn’t just about amassing wealth. It’s about the wealth of knowledge acquired, the relationships built, and, most of all, the lives impacted. Tackling all these areas helps uncover the true potential of one’s business and ensures the future you always dreamed of becomes a reality.
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