Preparing Your Business for a Successful Exit, with Tom Gledhill

Have an idea or tip? Send us a text! Tom Gledhill brings a powerful wake-up call to business owners with his revelation that a staggering 80% of small businesses that go to market never actually sell. Drawing from his unique perspective as both a former business owner who successfully sold his multi-million dollar company and a certified business broker, Gledhill shares invaluable insights into why so many businesses fail to transition successfully. The key culprits behind failed business sales? Unrealistic owner expectations about valuation and the "owner is the business" syndrome where all systems and knowledge remain locked in the entrepreneur"s head. This latter problem is particularly prevalent among what Gledhill calls "lifestyle entrepreneurs" - those who excel at their craft but haven"t built the business infrastructure necessary for successful transition. For business owners looking to position themselves in the successful 20%, Gledhill recommends focusing on two critical value drivers: developing well-trained, loyal employees and creating well-documented, efficient systems. These elements address the fundamental transition problem by ensuring the business can function without the original owner. Importantly, this preparation should begin at least two to three years before an intended sale, not in the final months when retirement looms. The podcast explores fascinating alternatives to traditional business sales, including employee ownership transitions. Gledhill"s XITpro program has pioneered an innovative approach where they purchase small businesses, implement AI to improve efficiency, train key employees for leadership, and eventually sell to those employees once the company has sufficient cash flow and trained leadership. Beyond the individual business owner"s concerns, Gledhill highlights the broader impact of failed business transitions - from owners losing their net worth to employees losing jobs and communities losing economic vitality. This ripple effect underscores why proper exit planning matMediaclip Mediaclip strives to continuously enhance the user experience while dramatically increasing revenue. Buzzsprout - Let's get your podcast launched! Start for FREE Independent Photo Imagers IPI is a member + trade association and a cooperative buying group in the photo + print industry. Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you. Support the show Sign up for the Dead Pixels Society newsletter at http://bit.ly/DeadPixelsSignUp. Contact us at gary@thedeadpixelssociety.com Visit our LinkedIn group, Photo/Digital Imaging Network, and Facebook group, The Dead Pixels Society. Leave a review on Apple and Podchaser. Are you interested in being a guest? Click here for details. Hosted and produced by Gary Pageau Edited by Olivia Pageau Announcer: Erin Manning