Episode 17: Entrepreneurs at Scale : Verne Harnish on how to maximise the value of your company
Verne Harnish is founder of the world-renowned Entrepreneurs’ Organization (EO), as well as being the Founder of Scaling Up, a global executive education and coaching company. He’s the author of the bestseller Mastering the Rockefeller Habits; and wrote Scaling Up (Rockefeller Habits 2.0) and his latest book, Scaling Up Compensation, rocketed to the #1 HR book on Amazon.
Verne joins Neale to discuss how challenges in his fathers business helped shape his purpose and desire to help entrepreneurs around the world as they strived to grow their organisations. He also reflects on the challenges of navigating the "Valleys of Death" as you Scale up your organisation. In the revised edition of Scaling Up there is a new Chapter - The Exit and we discuss some of the key fundamentals to achieving a successful exit as well as some great advise on how to avoid some of the well refined tactics that a sophisticated buyer uses in their playbook!!
Critically Verne shares some powerful insights on how to maximise the value of your company and when you are ready tips to achieve a successful exit.
KEY TAKEAWAYS
- Leaping the Chasm to navigate the valley's of death...
- The 1 to 3 rule. It is tough for the team that got you from $1m to $3m to drive the business when it gets above $10m. The team that got you from $10m to $30m will struggle to get you above $100m.
- What is the ultimate job that needs to be done? Drive the valuation of the company
- One of the key ways to Scale is through acquisitions ..
- Four considerations for achieving a successful exit:
- The entrepreneur has become redundant
- Control an Industry constraint ... The riches are in the niches.
- Discover a Rembrandt in your attic - The power to create a 10X advantage.
- Importance of consistent top line and profit growth.
- How to develop your exit playbook to allow you to achieve a level playing field when dealing with a sophisticated buyers playbook.
- Verne's 5 books that he is reading at the moment:
- The Courage to be Disliked by Ichiro Kishimi
- The Immortality Key by Brian Muraresku
- Buy then Build by Walker Diebel
- How to change your mind by Michael Pollan
- Infinite possibilities by Mike Dooley
BEST MOMENTS
- People are not Logical ...they are psychological
- Most of the entrepreneurs net worth is tied up in their business ..
- Planning for exit is not the time for amateur hour!!
- As a Start Up whatever the weakness of the founder becomes the weakness of the organisation, when you are Scaling Up it becomes the Strength of the founder that can become the weakness of the organisation.
- You sleep better and age a lot slower if you have cash and you are not growing broke.
VALUABLE RESOURCES
Entrepreneurs at Scale Podcast - https://www.podomatic.com/podcasts/scalingup
Scale Up Your Business, coaching/consulting: https://www.scalingup.co.uk/work-with-a-scale-up-coach
How Scaleable is your business? Discover your Scaleability Score: https://scaleable.scoreapp.com/
Are you ready to achieve a high-value exit? https://extraordinaryexit.scoreapp.com/
Scaling Up Tools and Resources : https://scaleups.com/
ABOUT THE HOST
Neale Lewis is a business growth expert and Strategic Exit Coach. He is focused on helping the entrepreneurs that he works with maximise the value of their organisations and when the time is right guiding them to achieve an extraordinary exit
His “Entrepreneurs at Scale” podcast, has more than 10k downloads in over 30 countries.
CONTACT DETAILS
Neale ’s LinkedIn: https://www.linkedin.com/in/nealelewis/
Neale's Instagram: https://www.instagram.com/scaleup_coaches/
Scaling Up Coaches website : www.scalingup.co.uk
email: neale@scalingup.co.uk
