The art of exiting your business, with Patty Block

As a business owner, you know the importance of planning for success. But have you ever thought about planning for the end of your business journey? 

Exiting a business is a critical process that requires careful preparation. 

With a solid exit strategy, you can maintain control of the outcome and get all the rewards for your hard work. 

Whether you're looking to retire, start a new venture, or sell your business, developing an exit plan ensures a smooth transition and the best possible conclusion for all concerned, including your employees and stakeholders. 

The sooner you begin planning, the more successful your exit will be.

In today’s episode, our guest Patty Block unlocks the doors on how to develop an exit plan for your business: what are the first steps to take, is there a process, and what to consider so that you can reach your exit goals?

Patty is a business advisor and pricing expert who believes that consistent business success comes from leveraging your hidden advantage, making informed decisions, communicating powerfully, and taking calculated action. 

Since 2006, Patty has empowered women business owners who are experts in their fields to turn up their power to price, sell, and run their businesses on their terms.

Patty is the founder of The Block Group Inc. and author of "Your Hidden AdvantageTM: Unlock the Power to Attract Right-fit Clients and Boost Your Revenue."  

We discuss:

02:33 What are some different ways you can exit the business?

04:26 What's the difference between exiting and selling a business? 

08:48 The importance of building assets and intellectual property.

11:27 Besides hiring, what else should you think about as you're trying to build assets in your business?

14:54 The importance of building systems and processes to support the business. 

29:01 How do you determine what is intellectual property? 

32:19 Why are intellectual property and branding valuable?

38:13 How do you catch yourself overdelivering?  

42:09 What's the one actionable step that someone thinking about exiting their company in the future can do in the next month to get them closer to that goal?

Resources:

Patty Block, Pricing Expert and Business Expert, The Block Group Inc.:
https://www.theblockgroup.net/

LinkedIn: 
https://www.linkedin.com/company/theblockgroup

Instagram: 
https://www.instagram.com/theblockgroupinc/

Facebook: 
https://www.facebook.com/TheBlockGroupInc

Twitter: 
https://twitter.com/TheBlockGroup

Email: 
[email protected]

Author of Your Hidden Advantage: Unlock the Power to Attract Right-fit Clients and Boost Your Revenue

Kathy Svetina, Fractional CFO:
https://www.newcastlefinance.us/

Blog post | The Art of Exiting Your Business:
https://www.newcastlefinance.us/post/the-art-of-exiting-your-business