Today’s podcast guest knows the ins and outs of running a business. Michelle Seiler-Tucker is a serial entrepreneur who wears many hats. She is a merger and acquisition master intermediary, a senior business analyst, author, speaker and TV host among others. With over 20 years in the business world, Michelle is here today to share her business wisdom and let business owners know how they can grow a sustainable business.
What’s Your Favorite Part of Being in Business?
Michelle’s favorite part of being a business is hearing stories from fellow entrepreneurs. She loves hearing how they started their business, their goals and how she can help them. She takes the term “servant leadership” to heart and genuinely loves helping others. How does she help her clients?
Michelle specializes in buying, selling, fixing and growing businesses. She has sold over 500 companies and conducted thousands of business evaluations. Her focus is to help small businesses grow or sell businesses to make more money. She aims to make every business she works with sustainable and scalable. She also helps business owners develop and scale their franchises.
The Growth of the Startup
As we all know, the pandemic has changed how everyone does business. With more and more businesses switching to a digital platform, chaos and overwhelm are running rampant in the business world. Michelle explains that over 160,000 startups were established in 2020, most being digitally-based, which is an astonishing number when compared to previous years.
Will all these startups survive? Michelle says it’s all about establishing a solid foundation. Whether you’ve been in business for a year or a decade, your business will not be sustainable without a solid foundation. What goes into a solid foundation? The main factors are systems and processes, adaptability and surrounding yourself with the right people.
For example, 2020 showed us the companies that failed to adapt and innovate. Businesses like K-Mart, Toys”R”Us and others saw massive decline and closures, while many digitally-based businesses like Amazon are thriving. As the needs of consumers change, so must your systems and processes.
Selling a Business, Not a Job
In her line of work, Michelle sees a lot of entrepreneurs make the same mistakes. They are ready to sell their business but they are too tied up in it. A lot of times, they are the business. Once they’re gone, there’s no business left to sell. Michelle’s advice to entrepreneurs is to build your business up to eventually thrive without you.
Surround yourself with a team that has your vision in mind. Scale the business to run smoothly without you having to run day-to-day operations. When you’re ready to sell, your business can still run smoothly without you. A business shouldn’t be dependent on one person being there.
Are you looking to buy, sell, fix or grow your business? Michelle is ready to work with you. Contact her on her website to get started. She also has a new book coming out, “Exit Rich”, a must-have guide for any business owner. Listen to her “Exit Rich” podcast, where she discusses all things business with fellow entrepreneurs.