Business Infrastructure - Curing Back Office Blues Alicia Butler Pierre

Whether your growth idea involves starting a new business, a new product or service, or pivoting altogether, it’s wise to begin with the end in mind. In other words, you need to know your exit strategy. 
 
It might seem strange to think about an exit strategy when you are focusing on starting either something new or doing work in a new way. However, another effective and potentially lucrative growth strategy could involve your exit as a founder or leader, the exit of one of your business partners, acquiring another business, or selling yours.   
 
While there are several myths about how to exit your business successfully, our special guest expert, Carl Nicpon says one thing is certain - “You only have one chance to get it right!” 
 
Carl is a Managing Director at Marsh Creek, a boutique business brokerage and mergers and acquisitions advisory firm. His career journey from school counselor to third-generation business owner to Merger & Acquisition (M&A) advisor brings a wealth of diverse experiences to his clients.
 
In this episode, Carl debunks several myths about selling a business while also educating us about the selling process. This includes providing a foundation for understanding: 
How to increase the value of your business, Why your business needs to be able to operate without you, When to start preparing to sell your business, and What EBITDA is and the pivotal role it plays in determining the value of a business, and  
You’ve worked hard to build, grow, and scale your business. Discover how to achieve what Carl describes as “Freedom 2.0” by assembling the right team of experts that will guide you to selling your business at maximum value.
 
𝐏𝐥𝐞𝐚𝐬𝐞 𝐒𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞 𝐚𝐧𝐝 𝐋𝐞𝐚𝐯𝐞 𝐚 𝐑𝐞𝐯𝐢𝐞𝐰. ⭐ ⭐ ⭐ ⭐ ⭐
 
© 2024. The Business Infrastructure podcast is sponsored by Equilibria, Inc. – a small business dedicated to providing resources to support fellow fast-growing small businesses in scaling back-office operations without pain and chaos. Sign up for the Smooth Operator Course to learn more about building business infrastructure.

Have you thought about forming partnerships with other people or companies to catalyze growth at your company? Achieving scale, more revenue, and greater profitability at a faster rate are just some of the many benefits that a strategic partnership can offer.
 
But you must be careful in forming these partnerships. There are legal aspects to consider like profit sharing, intellectual property protection, and even a plan for dissolving the partnership. These aspects should be formalized in a contract and then discussed, negotiated, and signed in writing to protect everyone involved.
 
In this latest episode of our Growth Strategies Masterclass, our producer and host, Alicia Butler Pierre, shares details about her behind-the-scenes work with Karen Mills. As a reminder, Karen was the lawyer featured in the last episode. She specializes in contract law, in particular teaming agreements.  
 
The information shared in this episode is a bit unique in that Alicia actually sketches out a workflow diagram (or flowchart) as she describes her work with Karen. As a result, you can expect to:
 
Learn the process for drafting a teaming or partnership agreement, Discover the different ways to construct a partnership agreement, Gain an understanding of the various types of clauses (i.e., first right of refusal and non-disclosure) you may want to include, and Walk away with a foundation required to form a strategic partnership with confidence.  
Talk is cheap. Stop relying on verbal agreements 🗣️ or handshakes 🤝 to conduct business deals that make you and your business susceptible to unexpected and costly pitfalls.
 
Instead, protect your business and its assets through clearly written contracts as you transition from the honeymoon phase of forming a new partnership. It can be one of the best investments you make!!
 
𝐏𝐥𝐞𝐚𝐬𝐞 𝐒𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞 𝐚𝐧𝐝 𝐋𝐞𝐚𝐯𝐞 𝐚 𝐑𝐞𝐯𝐢𝐞𝐰. ⭐ ⭐ ⭐ ⭐ ⭐
 
© 2024. The Business Infrastructure podcast is sponsored by Equilibria, Inc. – a small business dedicated to providing resources to support fellow fast-growing small businesses in scaling back-office operations without pain and chaos. Sign up for the Smooth Operator Course to learn more about building business infrastructure.

It’s hard to believe, but we’re already at the midway point of our Growth Strategies Masterclass! As a recap, we’ve covered how to:
Vet and validate your business growth ideas, Create a strategic plan that includes validated ideas, and Develop project plans to implement youur company’s growth strategy.  
Growth comes in many shapes, forms, and scales of magnitude, and one viable way to grow is through partnerships or teaming agreements.
 
Have you heard the expression, “Two heads are better than one?” It’s true! Forming partnerships with the right people or companies can accelerate your business’s growth in ways you didn’t imagine. The legal aspects of forming partnerships correctly can be overwhelming.
 
But you’re in luck!
 
Our next guest is Karen Mills, a founding member of Mills Law, LLC. She has 25 years of experience practicing law with a specialty in contracts law and mediation services. Her expertise in teaming agreements is invaluable, making her the go-to authority for entrepreneurs and business owners seeking clear and fair strategies for growth.
 
In this episode, you’ll discover:
The various types of teaming arrangements so that you set your business up for success, How to navigate the fine print of contracts to safeguard your business's future, The questions you should ask yourself before entering a partnership, Why you should always figure out an exit plan at the start of a partnership, and much more!  
Stop relying on verbal agreements or handshakes to conduct business deals that make you and your business susceptible to unexpected and costly pitfalls. Instead, protect your business and its assets through clearly written contracts as you transition from the honeymoon phase of forming a new partnership. It can be one of the best investments you make! 
 
𝐏𝐥𝐞𝐚𝐬𝐞 𝐒𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞 𝐚𝐧𝐝 𝐋𝐞𝐚𝐯𝐞 𝐚 𝐑𝐞𝐯𝐢𝐞𝐰. ⭐ ⭐ ⭐ ⭐ ⭐
 
© 2024. The Business Infrastructure podcast is sponsored by Equilibria, Inc. – a small business dedicated to providing resources to support fellow fast-growing small businesses in scaling back-office operations without pain and chaos. Sign up for the Smooth Operator Course to learn more about building business infrastructure.

Now that you know more about how to leverage project plans to execute your growth strategy, it’s time to create your own!
 
In this latest episode of our Growth Strategies Masterclass, our producer and host, Alicia Butler Pierre, explains how to take information from your X-matrix to build a project plan.
 
Be prepared to apply the principles you’ve learned about business infrastructure in building a project plan that:
 
·        Defines the tasks required to accomplish your strategic growth goals,
·        Identifies the people to perform those tasks in addition to due dates,
·        Includes monthly check points to measure success against targets in your X-matrix, and
·        Organizes information clearly and transparently.
 
This episode includes a discussion of the software we use for project planning. Just think - you’re getting even closer to accomplishing those growth goals you and your team identified at the beginning of this journey!
 
𝐏𝐥𝐞𝐚𝐬𝐞 𝐒𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞 𝐚𝐧𝐝 𝐋𝐞𝐚𝐯𝐞 𝐚 𝐑𝐞𝐯𝐢𝐞𝐰. ⭐ ⭐ ⭐ ⭐ ⭐
 
© 2024. The Business Infrastructure podcast is sponsored by Equilibria, Inc. – a small business dedicated to providing resources to support fellow fast-growing small businesses in scaling back-office operations without pain and chaos. Sign up for the Smooth Operator Course to learn more about building business infrastructure.

Let’s continue the journey of our Growth Strategies Masterclass! At this point, we’ve learned about how to validate and vet ideas for business growth as well as how to develop a strategic growth plan that includes those vetted ideas.
 
Now it’s time to learn how to implement that strategy!
 
If you're feeling overwhelmed operating your small business and struggling to realize your growth goals, then you are not alone! As small business owners we often find ourselves juggling tasks, relying on sticky notes and phone reminders, but still falling short of achieving the strategic growth plans we’ve worked so hard to create.
 
The feeling of being stuck in a cycle of disorganization, perceived lack of resources, and missed opportunities can be frustrating. But what if there's a simpler way to bring clarity order to the chaos and pave the way for plans that you can actually implement?
 
Here to show us how we can implement strategy through project planning is Jon Reid. He’s the Managing Partner of Tier1 Management Consulting Group. Jon offers valuable insights into the practical application of project management, emphasizing the importance of well-defined project plans in achieving desired outcomes.
 
In this episode, you will be able to:
Discover effective ways to implement strategic growth plans for your small business, Learn about the essential stages of the project management process for strategic growth and, Understand what makes a project successful.  
Let's explore how project management skills can transform the way you approach growth and bring clarity to the path for executing your business strategy.
 
𝐏𝐥𝐞𝐚𝐬𝐞 𝐒𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞 𝐚𝐧𝐝 𝐋𝐞𝐚𝐯𝐞 𝐚 𝐑𝐞𝐯𝐢𝐞𝐰. ⭐ ⭐ ⭐ ⭐ ⭐
 
© 2024. The Business Infrastructure podcast is sponsored by Equilibria, Inc. – a small business dedicated to providing resources to support fellow fast-growing small businesses in scaling back-office operations without pain and chaos. Sign up for the Smooth Operator Course to learn more about building business infrastructure.

In the last episode, you learned about the X-matrix – a powerful visual tool to link strategy with execution. Now it’s time to learn how to use one to create your strategic growth plan!
 
Don’t worry, we won’t leave you alone! You can actually listen to our producer and host, Alicia Butler Pierre, as she describes how we completed an X-matrix to assist you in creating your own. In this episode, Alicia explains the events leading to the development of our long-term strategy to convert our business model from being 100% consulting to 100% training.
 
This shift in our business model laid the foundation for completing our X-matrix. It also includes our idea for an online course that we were able to vet and validate thanks to the Lean Canvas tool described at the beginning of this season.
 
Also included in this episode is:
An explanation of how to complete an X-matrix, How to use the S.M.A.R.T. method to define strategic goals, A demo of our X-matrix, and Discussion of the action plans required to implement strategic goals.  
Be sure to download the free X-matrix template provided in the show notes so that you can follow along. Good luck!
 
𝐏𝐥𝐞𝐚𝐬𝐞 𝐒𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞 𝐚𝐧𝐝 𝐋𝐞𝐚𝐯𝐞 𝐚 𝐑𝐞𝐯𝐢𝐞𝐰. ⭐ ⭐ ⭐ ⭐ ⭐
 
© 2024. The Business Infrastructure podcast is sponsored by Equilibria Inc. – a small business dedicated to providing resources to support fellow fast-growing small businesses in scaling back-office operations without pain and chaos. Sign up for the Smooth Operator Course to learn more about building business infrastructure.