The Sweaty Startup 367: How to build a valuable business that sell - Part 1
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Dec 13, 2023 Learn valuable insights on how to enhance the value of your business, including tips on business selection, team building, and sales skills. They discuss the concept of success, making money while you sleep, and the value of vacations for business owners. The speakers explore the factors that contribute to the value of different businesses, emphasizing the importance of location, cash flow, real estate value, and a capable management team. They also discuss the importance of thinking like an investor when building a business and finding inspiration in others.
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Mentor's Wisdom on Success
- Paul Orphala taught the importance of making money while you sleep and taking annual vacations.
- This reshaped my view on work and business ownership, highlighting passive income and balance.
Three Essential Entrepreneur Tools
- Early entrepreneurs need three tools: capital or cash flow, a network, and operational skills.
- Without these, business is much harder; build these first before seeking growth.
Business Value Depends on Moats
- Different businesses have vastly different values despite similar earnings.
- Location, brand, and management create moats that dramatically increase a business's worth.