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Startups For the Rest of Us
Episode 667 | Increase Your Exit Price by Decoupling Yourself from Your Business with John Warrillow
Jun 27, 2023
John Warrillow, author of Built to Sell, joins to discuss his newest venture, VidGuide, a tool for creating effective Standard Operating Procedures (SOPs). He reveals his motivations for launching VidGuide and the importance of validating SaaS ideas. The conversation highlights how well-structured SOPs can increase a business's exit price and shares success stories of others utilizing SOPs effectively. John also dives into the challenges of customer validation and enhancing user adoption of new software solutions.
30:51
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Quick takeaways
- Implementing effective Standard Operating Procedures (SOPs) can significantly increase a business's value by decoupling it from its founder, attracting better exit offers.
- VidGuide innovatively simplifies the creation and consumption of SOPs through engaging video content, enhancing employee adherence and operational effectiveness.
Deep dives
The Role of Standard Operating Procedures in Business Exits
Standard Operating Procedures (SOPs) play a crucial role in enhancing the exit potential of a business. Properly implemented SOPs can decouple the business from its founder, making it more appealing to potential buyers. This separation increases the business's value as it demonstrates a systematized operation that doesn't rely solely on the founder's expertise. Furthermore, a well-documented SOP framework can reduce earnouts during acquisitions by proving to buyers that the business can run independently.
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Listen to the best highlights from the podcasts you love and dive into the full episode