Owner To Owner Podcast Garik Tate Futurist and business owner on how to increase small business value and sellability by using AI in your Exit Planning.
@Garik Tate has more than a decade of experience as a successful entrepreneur. He grew up in small business family and founded companies spanning Software Development, Outsourcing, and Publishing with up to 75 employees.
Garik is a sought-after speaker on AI’s future, and its practical application in business. His expertise and passion for the subject have earned him a reputation as a respected voice in the AI community, and he is often sought out by companies looking for advice on how to leverage the power of AI to drive growth and success.
Our discussion focuses on how to incorporate #AI into #exitplanning for small business owners. You'll understand how to;
- Maximize the value of your small business with AI-driven planning strategies
- Boost your small business operations with the power of AI
- Discover the benefits and strategies of outsourcing to elevate your small business
- Solve small business problems faster and more efficiently with no-code AI tools
www.valhalla.team - Product Development
www.2xyou.com - Virtual Assistant
www.blvnp.com - Publishing
Timestamped summary of this episode:
00:00:03 - Introduction to Garrick Tate
Garrick Tate is an AI futurist, investor, and AI strategy consultant with a decade of entrepreneurial experience. He has founded and led successful companies in software development, outsourcing, and publishing, specializing in AI, IQ, and EQ.
00:01:14 - The Role of Outsourcing in Exit Planning
Garrick discusses how outsourcing can be used in exit planning to increase profits and ultimately raise the value of a business. He emphasizes the importance of utilizing AI and automation to free up human resources for more complex tasks.
00:07:07 - The Value of Human Intelligence
Despite the rise of AI, Garrick highlights the unique complexities and capabilities of human intelligence. He believes that humans are still the best assets in business and that their potential should be fully utilized alongside AI technologies.
00:09:55 - The Last Mile Upgrade in Exit Planning
Garrick introduces the concept of the "last mile upgrade" in exit planning, which involves integrating the latest technologies, such as AI and automation, to remove constraints and significantly increase a business's potential value before a potential acquisition.
00:11:16 - Considering the Decision to Sell or Keep a Business
Garrick discusses the factors to consider when deciding whether to sell or keep a business. He emphasizes the importance of reducing owner dependency, increasing EBITDA, and factoring in opportunity costs before making a decision.
00:17:19 - Introduction,
Garik Tate explains the various components of the business, including the VA company and software company. He focuses on the new offering related to exit planning and how they help businesses remove constraints and reduce risk to increase acquisition potential.
00:19:19 - Detailed Process Analysis,
Garik discusses their process of creating a whiteboard diagram of every process in a company, from prospecting to sales to fulfillment. They then create a metrics dashboard to track key performance indicators and identify constraints. With this information, they provide a prescription list of areas to address within 90 days.
00:20:08 - Theory of Constraints,
Garik explains the theory of constraints, emphasizing the importance of identifying and removing the biggest constraints in a business. He mentions the 90-day window as a timeframe to focus on the lowest hanging fruit that contribute to constraint removal and capacity adjustment.
00:23:29 - Opportunities in Remote and Local Businesses,
Garik notes that the theory of constraints applies to any industry, but their specialization in remote and internet-based businesses allows them to control inputs and outputs through software and remote teams. He also highlights the potential for digitizing customer interactions in local businesses.
00:27:40 - Implementing AI and Automation,
Garik shares an example of improving their VA company's recruitment process through systematization and tripling the number of people processed. He emphasizes the importance of clear inputs and the possibility of adding AI and automation to processes once they are systematized.
00:36:13 - The Value of No Code Tools,
No code tools are accessible to anyone and can be used to solve problems without having to learn how to code. They provide an easy way to add functionality to websites or create interactions with viewers.
00:37:19 - The Importance of Having a Goal,
To effectively learn and use development skills, it's important to have a specific goal in mind. Setting clear objectives and learning the necessary skills to achieve them is more effective than aimlessly learning without a purpose.
00:38:08 - Empowering Your Team,
Business owners can use no code tools as an opportunity to empower their team and delegate tasks. This allows for leadership training and the addition of AI or automation to the company. It's a way to prepare the business for future growth and success.
00:39:26 - Quicker and Cheaper Solutions with AI,
AI enables quicker and cheaper solutions to business problems that may have seemed impossible in the past. Business owners should embrace the capabilities of AI and use it to improve their businesses.
00:42:35 - Solving Business Problems with AI,
No code tools, such as Zapier, Google Sheets, and Chatgbt Playground, can be used to solve various business problems. From automating follow-up sequences to integrating tools, these tools provide a stack that can significantly enhance business operations.
00:53:05 - The Evolution of Entrepreneurship,
In medieval times, entrepreneurs engaged in arbitrage by buying high in one place and selling low in another. Today, modern entrepreneurs play arbitrage with the future, disrupting industries and capitalizing on emerging trends. As a result, prices will decrease, but businesses will provide more value in the long run.
00:54:26 - Seizing the Moment of Disruption,
The next five to ten years present a unique opportunity for businesses to position themselves ahead of their competition. By embracing new technologies like AI, businesses can stay in parity and avoid falling behind. It's a crucial time to invest in the future and take advantage of the creative potential it offers.
00:57:35 - Being a Great Business,
Being a great business requires effort, regardless of the level of success. Embracing new technologies and adapting to change is crucial. The current wave of technological advancements presents a challenge and an opportunity for businesses to excel and provide value in different areas.
01:02:06 - Looking Forward and Backward,
Small businesses are essential in keeping powerful entities in check. Looking to the future while reflecting on the past can help businesses thrive. It's important for small businesses to have a voice and contribute to the development and improvement of our society.
01:03:06 - Connecting with Garik Tate,
If you're seeking to increase your business valuation or need virtual assistant services or product development, reach out to Garik Tate on LinkedIn.
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Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.
michael.kerr@kerrcapital.com.au
www.ownertoownerpodcast.com.au