On today's episode, we have a conversation with Tracy Gunn, a seasoned entrepreneur and the founder of Get Exitable, a company dedicated to assisting business owners in achieving their desired exits from their businesses. Tracy's personal journey, which saw her transform her "unsellable" restaurant into an attractive acquisition within a remarkable three months, forms the backdrop of her mission. With a focus on guiding business owners who are looking to exit due to various reasons, Tracy helps her clients devise tailored exit strategies that not only make their businesses sellable but also transferable and highly appealing to potential buyers.
Tracy's determination to help one million small business owners develop and implement effective exit strategies by 2028 is indeed commendable. During the interview, Tracy delves into her journey of selling her own restaurant and how that experience fueled her to establish "Get Exitable." She elaborates on the critical factors that contribute to a business's sellability, posing vital questions that business owners should consider. These include the ability to hand over the business to someone for an extended period without it crumbling, and evaluating the processes in place.
Tracy shares valuable insights on avoiding premature or ineffective delegation, which is a common pitfall. She also addresses the issue of high failure rates among small businesses and low scaling rates, providing guidance on the importance of clarity in a business's purpose beyond the capability of the owner.
Tracy's approach to working with entrepreneurs seeking to sell their businesses is methodical and thoughtful, commencing with goal identification. She walks us through the process of transforming an unsellable business into an attractive prospect for potential buyers, emphasizing the significance of creative financing in analyzing potential buyers.
For more information and insights from Tracy, be sure to visit her website at getexitable.com.