#189: Michelle Seiler Tucker: Build People & They’ll Build the Business

OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and host of the Healthcare Entrepreneur Academy podcast talks with Michelle Seiler Tucker, founder and CEO of Seiler Tucker Inc. Michelle is a 20-year veteran in the M&A industry, an international keynote speaker, and the bestselling author of the book Sell Your Business For More Than What It’s Worth. She shares what she’s learned from franchise sales and from buying, selling, fixing and growing companies. She also introduces her upcoming book, Exit Rich.

 

EPISODE HIGHLIGHTS:

• Michelle always knew she was a writer, entrepreneur and a people person. 
• She went to medical school but quickly realized it wasn’t for her. She became a closer while working for Xerox, learned about franchise sales, and then left the corporate world to start her own M&A firm.
• Sales is about listening to the client and asking the right questions. Find out what they need. Clients should do 70% of the talking and the salesperson should do 30%.
• Buy an existing franchise because it’s cheaper than buying a new one. When you buy a new one, you’ll pay a franchise fee and build-out costs, along with utilities, equipment and furniture, which can run 3-5 million. 
• Franchises allow you to own a business without going it alone. This isn’t necessarily a good fit for entrepreneurs who like to make their own rules. 
• The biggest mistake business owners make is not thinking about having the end in mind and their exit strategy. 
• There are five types of buyers: first-time, turnaround specialists, private equity groups, strategists and competitors, and sophisticated entrepreneurs.
• The number one reason why companies go out of business? Because they neglected to focus on AIM - always innovate and market. 
• Processes (or systems) need to be designed with the customer experience in mind. They should be efficient, productive, well documented and create WOW experiences. 
• Build your brand and build your exit so you can exit rich. 
• It’s not just about selling - it’s about building a business that is scalable and sustainable. 
• You don’t know what you don’t know so align yourself with a mentor.
• Order Michelle’s new book, Exit Rich to get free bonus gifts! See link in the Resource section. 

 

3 KEY POINTS:

1. Franchising is great for people who want to own their own business but don’t want to be in business by themselves. It’s not so great for entrepreneurs because they prefer to be their own boss.
2. The GPS exit model: determine your destination, know your valuation, establish a timeline and know the buyers. 
3. The 6P’s to build, grow and sell a business: people, product, process, proprietary,  patrons and profit.

 

TWEETABLE QUOTES:

“Plan your beginning with the end in mind.” - Michelle Seiler Tucker

“You build people and then people build the business.” - Michelle Seiler Tucker

 

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RESOURCES:

• Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
• Have a healthcare business question? Text me at 386-284-4955, and I’ll add you to my contacts. Occasionally, I’ll share important announcements and answer your questions as well.
• Do you enjoy our podcast? Leave a rating and review: https://lovethepodcast.com/hea