E309 – How to Prepare Your Business Now For A Successful Exit in the Future
Richard Lau is the creator of NamesCon, now part of the GoDaddy family, and an entrepreneur who has generated millions of dollars of revenue in the internet and domain name industry. Richard recently successfully exited Resume.com and is now working on Logo.com. He’s here to share wisdom gained from his success in exiting several online business models, detailing what you need to know to position and package your business for exit in preparation for exiting several years into the future.
Tune in to learn tips and tricks, as well as lessons learned, from an expert on preparing yourself and your business for a smooth and profitable exit. We talk about the importance of having a buyer’s mindset, contracts and documentation in place, awareness around licensing, having relationships with business brokers and lawyers, and much more.
During this interview, we discuss:
3:15 – How Richard became successful in the domain industry
5:04 – A domain name he wishes he didn’t sell
7:28 – Learning about exiting a business from those who have done it before
9:12 – Why you need to look at your business from a buyer’s perspective and mindset
13:17 – Having contracts and documentation in place with everyone you work with
14:18 – Being aware of licensing
18:48 – The importance of having relationships with a business broker and a lawyer
23:00 – Changing your attitude towards tasks you dislike
23:43 – Clean, professional accounting
24:45 – The problem with a Founder/Owner driving the majority of the revenue
27:07 – The power in diversifying your revenue
28:00 – Richard’s favorite growth tool
28:39 – His most recommended book
29:29 – How to connect with Richard
Plus, a whole lot more!
Email Richard: Richard@logo.com
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