Episode 151 - Escaping the Owner's Trap: Building a Business That Works for You

In this episode, I'm joined by the incredibly insightful Lissa Daub, founder of Strong Impact Academy. We met online through a couple of mutual groups, and it was a meeting that just felt like kismet. Lissa hails from Edmonton, Alberta, and she’s a force to be reckoned with.

Lissa and I dive into some of the most critical topics for business owners, from the mindset shifts of moving from corporate to entrepreneurship, to the surprising truth about owning a restaurant (it's not always sexy!). We talk about how the pandemic actually opened up new opportunities and simplified things for business owners, and Lissa shares her biggest lesson: you can’t just build it and expect them to come.

The heart of our conversation is all about the end game. As a Certified Exit Planning Advisor, Lissa is passionate about helping entrepreneurs understand that a profitable business isn't always a sellable one. We explore why it's so important to think about the value of your business as a key performance indicator and how to avoid the "owner's trap," where you build a job for yourself instead of a sellable asset. We also talk about The Exit Lab, a workshop that helps business owners intentionally prepare for their future.

In this episode, Lissa and I discuss:

• My favorite Lissa quote: "A profitable business is not always sellable, but a sellable business is always profitable."
• Why entrepreneurs are notorious for chasing shiny objects and how to stop.
• The biggest mistake business owners make around exit planning (and why it could cost you a fortune).
• How to hire strategically so you can focus on the things you love to do.
• The staggering statistic that 75% of business owners regret selling their business a year later and how you can avoid it.

Connect with Lissa:

• LinkedIn: https://www.linkedin.com/in/lissadaub