Build A Valuable Business Episodes

This week, enjoy an Encore presentation of one of the most popular episodes from the Things Entrepreneurs Should Know archives. Whether you’re tuning in for the first time or revisiting a classic, I hope you enjoy this timeless advice for business owners. I’ll be back next week with a brand new episode. Feeling the emotional whiplash of running your business? You're not alone. In this episode we deliver invaluable insights to help you conquer stress, tackle burnout, and overcome the fear of f...

Feeling the emotional whiplash of running your business? You're not alone. In this episode we deliver invaluable insights to help you conquer stress, tackle burnout, and overcome the fear of failure. From setting realistic goals to celebrating small victories, discover practical strategies to navigate the inevitable highs and lows of entrepreneurship. Join us as we explore the importance of self-care, boundary-setting, and task delegation to maintain balance and productivity. Learn how to refra...

Small businesses often operate as if their sole purpose is to fund the owner’s lifestyle, but the most valuable companies are run with financial rigor. You may be years from wanting to sell, but starting to formalize your operations now will help you predict the future of your business. Then, when it does come time to sell, you’ll fetch more for what you’ve built because acquirers pay the most for companies when they are less risky. There’s nothing that gives a buyer more confidence than clean ...

What if you could protect your hard-earned personal assets from business risks with just a few strategic moves? In this episode of the Things Entrepreneurs Should Know podcast, we discuss the essential steps to establish your business as a separate legal entity, ensuring your home, car, and retirement funds stay safe even in the face of lawsuits. We'll reveal why forming an LLC or corporation is a game-changer for entrepreneurs and break down seven crucial practices that maintain this protectiv...

Could understanding the difference between business and personal credit be the game-changer your business needs? In this episode of Things Entrepreneurs Should Know, I unravel the essential steps to building robust business credit. We kick things off by exploring why separating your business and personal finances is crucial, followed by practical advice on registering your business, opening a business bank account, and obtaining a DUNS number (get yours here). We’ll also dive into the importanc...

Ever wondered why some entrepreneurs seem to sail effortlessly towards their goals, while others keep treading water? It's all tied to an intriguing blend of motivation, focus, drive, and a sprinkle of something we'll call grace. In this episode, we pull back the curtain on the science of achievement to reveal three key steps that can pave your path to success. We also delve into a surprising research study that reveals a simple trick which could double your chances of transforming your business...

Ever wondered what the secret sauce is that makes some companies more valuable than others in the same industry? This episode of Things Entrepreneurs Should Know could hold the answers you've been looking for. With nuggets of wisdom drawn from transactional data of over 55,000 businesses, we explore ten attributes that can push your company's value beyond that of its peers, even if you're not looking to sell. If you're interested in measuring your company against your peers, a Value Builder Sc...

[ORIGINALLY AIRED AUGUST 3, 2022] Strapped for strategies to keep your business afloat during these tumultuous times? Imagine if you could have a roadmap to deftly navigate the stormy waters of economic downturns. In this episode of Things Entrepreneurs Should Know, your host, Chip Schweiger, provides just that. He shares five invaluable pieces of wisdom that gleaned over his years advising entrepreneurs. We discuss smart staffing strategies, the importance of turnarounds, and the value of consi...

What's the secret to having autonomous employees and running an efficient business? The answer lies in properly documented Standard Operating Procedures (SOPs). Welcome back to another episode of Things Entrepreneurs Should Know, where we're breaking down the art of SOPs. From customer service to logo usage, every nook and cranny of your operations should be covered. But remember, SOPs shouldn’t be generic templates that dissolve your brand's uniqueness. They should be a mirror of your brand ide...

Are you a small business owner who's tried to grow but never quite achieves the success you want? In this week's edition get the inside scoop on why your business may be stuck in a rut and what you can do to start scaling up. We'll talk about the 4 primary reasons why growth stalls out for so many small businesses, and how you can make sure yours doesn't suffer the same fate. Listen now to unlock the secrets of you need to drive business growth. Want to discuss anything in this week’s episo...

You probably already know that a customer or employee dependency can undermine the value of your business, but have you ever stopped to think how one of your suppliers could also lead to a valuation drop if you ever want to sell your business? In our study of over 55,000 business and thousands of actual transactions, we know that acquirers want to invest in businesses that inoculate themselves against danger. And, being dependent on a supplier can be a risk. So in this week's episode, Chip...

While taking time off from work is often much-needed to get away from a hectic work life, research also shows that it is important for your health. Whether you have three days, one week or two weeks of glorious vacation time, doctors say that if you don’t take advantage of this break from work, your stress and mental health will suffer. But for today's entrepreneur, it can be tricky. Between when and how you should take time away to your employees knowing your company’s philosophy on taking v...

If you were to draw a picture that visually represents your role in your business, what would it look like? Are you at the top of a traditional Christmas-tree-like organizational chart, or are you stuck in the middle of your business, like a hub in a bicycle wheel? As anyone knows who's tried to fly United when O’Hare Airport has been hit by a snowstorm, a hub-and-spoke model is only as strong as the hub. The moment the hub is overwhelmed, the entire system fails. Acquirers generally avoid...

Think for a moment about what does the word valuable mean for you and your business? Maybe it’s a business you can pass along to your kids or other family members? Maybe it’s one that you can use as a platform to acquire other businesses in different markets or geographies, or as a means to vertically integrate. Often when we talk about a valuable business we’re talking about one that’s a million dollar business. In this week's episode, Chip talks about what’s so special about owning...