Episode highlights:
- Mac reckons that curiosity is a powerful feature that enables you to see the trends earlier, ask various questions concerning the environment that your business is surrounded by, and learn more. You will inevitably think deeper about various questions due to the reaction to different changes. [05:20]
- To fulfill your ambitions and reach your goals, your model of behavior should change from reactive to proactive. You need to take little steps at the early stages and, therefore, be thoughtful of your future outcome. Mac Lackey states such an approach will prepare you for anything that might happen on the market. [07:59]
- In order to sell, you will have to find your strategic value. You need to think of what things that you create are really powerful and unique. The reason your company can be bought is that you create the demand in the market for it, and you can attract customers to your company. [12:59]
- One of the questions you need to answer is what your motivation to raise capital is. Mac Lackey recommends deciding on your if and when criteria to sell with your founders. As a rule, there is a trigger event that makes entrepreneurs sell their companies. [22:40]
- One of the key points of the business journey is that the earlier you exit the business the easier it is. Mac Lackey noticed that in the early stages the profit from selling that company at times might be higher, however, as the business grows more variables appear to be considered and you are in less control of the situation. [28:10]
Mac Lackey’s advice for entrepreneurs:
“The biggest critical shift you have to make, no matter if you ever want to sell a company or not, is the options. One of the ways to create the options is to decide immediately that you are going to be proactive about it and once you make that mental shift those things will start to happen.”
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