In this episode, I had the pleasure of interviewing Mike Balstad, a certified exit planning advisor and the founder of BizLeavable. Mike shares his journey into the financial industry, driven by a personal experience of a family member's preventable business failure. This experience ignited his passion for helping small business owners navigate the complexities of entrepreneurship.
Mike dives into the importance of "starting with the end in mind" when it comes to business planning. Listen as he shares his 6-part framework to gain clarity on your values, strengths, and desired outcomes, so you can have a successful business venture.
Mike also highlights the significance of aligning personal values with business decisions, emphasizing the impact of culture, customer experience, and employee engagement on overall business success. He stressed the importance of clear communication, both in personal relationships and within business operations, to avoid misunderstandings and foster a positive work environment.
We also chat about the challenges of employee turnover, the value of strategic planning, and the impact of social capital on business growth. By encouraging listeners to seek feedback from trusted individuals and to be honest about their strengths and preferences, Mike provided practical advice for individuals looking to transition from traditional employment to entrepreneurship.
Timestamps:
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00:05:30 - Mike's personal journey and career transition
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00:10:35 - Importance of knowing strengths and weaknesses
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00:13:18 - Discussion on purpose, passion, and values
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00:17:11 - Mike's unique path into finance and exit planning
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00:20:37 - Overview of the exit planning industry and market trends
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00:28:43 - Starting with the end in mind and the importance of planning
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00:32:28 - Factors to consider in personal and business alignment
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00:36:57 - Impact of culture and values on business success
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00:42:28 - Identifying personal powers and preferences
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00:45:37 - Writing a perfect job description and seeking feedback
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