Damon Pistulka | Founder, Exit Your Way
- Damon is the founder of Exit Your Way, an organisation enabling entrepreneurs to exit.
- Damon started his career as an engineer and, in the latter part of his career, ran companies for private equity groups.
Podcast
Overview
Every entity on the planet has a shelf life, so does a business, even the ones running for years. When a businessman starts a business, (s)he has a vision of what (s)he wants from it in terms of reputation, money and wealth. Once the business offers it to the owner, it is time for him/her to move on to use the amassed wealth for living the life (s)he wants. But it is easier said than done. Today, we discuss how important it is to prepare an exit in advance and the key parameters to account for when taking the decision.
[00:36] – About Damon Pistulka
- Damon is the founder of Exit Your Way, an organization enabling entrepreneurs to exit.
- Damon started his career as an engineer and, in the latter part of his career, ran companies for private equity groups.
- He made his first exit at the age of 35-36 with an investment owner after growing his company to the value he wanted. He found it to be fun to build a business and to be able to sell it.
[05:16] – How important is it for entrepreneurs to plan an exit, and how do they prepare for it?
- We all are going to exit. Either you can do it on your own terms and plan, prepare and do it as you want, or you can put it off and get to the end, liquidating your company and shutting it down.
- If you plan ahead, you can create a business that will generate the wealth that you need and something that somebody else will buy. You can do it and sell it if you do it right.
[07:25] – Please talk about the framework you have developed to support entrepreneurs in their exit.
- We start with how much money you need out of your business to do what you want to do after your business. It makes the person think that I am not going to be in my business forever, and I need to think about what I am going to do after.
- One of the biggest apprehensions, when somebody sells a business, is, “Am I going to have enough money for what is next?”
- They are used to the cash flow that the business is giving them.
- Once you gave the target, you value the business today, and you know what the business has to look like at the target level. We then put together budgets, then the whole key is to execute.
[14:14] – How can the founder and buyer sit together and make sure that the team remains with the company?
- Buyers, a lot of time, will not close the sale without getting agreements with key employees.
- To make them stay, the owner has to do a good job in selecting a buyer that would carry on a legacy that the people would want to be a part of.
- They also have to create the right culture beforehand.
RESOURCES:
You can connect with Damon Pistulka – LinkedIn
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Profile
- Damon is the founder of Exit Your Way, an organisation enabling entrepreneurs to exit.
- Damon started his career as an engineer and, in the latter part of his career, ran companies for private equity groups.
- He made his first exit at the age of 35-36 with an investment owner after growing his company to the value he wanted. He found it to be fun to build a business and to be able to sell it.
