Episode 120 - Christine McDannell's Journey to Exiting Businesses Is an Interesting One

Disruptive Successor Podcast

In this episode of The Disruptive Successor Show, Jonathan speaks with serial entrepreneur, author, and speaker Christine McDannell, the Founder and Principal Business Intermediary of The Magnolia Firm. She recalls growing up in her dad's HVAC business and shares the chaos that followed his sudden passing.

Even as Christine was tied up with growing her own business, she swooped in, sorted out all unpaid bills, and finalized the sale of the business in one day. She talks about the crazy family dynamics navigated since her father did not leave a will. This moment taught Christine to sort out all her affairs in a will after that.

Christine looks back on her 10th startup, the toughest exit she had, and the key lessons she took away from that experience. She learned hacks for selling owner-centric businesses, tricks on how to raise capital, and creating exit strategies for business owners who want to sell but don't know how.

HIGHLIGHT QUOTES

CHRISTINE: Delegate and clean your books before selling

"Just delegate, delegate, like if the business is wrapped around them, so everybody’s listening, number one, make sure the business is not wrapped around you. Over time, you're just going to start delegating and you're going to work yourself out of a job."

"Your reputation has to be spectacular, I think that's another massive value add for a buyer. If you have a perfect reputation, focus on that. Getting your books clean. Just make sure they're in Quickbooks and straightened out. Personal expenses are fine."

CHRISTINE: Co-authoring a book turns buyers into thought leaders

"She had written a book, so she literally was the thought leader and expert in teaching people how to go to college overseas. So teaching adults and parents here how to go to college overseas, it's a lot less expensive. Immediately, she's the face on the book."

"I thought of this because I have experience in authoring books hey, we're going to do an updated version for the buyer and we told each potential buyer, hey, we're going to do a revised version of the book and then you're going to be the co-author, your name's going to be on with the owner."

Connect with Christine through the following links:

LinkedIn | Website

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