Summary

In this lively conversation, Charles Barnard shares his incredible journey through business coaching, engineering, and the lessons he has gathered along the way. He emphasises the importance of conducting thorough research when purchasing a business, the challenges of entrepreneurial poverty, and the necessity of creating companies that are both scalable and easily sellable.

Charles discusses the importance of cash flow, the need to identify and resolve bottlenecks, and maximising the impact of high-priority tasks. He kindly introduces his special 'champagne planning' method for achieving weekly success and emphasises the importance of planning for life beyond the business.

At the end, he offers thoughtful insights from his upcoming book, 'Forged', designed to guide business owners through their unique challenges.

Takeaways

• Conducting thorough research is crucial when purchasing a business. It helps you make confident and informed decisions. Remember, taking the time for due diligence can save you from potential surprises down the road.

• Getting to know the owner's background can help avoid costly mistakes and save you time and effort.

• A business needs to have a steady and reliable cash flow to be appealing to buyers.

• Scalable businesses tend to catch the eye of more buyers, making them especially appealing.

• Identifying bottlenecks can unlock new opportunities for growth and streamline processes, resulting in a smoother workflow.

• It's often helpful to focus on high-value tasks first, as they can make a bigger impact than lower-value ones.

• Planning your week can help you achieve more and set a positive tone for the days ahead!

• Setting milestones makes it easier and more motivating to achieve those big, long-term goals. It’s a great way to keep yourself on track and celebrate small wins along the way!

• Preparing for life after business is crucial to ensure a smooth and stress-free transition.

• Sharing knowledge through mentoring is a fantastic way to help inspire and support future generations.

Sound Bites

Having a consistent and reliable approach is a significant outcome.

To me, if something is scalable, it also tends to be more saleable.

I wrote that book as a way to share my contribution.

Chapters

00:00

Introduction to Charles Barnard's Journey

07:05

The Importance of Local Knowledge in Business Transactions

12:15

Understanding Entrepreneurial Poverty and Business Turnaround

17:40

Identifying Bottlenecks in Business Operations

22:58

Maximising Business Valuation Through Strategic Focus

28:53

Milestones and Delegation: Ensuring Progress in Business

36:19

Sharing Knowledge: The Role of Mentorship in Business Success

Keywords

business coaching, due diligence, entrepreneurial poverty, scalable businesses, cash flow, bottlenecks, high-value tasks, champagne planning, exit strategy, business transition

Links

The sponsor of the show, Business Exit & Beyond

The guest of the show is Charles Barnard, and The Growth Engineer

And Charles' book Forged is Available on 26 August, on my birthday.

Connect with David G Fisher: Mr Exit-Ready