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Using a Board of Directors for a Better Exit
Manage episode 444431498 series 2805251
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We had the honor of hosting John Francis on the show today, who is a long time entrepreneur, advisor and Board member. John grew up with a family business that started a franchise operation in the salon business and then launched another brand in the same industry. They grew it so well that it eventually went public. John attributes that outcome due to the expertise and dedication of their company's Board of Directors. The sale of the business occurred with multiple offers and wound up selling for 18X EBITDA! Again, he said the Board made all the difference.
John now advises owners of lower middle market companies on growth strategy through his membership on Boards as well as helping owners assemble their own Boards. He says that if a company isn't ready for a Board, or it's too small to justify the expense, then an Advisory Board is the next best thing. Starting with Advisory Boards is sometimes the best way to get acclimated to outside advice, he says. And, having one requires only upside. There's really no risk or downside to having an Advisory Board, because if it's not working out. the owner can disband it.
John shares some interesting real life stories on the show and more valuable advice for our listeners. Find the interview here.
Contact John for a free consultation
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Founder, Consultant, Author, Pod-caster and Instructor
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