Books for Young Entrepreneurs – How To Build a Business and Sell It For MILLIONS by Jack Garson

September 16, 2010 at 6:02 pm 2 comments

In our  last bookclub post, our featured author provides an overview of entrepreneurship and small business. With this selection, we’ve focused on how to sell that business. However, many entrepreneurs are missing two key things:

  • An exit strategy
  • Knowledge of what an exit strategy is

(Not necessarily in that order).

An exit strategy is basically a plan to sell/merge/or otherwise “exit” your business. The goal? Cash. Of course, some entrepreneurs sell their businesses for a combination of cash and stock…but that is for another day.

How does one GET an exit strategy?

Jack Garson’s book How to Build A Business and Sell it For Millions takes the reader through key concepts like competitive advantage, to growth hurdles like “founder’s dilemma,” straight through to devising a letter of intent and selling your business. It is an easy-to-understand book on exit strategy which, for many, can seem a complex and foreign topic.

Particularly notable about this book is the applicability to real, day-to-day actions of the entrepreneur. Garson shows us how the goal of selling your company needs to be linked to every business decision you make: hiring, compensation, contracts, financial reporting and dozens of other areas often overlooked by busy entrepreneurs.

Suggested exercises:

1. Watch the Jack Garson video (above),  describe Founder’s dilemma.

Advanced: Provide an example of founder’s dilemma.

2.  Use the free NFIB Young Entrepreneur Foundation Entrepreneur in the Classroom (EITC) curriculum to lead a discussion on funding a business.  Register for the free curriculum here.

To do:

a. Refer to Module 3 and teaching notes for the  “funding landscape” section.

b. instruct students to Google the terms on slides 50 and 51, such as “angel investor,” “private equity,” and “IPO.” How do these terms relate to Jack Garson’s discussion of growing and selling a business?
More about Jack Garson

More information

The NFIB Young Entrepreneur Foundation is a 501(c)(3) organization promoting the importance of small business and free enterprise to the nation’s youth. More information is available at www.NFIB.com/YEF.  The Foundation is associated with the National Federation of Independent Business; NFIB is the nation’s leading small business association, with offices in Washington, D.C. and all 50 state capitals.

Entrepreneur In The Classroom. The NFIB Young Entrepreneur Foundation Entrepreneur-in-the-Classroom (EITC) supplemental curriculum exposes students to entrepreneurship and the necessary steps to take an idea and turn it into a business. The free curriculum can be integrated into classes teaching a variety of subjects including music, art, fashion, business and many more. You must be registered to view the full Entrepreneur-in-the-Classroom curriculum.

Related links:

Follow NFIB Young Entrepreneur Foundation on Twitter

Follow NFIB on Twitter

Follow blog author Kathy Korman Frey on Twitter

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Entry filed under: Bookclub, Business exercises, Finance. Tags: , , , .

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2 Comments Add your own

  • 1. Peter Boston  |  October 20, 2010 at 1:16 pm

    Pretty heavy stuff for the non-business student. It’s unfortunate that the principles of small business development are not taught as part of the regular liberal arts cirriculum. Students would learn an awful lot about planning and personal responsibility that could be applied in every fact of life.

    Reply
    • 2. kathykormanfrey  |  November 30, 2010 at 7:27 pm

      This is for advanced learners. Can’t ignore exit strategy. Thanks for comment.

      Reply

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