In this episode, I had the pleasure of interviewing Mike Balstad, a certified exit planning advisor and the founder of BizLeavable. Mike shares his journey into the financial industry, driven by a personal experience of a family member's preventable business failure. This experience ignited his passion for helping small business owners navigate the complexities of entrepreneurship.
Mike dives into the importance of "starting with the end in mind" when it comes to business planning. Listen as he shares his 6-part framework to gain clarity on your values, strengths, and desired outcomes, so you can have a successful business venture.
Mike also highlights the significance of aligning personal values with business decisions, emphasizing the impact of culture, customer experience, and employee engagement on overall business success. He stressed the importance of clear communication, both in personal relationships and within business operations, to avoid misunderstandings and foster a positive work environment.
We also chat about the challenges of employee turnover, the value of strategic planning, and the impact of social capital on business growth. By encouraging listeners to seek feedback from trusted individuals and to be honest about their strengths and preferences, Mike provided practical advice for individuals looking to transition from traditional employment to entrepreneurship.
  
Timestamps: 

00:05:30 - Mike's personal journey and career transition


00:10:35 - Importance of knowing strengths and weaknesses


00:13:18 - Discussion on purpose, passion, and values


00:17:11 - Mike's unique path into finance and exit planning


00:20:37 - Overview of the exit planning industry and market trends


00:28:43 - Starting with the end in mind and the importance of planning


00:32:28 - Factors to consider in personal and business alignment


00:36:57 - Impact of culture and values on business success


00:42:28 - Identifying personal powers and preferences


00:45:37 - Writing a perfect job description and seeking feedback


 

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