What’s In This Email

• Sell your company when you least expect it

• 5 Work ethic lessons entrepreneurs can learn from elite athletes

• Sing Sing

• Pumpkin Fest

• Notable Spotlight: Black Lagoon @ Bar Mordecai

• Notable Plug 🔌

✍️ TAKE NOTE

Sell Your Company When You Least Expect It: A Guide to Scaling and Selling Your Business

Expanding your small business without sacrificing quality is a common struggle for entrepreneurs. Whether you run a service-based or product-based business, scaling successfully requires some fundamental steps. And if you're considering selling your business, preparing early is key. Here’s how to scale effectively and set your company up for a smooth sale.

Key Takeaways

• Establish Clear Company Structure: As your business grows, you can’t wear every hat yourself. Define team roles clearly, hire for specific positions, and make sure everyone knows their responsibilities.

• Document Business Processes: Consistency is crucial for growth. Document every business process in detail, from daily routines to onboarding. This helps maintain high standards across all locations or departments.

• Train Your Employees: Effective training ensures everyone follows the same processes. Proper onboarding and training empower your team to maintain quality without constant oversight.

Preparing Your Business for Sale

• Step Aside: A company that can run smoothly without its founder is more appealing to buyers. Your business should have a structure that doesn’t rely on you to function day-to-day.

• Prepare to Spend Time and Money: Selling a business can be costly and time-consuming. Deals may fall through, but persistence and preparation are essential.

• Clean Up Your Financials: Keep your financial records clear and accessible, with third-party-verified profit and loss statements. Consistent growth and detailed records can make your business more attractive to buyers.

• Find Potential Buyers: If your business is growing, buyers will likely come knocking. Keep your initial conversations short and focus on your growth metrics. Hiring a broker or consultant can help market your company to potential buyers.

Negotiating and Closing the Deal

• Transparency Is Key: During negotiations, potential buyers will want detailed information about your business. Make sure you have a Non-Disclosure Agreement (NDA) in place before sharing sensitive data.

• Expect Thorough Due Diligence: Buyers will scrutinize every aspect of your company, from leadership and staff to client satisfaction and growth strategies. Stay organized and patient throughout the process.

• Take Care of Your Employees: Be empathetic toward your staff during the transition. Acquiring companies often retain key employees, offering incentives or promising better opportunities. Transparency with your team will help ease the transition and maintain morale.

Why This Matters: Scaling your business effectively and preparing it for sale doesn’t happen overnight. These steps will help you maintain quality during growth and increase your company’s appeal to potential buyers. By staying organized, transparent, and considerate of your employees, you’ll be ready to navigate the sale process successfully and achieve a smooth transition.


Read the full article here.

5 Work Ethic Lessons Entrepreneurs Can Learn From Elite Athletes

Elite athletes provide powerful insights into what it takes to succeed, not just in sports but in business too. Their commitment, discipline, and resilience offer valuable lessons for entrepreneurs striving to win in the competitive business world. Here are five key takeaways that entrepreneurs can apply to build a winning mindset and business strategy.

Key Takeaways

• Show Supreme Confidence: Like athletes who believe in their ability to succeed, entrepreneurs must maintain self-confidence, even when things get tough. Confidence drives effort, and effort leads to success. Champions push through obstacles because they trust in their abilities, and entrepreneurs need to do the same when refining strategies and facing rejection.

• Always Look to Improve: Even after winning, elite athletes constantly seek ways to get better. Entrepreneurs should adopt a similar mindset by learning from losses and successes. Being open to feedback and learning from competitors is crucial for staying ahead.

• Focus on What You Can Control: Athletes obsess over controlling the variables they can—like preparation and attitude. Entrepreneurs can apply this by thoroughly preparing for client meetings, studying competitors, and perfecting their pitches. Don’t dwell on things outside your control; focus on what you can improve.

• Improvise When Needed: Things don’t always go as planned, whether in sports or business. Winners stay calm and adjust on the fly. Entrepreneurs must embrace uncertainty, adapt quickly, and improvise when necessary to stay competitive.

• Be Flexible: Success often requires balancing opposing ideas, such as having confidence while seeking improvement. Entrepreneurs, like athletes, need the mental flexibility to adjust their strategies and mindsets based on the situation.

Why This Matters: Just as elite athletes constantly push themselves to new heights, entrepreneurs who adopt similar work ethic principles will find success. Confidence, continuous improvement, adaptability, and focus on controllable factors help create resilient businesses ready to thrive, even in the most competitive environments. By applying these lessons, you’ll be better positioned to achieve entrepreneurial greatness.

Read the full article here.

@aarnvrr

sing sing, new fi di bar 🍜🍻 #torontofood #tiktokfood #wheretoeat #foodguide #pho #pizza #iykyk

@blogto

PumpkinFest is back this weekend!🎃✨ #toronto #pumpkinfest #pumpkinpatch #torontothingstodo #thingstodotoronto #fyp

Black Lagoon @ Bar Mordecai

blacklagoonpopup

View more on Instagram

Find a participating venue near you.

🔌  NOTABLE PLUG

🎙️ Get Into It: Every Little Thing podcast. Why do news anchors all sound the same? Do wolves really howl at the moon? How did Elvis imitators take over Las Vegas wedding chapels? On ELT, you call with a question, we find you an answer. Listen on Apple or Spotify.

📄 Notable Hires: Head of Communications @ Leo Pharma (on-site, Toronto)

🎓 Hope This Helps: Korbit. Boost code quality with private draft mode reviews, auto-generated PR descriptions, enhanced review summaries, comment titles, and more.

🌍 Notable Destinations: Toronto to Cuba ($544 - Typical prices) Dates: October 28 - November 2. Click on this link to see the flight.

🧠 Today We Learned: that the idea that '30-50% of the population don't have internal narratives/monologues' came from a study of 5 people and has never been clinically reproduced.

We want to get to know you more! Take our community survey at your convenience. We appreciate you taking the time to help make Notable amazing!

Beyond Notable Daily
_________________

Editorial
Contact our editor

Advertising
Contact our team

Marketing Services
Contact our agency


ABOUT NOTABLE
Notable Life is Canada for young professionals, entrepreneurs, and culture generators operated by The Notable Group. Notable Daily inspires ideas and sharpens the minds of over 40,000 top-tier professionals in competitive industries.

Disclosure: While we utilize artificial intelligence (AI) to assist with certain aspects of content development, all information provided in our content is thoroughly vetted and edited by our team of humans. We strive to ensure the accuracy and reliability of all information. However, we recommend that readers conduct research or seek professional advice to make informed decisions. This email may contain sponsored content.