About this episode
Imagine turning your expertise into an 8-figure exit. That’s exactly what Sue Bryce did. Bryce built a $1 million photography studio in an industry where owners are often limited to low six-figure businesses that are dependent on them.
Bryce figured out how to extract herself and then, along with three partners, turned her attention to helping other photographers with the launch of a photography education membership site. Bryce recently sold her business for more than two times annual revenue.
This episode is packed with hard-earned wisdom for anyone determined to succeed. Specifically, you’ll learn how to:
- Name your company to maximize your chances of selling it.
- Transform a creative business into a sellable asset.
- Systematize your business to accelerate new employee onboarding (download our guide to creating Standard Operating Procedures).
- Convert your expertise into a paid membership online community.
- Pinpoint the best time to sell.
- Avoid getting ground down on price after signing an LOI.
- Protect your private information in the early stages of negotiating with an acquirer.
- Prepare to ace due diligence.
- Decouple your name from your brand (even if it’s part of your company name).
- Distinguish between a serious Letter of Intent and one that is likely to be re-traded on.
Check out the written by Colin Morgan on Hiring High-Potential Employees.
Show Notes & Links
Curious about what your company might be worth? Start with a Built to Sell Valuation.
Seller’s Discretionary Earnings (SDE)
Definition: Seller’s Discretionary Earnings (“SDE”) is a calculation of the total financial benefit that a single full time owner-operator would derive from a business on an annual basis. It is also referred to as Adjusted Cash Flow, Total Owner’s Benefit, Seller’s Discretionary Cash Flow, or Recast Earnings.
Definition: Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is a measure computed for a company that takes its earnings and adds back interest expenses, taxes, and depreciation charges, plus other adjustments to the metric. Standardizing EBITDA by removing anomalies means the resulting adjusted or normalized EBITDA is more accurately and easily comparable to the EBITDA of other companies, and to the EBITDA of a company’s industry as a whole.
About Our Guest
Sue Bryce & Craig Swanson
Sue Bryce is a proud Kiwi, a professional photographer, an educator, and a speaker. Born and raised in New Zealand, Sue has lived in Los Angeles for 7 years. With 30 years of experience, Sue Bryce is one of the most recognizable photographers in the imaging industry.
Craig Swanson is an entrepreneur, business coach, and co-founder of the online learning platform CreativeLive. Craig thrives being the secret weapon, partnering with online businesses such as KaisaFit, Sue Bryce Education, and The Wedding School by helping them into the multi-million-dollar mark and even acquisition.