EP 422 | Succession Planning with Brad Farris
April 1, 2025
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We’re going to talk to about the things you need to do today, if you want to sell your design firm successfully. Today’s guest, Brad Farris, is going to share with us the key factors that impact your sale, how to get yourself out of the service delivery, the role growth plans in your future sale, and so much more. It’s time to start thinking about your succession plan.
In this episode we learn:
- if you are essential to running the business, you can’t sell it
- build a team, then go on vacation…it’s practice
- long-term contracts or clients that come back to you repeatedly are more valuable
- build your business in a niche that’s not “one-and-done” projects
- building relationships with likely buyers before they need your services
- if you are planning to sell your business, learn the math of how businesses are valued
- your most likely buyer is a competitor or someone who sells a different service to the same buyer
Take the Business Growth Assessment >> https://anchoradvisors.com/accelerate-your-business-growth
DESIGN INTERVENTION
Have more conversations with people who can hire you. For most creative services businesses, we don’t need 1000 clients; we need 10 or 20. Instead of reaching out to hundreds of people, focus on reaching one more person and talking with them. Let them experience you, not just your “content.” This process is the fastest and easiest way to land new clients.
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Legal Disclosure | This podcast is for educational purposes only and should not be used for any legal decisions. Kimberley Seldon Design Group, Kimberley Seldon Productions Inc., Kimberley Seldon Design and Media, Inc., Business of Design™, or any of its affiliated companies or staff is not responsible for any errors or omissions effecting accuracy in any content, and they will not be held liable for the use or misuse of information, facts, details or any other aspects should there arise any defects, errors, omissions or perhaps inaccuracies. Extensive research has been conducted to put this podcast together for the purpose of educating our industry in order to better serve the public. Care has been taken to acknowledge ownership of copyrighted material. The advice and strategies contained herein may not be suitable for every situation. This work is offered with the understanding that we do not render any legal, accounting or other professional advice. Seek the advice of a lawyer and/or other competent professional person in all matters of law. Further, listeners should be aware that internet websites mentioned may change or disappear between when this was recorded and when it was listened to.