GE Ep 309 [2021] - How to Prepare Your Business Now For A Successful Exit in the Future w/ Richard Lau

Richard Lau is the creator of NamesCon, now part of the GoDaddy family, and an entrepreneur who has generated millions of dollars of revenue in the internet and domain name industry. Richard recently successfully exited Resume.com and is now working on Logo.com. He's here to share wisdom gained from his success in exiting several online business models, detailing what you need to know to position and package your business for exit in preparation for exiting several years into the future. Tune in to learn tips and tricks, as well as lessons learned, from an expert on preparing yourself and your business for a smooth and profitable exit. We talk about the importance of having a buyer's mindset, contracts and documentation in place, awareness around licensing, having relationships with business brokers and lawyers, and much more. During this interview, we discuss: 3:15 – How Richard became successful in the domain industry 5:04 – A domain name he wishes he didn't sell 7:28 – Learning about exiting a business from those who have done it before 9:12 – Why you need to look at your business from a buyer's perspective and mindset 13:17 – Having contracts and documentation in place with everyone you work with 14:18 – Being aware of licensing 18:48 – The importance of having relationships with a business broker and a lawyer 23:00 – Changing your attitude towards tasks you dislike 23:43 – Clean, professional accounting 24:45 – The problem with a Founder/Owner driving the majority of the revenue 27:07 – The power in diversifying your revenue 28:00 – Richard's favorite growth tool 28:39 – His most recommended book 29:29 – How to connect with Richard Plus, a whole lot more! Resources: NamesCon Logo.com Resume.com Million Dollar Bedroom by Matt DeCoursey Reach out to Richard on LinkedIn Email Richard: [email protected] ————————- If you enjoyed this episode, please RATE / REVIEW and SUBSCRIBE to ensure you never miss an episode. Connect with Dennis Brown  AskDennisBrown.com LinkedIn Twitter Instagram [Free Giveaways]