THE

$ELL MY BUSINESS

PODCAST

Entrepreneur Saud Juman On How He Created His Highly Successful Exit (#016)

Saud Juman On How He Created His Highly Successful Exit

“Good CEOs are an inch deep and a mile wide. CEOs need to hire people that are a mile deep and an inch wide in everything.” - Saud Juman

In his more than 20-year career as a business owner and entrepreneur Saud Juman has worked through every possible business challenge in a variety of industries from designing unique products, developing new markets, creating corporate culture plans, recruiting and building a world class team.

Navigating through significant growth, change, and executing a highly successful exit. Saud himself has grown, run and sold a multinational business called a policy medical that developed numerous hospital data management systems trusted by over 3,000 healthcare organizations. At the beginning, Saud ran policy medical from his mother's basement while he developed and perfected his proprietary product Policy Manager, and also pounded the pavement for sales.

SHOW NOTES

  • Why Saud walked away from a successful business to find an industry he was passionate about
  • The importance of finding a problem that you're passionate to solve
  • How Policy Medical was born from an unmet need in the market
  • Why serving people to improve their health was more important to Saud than making money
  • Why business owners must choose the right metric to measure success. Saud's metric was not the number of hospitals, but the number of patients served per day
  • The difference between a lifestyle business and a business that changes lives
  • The hard lessons Saud learned from his business divorce
  • Why Saud hired people smarter than him and why you should do the same
  • The difference between mentorship and coaching
  • Saud's unique approach to finding two different types of mentors and why you should do the same
  • How Saud's mentor transformed his thinking from 20% yearly growth to 200% to 400% yearly growth
  • The pain of realizing the team that helped start the business lack the skills to run a high growth business
  • Why Saud started audited financial statements early, and you should as well
  • The power of Saud going from entrepreneur to CEO and how this transformed Policy Medical
  • How Saud revamped his website to only have high quality educational content
  • The power of client referrals to grow your business
  • Why Saud created his exit team before he started his exit
  • The power of creating a virtual data room before hiring an investment banker
  • Why Saud created contract spreadsheet to speed up due diligence and increase value
  • The importance of knowing the terms you need to sell your company before you begin the process
  • Saud's three "take-it-or-leave-it" deal terms that he asked for and received on his exit
  • The challenge Saud faced on deciding when to tell his employees about the exit and who he should tell
  • Why Saud's advice for business owners is not to take the business so seriously
  • The importance of disconnecting from the exit process for family time. Saud shares his lessons learned for time with his wife.
  • Why business owners must have a standard contract that does not vary across clients
  • Saud's advice on being honest with yourself on your strengths and weaknesses
  • Saud's weakness was finance which had Saud hire a top-level CFO who made all the difference
  • Why Saud took a year off after his exit
  • Why business owners must listen to their inner voice to succeed

This podcast is brought to you by Deep Wealth. Are you thinking about selling your business? You have once chance to get it right and you better make it count. Learn how the Deep Wealth experience helps maximize company value before you sell. Master the same exit strategies we used to increase our company value 10X with our 9-figure exit.

Enjoy the interview!

SELECTED LINKS FOR THIS EPISODE

Saud's website

Saud on Twitter

Think and Grow Rich by Napoleon Hill

The Deep Wealth Experience

The Deep Wealth Exit eBook

This podcast is brought to you by the Deep Wealth Experience. In the world of mergers and acquisitions, 90% of deals fail. Of the successful deals, business owners leave millions of dollars on the deal table.

Who are we and how do we know? We're the 9-figure exit guys. We said "no" to a 7-figure offer based on 3-times, EBITDA. Two years later, we said "yes" to a 9-figure offer based on 13-times EBITDA.  In the process we increased the value of our company 10X.

During our liquidity event journey, we created a 9-step preparation process. It's the quality and depth of your preparation that increases your business value.

After our 9-figure exit we committed ourselves to leveling the playing field. The Deep Wealth Experience helps you create a launch plan in 90-days. Our solution is resilient, relentless, and gets results. Enjoy the certainty that you'll capture the maximum value on your liquidity event.

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