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.
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