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Sharon Lechter is joining us on the podcast today. Sharon Lechter is an entrepreneur, author, philanthropist, international speaker, and Chartered Global Management Accountant. Regarded as a global expert on financial literacy, Sharon has served as a national spokeswoman and Presidential Adviser on the topic for two US Presidents. She will be sharing her new book, Exit Pass.
In this episode, Sharon shares everything you need to know about financial literacy. She shares about what intellectual property is and how you can define, highlight, and protect your intangible assets to get the most out of your company. She also talks about business systems, mistakes to avoid, and things to think about as a new entrepreneur.
- [02:12] Sharon got her degree in accounting. Around the age of 25, she decided to jump into entrepreneurship.
- [03:46] In December of 1992 she dedicated the rest of her career to financial literacy. They teach the power of buying, building, and creating income-producing assets.
- [05:58] Sharon also served President Bush on the first president’s Advisory Council on Financial Literacy. She served President Bush and President Obama.
- [05:50] She has also written twenty-six books. Her new book is called Exit Rich.
- [07:40] Business systems are what allows your business to scale. It is what allows you to manage your business.
- [09:08] When you start your business, you should be thinking about your exit from the start so you build a business, not a job.
- [10:14] If you build the right systems and have the right people in your company, you get your time back because you have people running your systems. You are getting your time back.
- [11:48] It is so important to understand what you need to have in place to secure the rights and ownership of your intellectual property.
- [13:26] Most people haven’t identified what intellectual property they actually have.
- [14:39] The better that you can define, outline, and highlight and protect your intangible assets, the higher price you are going to get.
- [15:38] Understanding from the very beginning positioning yourself to be able to identify who you are and how you stand up.
- [16:44] Don’t manage people. Manage systems.
- [18:28] As a business owner wanting to sell, you protect your people.
- [20:03] Brokers have the experience to make sure you have all the documentation in place and they also have buyers ready to purchase.
- [22:12] When you have somebody as an independent contractor it is so important to have a written agreement.
- [24:12] “The person with the biggest database wins.” -Bob Proctor
- [25:50] Give your followers a gift to get them to come home to your database so you own those names. You can continue to maintain that relationship and have a lifetime value of customers.
- [26:18] Social media isn’t necessarily sustainable because we are not in control of that destiny. The social media platforms are your lead generation.
- [27:23] Grab Sharon’s new book Exit Rich here.
- [28:11] One idea can add incredible evaluation or add sales because it is helping you streamline your operations whether you are exiting or not.
- [28:54] You want to structure your business so it can become an economic engine that supports you and your family for generations.