Louise Broekman from Advisory Board Centre on maximising business exit value with an Advisory Board.

In this episode of the Small Business Banter podcast I'm joined by Louise Broekman, CEO and founder of Advisory Board Center. We cover the importance of strategic decision-making in business, but specifically the role of advisory boards in exit planning.  Key messages for #businessowners #founders #familybusinesses from Louise include the importance for shifting from on-the-run decision-making to a more thoughtful and how Advisory Boards;provide a space for businesses to think and problem-solve over a 90-day periodhelp business owners  make confident decisions that focus on long-term investment and growthprovide benefits including external perspectivesupport strategic decision-makinghelp  navigate the complexities of exit planning"To grow means that the business needs to be different, which means that the way that we make decisions on day-to-day things needs to be different" - Louise BroekmanLouise has a compelling  20+  year journey as a business owner, entrepreneur and advisor. Timestamped summary of this episode:<br />00:01:18 - Background of the Advisory Board Center, <br />Louise explains that the Advisory Board Center is a professional body for the advisory board sector, focused on best practices and ethics. They offer membership and certification for advisory board professionals, and operate in over 25 countries.<br />00:03:35 - What is an advisory board, <br />Louise distinguishes advisory boards from governance boards, explaining that advisory boards are focused on problem solving and thinking, rather than decision making. They provide business owners with a second set of ears and different perspectives to help them make confident decisions.<br />00:08:41 - Types of businesses using advisory boards, <br />Louise discusses the wide range of businesses that use advisory boards, including startups, mid-sized businesses, family businesses, partnerships, and those looking to exit or scale. She emphasizes that the market is growing and that businesses are starting to adopt advisory boards at an earlier stage.<br />00:15:07 - The Importance of Making Decisions, <br />Making decisions on the run can be addictive and fulfilling, but to grow a business, different decisions need to be made. An advisory board can provide the space and time to think through decisions and explore different options, transforming it from a working capital discussion to an investment conversation.<br />00:16:45 - The Addictive Nature of Busyness, <br />The busyness of running a business can feel satisfying, but it's important to focus on the top strategic issues that will truly change the way the business operates and performs. The key is to concentrate on the decisions that will have a significant impact and prioritize them over other tasks.<br />00:18:14 - The Need for Guidance and Confidence, <br />After experiencing a challenging business situation, the guest realized the importance of having good people around her and gaining confidence in her decision-making process. By creating an advisory board, she sought outside perspective and support to make more informed and strategic decisions.<br />00:23:17 - Using Advisory Boards for Exit Planning, <br />Advisory boards can play a crucial role in exit planning, whether it's evaluating the decision to sell, preparing the business for sale, or maximizing the asset value of the business. They can provide external perspective and guidance to help owners make the right choices and achieve successful outcomes.<br />00:26:57 - Exploring Alternative Exit Strategies, <br />Exit planning shouldn't be limited to a binary decision of selling the business. There are various options to consider, such as staged exits.<br />00:30:42 - The Importance of Having a Clear Plan, <br />It is crucial for business owners to have a clear plan and so