Suzanne Chadwick 0:00
Hi, lovely. Welcome back to the brand builders lab podcast. Awesome to have you here. I have got a special guest on the podcast today, and I am excited to dive into this conversation, because it is not a conversation I can have with you. It's not a conversation that I can speak knowledgeably about. And so I am so excited to have Fleur Madden on the podcast today talking all about getting your business ready for sale. And the one thing I want to say is that whether you're going to sell your business or not, I just think it's so important for us to know what our options are, to know what's available to us, and then we can make informed decisions. If we don't actually know what's possible for us, then how can we make informed decisions? Am I right? Fleur is the founder of the Ginsburg firm. She has been in business for over 20 years. She's run four different businesses, and she's sold three of them. She's award winning businesswoman. She's an experienced CEO, founder, board member, and she has been recognized as being one of the top 25 business women in Brisbane. And also, by the way, Flora and I are going to be hosting, collaborating on the next rise retreat, which is happening in October, that we speak about at the end of this episode. So if you want to be magnetic and you want to create wealth for yourself, then you might want to check out that retreat. You just got to go to suzchadberg.com forward slash retreat wait list, all one word, and get on the wait list, because we will be releasing that very soon. But this is such a great conversation. I'm excited to have it with flair. I know you're going to love it as well. So listen. Without further ado, let's dive into this week's episode, flair. Welcome to the brand builders lab podcast.

Fleur Madden 2:12
Thank you so much for having me. Suz, I'm super excited.

Suzanne Chadwick 2:15
I know me too. Now it's very exciting because you and I are collaborating. We are going to be running a retreat together this October, which I'm sure we will talk all about. That's not what this podcast is about, but we will talk about it. So yeah, so for those wanting to know, definitely stick around. We will get into that. But listen, for my audience who don't know, you sure, can you give us a bit of background on you? Because I know you have had, you've lived so many different lives when it comes to businesses. And I'm excited to dive into it

Fleur Madden 2:47
Absolutely. So look, I would describe myself as a career entrepreneur. I have had four businesses over 21 years. Wow. So I started off my career as a journalist, a television journalist, but then very quickly, got into PR. Had my own PR agency for 16 years, which was called the Red Republic, and we had offices in Brisbane, Sydney, Gold Coast and Los Angeles. I sold that company to a publicly listed company out of the US. I've also had an online beauty company called Lulu and lipstick, which I also sold. I just sold freelancing gems, which was a digital jobs platform for women. I'm very, very passionate about women in business, and I've had a consulting firm called the Ginsburg firm for the last six years, but I've kind of just evolved that in the last few months, and obviously that's like my main gig now. So I this consulting firm supports business women to scale their businesses and to sell their businesses, because I'm super passionate about women taking money off the table.

Suzanne Chadwick 3:51
And that's what we're talking about today. I've got, I do have a couple of questions about your previous businesses, because I love how you just, like, fly through it all. And I'm like, all of those are amazing things. Hey.

Fleur Madden 4:02
Yeah, it's been, it's been a very long journey, 20 something years in business. It's, I feel like I just have a medal.

Suzanne Chadwick 4:10
You do that's incredible. But I love the fact that today we are talking about preparing your business for sale and selling it. Because I do think that so often, especially as a lot of times solopreneurs, or if you've got a small team, the thought of selling your business, a lot of people are just like, I don't even know, like, where I start. I don't even know what I do. So I'd love to go back to the very first time you sold a business, when you were building the PR firm. Did you know that you would sell it one day, like, did you go into it thinking, like, I'm building it to sell? Why did that all happen?

Fleur Madden 4:46
So no, I definitely did not go into it thinking I was building it to sell. I started that business when I was 23 years old. I absolutely did not know what I was starting in terms of the scale that it would reach the. Just absolutely matured with me, and I'm very proud of you know where that business got to over 16 years, but probably in year 10, I realized I want to sell this business. I'm young. There's many career evolutions in me, and indeed, I think I've proven that. And I loved that business. I love being part of it every day for 16 years, there were also days I didn't love it. But, you know, as any business owner attest to, but at 10 years, I'm like, I don't want my career legacy to be that I was just an, you know, a really good CEO of a PR firm. Like, I've got more in me than that, and I want to explore that. But I'm not just going to walk away from a business I've spent 10 years building, right? So I joined lots of different groups to try and figure out, how do you sell a business? And statistically, women are more likely to close their businesses than they are to sell their businesses. Doesn't surprise me, no, and it's something I'm just not okay with. So over this period of time, I definitely did a lot of work into what I had to do to set this business up for a sale. And when I did go to market, obviously, you know, it wasn't public that I was that I was actively looking for a buyer. I had someone representing me, and we did have multiple offers on the table, and they were from big companies. I was almost shocked. I was like, really? But, you know, I think that's taught me a big lesson too, is, don't think small. Don't play small when we're looking to sell. But the, you know, probably one of the biggest mistakes I see sues is that most people look to sell when they're at the absolute end of the line with their business. You know, they're, they're a marathon runner with two broken legs. They cannot keep going. And they come to me and they say, just look, you know, I gotta get rid of this business today. I cannot do one more day. And the reality is, is that you need to sell your business when it's on the up. You need to sell your business when it's doing the best dollars it's ever done, and you've got the best team around you. People often leave it till it's on the way down.

Suzanne Chadwick 7:05
But don't you feel like, when you're in a place where it's going really well, and you've got an amazing team that's like, the last that's like, the least time that you want to sell, because it's like, so it's like, you built it to finally have this success, and then you're in the success like, is that when you really want to sell?

Fleur Madden 7:24
Well, look, it's if you want to make the most amount of money, it's when you want to sell. Like, I mean, everybody has a different agenda in their business. Now, I start most of my businesses with my plan of how I'm exiting, right? So I but I didn't know, with the red Republic, I absolutely did not have that plan at day one, but I learned many, many lessons in that business as well. I would never be in a business for 16 years ever again, you know, so free freelancing gems I was in for four and a half years, Lulu and lipstick was, I think, three. That was a bit short, but there was an opportunity to sell that, and I took the opportunity. So you know, for me now, if you're out there in your your new days in a business, or you're thinking about starting a business, like, Think also about what your exit strategy is going to be, who are the buyers? And I'm telling you right now, buyers are watching.

Suzanne Chadwick 8:15
I love it. I have to say that ever since we sort of connected, and I've I've followed you for a while, like I didn't feel like you kind of came on my radar with freelancing gems. I don't know that I knew you before that, but I love that you talk about this, and you've definitely got me thinking where I'm like, I've got BVC, which is bold vibes consulting, and obviously my business, and I'm like, maybe it's time to bring those two things together and look at how we grow. So I'm super excited. I feel like this is a conversation that is not had enough within the entrepreneurial space. And like you said, it's really normal for women just to close their business rather than looking at selling it. So I'm excited for us to dive in. So let's talk about, I guess, the process and the like, what we need to be thinking about. Because I love that you're like, you know, when you've started your other businesses, you started them with the knowledge that you are building to eventually exit. Yeah. So how do we prepare? Like, how do we how do we start to think about what it is we need to do.

Fleur Madden 9:22
Yeah, so there are lots of different areas that we need to focus on to get your business ready for a sale. So the first one is looking at what the assets are in your business. And when we say assets, straight away, people go to, oh, like, I don't own my office, or, you know, I'm just leasing it. I don't have any assets. That's not the asset I'm talking about. You know, if you were in a consulting business, your assets, for instance, might be your client list, your database, if you have intellectual property around the way you do things, if you have any technology, special technology you're using, your social media, is an asset, like all of those things, are assets you can sell. So we need to be really. Clear on what the assets are, and look at a valuation around them, but also look at, okay, if I'm not getting the valuation I want, how do I get there? So we could be looking now and going, Okay, I've only got a valuation. I'm just going to put some figures out there, but I've only got a valuation at two mil. I really wanted to sell it for five mil. So how do I get it to five mil. How do I grow my assets to get to five mil? So valuations are really important. Also, your financial model is super important. And this is something again, traditionally. Now I'm stereotyping, but it's something that traditionally, women are not that great within business, unless you come from a financial background like often, we're amazing at our craft, but we're not necessarily always amazing at the our craft as a business owner. So the financial side of things, we need to have, you know, a set of books that can sell the business. Now, you know, if you're currently putting your car through the business, your groceries through the business, we've got to strip all of that out, right? Because we've got to show what it takes to run this business without you putting all your lifestyle through it. And a lot of women are guilty of running lifestyle businesses, right? We can't sell a lifestyle business. We need to sell an asset teams. Teams are also really important in a business sale. Because if there's one thing you can take away from this conversation today, it's no one wants to buy a job. They want to buy a business, yeah, and they especially don't want to buy a shitty job. We like to say that, yeah. So you know we what is your old chart? Have you got a general manager or a manager? Do you have a creative director? Like, can this business run without you? If we take you out of it, can the business still run?

Suzanne Chadwick 11:45
And I think that was definitely a question I had, because a lot of women, we are the talent, like, we're the ones who are doing the coaching or building the programs or delivering the website or writing the copy, yeah. And so how do you shift and think about, like, if you're currently a solopreneur, and maybe you've got some contractors you bring in, or you've got a VA, or you've got, like, is it thinking on a completely different level? Like, it's thinking about how you start to make yourself redundant within the business? Like, how do we build with that in mind, like the talent.

Fleur Madden 12:24
So I think there's two ways you could look at it, right? One might be, for instance, um, can we bring in more talent? So it's not just you. Let's build out the team more. If that's not an option, you can still sell your business, right? But you are key to that business, so you're selling you. Now that's okay. You can sell you. I wish I'd known in my first sale, even though I had a significant team that I that was coming with the business, they were buying the business because they loved me, right? So don't, you know, don't undersell yourself in that process, like I kept trying to prove how amazing the team was and they I needed to because they were concerned that I would leave, and I wasn't buying it. To stay on. I was only staying for 18 months. I ended up staying three years, but the the negotiation was 18 months. But you are the person that brings so much value. So you can sell a business with you at the helm, but you will have to stay on for quite a period of time, until you build out that infrastructure around you. So that's something to be aware of. And a lot of people, when they're selling, they don't want to work for someone else for five years, you know. So I think too, you know, I always try and make the earn out period fair. Like for me in my businesses, I was like, you know, 18 months, two years, that's fair. I'm I'm handing over a great business. The team will be solid, and at that point, they should be able to stand on their own two feet. If you sell a business and think you're walking away at that point in time. That's super rare for that to happen. It did happen with my E commerce business, Lulu and lipstick. They literally came, picked up all the stock, did a stock take, took all of my stock, and I drove off in one direction, and they drove in the other. And that was, that was kind of it. And I was like, whoa. But I don't know if I was ready for that, but that is rare. Okay, that is rare. And look, you know, there's other major elements too that you should be looking at, like, if you are a product based business, do you have contracts in place with suppliers and warehousing, because that's what you're selling to, right? So, do you have intellectual property that's very specific to your business because you're selling that like, for instance, your online courses, you know that's, I mean, you maybe, let's just say you might sell that business one day to a company that sells online courses all around the world, and they want your intellectual property. You know, that's an option. I think these days there's so many content creators. I mean, I haven't seen many sales of those sorts of businesses, but we will, we will start to see those sales, and I'm keen to see how that plays out.

Suzanne Chadwick 14:59
Yeah, so. Interesting. Because I think that is the other thing. I think that sometimes, when you are the talent, and it is your thought leadership, then it is about, well, you know, what, what exactly are you selling? Is it just that intellectual property? Is it, you know, is it the whole systemisation of what it is that you do all of those sorts of things. So I think that, I think that there's a mindset shift here that we need to talk about as well, is when you are, when you do have something that is centered around you. What is the mindset shift that needs to happen in order to build your business for sale?

Fleur Madden 15:39
Mm, well, look, I always say in my coaching groups, make your business bigger than you. Okay, it's not just about me. Even, you know, the Ginsburg firm is probably the first business I've had that is truly just about me. And you know, all my other businesses were about a collected team. So I am big into making your business bigger than you so, and that will look different for absolutely everybody. But if you are a content creator out there right now, or a high level consultant, and you're thinking like, how what are, how do I make this bigger than me? You know, that's something for you to work on. Of what would this look like if this business was, you know, at that next level where it wasn't just all about you and for everybody, that's going to look a little bit different.

Suzanne Chadwick 16:26
Yeah, I love that. And so how far out should we start planning for that? Yeah?

Fleur Madden 16:31
Well, look, I the red Republic. It was five years now, that's a significant amount of time, but I had to make the brand. I'd separate the brand from myself, because it was very intertwined with me, and it didn't need to be. I had four offices. I had staff in every city, you know, I had a full scale management team. So I actually did a complete rebrand of the business. I changed business name. We became the red Republic, from Red PR. We, you know, we did a lot more press and social media around team members. So it was a five year process. I also wanted to have my management structure, my org chart, really built out so that I could show that this business runs without me, and indeed it did. I mean, in that two years, I remember towards the end I'd go into the office, and by lunchtime, I was done. But, you know, I had to stay there all day. But I'm like, I've made myself redundant. That's what, that is, what we're here to do. But for freelancing gems, I mean, we've recently sold that business. When I say we, it was myself and my business partner, Kirsty Jackson, and probably a year out, we were like, it's time to sell. And so that's the other thing I'd say to you, and we were, we were prepared for a sale. It was already set up for a sale. But what I would say to you is, like it took a year of negotiating different parties. And there was some, you know, deals that look sensational, but they required me to stay on for three years. I was not going to do that. I didn't want to stay on for three years. This was a business that we were ready to exit. And so, you know, we went, we went with the option or the deal on the table where we could exit. And they would, they would take it over and run with it. So that was a year long process. So you often when people approach me to support them in preparing for a business sale. You know, they're at a stage where they want to sell it tomorrow. That's not realistic.

Suzanne Chadwick 18:26
So you need to be like a year or two runway.

Fleur Madden 18:29
Yeah, I think two year runway is great. Maybe a year to prepare for a sale, and then a year to sell it. And then you might need to stay on for a year or two. So we're looking at, this is a three or four year process. So for people that sort of are thinking, I'm going to exit and I'm going to go next year, like, no, let's get it going. Let's get the planning happening. And look, you can sell a business quicker, but not for top dollar. And I want women to take money off the table. You've invested time and money growing your business now let's we need to do some investment to make them the biggest payday you're probably ever going to have.

Suzanne Chadwick 19:03
Yeah, speak in my language. Love it.

Fleur Madden 19:08
Money, money, money.

Suzanne Chadwick 19:08
Pay Day. So, so good. I actually wanted to touch on something that you said that obviously you and Kirsty were business partners in freelancing gems. Did you have partners in the other two businesses as well? Or is it just,

Fleur Madden 19:20
no, I didn't. So this was my first time in a business partnership, and I have to say, like we had an amazing partnership. Kirsty, you know, we still speak, you know, at least probably once a day. If a day goes past, we haven't spoken, there'll be a quick text message. I think we really did ourselves proud. We were a great team. We definitely had different skills that we brought to the table, different strengths. We had job descriptions. We stayed in our own lane. We fully trusted each other to execute and perform like I'd never be thinking, has she done that? Is that finished like, you know, she's got it. She's a professional. I think, though, you know, we've reached. Point to where we will probably, you know, both at at the end of the road for that business, and were, you know, happy with where we got it too. And you know, we're happy to say goodbye to each other on on that level, but we will always be friends.

Suzanne Chadwick 20:19
Yeah. Amazing. So good. And what are some of the mistakes that people make when it comes to, like, selling a business?

Fleur Madden 20:30
Yeah, look, I think there's mistakes that buyers make and there's mistakes that sellers make. So I think one of the biggest mistakes I see from the seller's side is you don't put the buyer in your shoes. You're only ever thinking about yourself like, I want to exit quickly. I want this. I want $5 million think about it from the buyer's perspective, because this is a transaction, and we want to close the deal, right? So, you know, I'm always thinking like, from their perspective, what's going to make this deal sweeter? What's going to make them think they have to have my business in their portfolio. And you know, also, when I'm negotiating as well, I'm like, you know, say you're happy to stay on for a period of time. Like, you know, things change in the process once this transaction has occurred. Sometimes it's untenable to be able to stay on. Sometimes they don't want you to stay on. But enter with the best of intentions. So I think, you know, that's definitely something undervaluing yourself in the negotiations as well. And sometimes you need to lean out like, I know there's been times in business trend sales where people have local being given me the crap a stopper, lean out girlfriend like I'm not going to accept that, and you can come back to the table when you're going to give me a serious offer.

Suzanne Chadwick 21:46
So let's talk about evaluation, though, because how do you know what a good offer is? Sure?

Fleur Madden 21:51
So look, I would definitely get evaluation done from an accountant. Now, accountants are always conservative, and indeed, too, I haven't met many accountants, and I'm not saying they don't exist. They absolutely do, but I, in my experience, I haven't met many that are phenomenal with valuing brand. And brand is I've sold my business is based off really strong brand assets, right? And so I, I'm a huge believer in brand being an asset. So I think, you know, get a valuation from an accountant. There's also some online software these days, Suz, you can just Google it, and you put in a bunch of information about your business, and it will come back to you with a range. Fundamentally, a business is only worth what someone will pay now in saying that you want to meet somewhere in the middle, so the buyer wants to have, you know, a great outcome for them, but they're not, you know, they're stupid if they try and rape you in the business sale. Because if you've got to stay on, then you need to have, you know, a great relationship to be able to stay on. So I always think a good outcome is meeting somewhere in the middle there, um, for the owner. I guess, you know, we want it to be somewhere a bit higher up. And let me tell you, the first offer you get will be rubbish. It always is. I've never seen a great offer come in first, and it's so insulting, and it breaks your heart because you've spent all these years building this amazing business, and then someone comes in and tries to lowball you and look, there are people out there who are looking for a quick deal for businesses that are in distress, like I do see that as well, and I've also supported people to sell who are in distress, and getting something is better than getting nothing, right. But if we're talking about a business that's thriving and we want to get top dollar for it, then, you know, lean out when you get those bad offers. Sorry, come back when you can be serious.

Suzanne Chadwick 23:40
Yeah, it's like the first pancake. It's always the first pancakes, always bad, yeah, I love it. Okay, cool. So let's talk about the process of it. So you've built this business, you've decided you want to sell, you've maybe gone to an accountant or used the software to understand what your valuation is, what's the process of, like, how do you find buyers? How do I find somebody that wants to buy my business?

Fleur Madden 24:06
Well, you know, the number one thing I'd say to you is, your buyer's probably watching your business right now. You know so for sure. Talk about it publicly. In some instances, I would I know. When I sold the red Republic, I was always like, I don't want anyone to know, because, like, it could affect my client list, and indeed, it probably would have. So that sale was done very quietly, obviously, afterwards, after the deal was done, you know, we spoke about it, but we didn't talk about it during the process. But then I was recently involved with an E commerce sale, and absolutely, we put it on their social we put it out to the database that it was time for the next owner to take this business on its journey, and we were looking for an amazing person to connect with. And we did get a lot of interest from that.

Suzanne Chadwick 24:53
I feel like I have seen that online, yeah,

Fleur Madden 24:56
for sure, and and there's a lot of people too, who you. Could be interested in buying your business. You don't even know. So I think it's important to put it out to the database, depending what sort of business it is. But the process is, you know, we've obviously got to get everything set up for the sale. So we're going to have identified our assets, had evaluation, make sure we've got the right team members in the right spots. We're going to look at all of our systems and processes right too, because no one wants to come in and have to and buy a business for top dollar and then have to put in systems and processes. It needs to be able to run really well and run without you. We're also going to make sure all of our contracts are in place, all of our supplier contracts, etc, separate the brand out from the owner. We're going to have done that for a year or two, at least, going to make sure all of our intellectual property is documented and all there. We're also going to have identified who the buyers are. So we always come with a list of top 10 of who we think you know could be interested in buying the business, because I'm going to approach them. Also. You need to set up a data room so when due diligence happens like we can just send them a link to the data room, and it's got all of our contracts here, you know, employer or employer employee contracts. I'm sorry, it'll have contracts in there for manufacturing and suppliers, and it'll have your lease in there. Everything that they will need to do in due diligence will pop that in the data room so it's ready to roll. If you've got an interested party, you don't need to be scrambling trying to find everything. And then I also work with people on getting their I am ready. So I usually do a one pager, what's their I am flair, yeah. So like your sales deck, your sales deck. And so I'll do a one pager that I would send if somebody approached me and said, hey, I'm interested in Sue's Chadwick's business, I'd send them a one pager with like highlights to get them interested. If they then sign, you know, a non disclosure agreement, I would then send them back a full pack, and in that pack, you know, it will have in their financial forecast the last few years. Who our customers are, what the opportunities are in the business. Moving forward, who sues is, as you know, the owner of the business, best selling products, all that jazz. So they get a really great understanding of who what the business is, how it operates, what the opportunities are for growth, if they buy it. So there's a bit to go through to get ready, and I don't want to turn people off, right? What I'd say to you is, you have invested so much money in growth. Now it's time to invest in your sale.

Suzanne Chadwick 27:30
Yeah, amazing. And so how do you how do you know when it's time to sell? I know that you sort of said, you know you don't want to be doing it when you're on your last legs and you're done and you're over it, yeah? But how, yeah, is it? Is it like you can feel that it's coming, you know, that you're ready for the next thing? Like, how do you know when it's time?

Fleur Madden 27:50
Oh, look, you know, it's been interesting for me, because we just sold freelancing gems. I've had a lot of people say to me, like, how do you feel? And I'm like, No, I was ready. I'd made peace with that same you know, I may, if I get to a point where I'm like, I think it's time to sell, I've already started making peace with it. Now look, don't get me wrong, the day we actually had a photo shoot to celebrate, you know, the sale prior to it actually settling. And on that day, there was Kirsty myself and BEC, a new owner, and we were linking arms, and then Kirsty and I walked off in different directions, and Beck just walked forward towards the camera, and I did burst into tears, like it's over, like she It's hers, I, you know? And because that business, I guess, had such, it's an impact business, you know, it's got a social enterprise element to it. So, you know, it was, it was an emotional journey. We have helped 1000s of women find work. We've helped 1000s of women get paid more money. So it was sort of like, oh my gosh, this is the end of an era, and but in general, you know, I was ready for that to move on. So I think if a sale is kind of in the back of your mind. By the time you reach that end point, it could be two years away. You will be ready. Yeah. And I think a big mistake I see women make is that they put all this pressure on themselves that they need to know what's next. And the reality is, after a business sale, I mean, not that I've done this, but I would, I would advise others to do it is take a break. You can't be fresh and go into something, you know, with all guns blazing, if you've just come off the back of a big business exit. So take the time. I mean, when I sold the red Republic, like, a year later, I thought to myself, Okay, I'm not in retirement. I'm 38 at this point. This is a bit boring, and I generally love working. So I was like, I'm going to do some inspiration trips. So I knew that I wanted to do something in the women's space. I knew I wanted to do more work that mattered. I knew it had to be impact work as well. And like, I went to New York. In LA and I, and I met with some other business owners that were in those spaces and to talk to them about their businesses, and I went to a few conferences, and that was how freelancing gems ended up coming to be. So I think take your time things unfold. The next opportunities around the corner. You don't have to put all this pressure on yourself about what's next? What's next The universe provides.

Suzanne Chadwick 30:25
Oh, good. So good. And so, no, we won't end on this question. But I think it's a good it's a good thing to know as well. Sure, what are some of the things that can go wrong?

Fleur Madden 30:36
Oh, yeah, and I've seen that as well. Um, look, I always say, be happy with the price you got up front. Because when there are milestone payments, you know, you're relying on people being ethical. You're relying on people honoring their contracts. And I've seen people not do that, yeah. I mean, that's, it's devastating. But you, know, I always say, be happy with what you get up front. I mean, I also think you need to take legal action on those things, because you've signed contracts. But, you know, that's, that's something I have seen before. I've also seen somebody purchase it and absolutely sabotage the business they purchased. And it was horrific to watch, like they pushed the owner out. I mean, you've got to feel comfortable that you're going to have to work together for a period of time. And I know when I sold the red Republic, I had a few offers, and I didn't go with the highest offer. I went with the one that I felt it was a great culture of fit and that we could work together long term. Now, I mean, the cultures were really different, and was it the right cultural fit? You know, in hindsight? No, it was pretty different, but we did work together pretty well for most of those three years, so I think that's important too. Like, don't only go for the dollar sign. There's a lot of other elements here that make a great sale. Also the change period for your team. Like you really have to have a plan of on both sides. What happens once this transaction happens? Yeah, you know, I know, with the sale of the red Republic, we lost a lot of staff in Sydney in the 12 months that followed. And the reason being, they said, you know, we don't want to work for a big company. We wanted to work for you.

Suzanne Chadwick 32:22
Yeah, I was going to ask you, what happens with staffing like, when, like, with the team, when you sell like, if, if they want to, they don't want to work for somebody else?

Fleur Madden 32:32
Yeah, most one person left immediately. And I was shocked, because she was actually going to have great opportunities in the new company, but she really loved working for a boutique business. But the others, you know, a lot, most people are excited, especially when it's a bigger organization, that there's going to be more opportunity, maybe more money, you know. So I made sure my team were taken care of in terms of just before the deal was done, making sure everyone had just had their annual pay increase, you know, they were going to be on better terms, potentially with a bigger company and organization. But you know, in saying that big isn't always better. Now, there is a lot to be said for small business. And I love small business. Australia was built off the back of small business, right? So I actually think that was interesting journey that McCann ended up using some of our systems and processes in Australia, because we had a better system and processing place for that so but we did lose some staff in Sydney. I think it usually takes about 12 months for some for things to settle. This is a new normal, but you need to have a change management process there for your team and for your clients. You know, with freelancing gems, it was a different story. The lady that bought it wasn't taking any of our tape, so that was hard to have that conversation with the team that we have sold the business. But you guys aren't going with them. And these are the team wasn't the freelancing gems team was small. There was only five of us. But you know, these are women that had been loyal to the business and so hard working, and we loved them. So, you know, that was tough, but they probably knew that. They knew we were looking to sell, and they knew that was a possibility, yeah. So I think you know that 12 months afterwards, really make sure you've got a plan. And if you're the buyer, you know, make sure they've got a plan as well, and that you're working together seamlessly, to make sure that that transition is is a great one for staff and for clients or customers.

Suzanne Chadwick 34:32
Yeah, amazing. So, so good. One of the things I always talk to my clients about is paying yourself more like charging more, knowing your worth, valuing like what it is that you do. And I think this is such a great conversation, because I've never sold a business. I It's not something that I know how to do. So I got really excited when, when we discussed talking about this as well. And I think that it's such an important. Conversation, and it may work for some businesses, that may not work for others. But I think just knowing, knowing that it's a possibility, knowing that it's an opportunity, if you want to start to take a look at and start thinking about, how would I do this, if this was something that I want to do in my business? Is it? Is, you know, what do I need to start thinking about, as far as infrastructure goes, and team and removing myself from the day to day operations and the brand separation and all the rest of it. So I think that, yeah, there was so many things to think about with it, and it's such an interesting topic. And I know that we're going to be talking about this further at the retreat in October.

Fleur Madden 35:43
Yes, I'm so excited for our retreat. It's going to be amazing,

Suzanne Chadwick 35:46
I know so so good. And so I kind of wanted to talk a little bit about that before we wrap up. Yeah, but you know, I've run so many retreats in the past, and it's something that I really love. And it was really interesting, because I've had so many clients that are like, when's your next retreat? And you were saying to me, when's your next retreat? And I'm like, I just don't think I've got capacity to do it on my own right now. And then you said, you know, do you want to run one together, which I was so excited to do. Love me. A good collaboration. Me too. And two brains are better than one. And so we were talking about what this could be about, and I think we are very much on the same page around money and brand and creating wealth and all the rest of it. So we've called it magnetism and money. Love it as far as the retreat goes. So do you want to chat? Let's chat a little bit about what it's going to be like and covering, yeah, absolutely. Yeah. So what are you what are some of the things that you want to talk about and bring to it?

Fleur Madden 36:45
Well, you know, you and I both run mastermind programs for women, and I think you get to the end of a mastermind program and you've got this great connection with other women, and then it's sort of like, what do we do next? And for me, I think too, sometimes you're having this amazing session. But then it wraps up. And what I wanted to do was have, you know, 24 hours where we can really build on those concepts. Because often you leave the mastermind, and if you don't work on it immediately, sometimes the action doesn't happen. Yeah. And so I really wanted to have this amazing 24 hours for business women who are there to immerse themselves and give themselves permission as well, to spend the time on their business, and so that they come out of that ready to level up and ready to get their business firing for the new year. I mean, we're in August, we're having we're having it in October, the so we really want to set women up for success. And I've, I think you and I met you mentioned when I started freelancing gems, and what I love about you, Suze, like, honestly, sounds a bit narcissistic. I was gonna say what I love about you is we talk the same language. But you know, I've been listening to your podcast for years, and I'll have a coaching session, and then I'll listen to your podcast, and we're talking about the same thing. And so I loved the idea of collaborating with you. I think you're a master at what you do, and bringing that also to the women in my coaching groups as well, you know. So I can't wait.

Suzanne Chadwick 38:17
I know it's going to be so great. So it's going to be the 16th and 17th of October, correct? It's about, I checked. It's like an hour and a half out of Brisbane. It's only 49 minutes. I think it was from the Gold Coast, yep.

Fleur Madden 38:31
So that's where I'll be beautiful hinterland boutique location. So it's a beechmont estate, yeah, and it's beautiful. I've stayed there before. Food is sensational. It's a gorgeous spot, and it's super relaxing as well. And while you and I have put together a really tremendous agenda for it, I think we both agreed we wanted to give women time out as well, to find a quiet spot in beautiful nature out there and spend time working on their business.

Suzanne Chadwick 39:00
Yeah. And I think one of the great things about retreats is that you do. I know that a lot of the women that have come on my retreats are still such great mates to this day, and that was kind of the first time they had met. I also think that, you know, we're going to be talking about how you really step up as a leader and a personal brand in your space, how you really look at wealth in your personal life and business, we are going to be talking about, you know, whether you set your business up for sale, and what that looks like. And so I think on this particular retreat, you know, somebody's saying, Why, like, why would I come to this? I think it's really about the conversation is going to be at that next level. It's really for women that want to step up and be leaders in their industry, and who want to have the conversations around, how do we create wealth? How do we really create more money for ourselves, for our clients, for our families? In our business, and I am so here for that conversation, because I think that, you know, when we bring women together and we talk about wealth creation and we ask questions and we and we learn from one another, I think that you'll walk away just so inspired to think, how do I take my business to a level that is going to help me in so many other ways, like, it's not just about how I have a job.

Fleur Madden 40:29
No, definitely. And look, I think wealth creation with some of us are great with bringing money into our businesses, but once it gets here, what are we doing with it? Yeah, you know. And so we, you and I have asked some experts to also come in who will be joining us at the retreat, specifically around show us the money, honey, like once we bring it in, what are we doing with it? And I coach a lot of women who are probably somewhere between 35 to 50, so it is sometimes the first time they're thinking about too the next chapter of their lives. And in our 20s and early 30s, we're not thinking about retirement. But if you're in your 40s and 50s and you're in business, you're also going to be thinking about like, how do I make more money at this point in time for the later years in my life? How do I create more wealth for my children, you know, and their children and so. And I think that is a gap of knowledge for a lot of women in business. We've come into business because we're great in branding, or we're great in graphic design, or whatever it might be. You might have an amazing product you're selling, but you're not a financial expert, right? So we're all just doing our best, unless you are a financial expert, and we'd still love you to come but certainly, I think, you know, we're bringing in some great speakers who are going to give us something to think about and and one of the things I want people to leave with is that they definitely have more knowledge than they had before, that they feel empowered to make some money moves. You know, when you play it safe, you're not going to you're not going to have the big win. And sometimes, you know, we do need to play it safe, but sometimes we've got to be bold. And I know you're all about being bold as well, which is why I love you. And so, you know, I think that this conference is really for women who want to step it up. They want to be bold. They want to make moves, whether it's money moves, business moves, and they want to set themselves up for the new year that this is the year that changed at all,

Suzanne Chadwick 42:23
yeah, and we've still got time, like we've still got, you know, it's the second, the last quarter of the year, the final, not the financial year, but the calendar year. And I just think sometimes we think that change takes a long time, yeah, and we can make changes now that will help us now, but also impact, like our future and our ability to achieve bigger things as well. So,

Fleur Madden 42:45
and it can be small change, you know? It can be small change. I mean, what you know, I'd like to see that comes from the retreat too, is what are the five things that we can do between now and the end of the year that will create some change in our life? And so, yeah, and magnetism and money. We're here for it.

Suzanne Chadwick 43:03
So here for it. Yay. So, so good, awesome. Well, listen, you can find the link to check out the retreat in the show note. If you head to Suz chadwick.com forward slash retreat waitlist. Yes, it is still the waitlist. It will take you there. If it's not, it will redirect to the retreat sales page so you can check it out. We do have a limited number of spots, so if you are interested, you do want to get in quick to it. And I'm so excited. Thank you so much for sharing all of your incredible knowledge on the podcast today. Fleur. I love this conversation. It has definitely got me thinking in a whole new way.

Fleur Madden 43:42
Thank you so much for having me. I've been listening to, like, I don't know, 280 episodes, so I'm very glad it's now my turn. Thank you for having me, and I'm looking forward to meeting some of your ladies from your mastermind at the retreat. Yeah.

Suzanne Chadwick 43:57
So so good for my listeners who are walking the dog in the car. Where is the best place to connect with you online? We'll have all the links in the show notes, but where? Where can they find you?

Fleur Madden 44:08
Yeah, so you can find me on on Instagram at the Ginsburg firm, um, I've got a lot of great content on there. Or you can also find me on LinkedIn. My name is Fleur Madden,

Suzanne Chadwick 44:18
amazing. Flo. Thanks so much for hanging out today. Oh, it's

Fleur Madden 44:22
been a pleasure. I'm so excited to be on and I'm so excited for our retreat.

Suzanne Chadwick 44:25
So good. We'll see you then bye.