This post is about one of my 45-second pitches at my BNI Chapter, BNI City Business. You can read the introduction to this collection here.

20 October 2023. Nearly a week after the General Election, still waiting on final ballot counts and special votes to see the shape of the new government. We know it will be a coalition, but until the numbers are finalised, the minor parties that will be part of any coalition can’t be certain of their level of influence and leverage.

So I felt the image above appropriate, on a number of levels.

With the new leadership team at my chapter comes a tweak in the way we do our 45-second pitches. For the last few months, the person judging the pitches would set a topic or even a word they were looking to hear. I found this somewhat frustrating. I prepare my slide – and therefore pitch topic – a week in advance, then plan and practice. Setting new criteria at the last minute doesn’t favour preparation.

The adjustment in place now is for that topic to be circulated in the weekly newsletter during the week. While not aligned with my preparation cycle, I can more comfortably make that work. The topic this week was ‘describe how you have helped a client.’ So that is reasonably specific.

The Pitch

A couple of common challenges for small business owners – solopreneurs – like most of us in BNI is we don’t have employees, or bench depth if we do, that allow is to take a holiday. If we do go away, we have to stay in contact, clear emails from clients, and take calls. Not much of a break.

The other challenge for SME owners is effecting their exit. Because the business is so tied to us individually, selling won’t reap an adequate reward. Many stand-alone practices just fade out or close when the owner retires. Having employees can provide a path, but many owners are unwilling to take the risk of having more ‘mouths to feed.’

Another common way for these owners to realise the value of their business is to partner up with another solopreneur, and have an equity transition plan over a 3 to 5 year period. Someone a bit younger, but still experienced enough to have their own book of clients. Both ‘partners’ are self-sustaining. This means it is lower risk than having an employee. There may be a formal contract drawn up, or it may evolve organically. Quite often it starts as an informal affiliation of passing ‘overflow’ work to the other.

Establishing such a relationship helps in addressing the two challenges mentioned: (i) both owners can now cover for each other when they take a holiday, and (ii) the relationship can evolve into an equity arrangement that becomes part of an exit plan.

I then briefly mentioned that I’ve been working with a client on such an approach, shoehorning this week’s topic into the pitch. I then explained, with reference to the slide, the importance of determining the extent to which a partner needs to possess complementary or overlapping skills, essentially asking how much they “complete you.”

This simplified version outlines the core components required for an effective implementation of the exit strategy. I guide my clients through them the risks and complexities involved.