Erin Austin: How to Build a Business You Can Eventually Sell – TPS518

Erin Austin is the Founder of Think Beyond IP and an intellectual property attorney by training. She worked with large corporations before turning her attention to helping entrepreneurs build sustainable, scalable, and salable service firms. She is an expert when it comes to licensing and helps people turn their expertise into an asset. You can learn more about her business and her podcast, Hourly to Exit, at this link.

Highlights

• Erin Austin explains how she wound up working in the film industry and what intellectual property is.
• For entrepreneurs who charge by the hour, Erin helps them develop intellectual-property-based forms of income.
• Along with monetizing their books and courses, Erin helps entrepreneurs license their products.
• Erin explains what goes into creating a certification course that you can sell to corporate clients.
• We talk about how it’s so easy for digital intellectual property to be copied and how some steps have been taken by the copyright office to help with enforcement of copyrights.
• We talk about what it takes to build a “salable asset” if you want to sell your business and the difference between salable and sellable.
• Characteristics of a salable business include: exclusivity, your brand and position in the marketplace, predictability, and independence from the owner. Erin explains.
• To sell a business, it has to generate at least $1 million a year or find a strategic buyer.

Links

The US trademark database search (TESS)

Built to Sell: Creating a Business That Can Thrive Without You by John Warrilow

To receive more information about The MetaMind Circle, click here

Erin Austin’s Website

Erin Austin on LinkedIn