What happens to your business if something were to happen to you? Who takes over when you retire? If someone walked in today and offered to buy your business, what would the magic number be? If you don’t have the answers, we get it. And so does Jessica Fialkovich, whose business consulting work at Exit Factor is designed to prepare business owners for all the above.

Experiencing the layoffs of 2008 was an eye-opening moment for Jessica. She realized that no corporate job was truly secure and that she would rather take control of her future than be at the mercy of decisions made by corporate executives. This realization led her toward entrepreneurship, valuing the autonomy and risk-taking aspects of business ownership over the false security of traditional employment. After losing her corporate job, Jessica and her husband decided to open a luxury wine shop in Southwest Florida, using their savings and guidance from friends in the industry. Despite being new to the field, they embraced the challenge and foundsuccess by entering the market during an economic downturn when many competitors were struggling or closing. Jessica and her husband entered the wine business with complementary skill sets—Jessica’s expertise was in sales and marketing, while her husband had experience in finance and product buying from his family's fish business. At just 24 years old, they had the advantage of not having financial burdens like a mortgage or children. This minimized their risk and gave them the freedom to take a leap into business ownership. Jessica shares an important lesson for entrepreneurs: business success is not necessarily about industry expertise but about knowing how to run a business. After 39 months of owning the wine business, Jessica and her husband decided to sell the company and move back to Colorado. The experience selling her business exposed her to the flaws in the brokerage industry.

While their broker found a buyer, he did little else to support the transaction. Jessica’s frustrating experience with her own business sale inspired her to launch Exit Factor, a company that helps business owners prepare for their exit. Many entrepreneurs, like Jessica, do not plan ahead and miss opportunities to maximize their sale price. Exit Factor works with business owners to improve profitability, reduce dependence on the owner, and ensure the company operates efficiently, ultimately increasing its value and making the exit process smoother.

Jessica explains that franchising success depends on strong systems, leadership, and the ability to train others. Many business owners mistakenly believe they can simply convert their existing business into a franchise without considering the extensive support required. In closing, Jessica highlights how business owners can connect with Exit Factor for guidance in preparing for a successful exit. The company’s website provides resources, including a valuation calculator and a directory of franchise locations across the U.S. She also highlights her book, Getting the Most for Selling Your Business, available on Amazon, and teases an upcoming book that will focus on the early stages of exit planning, set for release in May.

Key Topics:

1:23 - Jessica’s Early Career Aspirations.

4:17 - Leaving the Sports Industry and a Career Shift.

8:42 - Venturing into Business Ownership.

13:35 - The Reality of Entrepreneurship and Industry Adaptation.

15:00 - Exiting the Wine Business and Moving Forward.

21:30 - Launching Exit Factor.

25:17 - Navigating Succession Planning Conversations.

29:12 - The Small Business Exit Gap and Its Impact.

38:14 -The Challenges of Franchising and Leadership.

43:23 - How listeners can connect with Exit Factor.

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Learn more about Ellie Puckett and Maggie Harlow.

Learn more about Jessica Fialkovich.