Bulletproof Entrepreneur S03E17 - James McLaughlin - I sold my business for millions and then lost it all! Lessons for entrepreneurs planning a sale.
If you’re a business owner who plans to sell your business one day, this episode is essential listening.
Picture this: You've poured years of your life into a business, helping to build it from the ground up, and then the business is sold.
As a result, you receive a seven-figure sum, and you’re financially secure.
Or at least you hoped so.
But then you take the proceeds, decide to invest in a new company, and lose it all.
That’s the situation today’s guest, Jim McLaughlin, experienced when he made an exit several years ago.
If you've been listening to this podcast for a while, you’ll have heard entrepreneurs share their journeys of scaling, successfully exiting, and creating economic security for themselves and their families.
But not every story has a happy ending, and I’m grateful for Jim's candid sharing of his story.
It reminded me of the time I met a client who had just sold his company, and I asked him what his biggest financial concern was now - he looked me straight in the eye and said, ‘Losing it all’
Founders know a cash sum at exit often represents years of grind, hard work, and sacrifices. However, they’re immediately faced with big decisions about what to do with the capital.
Unfortunately, Jim made a few errors and is keen to ensure that others learn from them.
- Jim talks about the importance of knowing your numbers and the 3 KPIs he tracked weekly.
- How he was able to be resilient in the face of incredible challenges.
- He also shares the work he’s doing now to help small business owners and the buzz he still gets from it.
He also outlines the most important thing you must do if you sell your business for a significant sum—that advice alone is worth listening to the episode for!
Contact details and Resources Mentioned
https://www.linkedin.com/in/jim-mclaughlin-b227975/?originalSubdomain=uk
Content hubs | FSB, The Federation of Small Businesses
Who Moved My Cheese: An Amazing Way to Deal with Change in Your Work and in Your Life
The Wolf of Wall Street eBook : Belfort, Jordan
Think And Grow Rich: Amazon.co.uk: Hill, Napoleon: 978009190021
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