Proof to Product 183 | Selling Your Business with Mary Beth Storjohann, Workable Wealth
Hey friends! Today’s episode was actually recorded in March of 2020 and given the topic, we didn’t feel it was appropriate to air it when it was originally scheduled to be released. However, the story is really powerful and important so I wanted to share it with you and hope you gain the inspiration for how you can grow your business any way you want!
Thinking about selling your business? Even if you’re still in the early stages of entrepreneurship or if you’ve been at it for quite some time, it’s never a bad idea to at least consider the thought of one day selling your company. That’s why I invited on a past guest, Mary Beth Storjohann of Workable Wealth.
Mary Beth was on the podcast for episode 28 and we talked about money misconceptions and the importance of knowing your numbers in business… Well, that has all paid off for her and today we talked about what it was like to sell her business. She shares the nitty-gritty of the decision-making process, how she weighed out the pros and cons, concerns she had and what non-negotiables she made sure were included in the contract (like the ability to work remote and live in Italy for 3 months out of the year!)
We discussed how her definition of success has evolved from the early days of business to now. She shares how this process gave her a glimpse into who she was and what was most important to her and she ultimately shares her candid advice to those who may be thinking about selling their business one day (and why you absolutely need a lawyer to help you with the process).
ON TODAY’S EPISODE:
- How Mary Beth defined success in the early days of her business
- Mary Beth’s experience with being approached with inquiries of buying and merging
- Her initial reaction to Abacus expressing interest in purchasing her business
- The concerns that came up that made Mary Beth decline the merger
- Being offered the role of the Chief Marketing Officer to revamp their marketing
- Her fears and frustrations around letting go of Workable Wealth
- Weighing each layer of her decision on whether or not to do the merger
- The non-negotiables that Mary Beth insisted on having in the company merger
- Planning her dream life and putting it all in her merger contract
- Keeping her rights to be able to run Workable Wealth
- Lessons that she’s learned about herself through this process
- How Mary Beth defines success now
- Her advice for something thinking about selling their own business
RESOURCES:
028 | Money Misconceptions & Financial Accountability with Mary Beth Storjohann, Workable Wealth
Year of Yes: How to Dance It Out, Stand In the Sun and Be Your Own PersonHow are brick & mortar shop owners navigating Covid-19? Interview Series
MEET MARY BETH:
Mary Beth Storjohann is a CERTIFIED FINANCIAL PLANNER(TM) and has been a partner and Chief Marketing Officer with Abacus since 2019, following the merger with her firm, Workable Wealth. With over 14 years of experience in the financial services industry, she works as an author, speaker, and financial coach to apply a fun, albeit no-nonsense approach in working with entrepreneurial women and couples in their 30s – 50s across the country, helping them make smart, educated choices with their money.
CONNECT WITH MARY BETH:
Website: https://abacuswealth.comBlog: https://workablewealth.com/blog/
Podcast: https://workablewealth.com/wywpodcast/
Facebook: @workablewealth
Instagram: @marybstorj
Twitter: @marybstorj
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Proof to Product is hosted by Katie Hunt. Since 2011, Proof to Product has worked with thousands of product based businesses to help them up level, scale, and build profitable sustainable companies. You can find our show notes and additional resources at ProofToProduct.com. If you like what you heard today, please head over to Apple Podcast to leave a five star review and subscribe. Thanks so much for listening. We'll be back next week with a new episode!