Intentional Growth Exit Your Business to Find Passion Again
Sep 21, 2017
52:58
Exiting your business with zero regrets is a goal that many of us have. Today’s guest, Troy Schuette, owned a waste disposal business for 23 years. He made his decisions carefully so he knew he’d be able to exit happily without wishing he’d done things differently. He’s going to talk to us today about the process he went through, from creating his valuations to choosing his buyers to finally signing his closing documents. You won’t want to miss Troy’s story!
In This Episode You’ll Learn:
- How and why Troy decided to become an entrepreneur.
- Where Troy got his passion: Garbage, recycling, and scrap were not actually his passion, but they were the vehicle for his passion.
- Some of the pitfalls of growing too quickly, as well as what finally clued Troy in that he had lost his passion.
- How Troy, with the help of his father, decided to sell and how he determined the value.
- The mental process that Troy went through to choose a buyer.
- Some of the lifestyle changes that went along with exiting the business.
- The emotions that Troy went through on the closing date.
- How Troy told his employees about the sale of the company.
- What Troy did to let his brain rest after he exited his company.
Takeaways:
- Self-reflection: Troy recognized that he wasn’t happy anymore and he knew himself well enough to make a plan that he would be happy with.
- Knowing numbers: Troy really had to know what his business was worth in order to take a calculated risk and make a good decision.
- Retirement: You need to make sure you’re going to spend your days with who you want and do what you love. Make retirement into just having a blast all day, every day.