Episode 743 | How to Sell Your Business Without Regret
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Dec 10, 2024
Selling a business can be an emotional rollercoaster, akin to a divorce, filled with unexpected challenges. Insightful discussions reveal the psychological impacts of this transition and emphasize the importance of planning and mental health. The bond entrepreneurs have with their businesses is compared to parental connections, making the departure even harder. Founders are urged to document their exit visions to navigate this complex journey. Personal anecdotes add depth, turning a daunting topic into relatable and useful guidance.
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Mabel's Labels Sale
Julie Ellis and her co-founders sold Mabel's Labels for $12 million after 13 years.
Though seemingly ideal, the sale and subsequent work for the acquirer led to exhaustion and uncertainty.
insights INSIGHT
Emotional Turmoil in Exits
Even successful exits can cause inner turmoil for founders.
This emotional complexity is often overlooked amidst the celebration of financial success.
insights INSIGHT
Business as a Baby
Studies show similar brain activity in entrepreneurs thinking about their businesses and parents thinking about their children.
Both groups exhibit positive bias and suppressed critical assessment.
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In 'Touching Two Worlds,' Dr. Sherry Walling shares her personal journey of grief and loss, providing a navigational map for others to find their way through similar experiences. The book is a blend of humor, irreverence, and sadness, packed with practical suggestions and strategies. It emphasizes the importance of honoring the healing process of grief rather than seeking instant solutions, and it offers empathy, honesty, and hope in a society often averse to discussing death and grief.
Built to sell
Creating a Business That Can Thrive Without You
John Warrillow
In 'Built to Sell', John Warrillow provides practical advice on creating a business that can operate independently of its owner. The book is structured around a story where a business owner, Alex, is guided by his mentor Ted to transform his marketing agency into a sellable business. Key lessons include running the company as if it will last forever but being ready to sell at any moment, focusing on a specific, non-customizable product or service, creating a positive cash flow cycle, and hiring a sales team to remove the owner from the sales process. The book emphasizes the importance of making the business repeatable, valuable, and teachable to attract potential buyers.
Exit Strategy, The Entrepreneur's Guide to Selling Your Business Without Regret
The Entrepreneur’s Guide to Selling Your Business Without Regret
Dr. Sherry Walling
Rob Walling
The Entrepreneur’s Guide to Keeping Your Sh*t Together
How to Run Your Business Without Letting It Run You
Sherry Walling
Rob Walling
This book provides practical advice and strategies for entrepreneurs to deal with the psychological challenges of running a business. It covers topics such as managing stress, overcoming anxiety and depression, understanding personality types, and maintaining relationships. The authors draw from their extensive experience in entrepreneurship and psychology to offer actionable tips and real-life examples to help entrepreneurs navigate the emotional and mental aspects of their work.
In episode 743, Rob Walling and Dr. Sherry Walling read the first chapter of their new book, Exit Strategy: The Entrepreneur’s Guide to Selling Your Company Without Regret. They discuss the emotional and psychological challenges of selling a business, and why it’s often harder than founders expect. They offer insights on how to prepare for a sale, protect your mental health, and how to best navigate this major life change that few others understand.
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Topics we cover:
(1:49) – Exit Strategy Introduction
(6:56) – Exits are complicated
(11:16) – One of the hardest things you’ll ever do
(15:57) – Your business is your baby
(18:35) – Entering the unknown
(26:49) – Six factors that shape how you feel about an exit
If you have questions about starting or scaling a software business that you’d like for us to cover, please submit your question for an upcoming episode. We’d love to hear from you!
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