Tropical MBA: Entrepreneurship & Founder Lifestyle

#735 An 8-figure exit and revisiting the 1,000-day principle

Dec 28, 2023

51:30

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Episode guests

Carrie & Dave McKeegan

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Quick takeaways

Setting clear financial goals and working systematically towards them is crucial for achieving financial security and success in entrepreneurship.

Reassessing and potentially considering alternative paths or ventures after 1000 days can be useful if a business isn't generating enough income.

The sales process for a business can happen more quickly and smoothly than expected, and it is important to consider both the number and terms of a sale and establish trust with the buyer.

Deep dives

Setting clear goals and achieving them

The guest on the podcast episode talks about setting a specific financial goal of an eight-figure number and successfully achieving it. They discuss the process of determining the amount they needed to sell the business for in order to reach financial security and not have to worry about money going forward. They emphasize the importance of setting clear goals and working towards them systematically with strategic planning and diligence.

Shifting from 'Have to Work' to 'Get to Work'

00:34

Perspective on raising wealthy children

01:20

Introduction

4min

Time Frames and Milestones

6min

Determining Financial Needs and Analyzing Personal Finances

10min

Negotiating the Terms

16min

Reflecting on the Emotional and Financial Aspects of Selling a Business

2min

Starting Clear: From Failed Pitch to New Business Opportunity

7min

Raising Independent and Entrepreneurial Children

5min

Adapting to Individual Learning Styles and Paces

3min

Can you make a life-changing decision based on assumptions you pulled off the internet?

This question and many others are answered in today’s fascinating interview with two of Dan’s mentors and longtime friends.

They recently exited one of their businesses (they’re still running the other!) for 8-figures, and they share the details of their process from deciding to sell, preparing for the sale, vetting acquirers, and what happens after. Hear how they spun up another business on the side and are maintaining the cash flow from that as they sit on the cash pile from the sale.

But perhaps their biggest accomplishment is raising three thoughtful, curious kids while running their two incredible businesses and living all over the world in places like Bali, Costa Rica, Spain, and more.

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Show Notes

(00:00:42) Intro
(00:03:03) Revisiting the 1,000 day principle and questioning the 3,000 day principle
(00:03:52) Career milestones in entrepreneurship
(00:09:18) Maintaining pricing power in a productized service
(00:10:24) Setting financial goals and getting real with personal expenses
(00:16:36) Retirement planning with financial planners
(00:19:05) Selling a business: approach to sales process
(00:21:48) Selling a business: acquisition process and unexpected offer
(00:28:59) Selling a business: legal and financial aspects
(00:34:46) Selling a business: emotions and negotiation process
(00:37:10) Scaling a new business and selling a golden egg
(00:44:05) Parenting, wealth, and financial priorities
(00:46:06) Raising entrepreneurial children

Links:

Past guests on TMBA include Cal Newport, David Heinemeier Hannson, Seth Godin, Ricardo Semler, Noah Kagan, Rob Walling, Jay Clouse, Einar Vollset, Sam Dogan, Gino Wickam, James Clear, Jodie Cook, Mark Webster, Steph Smith, Taylor Pearson, Tommy Griffith, Justin Tan, Matt Gartland, Travis Jamison, Ayman Al-Abdullah, Tynan, Lucy Bella Simkins, Brian Balfour, Nick Huber, Dana Lindahl, Anthony Fasano, Adam Palmeter, Carrie & Dave McKeegan.

Additional episodes you might enjoy:

#733 End-of-Year Brainstorming, Goal-Setting, and a Mexico Meltdown

#618 Exploring Alternative Education Options for Nomadic Families

#565 The Origins of the 1,000 Day Principle