#727 The Freedom Line, 7+ Figure Founders, and Extended DCBKK Recap
Nov 9, 2023
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The podcast discusses the decision to exit or stay in a business, the value of smaller events, and personal experiences with drinking tea. They also talk about different productivity approaches and upcoming event plans
Determining your own freedom line by seeking financial advice and understanding long-term goals.
Exploring the benefits of time boxing tasks for enhanced productivity and self-esteem.
Considering the importance of having a backup plan in place and evaluating individual exit decisions.
Deep dives
The Freedom Line and Deciding to Sell or Stay in Business
The podcast discusses the concept of the freedom line, which is the financial threshold at which one can comfortably retire. The conventional thinking in the business world is that the freedom line is set at $10 million, but some argue that it should be raised to $50 million. However, the idea of financial independence varies depending on individual circumstances. The podcast encourages entrepreneurs to determine their own freedom line by seeking the advice of financial planners and understanding their long-term financial goals.
The Value of Using a Calendar and Time Boxing
The podcast explores the debate between using a calendar only for appointments or using it as a time boxing mechanism to schedule tasks and projects. Traditionally, the GTD (Getting Things Done) approach advises against putting to-do items on a calendar to maintain flexibility. However, there is a growing belief, exemplified by the speaker's guest Sam Corcos, the CEO of Levels, that time boxing tasks can enhance productivity and build self-esteem. By setting appointments with oneself and following through on them, individuals can achieve better focus and alignment with their business priorities.
The Growing Digital Nomad Community in Chiang Mai
The podcast reflects on the relevance and appeal of Chiang Mai, Thailand as a hub for digital nomads. Chiang Mai offers a unique blend of natural beauty, vibrant temple culture, and a supportive community for online entrepreneurs. The city has attracted a diverse range of businesses, from bootstrappers to advanced SEO specialists, who appreciate the affordable cost of living, good internet infrastructure, and numerous meetups and events. While Chiang Mai may not have the same bells and whistles as other popular destinations, its affordability and quality of life make it an ideal location for those seeking a change of venue for their online businesses.
The Importance of Having a Backup Plan
One key takeaway from the podcast is the importance of having a backup plan in place in case your business does not reach your desired level of success or when you eventually exit. The hosts discuss the concept of 'split and sell' where they encourage entrepreneurs to consider creating a complementary business alongside their main business that they can transition to in the future. This strategy ensures that there is a continuous cash flow after the sale and provides a cushion of financial stability. The hosts also highlight the need to define this backup plan, or 'tasty vine,' with specific details and clear goals to avoid ambiguity and uncertainty.
The Complexity of Exit Decisions
Another key point discussed in the podcast is the complexity and individual nature of exit decisions. The hosts emphasize that selling a business is not always the ultimate achievement for every entrepreneur. They present different perspectives and examples, including regretful exits and the importance of considering personal long-term goals and passions. The hosts stress the need for founders to evaluate whether they can see themselves running their current business for many more years or if it is time to take advantage of a good opportunity and exit. They acknowledge the subjective nature of these decisions, as what works for one entrepreneur may not work for another.
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
