Mike Pollack: My Post-Exit Identity: Student of Life
May 9, 2024
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Mike Pollack, a serial entrepreneur who sold his third business, shares insights on finding happiness post-exit. Topics include defining success beyond business, balancing parenthood with entrepreneurship, and the journey from chasing status to chasing happiness.
Understanding motivation behind selling a business is crucial for post-exit fulfillment and success.
Becoming a 'student of life' post-sale aids in identity formation and continuous personal growth.
Learning from non-founder exit experiences enhances empathy, problem-solving skills, and team dynamics awareness.
Deep dives
Balancing Life and Business After Selling a Company
The challenges of transitioning from leading a business to finding a fulfilling life post-sale are explored. The significance of understanding one's motivation behind selling a business, achieving happiness, and maintaining a balance between personal well-being and continued business success is emphasized.
Crafting Identity Post-Exit
The importance of defining one's identity after selling a business and the struggles many face in finding a new sense of self are discussed. The concept of being a 'student of life' is highlighted as a way to embrace continuous learning and growth.
Lessons from Non-Founder Exits
The experiences of exiting businesses where the individual was not a founder are shared. Insights into learning from others' mistakes, navigating challenges of not being in charge, and gaining empathy for team dynamics are divulged.
Success, Wealth, and Family Dynamics
Addressing the evolving perspectives on success, wealth, and family dynamics post-sale are delved into. The speaker's journey from minimal wealth to success, balanced with considerations for family life and the significance of maintaining control over one's path, is highlighted.
Reflections on Accumulating Wealth
Accumulating wealth can be both exhilarating and anxiety-inducing, transitioning from zeros to seeing money in the account brings a mix of joy and pressure. The responsibility of managing wealth grows with its accumulation, involving considerations like family, trust funds, and legal matters. Reflecting on financial success, the priority remains on maintaining values, leveraging flexibility gained while staying true to personal ideals.
Values and Principles
Key values include being authentic, striving to improve situations, and encouraging goodness in oneself and others. Emphasizing the importance of leaving situations better than they were found, this value extends to interpersonal interactions, family dynamics, and business endeavors. The commitment to being true to oneself, promoting positive change, and being a force for good underpin these core values.
Mike Pollack. He sold his third business 6 years ago and has since, through trial and error, crafted a unique formula that balances happiness with a high likelihood of continued business success. In this episode, he shares this formula with us, delving into how to identify your true zone of competence, release control, and master the art of letting go.
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TIME STAMPS:
(00:00:00) Intro
(00:01:25) Welcome
(00:01:41) LinkedIn Profile of Mike
(00:02:24) Discussing Mike's identity
(00:03:18) Mike's experience after selling his business
(00:07:35) Mike's experience on exiting business
(00:10:10) Mike's perspective on initiating a startup
(00:11:01) Being a part of a startup team
(00:13:34) Traumatic experience of building a company
(00:18:52) Missing the entrepreneurial experience
(00:20:50) Discussions on Mike's new venture
(00:21:25) Two types of approaches to problem-solving
(00:24:03) Post-idea creation process
(00:27:07) Role of passion and motivation in entrepreneurship
(00:30:38) Trauma in starting a new venture
(00:33:36) Defining success in present day
(00:38:16) The journey from chasing status to chasing happiness
(00:41:35) Balancing entrepreneurship with parenthood
(00:42:22) Starting the M&A Process While Having a Newborn Baby
(00:43:34) Balancing Work and Life and Aiming for a Healthy Business Structure
(00:44:57) Striving for a Balanced Life while Building a Business
(00:47:43) Implementing Business Plan While Being Parents of Young Children
(00:49:31) Dealing With Wealth and Financial Success
(00:51:57) Utilising Wealth and Managing it With Responsibility
(00:53:37) Using Wealth to Accomplish Goals and Support Causes
(00:54:44) Experiencing Economic Anxiety and Addressing Guilt
(00:56:05) Being True to yourself, Leaving Things Better than Found, and Being a Good Human
(00:57:47) Using Means to Empower Others and Improve the World
(00:59:10) Integrity as a Core Value
(01:00:27) Balancing Parenthood and Founding a Company
(01:00:54) Working to Pay it Forward
(01:01:04) Entrepreneur's Approach and Zone of Genius
(01:01:55) Spirituality and its role
(01:04:58) Advice for a business post-sale
(01:08:01) The introspective work founders ought to do
(01:09:13) Shifting from identifying as a founder to a larger role
(01:14:05) The role of tech post-COVID
(01:18:34) Level of fulfillment
(01:20:09) Legacy and how to be remembered
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