Must Read: Before the Exit by Dan Andrews
In two thousand fifteen. The author of Cities Must Retain Andrews and his business partner sold their product business. A small team of fifteen people and they're able to sell the business for a multi seven figure amount now Dan. Says he doesn't regret selling the business, but he does regret some of the decisions he made along the way or even how he went about selling the business. One of the things that he shares in the book are some of the takeaways or some of the findings he gathered when interviewing other entrepeneurship sold businesses, and the interesting thing is, is that when people sell a business not because they're like I'm selling this business because the optimal time to sell and I'm going to cash in and I'm GonNa, make all this money. Most people say the sold their business. Because they were just tired they were rundown. There are ready to move on these just weren't enjoying the process anymore. and. That's not a good place to be when you're selling your business. Why? Because you're just not gonNA get top dollar you're in a vulnerable place. So in this book, Dan, Andrews Five thought experiments for you to go through five things for you to consider scenarios that, Hey, what if you did this instead or what if he did this before you sold? And the names of these five experiments are the lifestyle ladder, the mock tax rebate with the mediocre CEO the hidden upsides. The cash conundrum and finally the dirty secret. Now, I wouldn't be doing Andrews Justice if it went deep into what these thought experiments are had to do them, he does a great job explaining how to actually set these up in your mind and make sure you consider them. Before you exit. They're. designed. To give you clarity and confidence. As you think about selling your business. Now, I, want to say that the reason why this book is so helpful is it's so different from other business books that Talk Selling Your Business this book on about how to get the most money for your business or negotiated deal or even when is the best time to sell? It actually deals with a far greater important matter. When it comes to selling your business, you and the emotional side of things, your identity after sell really understanding why you want to sell in maybe you can sell that problem that's causing a cell without selling this book is Actually Abou- making sure you're making the right decision when it comes to selling your business and presenting some alternatives. A lot of people don't consider other options. I'll share with you many people still business because there's just tired of the day to day work, they have to do managing people being on top of everything and just the daily pressures of growing and expanding and looking over your shoulder when competition is loom, Inc. so they say, you know what? I want to wash my hands of this and I want to sell this business cash-out born people forget about when you sell your business is that you probably are selling your greatest asset. It's your money maker. It's the thing that has the most value probably in your life we're talking monetary value. Of course, you really should think twice before just giving it up. One alternative is, why don't you just remove yourself from the business I know that sounds overly simplistic but plenty of people do it where they say you know what I don't WanNa, do this business anymore I'm gonNA hire a CEO. I'm going to hire a president of operations or president for my company to take over and I'm not gonNA work. I'm basically GONNA retire I'm GonNa give this person salary maybe it will give him a a slice of profit share have some sort of bonus scheme and this person is going to be fresh blood. They're gonNA come in and guess what I have a money making machine on my hands any profits I make can go into my pocket I can maybe work out if I can pay myself a salary as a director and just me with my president once a month and the rest of my days I could be semi-retired. On other projects, this is actually an option. A lot of people do why? Because they just can't sell their business maybe they don't find the right buyer maybe they can't find the right price. So instead of saying, okay, I'm a slave to this. They say, no, I'M GONNA leave the business and I'm going to hire somebody to take over and what this does. It turns your mindset from being a business owner into an investor and this is really one of the gems of this book got us are looking at. Your Business as an investment, how much time and effort and you know capital we've put into this business. Are you getting your return on investment if not change things around and remove yourself from the business as if you were an investor as if you are buying this business, imagine you're buying your own business what would you do? Maybe you would just say, Hey, I'll hire somebody to to run it a new CEO and I will get a return on my investment. You can do this with your own business. And earn profits and earn a healthy wage and guess what you still keep the essence. You still own the most valuable thing you've built stressed how and don't want to be in the minute of the business. Problem solved. You got somebody instead of you, and here's a little secret. You might be surprised he or she might do a better job than you are doing right now because you're burnt out or maybe he or she. Is Better at taking your business where it is right now to the next level, the new you're a good starter. You're a good person to bring the business to where it is today, but maybe you want to start something new maybe want a certain project. Or. Maybe you just want to take a break for a year two. Here's your solution and there's more solutions in this must read book before the. Exit.