21 Burst results for "Dan Andrews"

Must Read: Before the Exit by Dan Andrews

The $100 MBA Show

06:00 min | 3 months ago

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.

Andrews DAN
"dan andrews" Discussed on The $100 MBA Show

The $100 MBA Show

05:06 min | 3 months ago

"dan andrews" Discussed on The $100 MBA Show

"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 <hes> 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. .

Dan Andrews partner spotify Apple Moose
Before the Exit by Dan Andrews

The $100 MBA Show

05:06 min | 3 months ago

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.

Andrews DAN
"dan andrews" Discussed on The $100 MBA Show

The $100 MBA Show

01:56 min | 3 months ago

"dan andrews" Discussed on The $100 MBA Show

"Welcome to the hundred dollar. Your go-to podcasts for straightforward business advice every single day with our daily. Lessons or the real world I'm your host, your coach or teacher. Home. The CO founder of the hundred dollar MBA accomplish business training and community online and today's episode is a must read episode unarmored read episodes I share with you a book that have read has influenced me as an entrepreneur are share with you it's takeaways it's insights and why you should read it to today's must read is before the exit by Dan, Andrews? The subtitle for this book is thought experiments for entrepreneurs. What kind of experience won't there thinks for you to consider before you decide to sell your business the problem with selling your business is that it doesn't happen that often even the most successful entrepreneurs will probably only a handful of times. You don't get many reps. there's not a lot of practice here. So, the author of before the Exit Dan Andrus shares his experience of selling his business. Some of the things he wished he considered before doing so and just honestly shares some of his zero credits and what he would advise his former self to do if he had to do it all over again, there are so many great great nuggets in this agreed. Even. If you are not looking to sell your business in fact in a way, this book is a great way for you to deal with the struggles of your business, the frustrations of your business without giving up. So let's get into it. Let's get down to business. Show comes from start your first online business might all new.

Victoria takes a deep breath and opens up!

Coronacast

04:58 min | 3 months ago

Victoria takes a deep breath and opens up!

"I'm health reported Teigen Tyler Physician and Journalists Dr Norman Swan on this really important for all pride. Victorians. Chief see the twenty seventh of October. Yes. Finally yesterday in Victoria. The Prima Donna Andrews announced the revised roadmap towards bacteria covid normal and it was a real relief for Victorians and the rest of the nation Norman what sort of the highlights of what Dan Andrews said yesterday because it's the comprehensiveness of the opening up, there is no daily dallying now retail hospitality getting back to work. Yes. There are restrictions on indoor numbers and outdoor numbers. But if you live in New South Wales, you're used to that and that will take a while to loosen up but everything just gets going and later on today the numbers in households will become clearer because that is a high risk environment. But if recycle is anything to go by, you won't really notice it too much and it will loosen up with time zones. There aren't any significant outbreaks. Milestone in starting. To have zero cases and the last time, the state had zero cases when on the ninth of June one hundred and forty days ago. So obviously, there's still probably GONNA be filtering through in the next few days but really, really hot. The. Really hot work that they've been doing paying off you know Sommese. Still be virus in Victoria and you will see the odd cluster popping up as indeed they do new South Wales, but eventually, it will get down to almost zero spread. So it's it's fantastic news. But the premiums, right it's constant vigilance is what's required covered normal does not be normal covered normal means social distancing means not getting together to large numbers too. Early it needs ring really careful at home in means continuing to wear masks outside so. Lucky. That they've got mandated masks. New South doesn't yet. You know hair salons can do services when the clients wearing face covering corona cast listeners will remember that we covered the story in a few weeks ago a few months ago I can't remember now but the flat tackle that's right. The in united. States swear to positive here salon workers did not pass the virus onto their clients by wearing masks insisting that their clients wear masks. So it's really important. So these things will protect US moving forward. One of the things that really stood out to me went any Landrus is talking about what the new normal looks like is how much the rest of the country can learn from this because in places that aren't. Victoria and you South Wales. It's been quite a long time since it's been a lot of virus circulating in the community that we know about at least and I know from my own experience living in Queensland that I think there's a lot of complacency that's crept in and it's probably a good time to just refocusing guy this isn't normal life. We still got a kate how God's up try and it could come in to come in on a ship from overseas. You've already seen problems in western. Australia nobody is particularly safe the risk of spread by open borders and I was extremely low, but it does mean we've all got to be careful moving forward. At some point, international borders are going to have to open up we're going to have to learn what covered normal actually means now new South Wales are ready to move in. You saw the football matches you. It doesn't feel to abnormals in in in in New South Wales, and that's the real feeling in Victoria but I think those two states are better prepared for this. Than the other states and we've got to open up the borders and people just will have to be more careful definitely in Australia where in a much better position than other parts of the world where covered normally is no in knee normal live, and in the states, this disease control have expanded their definition of what a close contact means in terms of someone's ability. To spread the virus if they had this definition by the way, these definitions are fairly arbitrary based on evidence. That's not necessarily very solid. So they had a similar a criterion to us which right at the beginning of the pandemic was sh- you might remember which is he going to be within a couple of meters of somebody for fifteen minutes to have a significant. Chance of passing this on and what we know now is the aerosol spread the lows that's be contravened indoor environments but no the redefined were close contact is if you just think about that as the means of spread and there's no question that a lot of spread is through contact and what they've found is that in fact, you can be in close contact with somebody. Over a twenty, four hour period repeatedly. So it's not just a fifteen minute window. It's actually multiple occasions and it comes from correctional facilities where they've shown that tired the infection was probably cumulative infection over a period of time. So it's no longer fifteen minutes. It's still two meters in the case of the United States, but it can be over twenty four hour period not just one fifteen minute window. So multiple short episodes of content

New South Wales United States Victoria Dr Norman Swan Australia Donna Andrews Corona Sommese Dan Andrews Landrus Football Queensland
"dan andrews" Discussed on Beach Talk Radio

Beach Talk Radio

05:48 min | 3 months ago

"dan andrews" Discussed on Beach Talk Radio

"Don't be cheap and help out the crow folks because it's going on the next fifty years. That's right. Right. Absolute-. Have you been there I've been there I started in January of Twenty nineteen. So I say, let's see I've been there a year and nine months and early running the place. Seventeen Day. And you probably wouldn't know other job in your life that's got to be like the greatest jaw. Recovering Attorney was practiced. Okay. So let me ask an attorney. Come on nothing to do with animals. Do and man. You gotTA mass mandate out there too right. All right. I WanNa, ask you that. We actually masked up at and at crow previously before the mass mandate because. Clearly sure with the Tigers at the Bronx Zoo. We can pass. There's the potential to pass to animals, tigers at the Bronx. Zoo. So early on during the pandemic. There there were tigers at the Bronx Zoo had contracted Cova really yeah. Here that I didn't hear that either so I didn't order tiger could get the. Kovin, there's some there's some research out there some. King. Got It but not tigers. Palm at at. Crow we have massed up from day one. Have you gotten any animals that had covert? We don't test. You. Bend last and none of our staff. Four. Well. We appreciate you coming on so much and we'd like to have you back many many more times whatever events you have going on we want to promote them, and if you've got an aunt or something, send me an ad, put it on the website and everything and Yeah and the we need to get over there during November and eat. Fat Passport. Yeah. November. Yeah. Getting in the queue I. Read a great lineup of guests today. He mentioned you know during fledgling season. Make sure you right hippies up. Yes he did. That's right. Up Your cats up domestic cat. All right. Well, good luck. Coming on Alison we appreciate it. Alison everybody from a Wonderful Organization, crow and she's putting her mass back on. So everybody knows she's putting on first before she got up she's following the rules one hundred percent I guess I should've put mine on when I went to the restroom but thanks. To Allison and get out in Santa Bell, in the month and support the organization and And get on the website and get a membership. So thanks a lot..

Tigers Crow Bronx Zoo Attorney Alison Kovin Fat Passport Wonderful Organization Palm Santa Bell Cova Allison
"dan andrews" Discussed on Beach Talk Radio

Beach Talk Radio

03:14 min | 3 months ago

"dan andrews" Discussed on Beach Talk Radio

"Be a public access within Lee County Lee County events. Okay. All right and tell us a little bit about Matt Lewis Shea. That's such. He was like. He was like. it's right on the flight. Tell us a little bit about Matla Shea. I've been there. He's not been there. It's the QUAINTON. cutest little. Yes so Matt Lewis Shea we moved here about eight years ago from northern Virginia just outside DC and. Lewis shake rose on you I absolutely love it. There it is. quaint is probably a very good word. It's a funky fishing village. Great restaurant straight shops, great art galleries. And of course, great waters for kayaking so. Little bit about Your Business and how people can come out there and rent kayaks paddle boards what else? Yes. Oh Gulf Coast Kayak located right on the water of retail shops we do sell. Out of the year. Guided eco-tours. Get this. We. Do Great Guy to decode our guides are Florida naturalists they're they're ACA Kayak instructor. So you're going out with someone that really knows what they're doing but yeah, and then you could blaze your own trail. You can come out and rent kayaks we provide you with a map and kind of trails to follow while you're out there we do stand up paddle boarding kayaking a big thing that's grown over the last five years has been Kayak. Fishing So we do. You know you can go out on your own in in fishing cox or you can hire one of our guides and go out with a guide for five hours and kind of learn learn the tricks you know. It's not a fishing. Kayak I'm I'm certain that there are specific ones for that because the balance and getting a fish on there seems like that would be. Quite, a task. Yeah the way the fishing industry has gone is the the key the boats are getting heavier and much much wider. So a lot harder to paddle if you also not great kayaks for long distance battling but you know if you're only going to be doing a mile or two over the course of four or five hours. They're comfortable. That's that's another thing. The seats are amazingly comfortable. When you hook into a big fish, they're very stable. You don't have to worry about getting pulled out of the kayaker tipping over it's it's It gets chaotic at times for sure but it. It's a fun way to get out there and and it's affordable way to out there and find the fish you know. Yeah. Well, I'm sure that even a tricked out back is going to be cheaper than a bolt it will be and it's going to be a lot less maintenance as well. So now the event is also going to be raising money for a special. Group of individuals candlelight. They've been great partners and again maybe that's yeah. So we we met the we were introduced to the they're called the candle letters southwest. Florida. They operate in five counties here in south Florida or South Florida in general. It was started over twenty years ago by a lady named..

Matt Lewis Shea Gulf Coast Kayak instructor Lee County Lee County Florida south Florida Virginia
"Dinner Conversations with Comedians" Week

Feedback with EarBuds

04:24 min | 1 year ago

"Dinner Conversations with Comedians" Week

"This week's theme is dinner conversations with Comedians. The curator's are Andrew Steven and Dan odd hoot. What a hoot. Here's why Andrew and Dan chose this theme. What does the food you eat? Say about you. Have you ever been surprised about something you found in your friends? Fridge does the ratio of takeout containers to homemade meals. Say something about who you are. There might be more truth to the saying. You are what you eat than we ever thought before. Here are the podcasts and episodes chosen by Dan. Andrew. Monday's episode comes to us from green eggs and Dan and is called Ego Modine. It's sixty five minutes long in this episode ego. No deem from Saturday night live and Dan discussed the food habits of a certain late night. Tv show who has the best Jolliffe Rice gones are Nigerians and also what the Hell is? Joel Rice Tuesday's episode comes from dining with D. N. K. and is called Pete Holmes and Becky. Rims it's ninety seven minutes long in this episode Pete. Holmes comes on the show to talk over. Everyone and becky reams comes to the rescue to cook more food. Wednesday's episode comes from the sport full and is called Asaf Man. V is a human tour. Ducan it's twenty one minutes long. The former daily show correspondent talks food and his trip identity Indian British American. Us off man. V is not a fan of American food excess except when it provides the perfect metaphor for his own try cultural upbringing. He talks about making sense of his dueling identities his love of peanut butter and the fight he had with his father over a big gulp catch his new podcast loss at the Smithsonian from stitcher Thursday's episode comes from Doboy and is called. Pf changs to with Kula villa sack. It's one hundred sixteen minutes long in this episode. The incredible cool APP returns to the show to discuss her history with. Pf changs an American Chinese theme chain restaurants. Plus a gooey edition of snack or wack. Friday's episode comes to us from high and mighty and is called the fifth annual Thanksgiving Eve Power Hour with Nick Wider Nicole buyer and Betsy storrow. It's eighty four minutes long as you listen to this episode John Gabbert and his guests. Nick Betsy Nicole are still sleeping off their hangovers. So crack open a beer. Those are the podcast recommendations chosen by Dan. Andrew for this week's theme dinner conversations with Comedians. Listen and let us know what you think you can find these episodes and listen to them as a playlist on Pod chaser just Jason Dot Com and type in conversations with comedians into the search bar. And the playlists will be right there for your enjoyment. Join the discussion of this week's theme by using the Hashtag comedy. Dinner is usually the section of the podcast where we share. Podcasts NEWS. From the inside podcasting newsletter. This week we're going to direct you to go to inside dot com slash podcasting to read sky. Pillsbury's right up of last Friday's PODCAST UPFRONT PRESENTATION. Which took place in La? I was there and I sent. My hot takes as well as my lukewarm takes to sky. She then wrote about them and now here. I am telling you to go read them. I was also at podcasts movement. Evolutions this past week in Los Angeles and it was a great time. There were tons of informative sessions. Fun giveaways an amazing networking opportunities. Look forward to some write ups this coming week and I'll definitely recap them in the podcast next episode and I solely pillow. Don't tell Danner jared the founders podcast movement. Were you at podcast movement. Are you listening to this? Podcast for the first time since you saw me onstage. Welcome to the Party. Now onto our sponsors. Thank you to Cyrus Media and a cast for sponsoring this week's show from Siris. You know that music isn't just background noise. It shapes your world and your life Cyrus media a network run by music fans for music fans gets this to o Cyrus creates podcasts and experiences that connect you deeply to the music that you love for shows hosted by your favorite artists to inside stories behind festivals historic concerts and the companies and communities that bring music to life visit. Oh Cyrus pod DOT COM to tune in and share the group. That's Oh S. I. R. I S. pod Dot Com and from the score. Bank robber. Diaries tells the tale of notorious criminal. Joe Loya Follow. His story from abused child to King of the heist with producer. Ben Adere in the first show from studios a original content arm and western sound. Listen wherever you got your

DAN Andrew Steven Jason Dot Com Los Angeles Asaf Man Nick Betsy Nicole Pete Holmes Becky Reams Fridge Jolliffe Rice Ben Adere Ego Modine Cyrus Media Danner Joe Loya Joel Rice Doboy John Gabbert Nick Wider Nicole Producer
"dan andrews" Discussed on The Smart Passive Income

The Smart Passive Income

04:13 min | 2 years ago

"dan andrews" Discussed on The Smart Passive Income

"The the reason I'm asking this question is because we and I don't know if this is just human nature, but we, I mean, everybody wants to grow. Nobody has. I've never spoken to anybody who said, yeah, like I make this much and that's cool. And I continued to stay there like we all want more and I don't know if maybe that's the problem or maybe I don't know. I'm just thinking out loud here. That's I've met people that that. It's interesting. Have you seen before don't want more? Yeah. I've met people in the wild who don't want more. There's a lot of times people will nominally want more, but they're not willing to actually sacrifice what it would take to get more hundred percent. Agreed. Yes. This brings me to a few other dirty secrets that I wrote down. So one of the things Pat when I first met you me and you were total hustlers man, that's you were a hustler man. You come in with the eye of the tiger. You were working hard. I was so upset. I and we all related to each other in that now we were also in our twenties and had relatively few responsibilities. Now, I know your level of responsibility has changed dramatically. Now you've got a family, you've got interests all stuff that we might acting house now. Exactly. When we were in our twenties, we were like, I gotta do this thing, you know? And so what happens to entrepreneurs is both. They look back on rose as. With rose colored glasses at this time period and building their business, and they forget how much energy it took them. Like I worked two shifts a day for four years. I can't do that. Now I got too many other responsibilities. I'm not motivated in the same way I was. And part of that. The reason we make that miscalculation is sometimes we can. We can conflict too much the success of our business with how good of an entrepreneur we are. Now, this is going to be different every case, and I don't know. I'm not the person the judge this, but we've all seen online people that have sold their businesses with big future plans. And then pretty much nothing happens like that. Was there one shot because they had the energy, they had the dedication, their division or or the timing of the luck. And who knows? But I remember talking to the h. h the founder of basecamp about this and he's like, I don't wanna be in my twenty s again, I don't want to work like that again and who knows if I would ever hit it again in the way so. And I don't know how to answer that question, but it's certainly something to consider about. Are you over conflicting that that success that you hit on? I mean, if I look back at my track record loan, I've probably launched like, I don't know, fifty sixty projects with the hopes of them being a business right now. I have one. I have one business exactly. Out of sixty. So you know, you're signing yourself up to go through that process. Again, if you haven't hit that freedom line where you're either in a resort in Mexico or your professional philanthropist. And this is Ben eye opening conversation, especially helpful for me as I continue to obviously go the businesses I have, but also I like starting new things. I like experimenting and you know, all these are questions. I have never really considered that in that way. And so I hope that all of you listener encouraged by this, not not deflated by it and I, you know, we, we should all like just know that this is the thing in. So Danes opened up and I'd love to continue this discussion in the comments section on the blog. I'll give you the show notes, Lincoln just a moment, but Dan, thank you so much for coming on here. Any final piece of advice for everybody listening, you know, now that you've known what they've listened to, like, what should they do from here? Like what I mean? You gave us. He thought these thought experiments, which are fantastic, but like what's one thing we could do to to better position ourselves for the happier future. Absolutely. We'll leave that part of your space. These thought experiments are designed to open up that investors. Side of your brain, which is, yeah, you're the founder. Yeah, you're passionate yet. You're growing your baby..

founder Dan Pat Mexico Ben Lincoln hundred percent four years
"dan andrews" Discussed on The Smart Passive Income

The Smart Passive Income

01:39 min | 2 years ago

"dan andrews" Discussed on The Smart Passive Income

"I remember he put me in charge of his business and used to stack paper so high on my desk. And I would say this is impossible and he would look at me and say, we gotta get it done. But I learned I learned through that experience. And I think when I was in my own business, Pat wasn't willing to push myself that hard and. You know, it is what it is. That's a shame he used. The other question. Yeah. Why weren't you satisfied at three. Why? Why did you feel like you had to go to ten. Well, it wasn't an. That's a great question too. I mean, I didn't have clarity on it. That's all I didn't have this dialogue. One of the reasons we thought to get the ten is that when businesses become an acquisition target for institutional money, and so there's a backdrop to all this, which is businesses between half a million dollars and about ten million dollars, and that ten million is going down as technology changes, but they're pretty hard to sell relatively speaking because you gotta have cash investors. Whereas when you get to a larger scale, all of a sudden brands are interested in you institutional investors, private equity firms, things like that. So get into ten was a chance for us to have a truly life changing amount of wealth on our hands. So that's one goal, but it's not the only one. I mean, we enjoyed running our business. We had cool products. We had a cool or heat team sort of very much in our image. You know, not in. Average people working out of California, ecommerce business, and so I don't know about, I don't know..

Pat California ten million dollars million dollars
"dan andrews" Discussed on The Smart Passive Income

The Smart Passive Income

04:13 min | 2 years ago

"dan andrews" Discussed on The Smart Passive Income

"Me, twenty percent, year-over-year. I can't find an investment like that anywhere. So the the very thing I was worried about that I feared that investment that I had in that inventory turns out to be a no-brainer. In retrospect. So just just another way to think about it, it's one of those things where you know you look at the other side of the fence subscriber. Of course. Well, thank you again for being vulnerable and honest here with us. I think it's so important because, sir, it got to the most vulnerable part yet Pat, this thought, experiment number. You save the best for last. I saved the best for last. So this is the moment when it's like flip off the episode you yourself down because it's about to get real. Okay. So have you ever heard of this thing called the Peter principle? No. So the Peter principle is this idea that in any organization, people get promoted to the level of their own incompetence which explains pretty clearly why your your last boss. You don't like him very much because there's like it for entrepeneurship. Think of it like this. If you're good at running a six figure business, you're very likely to proceed to the next level and be an run, a seven figure business and so on it till at some point you get to. A level at which you've sort of topped out in terms of your ability to be successful. And this very often happens in corporate America. So what I've noticed in the entrepreneurial space, so I'll I'll just tell my particular story. I knew we were at like three and a half million dollars in revenue, and I knew the next meaningful level for our business was to get to ten. And I would sort of look at the to do's on my day to day, and I'd be like, man, I don't really want to go to the trade show. I don't really want like manage his team. You know, it's just like all the grumbling that I think a lot of us can relate to. I was bored, I was sick and tired of it. I felt like I knew what was around every corner. Now this was me being incompetent. This was me being at the top level of my experience. I didn't know what to do. So I defaulted back on all the stuff I had done before, and I was bored by it. Someone who had some experience for ten minutes, our business or a hundred million dollar business would come to me and say, are you crazy? You think you're going to get to their by how you got to hear like you can't just keep going to trade shows, man, you're going to get the same results, you know? And so I didn't have an open mind that stuff. I sort of thought I knew everything about my business. I thought I was the expert and that arrogance that I had was I think. A manifestation of this Peter principle of like my own incompetence rashly, rationalizing itself as strangely enough expertise and boredom that sell. Interesting. So what in retrospect did you wish you did instead. Well, I wish I would have run a lot of these mind opening thought experiments. We talked about earlier, like I, our law to a brought in new leadership into the business and work with them and cultivated a culture instead of maybe grinding it out day today. One of the pieces of advice I heard Seth Godin give a woman who had the same problem. She's like, hey, I have a ten million dollar business. I want to get to one hundred million. He said, we'll hire somebody to run your business and go work for a hundred million dollar business. See how it see how it operates. And apparently as the story goes, this worked out for her and she was able to achieve her goals. And what I love about this is I believe entrepeneurship is a know how it's like riding a bike. It's not something you can read about and then do you read about it can inspire you to do things, but it's it's an experience. It's like, you know how to be an entrepreneur and the way you learn it is by doing it. And so I love this piece of advice gave because it's like, hey, go actually do work that expands what you're capable of stretch yourself. You know, my last boss my biz. This mentor did this for me..

Peter Pat Seth Godin America hundred million dollar ten million dollar million dollars twenty percent ten minutes
"dan andrews" Discussed on The Smart Passive Income

The Smart Passive Income

02:21 min | 2 years ago

"dan andrews" Discussed on The Smart Passive Income

"You'd have to pay brokerage fees and you have to sit in that Bank account and and by the way, that's if your business is established and has many years of track record. We're not talking about. Something you cooked up in the last couple of years on Amazon, right? So now of a sudden you're staring at the two hundred sixteen thousand. That's been a rooted by all the maybe financial, all of the things we talked about and you're like, oh, man, I gotta get back to work right, and you start to look back at six thousand that was coming in every month and it was dynamic and flexible and other people could work on it and you're like, man, that looked pretty good. That looks pretty good in retrospect. So again, something to think about how will you invest your cash? Do you have a specific plan for your cash pile because otherwise they're very vulnerable and investing is a very different skill set than the one that most of us have been invested in over the past many years, which is Patricia. Yeah. I mean, that's that's huge. That begins to get into like, how do I know which one's the right one. And look. I definitely didn't write a book full of answers Pat for the clear reason that I have no idea what I'm talking about. I I'm at just simply asking the questions which are Morton questions ask, I mean, yeah, and and I think they're tough to come up with the answers, you know, and it's it's no wonder so many people get stuff wrong because it's not like you have a lot of chances to practice. This is a one off thing. Now is this particular thought experiment something that. Is on the scale of pretty painful for you, or is this more just in your research? You've determined that this is something to worry about like his. Are you an indicator conundrum? Well, yeah, I would say that because it's not like all that useful to me, right. Like I don't know what to do with it to do with us like I don't have the skill set for it. And yeah, I mean, I could buy mutual funds or I could buy, I guess, real estate or something. But I can't really make like I if I make high risk internet business investments, you know, I could easily flush it down the toilet. But I look back to my business. Remember I was worried about that inventory in California, which cash is tied up in inventory Pat. It returned.

Pat Amazon Patricia Morton California
"dan andrews" Discussed on The Smart Passive Income

The Smart Passive Income

03:48 min | 2 years ago

"dan andrews" Discussed on The Smart Passive Income

"There's this glamorization of what's going to happen to you when you have cash and the experience of the exit, like you're going to all of a sudden be this amazing investor and mentor to people. The reality is, is that what's truly special? Is you the entrepreneur you've done something unique, the investors, they're, they're sort of painting up this cash position as glory, glorious position because they want to get your attention because they need you. You're the scarce asset. So a strange thing that I found is that time and commodity or time and cash while there's nobody that doesn't want more their commodities and your business and the opportunities that exposes you to that's truly unique and those interactions can be explosive. So Iraq up to some networking party. And I'm like, just the next guy who has a couple of bucks in his Bank account. That's actually a much rarer situation to be. Then Brian was in the guy who had sixteen stores in the Philippines. Now all of a sudden his interactions can take that next step of how can your platform interact with my platform and we can both win. So I think that's like an ace up the sleeve that, yeah, every entrepreneur has everyone has that, yes, your platform. That's what you've built, but it's easy to start to devalue it after you sort of been around it for your after year. What's this old thing? You know? I mean, the opportunities. I mean, it's hard because you don't know that they're there. All the time. But like I'm imagining, for example, if I were to sell s. I right at, you know, PI comes with content and certain number of traffic, and you know, I have customers and whatnot. So I mean, those things are there, but as is giving me so many opportunities to, you know, meet amazing people who are now able to help me with some my legacy goals related to education in school. It's allowed me to travel to places I would have never traveled before it is, is it allowed me to become more confident as you know a communicator, it is allow like all those intangible things that are actually like the really fun things. Not that percents. Oh, I think everyone that's followed you as noticed that you weigh those more than most public entrepreneurs because of the way you've driven your brand. You actually take pains like every product that you launch. You always situate it in this like this is actually bigger for me than like the transactional value this product, and that is the fun stuff. And by the way, the best things in life. Sorry, to break, it's everybody who wants to go out and make a bunch of money. You can't buy them. Right. You can't buy respect from people. You can't buy self confidence. Those I don't want to get to in the woods about that stuff. That's everybody's not here to like a life grew. I don't know how to live a good life necessarily. I'm just saying like that's up to everyone to decide, but the if someone has put a pile of money on your desk, it's not going to get easier to find the good stuff. Right. I mean, the classic examples are the people who win the lottery and then their lives just go to crap because of you. Essentially, like money just amplifies more of who you are and kind of the kind of person you are. So I think deep down those routes have to be there and serving and whatnot to anyway. Yeah, you're right. Well, here's an interesting question Pat. So if we were to go back to the first thought experiment, there's this idea that Jason cone from a smart bear founder of WPN Jane has he calls it the freedom line and that's the number at which you would shell financial responsibilities for a lifetime. And this is an interesting question because it encapsulates a lot more than just your consumption habits..

Jason cone Iraq Brian Pat Philippines founder Jane
"dan andrews" Discussed on The Smart Passive Income

The Smart Passive Income

04:15 min | 2 years ago

"dan andrews" Discussed on The Smart Passive Income

"So you get three times net profit in your in your in your Bank account. You pay all his taxes and you lose the asset. Now why not hire a general manager, a CEO, someone who's ambitious, maybe they're not as good as you. Maybe they're mediocre. So immediately mediocre CEO steps in and he loses half your profits every year. So instead of three years, it'll take you six years to recover those prophets, but think about all the advantages you could have there. You could still have the asset after six years made maybe mediocre CEO gives you enough time to focus on those new projects you thought you'd be interested in or maybe instead you start tinkering around and find new ways to improve the business. So again, just thought experiments, and maybe for folks just getting started out, you could say, you know what, if I. Think of my businesses, my baby. What if I thought about it as an asset and I gave myself some of some some latitude to run sort of exciting experiments the the next steps in our business aren't always so obvious to us. And I've noticed for a lot of us like, that's when things get rough is when we looked down at our next year's goals or plans, and it feels like a lot more of the same. Yeah. And for many of us, we didn't become entrepreneurs because we wanted to have what feels like a job. Powerful. I really like that. Especially the mediocre. I mean, when you think about it that way. Right on. Well, here's the thing that you know, the reason we sold our businesses because our our number one guy came to us and quit, and we were like, oh, man, we can't replace this guy's member. Yeah. Are he had been there from the beginning San Diego guy. He was great and it broke our hearts and we just felt like the time it would take to replace him. It was just heartbreaking to us, Ian Wisconsin to cancel this summer in Mexico. You know, it wasn't. I was going to have to get a long haul. So in our an extreme display of naievety we said, hey, here's a bonus for you to stick around for a few months. We're going to put the business on the market. Well, if I would have done just a small amount of research to realize that if your business is worth over half a million dollars, you're not going to sell it in a few months. It's going to take you years to sell your business on average. And the reality is we had hired and fired a handful of people and train replacements through that whole process. So that my point here is that hiring someone to run your business is a lot easier. And in my experience, a lot more fun and satisfying then selling it. Well, okay, thought experiment three, the hidden upsides. So are there hidden upsides in your business or platform that you might not be acknowledging? One of the reasons that people decide to sell is that they have three or four years of track record in business, and they start to feel that they know what's going to happen. You know, I know what the next year is. Gonna look like. It's going to be more of the same. And I just think this is a fallacy. Even in the most boring businesses, your platform exposes you to so many opportunities. In this chapter, I saw tell the story of my Bryan who's one of the most successful people I've ever met in terms of business and wealth, and he has this amazing. Ability to stay focused and interested and to use his business as a way to have fun. Even though fundamentally it's kind of a boring business that does the same thing. It distributes scuba products. So one day is at like a cocktail party and he bumps into a supplier. He's like disappointed with his network of of stores, and they kind of cut a deal. But the guys like, look, if you want to distribute my dive watches to your stores in the Philippines, you're going to have to write me at twenty five thousand dollar check. So now based on everything, Bryant had known from years of experience in business, he, he felt that he would never be able to recover that investment, but for the sake of the replacement and for other opportunities, he was willing to write that check. What happened is that his purchases of dive computers in the.

CEO Bryan Bryant San Diego general manager Ian Wisconsin Philippines Mexico six years twenty five thousand dollar million dollars three years four years one day
"dan andrews" Discussed on The Smart Passive Income

The Smart Passive Income

01:38 min | 2 years ago

"dan andrews" Discussed on The Smart Passive Income

"It's like Madison's getting old, but the moment you say, I'm selling your thinking like an investor. So now we can step out of that role as the person who's anxious who's working hard every day and saying, hey, let's have some fun with this thing. Here's free money because you're going to pay it anyway. So what are some things we could do? Well, you could build a a positive charity initiative off the platform, your business. I'm thinking, how many schools in Ghana could you build there? You go. Because of like giving it to a broker, whoever one hundred percent and like, you know, the CEO you might say, well, that's a bad business move. But investor, you can say, hey, we're gonna lose thirty five forty percent on the sale anyway. So how about we take a twenty percent hit? So the founder can pursue their passion and who knows where that comes. Right. Okay. So you could host these awesome retreats for your team. You know you March into your office or you say, hey, everybody's going remote, whatever, like do the thing that's risky for for three or six months and and see where where it leaves you one founder I spoke to said very simply, you know, I wish I would've left for a month because he was like, I made that decision for a lifetime. Like why on earth would night tested out for one month? And he said he got so much perspective in that first month after he exited his business, he had worked for a decade on. There's like, I didn't even to sell anymore. I felt like I could have gotten all that that insight. By just stepping away for a month. Now, the mediocre idea CEO idea is simply this, which is very often. It's the case that a business sale return. You three times your annual earnings..

CEO founder Ghana Madison thirty five forty percent one hundred percent twenty percent six months one month
"dan andrews" Discussed on The Smart Passive Income

The Smart Passive Income

04:11 min | 2 years ago

"dan andrews" Discussed on The Smart Passive Income

"So I, I didn't know what I felt, but I think in retrospect I was sort of depressed about it, but I wasn't aware that I was depressed about it because it was a supposedly amazing thing. And so I just sorta drifted along feeling a little bit off and it wasn't until I started talking to people about this that I saw this whole world, this entire entrepreneurial conversation that's simply not being. Had. You had mentioned earlier that you felt perhaps a little bit of regret, like, what was your? What was the change in? I'm curious, what was it change in your daily life ended? Did that affect you in any way? This is a good question. My daily life didn't actually change so much. It was more these soft values that I didn't think were that important because they were so general enlarge like things like legacy. I know you talk about that on the podcasts and it's an appealing concept, but it was never one that I like personally associated with, you know, things like service community. Identity. Like we had a great team. We had so many great accomplishments and those things were more meaningful to me than than I thought they were. And it took me a long time to sort of peel through all that. Yeah, that's interesting. Well, now I'm glad we're you in the online business based Pat. This happens all the time is what happens is some one comes in and says, look, jobs are an inefficient way to make a living. We all not our heads. That's true. They're they're horrible time and money investment. So start a business and you keep going down the path. The problem is, is that jobs do so much more for us and let's use the word career than just give us money. That's the French. Yeah. And and like a sense of service sense of identity, a sense of daily pride, a routine routine. You know, the thing is you sell your business and what's the, what's the first sort of cliche images that you're at some resort in Mexico. You're like, I made it. Now, where did you make it to? You could've gone there anyway. Yeah. I mean, it's funny because like one of the biggest struggles for entrepreneurs is getting back to where there a schedule where they can start to finally start, you know, making sanity of their their new, they're, I mean, they're either overworking under working. They have no idea because there's no structure anymore. So that is interesting. Absolutely. Okay. So that thought experiment one, I love it. Now we're getting to a point where I can make decisions based on, you know, future pacing and what what life would be like, if kind of kind of things where where do we go from there? So number two thought experiment is called the mocks the mock tax rebate featuring the mediocre CEO test. Doc in a t shirt that says mediocre CEO by the way. So here's the idea. The idea is I was as my business grew in scale, it's it becomes easier to lose sleep over it as a founder as a leader. You know, you worry about that things happening to it. Like we worried about all the money that we had in our product inventory. We worried about another global financial crisis as many homeowners. Do you know what happens if we go through like what we went through in two thousand seven again and. The one thing that many people don't consider is that when you exit, you will go through a global financial crisis. Its focus specifically on your asset which is that you will pay enormous taxes and professional fees. So what I asked readers to do in this. Amok tax debate. Again, you don't need to read a book to do this stuff, sit down with a piece of paper and say, look, I'm just going to give you back a fraction of what you're gonna pay if you sell the sing. So calculate out quickly your broker fee, just often close to ten percent factor in your tax rate that you're gonna pay on this and say, what could you do with with this money in your business? And again, a lot of people think of their businesses as their job, and that's part of the reason they want to sell them..

CEO Mexico founder ten percent
"dan andrews" Discussed on The Smart Passive Income

The Smart Passive Income

03:55 min | 2 years ago

"dan andrews" Discussed on The Smart Passive Income

"Because when you're thinking about selling an asset that you've built for three times earnings, that asset has an incredible platform to expose you to opportunities. To, you know, all the reasons we wanna go business. That's an, there's a lot of value there. But if you're going to exit for a number that doesn't get you to an appreciable next level. Then you're sort of stuck in man's land. And so the specific example in my case Pat and I don't wanna define everybody's life style ladder for them that's up through everyone's personal financial goals. And that's a lot of people. This questions like a fun cocktail party game, you know, but it's kind of like, you know, what's your number? What's your freedom line? Like, what's the number you wanna make in your life so that you can shelve financial questions for a lifetime. It's an interesting question for me. I thought a low seven figure payday would get me to an appreciable next level. And the reality is, is that my life didn't change very much and I gave up a big asset in order to get to sort of this no-man's-land level. That's not quite to the level where I could do the sorts of things. I thought I could like maybe an angel investor and make high risk investments, or you know, maybe put aside a career for a while and do other things, but I just didn't sit down and think about it in detail because people are waving around a lot of money and funnier. And it looks impressive. So there was like a disconnected what you had expected to happen versus reality after the sale. And here's the thing, Pat. It's like so easy. I'm talking about five minutes here. You know, just to sit down with with your partner with your best friend, whoever and just say, hey, let's take a look at it in detail. What is the reality of being an angel investor look like? Do you really wanna be that you know, does it is having x. amount of money really going to open up doors and for some people, people will like you say, if you're a real estate age, if you're into the real estate game, getting a two to three million dollar payday would could potentially be a complete life changer from having that financial platform level. I was talking about which is six k. and or six figures and savings. Right? So again, it's for everybody to figure out. What what that next level in their ladder is and whether or not selling out of your business is going to help get you to an appreciable next level. If not, you might consider holding onto it and taking advantage of the opportunities that it exposes you to. Right. I mean, I can't even imagine going through thought experiment where you know I have this next level that I wanna reach. I get an offer potentially for a sale, and I see that it doesn't get me there. So I know that internally, you know, this isn't really gonna make a big difference. So then I hold off, but then I see that that next level is actually not too far off, so I can either renegotiate that deal or work a little bit harder, put things into place so that the valuation of the company is at that level in which case then I would just, no, I think what we're doing here is using the future essentially to remove the guesswork from any of this and to to to stop reacting in and actually start paying attention. One hundred percent. One of the things I said in the book is, you know. The professionals around you are going to have a lot of dialogue about whether or not it's a good deal. But in the end of the day, all that matters is whether or not it's a good deal for you, and that's what we're looking for here. The, what were you feeling when you sold and you're like, well, this didn't like what was going through your head. What's interesting thing because originally I called the book the devil's advocate because like this idea of exiting your business is one in the entrepreneurial space that's universally lauded. You know, it's like the first line on your bio exited for XM or whatever, and..

Pat partner three million dollar One hundred percent five minutes six k
"dan andrews" Discussed on The Smart Passive Income

The Smart Passive Income

02:08 min | 2 years ago

"dan andrews" Discussed on The Smart Passive Income

"It's easy to call up your broker and to say for man, what's going on and to believe everything they're saying and you should listen. But the bottom line is as with everything and business, your alternately responsible for how this goes. And part of the reason I wrote the book is trying to tell the stories of these entrepreneurs and say, look like, you're going to have to live with this for the rest of your life. So it's, you have to take responsibility and have some enthusiasm for this project. Even if the reason you got into it in the first place was because you're sick of running your business. Yeah, what what's the name of the book? So the name of the book is called before the exit thought experiments entrepeneurship and I recommend people thinking with the exit in mind. As their starting considering what kind of business they wanna get into. And. Let me play devil's advocate there there there. There's going to be people out there who are like, isn't it bad to think about exiting when you're starting a business too? Aren't you setting yourself up for success or for failure? Like does that mean like you're not gonna put your all into it because you're already out of it. What commonly the advice that follows is when people say, you know, consider your your business with the end in mind is they'll say things like mixture, you build processes, make sure you're not baked into the business, you know, make sure your EBA or your net profit is maximized so that it's like all that stuff is such a small percentage of this. Actually, I think we are businesses are more important to us than we often realise they're not just a way that we earn a living. It's not just how we pay the bills. Like these are identities, our sense of service, our community, our team, our tribe, and sometimes we, we throw the baby out with the bathwater when we say, oh, it's just a, it's just a way that I pay the bills. It's much more than that. And so in that sense, Pat. I think we ought to consider our values and what we're building from day one. So for sure let why don't we look at some of these thought experiments, and maybe we could. You could see if it it might be worth considering afterwards. Yeah, let's go into it. Okay. So the first one is called the lifestyle ladder. So you could pull out a sheet and you can construct. What are the meaningful.

EBA Pat
"dan andrews" Discussed on The Smart Passive Income

The Smart Passive Income

03:26 min | 2 years ago

"dan andrews" Discussed on The Smart Passive Income

"Even if you're just thinking about starting a business, you know everyone's going to exit whether it's your choice or not, and what your exit plans are and what your personal financial goals are is going to affect the way that you run your business, and it's going to help you end up end up on the right side of that fifty percent divide because those aren't good odds, and you're not talking about something that you get to do ten or fifteen times in a career. We're talking about a handful of times at best. You're going to get a chance to exit a business. I appreciate you coming on and sharing this with us because you know a lot of entrepreneurs. We just kind of dive right in without really thinking a lot about this, I think, especially for the beginners in the audience and there's quite a few. This is going to be a really important thing to think about end. I love thought experiments. I mean, the first few chapters of my book will it fly or all about thought experiments? So I'm interested in this to Dan because you know, I'm building businesses. Of physical product businesses similar to sort of what you just talked about. And obviously the online stuff to you and some of those businesses are businesses that are created to potentially be a sellout Espy is obviously not one of those because I'm forever going to be tied to that brand but other things. Yeah. And so I mean, honestly, I haven't done any research on this. My goal is to just like Bill big, grow fast, sellout, and enjoy life. But now I'm wondering if that's the right thing to do and in morning, if actually maybe I shouldn't have done these businesses, these businesses in the first place or or trying to start. So let let's dive right in and where do we start with this man? Well, I think what we ought to do is like set the context for when you think about, hey, what's my business worse? Or I'm thinking about selling, or I want to free up some mental ram getting bored, which is actually a really common motivation is selling to solve problems which end up existing on the other side of your exit anyway. So you're going to encounter like a whole professional services industry. And one of the lessons that I've learned is that there's focused on such a very small percentage of this total process of the exit. So their role is to help you get the paperwork done, make sure everything's legal, make sure the process goes through the right steps, but if you're selling a business that's of any meaningful size, it could take two three years of your life. And that's a huge emotional process that you're not gonna be able to outsource to these professionals. And since it's pretty rare thing to do relatively speaking, it's going to be hard to to find this information. Like I'm saying, it's absolutely critical to meet people that have been through this process and can share with you sort of the extent. So the punch line here Pat is, unfortunately, you're not going to be able to trust the professionals because the professionals are on team deal. They're not going to be on team. You having a great exit even if that's their sales pitch to you, did have a name like is. Zahra industry that we can call them buyers. It just like your like attorneys and you know, escrow people and all the whole thing. I think the most important thing is the business brokers because the business brokers get business by, you know, letting the market know that their experts and how to create deals. And while that's true, they're not experts in you having a satisfying exit guy. So that's there. The values, very differently aligned. You might think of this, like in the real estate.

Bill big Dan professional services Pat two three years fifty percent
"dan andrews" Discussed on The Smart Passive Income

The Smart Passive Income

03:52 min | 2 years ago

"dan andrews" Discussed on The Smart Passive Income

"With me and our guest Dan Andrews today. Dan, he and I were actually back in the day when I started out, we were both members of the internet business mastery academy. That's where I got to know him and his mazing business overseas helping in the valley industry had built a million dollar business and it was good to catch up with him. Although I didn't realize the extent which he had taken direction that he didn't want to go down and we're gonna talk all about tat all that today we're going to unpack the lessons learned that you don't go through the same thing too. If you have a business partner, this may be one of those episodes that you might want to listen with them or suggest they listened to as well. And if you're by yourself, then you'd have these conversations with yourself obviously. But anyway, thank you so much. Let's just dive right in. Dan, what's up man, welcome back to the SPCA podcasts. How are you? I'm good, man. Thanks for give me ring. Yeah, man, it's been. It's been a while. It's it's been a long time actually, since we've last chatted, I'm glad we connected actually through Twitter direct messages because you've got some interesting stuff that has happened since. So what I'm pretty sure you're my first mastermind, like maybe even before I knew it a mastermind was which I remember this internet business mastery days. Right. That's right. And San Diego, you guys are like the first real internet people I ever met. Were you at the table at Panera bread in mayor, Mesa when I kind of showed up as like nerdy, like I have no idea what I'm doing here person. I remember I remember when you. You were mulling over whether or not to do the income reports and you're like this yet. That was the moment this is after. Yeah. Okay. That's why we played. We played frisbee golf together a couple of times. Right. That's right. Yeah, which I mean, we we, we didn't really do any masterminding while doing frisbee golf, but it was still a lot of fun man. Yeah. So you're you're there in the early days of of my entrepreneur life, and you've had a lot of influence on just inspire me right from the gecko you along with Sean Noonan, Mark Mason, and obviously Jeremy Jason from internet business mastery. So you know, it's it's definitely been a long time since then. So what have you, what have you been up to? I know you had some businesses and you were working, you know, in the Philippines troppled NBA all this stuff like what's been going on? Yes. So I mean at that time I was running this commerce business that sold valet parking equipment, mobile cocktail bars and cat furniture, and I kept growing that business until two thousand fifteen. Mean when we exit, I mean my business partner, Ian and I basically spent the last couple years processing that exit. And speaking with a bunch of entrepreneurs who've been through that process, let's dream right? Like you build something you exit. You get a lotta money and then life. Good, right. One hundred percent. That's the posted about dream on the internet, but the reality isn't spoken about, and here's what I found Pat is that fifty percent of entrepreneurs who exit their business aren't just like a little bummed about it. They're they're devastated about it. Really? Yeah. And why don't we talk about this on the internet? Well, that's why we're here. That's why we're here, and I'll be the sacrificial lamb and come out and and be the guy who's going to say, yes, we did. Someone did pay us a bunch of money, but there's a lot about this process that I wasn't ready for and. I wish I had known so many things before going through this, and I have some misgivings some regrets. But today I don't want to dwell on all that. What I wanna do is a quick the audience with five thought experiments. Sort of fun and profitable questions that they can ask themselves from day one..

Dan Andrews partner Panera bread Twitter San Diego SPCA NBA Philippines Sean Noonan Mesa Pat Ian Mark Mason Jeremy Jason One hundred percent million dollar fifty percent
"dan andrews" Discussed on WLOB

WLOB

01:43 min | 3 years ago

"dan andrews" Discussed on WLOB

"Can't think of the word right now with jesse jackson owes us jacob down that's it but or rally was on with a hannity last week he said one of the things he says is gonna turn around bite them really badly especially the players now most of the you know the average player for the nfl the average income they make is two point three million a year howard show how many people you know yeah they're 25 here's old make moved two million dollars a year and they supposedly graduated from college really could i see the transcripts absolutely do we find out just how smart they really are don't understand what this means but he said something very interesting we have men and women serving our country the took the oath and a where the country's uniforms in dan andrews places were sounds iran iraq and iran afghanistan star nick knaw next to it in iraq and whenever they can the military will set up whatever they can a tv bring down a satellite and let them watch all the football game they can get so these men and women wearing the flag on their uniforms right at fighting far their seen their bodies die for it and these guys are insulting them the american servicemen and women when they're on the game they love that do you have any idea how 11 percent can go to 25 percent and then what is going to happen another year when some young person who spent all of his your kneeling and being photographed again his business contract and they go to him and we would like to pay you and other million dollars that's a good but we've lost so much money because of what you've been doing we can't and that's that's where the power comes in i think if it was up to me i you know i just i don't have turned off the nfl i wouldn't buy it i wouldn't buy any license product from the nfl period we're going to go to break back in the.

jesse jackson jacob hannity iraq nfl howard dan andrews football two million dollars million dollars 11 percent 25 percent