Mike Mathweg is a relentless entrepreneur and business growth expert who achieved remarkable success before age 30, exiting the insurance industry in under five years for a pretty sweet payout.

Subscribe to EOFire

Apple | Spotify | iHeart

Guest Resources

Mike Mathweg Website – Check out Mike’s website.

Mike’s Facebook – Follow Mike on Facebook.

Mike’s Instagram – Follow Mike on Instagram, Facebook and LinkedIn.

3 Value Bombs

1) Success doesn’t happen overnight. It takes a lot of consistency, no days off, putting in the hardwork and luck.

2) Building a team is crucial. You need to have the experts in the field that has done it before.

3) Don’t be afraid to ask for help or for someone’s expertise because its going to save you time and money when you try to do it alone.

Show Notes

**Click the time stamp to jump directly to that point in the episode.

Today’s Audio MASTERCLASS: Unemployed to a Multimillionaire in Less Than 5 years.

[1:24] – John shares something that he believes about becoming successful that most people disagree with.

Success doesn’t happen overnight. It takes a lot of consistency, no days off, putting in the hardwork and luck.

[2:08] – Mike talks about how he entered and exited business in less than 5 years.

He studied other entrepreneurs and did what they did that he didn’t do. One of them is acquisitions. He purchased his first business with his first business partner and had an opportunity to buy minority stake in his company and he did was able to do it.

[3:15] – Mike goes through the 8 Steps in Successfully Buying a Business that he created.

Step 1 in successfully buying a business is having a good team of accountants, attorneys and people who do transactions in a day to day basis.
Step 3 is deal sourcing and once you find a deal , the next step is do a quick initial discovery because most people are not realistic.
Step 4 is due diligence and that is to understand everything that you are doing in the business.
Step 5 is to evaluate the business. There are 2 ways, revenue evaluation or the EBITDA (earnings before interest, taxes, depreciation and amortization).
Step 6 is after evaluation how do you make the offer with 6 different options.
Step 7 is closing day but in reality your work is just beginning.
Step 8 is the integration process after you close it , its your job to put the work to build trust.

[9:33] – A timeout to thank our sponsors!

HubSpot: When you combine the power of Marketing Hub and Content Hub, you can have your best quarter, every quarter. Visit Hubspot.com/marketers to learn more!
Notion: Combines your notes, docs, and projects into one space that’s simple and beautifully designed. And now it has the power of AI built right inside of it! Try Notion for free when you go to Notion.com/johnleedumas!
Optimize: To chat with JLD about Optimizing your life, click here: EOFire.com/optimize.

[11:52] – Mike gives his advice in building a team.

Building a team is crucial. You need to have the experts in the field that has done it before.
Find someone who is specialized in the due diligence process.
When you are buying a business, you need to have the leadership in place or the leadership in your team who is going to manage the business.
Know the strength and weaknesses of your team. He struggled on the importance of a lawyer and an accountant and banker because he needs to build a relationship with a bank to have the funding lined up when he will need it.

[15:21] – Mike talks about Deal sourcing, Initial Discovery, and Due Diligence.

In buying a business for a client who wants to exit in the next 12 months, what they did was they went through their PNL, found out the true EBITDA and they painted the picture why someone should purchase the agency. Then he took it to a buyer who he knows can afford the purchase and got it higher than they were projecting in the market and as for due diligence, they were looking to close it in January 2025.

[19:16] – Mike gives his key takeaway.

Don’t be afraid to ask for help or for someone’s expertise because its going to save you time and money when you try to do it alone.

[20:04] – Call to action.

Mike Mathweg Website – Check out Mike’s website.
Mike’s Facebook – Follow Mike on Facebook.
Mike’s Instagram – Follow Mike on Instagram, Facebook and LinkedIn.

[22:47] – Thank you to our Sponsors!

HubSpot: When you combine the power of Marketing Hub and Content Hub, you can have your best quarter, every quarter. Visit Hubspot.com/marketers to learn more!
Optimize: To chat with JLD about Optimizing your life, click here: EOFire.com/optimize.

Killer Resources!

1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!

2) Free Podcast Course: Learn from JLD how to create and launch your podcast!

3) Podcasters’ Paradise: The #1 podcasting community in the world!