Reggie Young is a fellow 7-Figure entrepreneur who helps others start, scale, and sell their business to achieve personal freedom.
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Guest Resource
Gift for Fire Nation – Get The “How to Sell Your Business” Course For Free!
3 Value Bombs
1) It’s so important to enjoy the small moment and celebrate the win when you get that valuation.
2) Work with an exit advisor to go through all the details to find the best fit for you.
3) Tell a good story. Show your potential buyer how easy it is for someone to pick up the business and have full confidence in running it.
Sponsors
Podopolo: The best podcast listening app in the world is here! Visit Podopolo.com, download the app for free, mention John Lee Dumas (my Podopolo username) when you sign up, and start listening now!
HubSpot: Learn how HubSpot can help your business grow better and get a special offer of 20% off on eligible plans at HubSpot.com/eof!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: How to Sell Your Business with Exit Advisor with Reggie Young
[1:04] – Reggie shares something that he believes about becoming successful that most people disagree with.
- A lot of people think that we have to work hard to find success. But if we are able to cut and ground ourselves, find more balance in our life, slow down, and then operate from that place, we can actually make much more monumental moves.
[2:03] – Reggie’s entrepreneurial journey.
- Instead of going all in into the old school corporate finance investment banking structure, he decided to start his own business.
- He’s able to make a full-time income going through a process of self-awareness on how to structure your day, how to get the best information, how to assimilate all these different aspects of what he had learned, and create personal freedom.
[4:25] – Selling your business.
- He was able to sell business for $638,000. Initially, the investment that he put into that product and brand was only $3000 and he was able to turn that $3000 into well over $800,000 in profit.
- Have a really good accountant.
- There are different ways to sell your business. You can sell parts of your business and get parts paid to you in cryptocurrency depending on who you sell to. You can get company issued stock as well if that’s something you’re interested in.
[8:56] – A timeout to thank our sponsors!
- Podopolo: The best podcast listening app in the world is here! Visit Podopolo.com, download the app for free, mention John Lee Dumas (my Podopolo username) when you sign up, and start listening now!
- HubSpot: Learn how HubSpot can help your business grow better and get a special offer of 20% off on eligible plans at HubSpot.com/eof!
[12:18] – What should sellers do to maximize their valuation?
- Focus on profit.
- If you can show an increasing slope or a rising profit over time, that velocity is what people really like to see.
- Tell a good story. Show your potential buyer how easy it is for someone to pick up the business and have full confidence in running it
[15:30] – How to build a “defensible moat” around your business
- One of the best ways is with intellectual property, or it could be expanding a product line.
[16:31] – Tips for Fire Nation if they’re considering selling their business.
- Leverage an exit advisor. They can walk you through the process of exiting your business.
- The smallest differentiation in your profit and loss statement, the smallest differentiation in your story… they can mean the difference between 50,000 to 200,000
- When you partner with an exit advisor they can look at your business and use their network
- Gift for Fire Nation – Get The “How to Sell Your Business” Course For Free!
[19:29] – Reggie’s key take away and call to action.
- It’s so important to enjoy that small moments and celebrate the win when you get that valuation!
- Gift for Fire Nation – Get The “How to Sell Your Business” Course For Free!
[21:09] – Thank you to our Sponsors!
- Podopolo: The best podcast listening app in the world is here! Visit Podopolo.com, download the app for free, mention John Lee Dumas (my Podopolo username) when you sign up, and start listening now!
- HubSpot: Learn how HubSpot can help your business grow better and get a special offer of 20% off on eligible plans at HubSpot.com/eof!
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!
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