Life After Business
#171: Why the Time to Sell Is When You're Doing Well
Today on the show, I’m with Chad Peterson (and his beard), who is here to share his story about growing and selling six companies (including a mortgage business back in the 2000s back when the financial crisis hit). He is here to share the lessons he has learned, the pros and cons of selling six different companies, and how he has become the top in his field. We also talk about how valuable and important your passion for your business is and why that can be a deciding factor on if you should sell your company.
What you will learn:
- Chad’s background in flight school and mortgages
- “When you’re doing well, is the time to sell.”
- What is a “quantum leap jump”?
- When not to sell your company
- Being passionate versus being too emotionally attached to your business
- The different types of businesses Chad has built in the past
- The books Chad has written
- Chad’s game plan with building and selling his businesses
- Where there is no passion, there is no profit
- What happens when hatred comes into the equation
- What to do when you are too financially trapped in your business
Learn about what matters, regardless of the timeline. Even if you’re having fun, think about your business in the way a buyer would look at it. Look at what your exit strategy is, regardless if it is five or ten years out. This will help you shift your mindset and build a healthy business that will have a more transferable cash flow and be more enjoyable for you and your clients.
Links and Resources:
Contact Chad Peterson via phone: 913-207-5895
Reach out to me if you have questions about the boot camp!
Ever since Chad was young, he knew he was destined to fulfill his own destiny. He was always self-sufficient and he knew that he was always an enterpriser. Even when he was in his teens, he built his own window cleaning company and his own lawn/landscaping company. These helped him pursue his education when he attended flight school.
After 9/11 (with a baby on the way) he turned to his self-employed roots. Starting off in the mortgage industry, he ended up opening his own company. That’s when he realized that management wasn’t where he wanted to be. He quickly learned why someone would want to sell their company after the financial crisis hit but not before he had turned away the opportunity to walk away with $10 million. In a matter of two weeks, he had lost it all. But instead of calling it quits, he took it as a learning opportunity and build more businesses off of it.
Brought to you by Ryan Tansom of Life After Business