Today’s episode is a change of pace. I recently did an interview with the Quiet Light Podcast and I wanted to share it here. The founder of the Quiet Light Brokerage, Mark Daoust speaks to me about my experience with selling our family business and what I learned from the process.
Specifically, we talk about strategic sales. I have learned a lot about building a good pitch for a buyer and I share that with Mark. If you aren’t familiar with my story and the path that led to Life After Business and GEXP Collaborative, this episode will answer a lot of your questions.
I really enjoyed my time on the Quiet Light Podcast. Mark and his team are really good at what they do. You can contact them through the Quiet Light Brokerage site which is down in the resources section. You can also reach me through LinkedIn and the resources I gave Mark during our interview. Just check out the resources section below.
(In case you want to feature Quiet Light Brokerage and/or GEXP Collaborative)
Ryan, Brandon, and Jim met at a National Exit Planning Conference. We hit it off with a shared extreme passion to change the way business owners look at the growth and exit of their company(s).
We come from different backgrounds (Entrepreneur, M&A Attorney and Investment Advisor) but hold the same belief that the advice that business owners receive is fragmented and doesn’t align in a comprehensive plan.
We created the GEXP Collaborative™ to bring together an ecosystem of different skills and perspectives to ensure that each business owner that we work with achieves the successful growth and exit of their businesses. From experience, we provide our business owner clients with recommendations based upon good judgment to achieve their objectives.
Late in 2006, Mark Daoust, received a call from a good friend and fellow entrepreneur who was considering selling his 8-year-old web hosting website. Just 10 months prior Mark had sold his own profitable website and was looking for a new direction.
Quiet Light Brokerage was founded with this phone call.
A lot changed since that first phone call in 2006. Today, entrepreneurs recognize Quiet Light Brokerage as a leading voice and authority in the emerging niche of selling and buying profitable websites.
Today, over 500 websites have been sold and Quiet Light has over $100,000,000 in total transaction value. Even though they are recognized as one of the most successful website brokers in the marketplace, they still take an attitude of continual improvement to their processes.
Mike Rynchek is the founder of Spyder Trap, a digital marketing consulting agency. He sold it to Bright Health in 2017. He walks me through the history of Spyder Trap and how he transitioned the company for Bright Health’s use. He had to settle client relationships that didn’t fit into Bright’s new direction. Relationship is a big word for Mike. He spent most of his energy focusing on his company’s reputation. As well as building good working relationships with his clients. We discuss how Mike scaled his business and how he prepared it for sale. He also stresses the importance of integrating your work into life, rather than trying to find a “balance.” It is a point that many people don’t consider when they examine their family/work life relationship. You will learn about: Mike’s entrepreneurial background. How Mike got involved in consulting. The services Spyder Trap offered their clients. The milestones that marked Spyder Trap’s growth. Why Mike chose hustle over strategy. The benefits of using a service model. The benefits of maintaining good client relationships. How Mike created recurring revenue in his business. The 3 Rs Mike follows in his businesses. Mike’s goals for the business. The opportunities that lead to Spyder Trap’s sale. Why Mike chose to sell to Bright Health. The emotional side of letting go of clients. The questions you need ask before you consider selling. Finding integration in your work and family life. Mike’s advice to the audience. Takeaway: Mike raises an interesting point about finding integration in your work and family life. There is a difference between integration and balance. Integration is ideal because balance is very unrealistic. ...
Paul Spiegelman founded BerylHealth and eventually sold to Stericycle, a global services organization with 25,000+ employees. He was able to take his most favorite part of his job and transition into the role of Chief Culture Officer at Stericycle in hopes of scaling the culture he built and cherished at his first company. If you listen, you will learn: How culture can impact business Three things every employee wants out of their company and culture Processes to implement and measure culture Challenges and rewards of transitioning out of a business that is a reflection of yourself Business Beginnings Paul’s first business was a medical alerts company he started with his two brothers. Within a year of starting the company, a hospital contacted the brothers in need of someone to handle physician referrals and their core business changed. They ultimately became an outsourced provider of call-center services for hospitals across the country taking calls and tracking patients into hospital systems. A call-center operation can easily become a commodity business but Paul wanted to create value for their customers. They ended up building a great brand around their unique internal culture that drove customer loyalty and profitability. This created extreme value when they eventually decided to exit the company in 2012. Organizations Are a Reflection of the Leader Paul explains a few different definitions of culture. “Culture is the extent to which team members or employees will do work beyond what is expected of them as well as the vibe that you feel when you walk through the doors of that business.” “Culture and leadership are really the same thing and as leaders we have to make choices on how we lead. Culture and treating people well is not only the right thing ...
Today on the podcast, I have Mike Frommelt the Founder and CEO of Keystone Search. Mike has been featured in Gino Wickman’s book Rocket Fuel because of his tenure helping companies hire their top-level executives and more importantly their replacement (this could be the title of Pres ident / GM / COO / or Visionary / Integrator as EOS refers to it). If you have thought about what it would be like to replace yourself from the day to day (i.e. your role not your ownership) and don’t know where to start, then this episode is for you. Whether you have a $1M business or $100M business and your goal is more freedom from the day to day, or are looking for ways to decouple yourself for an exit years down the road, it’s a HUGE decision to find your successor. If done wrong, all the anxieties about the subject and horror stories you play in your head could come true BUT if you do it right and take the time to learn what you need to do BEFORE you make any decisions then true magic can happen. Not only for your personal life BUT also for the business. You will have a more valuable company that gives you the freedom and time to think, plan your long-term strategies while only working in the parts of the business that give you energy. One of the MOST important things you can do to build a more valuable company AND give yourself more freedom is find someone to replace your role and transfer the tribal knowledge that you have in your head. What you will learn: Where to start the journey when you are ready to replacement ...