Intro to the Life After Business Podcast

April 06, 2016 00:26:30
Intro to the Life After Business Podcast
Intentional Growth
Intro to the Life After Business Podcast

Hosted By

Ryan Tansom

Show Notes

This episode’s purpose is to tee up the future of the Life After Business podcast and give you an understanding of why I am so passionate about business exit planning.

I believe transitioning into a life after business is an extremely complicated emotional and intellectual journey. Very few entrepreneurs get a trial run, let alone a second chance, to sell their business. The lack of information out there leaves the business owner alone to figure out what they want, who can help them, and how to achieve it.

When my Dad and I sold our company in early 2014 we did not have the guidance or awareness of the process I wish we had. We felt very alone and out of place. We could run a hell of a business but we had no idea how to even start with selling or transitioning it. We experienced many bumps and bruises along the way, both financially and emotionally.

I want to bring you, the listener, as much information as I possibly can, the information I wish we would have had, so you can avoid what we experienced and increase your chances of a successful exit.

What is a successful exit?

I believe a successful business exit is one where the owner walks away happy. It is a smooth and comfortable transition into a life after business that is full of passion, purpose, and community. I believe the true definition of success is happiness.

The best definition of happiness if have seen comes from Shawn Achor’s book: The Happiness Advantage. He defines happiness as “the joy you feel moving toward your potential.”  Therefore, redirecting your passion, energy, talent, and drive into new ventures is critical for a successful exit.

You can’t just focus on the tactical part of selling the business—keeping the advisors in check, finding buyers, due diligence, making sure the buyer doesn’t screw you, all the while running the business. This abandons the introspective questions that need to be addressed.

Your real wishes and desires as a business owner need to be brought to the forefront of the conversation. Bo Burlingham in his book, Finish Big, says that the business owners that walked away happy with the outcome knew who they were, what they wanted from the business, and why.

What are you going to do in the next stage of your life? Who are you as a person without your company? How can you negotiate or make critical decisions about the sale of your company if you don’t know these answers? Chasing the highest dollar amount or shortest sale cycle can leave unintended consequences.

The questions of when you want to sell, to whom, what your number is, what will happen to your employees, and whether you want to stay on for the transition, should be answered based on what you want out of the whole process and not just based on the highest dollar amount.

Once you know who you are, what you want from LIFE, and why, it is much easier to back into the tactical steps to get you there.  You now have a plan to guide you and your advisors through the process.

This podcast is to share my experiences and positively impact the conversation surrounding  exit planning. The more information that is out there, the better off we, as entrepreneurs, will be.

Other Episodes


May 05, 2022 01:23:29
Episode Cover

#299: From Accidental Entrepreneur to an Intentional Exit with Sandy Hansen-Wolf

After her husband passed away in his early 30s, Sandy Hansen-Wolff had two choices: close down shop or take over and run the one-million-dollar-in-revenue business. Sandy, a former insurance agent, chose to take over the business with her A+ team and continue her husband's legacy. In this episode, Sandy talks about how she took over the business with little operations knowledge to scale it to eight million dollars in yearly revenue. She shares how it was a “we,” not “I,” effort because of the great employees she had who knew the business inside and out, how partnerships were her secret to scale when she couldn’t hire salespeople, and what personal drivers were at the helm when she sold. This is a great entrepreneurial story about starting with uncertainty and ending in success when tragedy hits.   // WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast   What You Will Learn How Sandy transitioned into leading the business after her husband passed away What Sandy’s first step was when taking over the business How the broken business helped Sandy develop and scale the company How partnerships helped Sandy scale the business when they couldn’t hire salespeople Why company culture was such a huge driver to Sandy Why Sandy describes the feeling you get after selling as a “hangover” What led Sandy to sell versus just shut down, and why she considered just shutting down What led Sandy to choose the eCommerce route to be the ...



November 23, 2016 00:53:52
Episode Cover

How Great Entrepreneurs Exit Their Companies on Top

Bo Burlingham is an absolute hero.  He was Editor at Large at INC. Magazine for years, Author of some of the business book classics like The Great Game of Business, Small Giants, Street Smarts and the Finish Big. His insights in Finish Big on how the greatest entrepreneurs exit on top lead me to create this podcast and build our firm. If it wasn’t for Bo, Solidity Financial wouldn’t be what it is today. He is undoubtedly the leading author on what it means to be a true Entrepreneur… one where there is a beginning, middle and end to a journey.  We felt it was high time we spoke to Bo about his experiences in putting together his trailblazing books… In this episode you’ll learn: How the greatest entrepreneurs exit their companies on top What the REAL journey of being an entrepreneur looks like How to finish big AND be a small giant Why 75% of entrepreneurs are unhappy after they sell their companies Why did Bo Burlingham write the book Finish Big? He’d been working for the magazine Inc for 25 years and never once had he heard anybody talk about the end game for the organization. This suddenly changed when his co-columnist Norm Brodsky received an offer for his company.This eventually formed a monthly column called “the offer”, which was basically an ongoing narrative on the trials and tribulations of the sale negotiations. The response they had was amazing – it turned out to be a topic that people simply couldn’t read about elsewhere – and it took off so much that at one point, the cover headline was “Norm Decides To Sell”. Alas, because certain things came to light towards the end of the ...



March 21, 2018 00:53:44
Episode Cover

How EOS® and Traction® Can Help You and Your Business

Mike Paton joins me today to talk about how EOS® (the entrepreneurial operating system) and Traction can help you accelerate your business. Mike is the “visionary” of EOS Worldwide. He is a consultant to the massive client base looking to EOS® to identify the problems and strengths of their businesses. He shares what his job entails and how someone like him can help a struggling business. As an adopter of EOS® in my own business, I highly recommend this operating system for small businesses. It is a great tool. Mike and I explain the two-year process that businesses go through to get their business into a healthier state. EOS is not a quick process, but it is totally worth the time and resources invested in it. You will learn about: Mike’s book with EOS Worldwide’s founder called Get a Grip. Mike’s business background. What is EOS? How to use EOS in your business? The 6 components of the EOS process. The importance of working with the “big picture” in mind. Common results Mike sees with his clients. Why EOS works. How to clarify roles within the company. What is the integrator role in a company? What is the visionary role in a company? Finding and maintaining passion in the business. How EOS works for family businesses. Why EOS is a great option for businesses. We’ve talked in the past about making things easier in your business by using all the tools you have available to you. Today we’re talking specifically about EOS, or Entrepreneurial Operating System, as a way to free up some of your time and help you run your business more efficiently. ...