When I was a kid, one of the things my family would often do on a Friday night is go to Blockbuster. (Video rental store)
My sister and I were allowed to pick one movie each for the weekend.
Now my sister would be able to pick a movie in under 5 minutes.
She never over thought it and would often get a movie she had seen before.
Me, on the other hand…
I would take as long as my parents would allow.
Walking down each aisle, picking up several movies.
I would then find myself a spot in the store.
Layout all the movies I had picked up and start comparing them.
I would then ask the staff at the store which one they would pick from my selection.
I had to get this down to one option, and I wanted to ensure I made the right choice.
It was my weekend viewing at stake here.
I’m pretty sure it drove my parents and sister nuts waiting for me to pick a movie.
They would often make threats to leave me at the store.
But here is the thing that I find interesting.
My sister often picked dud movies and hated them.
She would often ask our parents to go back and change.
I rarely picked a loser because I put the time into researching and making a good decision.
That story sums up how I approach business today.
I’m very calculated and strategic.
And it has served me well.
This week’s podcast is a little bit different.
As it’s an episode in which I was a guest on the James Schramko podcast.
James and I went back and forth on sharing our experiences from both selling businesses and setting businesses up for cash flow.
The conversation brought out the pros and cons of each and why we are both focused on cash flow today.
You can see we both put a lot of thought and intention into the businesses and business models we have today.
We didn’t pick them by whim like my sister in the video store.
I hope this podcast lets you be more strategic and intentional about your business.
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
00:00 Welcome to Business and Investing
2:43 What is a full stack business owner?
4:20 Building a business to sell versus building a business for cash flow
12:43 Why having an objective is a great head start in building a business?
16:32 Is it profitable to sell your personal business brand?
19:44 Can you build a business to sell that has great cash flow?
22:05 Pros and cons of selling a business
26:25 The skills involved in selling a business
31:11 What are some business models that are more suited to sell?
34:31 What’s the importance of knowing your numbers in selling a business?
39:40 Reasons why you need to make a plan before selling your business
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
- Business and Investing website: https://businessandinvesting.com/
- James Schramko website: https://www.jamesschramko.com/
- F E International website: https://feinternational.com/
- Built to Sell: Creating a Business That Can Thrive Without You: https://www.amazon.com/Built-Sell-Creating-Business-Without-ebook/dp/B004IYISQW
- Master the ART OF NEGOTIATION and WIN Any Exchange: https://www.youtube.com/watch?v=TllU5IXAP40
- John Warrillow: https://ca.linkedin.com/in/johnwarrillow
About the Guest:
James Schramko is a highly sought-after business coach and the founder of SuperFastBusiness, who has a unique vision that shaped his digital marketing business into a success.
James is also the author of the best-selling book, “Work Less, Make More.”
To connect with James, head over to: https://www.jamesschramko.com/
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