What Nobody Tells You About Selling the Business You Built

What Nobody Tells You About Selling the Business You Built31 Aug45 min

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Have you ever loved something so much you forgot to ask what you were getting out of it? That was Andrea's story for years. Today she's here to talk about the flip side of that lesson, and why every business owner needs to think about the exit before they even think they're ready to.We are so excited for this one because Andrea Black is someone we have known for years, way before she became a business advisor. Monique met her on the golf course back in the day, and our paths have crossed through mutual friends, family, and eventually through our mastermind group, where we watched Andrea move through a season of deep burnout and come out the other side completely transformed.Andrea grew up in Duluth, spent years running a family insurance business with her brothers, cousin, and uncle, then hit a wall after a stint in a W2 job that left her completely depleted. That season of rest and reflection is what eventually led her to her current work as a business advisor with Transworld Business Advisors, where she helps people navigate one of the most emotional transactions of their lives: buying or selling a business.KEY THEMES AND TAKEAWAYSEvery business should be built with the end in mind, even if the end is years awayClean books and documented processes make a business dramatically easier to sellSeller's discretionary earnings is the number buyers actually care aboutCreative financing, including seller financing, can make deals work for everyoneBuying a business often means buying a lifestyle, not just a paycheckEntrepreneurship can be lonely, which is exactly why community and mastermind groups matterThe first couple years of owning any business are hard, and that is normalOUR FAVORITE QUOTES"When you start a business, you should always look at it from the beginning of you're going to sell it at some point.""Tiny babies can't eat love.""You don't need or want to necessarily do it alone.""It's a brave thing to put yourself out there.""There's plenty of things you could buy that will light you up in a whole new way, especially when it's your choice to be making."CHAPTER MARKERS02:17 Meet Andrea Black04:28 From family business to total burnout08:08 The mastermind moment that changed her path16:52 Why every business owner should think like a seller27:00 The tiny babies can't eat love story32:11 Life on the other side of burnoutYOUR TURNIf you sold everything you've built today, would you be ready? This week, take a look at one part of your business or your life that you have been avoiding, and ask yourself what it would take to get it in order, not because you're leaving, but because clarity is a gift you can give yourself now.CONNECT WITH ANDREAWebsite:<a href="http://www.tworldnorthstar.com/"> </a><a href="http://www.tworldnorthstar.com">www.tworldnorthstar.com</a>Email: ablack@tworld.comPhone: 218-428-1728-----All Heart & Soul's Details:Website: ⁠⁠⁠⁠<a href="https://www.heartandsoulmastermind.com/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.heartandsoulmastermind.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>Join the mastermind program:<a href="https://www.heartandsoulmastermind.com/heartsoul">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠https://www.heartandsoulmastermind.com/heartsoul⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>Say hi to Mariah on Instagram: ⁠⁠⁠⁠@mariahmckechnieSay hi to Monique on Instagram: ⁠⁠⁠⁠@moniqueforcierLeave a review on the Apple Podcast app and the Spotify app: ⭐️⭐️⭐️⭐️⭐️MB01462AAOUDFMM