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This week on How2Exit:

E172: Jerome Myers Discusses the Founder's Exit Paradox and Planning for Business Exits - Watch Here

About The Guest(s):
Jerome Myers is an expert in helping business owners navigate the process of exiting their businesses. He has a background in real estate and has built a successful division of a Fortune 550 company. Jerome is passionate about helping business owners achieve their financial goals and create a meaningful impact in the world.

Summary:
Jerome Myers discusses the Founder's Exit Paradox, which refers to the mental and emotional challenges that business owners face when exiting their businesses. He shares his own experience of being laid off from a corporate job and then transitioning into real estate and business ownership. Jerome emphasizes the importance of planning for an exit and highlights the six centers of doubt that business owners often experience after selling their businesses. He also discusses the significance of finding purpose and making a positive impact in the world after an exit.

Key Takeaways:

• Exiting a business can be a traumatic experience for business owners, and it is important to be aware of the emotional challenges that may arise.

• Planning for an exit and being exit-ready can lead to a smoother transition and a more valuable business.

• Business owners should consider their self-image, relationships, work, health, prosperity, and significance when preparing for an exit.

• Significance plays a crucial role in post-exit life, and business owners should focus on making a positive impact and leaving a legacy.

Quotes:

• "Your wealth, so much of your wealth is tied up in that business. And if you don't harvest that wealth in some way, shape, or form, then it's just going to die in the business." - Jerome Myers

• "The more valuable you are to your business, the less valuable your business is." - Jerome Myers

• "The only thing that actually gives our life real meaning and allows us to create real happiness is service to others." - Jerome Myers

Article:

How to Navigate the Founder's Exit Paradox: A Comprehensive Guide

Secondary Sponsor:

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Growth & Acquisition - News Newsletter

Attention Business Brokers, Advisors, Acquisition Entrepreneurs, and SMB Owners!

Do you want to stay ahead of the game in the SMB M&A market? The Hub is the solution you need! This curated newsletter brings you the best highlights from blogs, podcasts, YouTube, and news sources, all in one place. Growth & Acquisitions

Founding Member Shout-Out (Still room here -$400 one time)

Shout out to our new founding member. With over 30 years in M&A, this company offers the lowest priced (way undervalued) course on helping you buy good businesses. Very underpriced - get it now before they finish upgrading the site and very likely up the pricing.

Thanks to Sweetview Partners, an Acquisitions company looking to buy Texas-based B2B companies in the $1MM - $30MM revenue range. Click on the logo to check them out.

E173: The Art of Business: Expressing Yourself and Building Success with Danya Shakfeh - Watch Here

 About The Guest(s):
Danya Shakfeh is a business attorney and the founder of Motiva Business Law. With a passion for helping business owners prevent legal issues, Danya focuses on providing value and guidance to her clients. She specializes in working with small businesses and has a particular interest in mergers and acquisitions.

Summary:
Danya Shakfeh, a business attorney and founder of Motiva Business Law, joins the podcast to discuss the art of business. She shares her journey into the legal field and how she found her niche in business law, specifically mergers and acquisitions. Danya believes that running a business is a form of artistic expression, allowing entrepreneurs to build something unique and different. She emphasizes the importance of creating a business that aligns with your values and stands out from the competition. Danya also provides valuable insights for small business owners, including the need for clear partnership agreements, understanding local regulations, and building a strong team of professionals.

Key Takeaways:

• Building a business is a form of artistic expression, allowing entrepreneurs to create something unique and different.

• It is important for business owners to have clear partnership agreements to prevent disputes and ensure everyone's roles and responsibilities are defined.

• Understanding local regulations and compliance requirements is crucial for small business owners to avoid fines and legal issues.

• Building a strong team of professionals, including an accountant and bookkeeper, is essential for managing finances and understanding the financial health of the business.

Quotes:

• "If you're comfortable being a business owner, you're not doing it right. It's supposed to feel a little bit scary." - Danya Shakfeh

• "You want to stick out. You have to do things differently. And that's where your creative expression can come in." - Danya Shakfeh

• "Having a relationship with my clients is a core value of my law firm. I want to get to know them as people and understand their motivations." - Danya Shakfeh

Article: 

The Art of Business: Unleashing Creativity and Building Success

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FROM THE Editor:

Disclaimer: This newsletter is provided for informational & educational purposes only, and should not be relied upon as legal, business, investment, or tax advice. We are not attorneys, tax, or financial advisors and not qualified to give any such advice.  

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From Now Until Jan 2 2024 - Everyone gets the Deep Dive articles.

DEEPER: Resolutions, Goals, Actions and Actually Getting Results

The Path to Achievement: Resolutions, Goals, Actions, and Actual Results

In the relentless pursuit of success, business professionals often find themselves setting resolutions and goals, yet the bridge to actual results seems elusive. The journey from ambition to achievement is not just about setting targets but also about crafting actionable strategies, adhering to measurable goals, and making necessary adjustments. This pathway, akin to a blueprint for success, demands a structured approach, often encapsulated in the SMART goals framework.

Setting SMART Goals

Specific: Ambiguity is the adversary of achievement. A goal should be clear and specific to guide focus and drive. For instance, instead of aiming to 'increase sales,' a specific goal would be to 'increase sales by 20% in the next quarter.'

Measurable: What gets measured gets managed. A goal must have criteria for measuring progress. This allows for tracking and staying on course. If the goal is to increase sales by 20%, then weekly or monthly sales data provides a measurable track.

Achievable: Goals should be realistic and attainable. While ambition is vital, unfeasible goals can be demotivating. Ensure that the goals set are within the realm of possibility, given the resources and time.

Relevant: Goals need to matter. They should align with broader business objectives and values. A relevant goal in a business context not only propels individual success but also drives organizational progress.

Time-Bound: Assigning deadlines creates a sense of urgency and prompts action. A time-bound goal also allows for a clear timeline to measure progress and reevaluate strategies.

Measuring Results

Once SMART goals are set, the focus shifts to measuring results. This is where Key Performance Indicators (KPIs) come into play. These quantifiable measures evaluate the success of an organization, employee, or a particular activity in reaching key business objectives. Regular assessment of KPIs against set goals helps in understanding whether the strategies in place are effective or need tweaking.

 Making Adjustments

The path to achievement is rarely linear. It's fraught with challenges and unforeseen variables. This necessitates a flexible approach where strategies and actions are continuously adjusted based on ongoing results and feedback. The ability to pivot and adapt is crucial in a dynamic business environment.

For instance, if a goal to increase client engagement by 30% is not met, analyzing customer feedback and engagement metrics will provide insights. Maybe the tactics need a shift from email marketing to social media engagement, or perhaps the content strategy requires refinement.

The Iterative Process of Achievement

Achieving goals is an iterative process. It involves setting the right goals, diligently measuring progress, and being agile enough to make adjustments. This cycle of planning, executing, reviewing, and modifying is the essence of sustainable achievement in the business world.

Conclusion

In conclusion, the journey from setting resolutions to actualizing them into tangible results is a disciplined process. It requires the rigor of SMART goal-setting, continuous measurement of results, and the agility to make necessary adjustments. This methodical approach demystifies the path to achievement, making it less about chance and more about strategic planning and execution.

Remember, the path to success is paved with structured goals, persistent efforts, and an adaptive mindset. Embrace this path, and the journey from resolutions to results will be a fulfilling and successful one.