This is Episode 15 of the Dr. Finance Live Podcast hosted by Dr. Anthony M. Criniti IV (aka “Dr. Finance®”). Dr. Criniti interviewed Michelle Seiler Tucker, a successful entrepreneur, a CEO, co-author of the Wall Street Journal, and the USA Today best-selling book Exit Rich (with Sharon Lechter: co-author of Rich Dad Poor Dad), and a leading business developer. Michelle Seiler Tucker is the Founder and CEO of Seiler Tucker Incorporated. She holds the M&AMI (Mergers & Acquisitions Master Intermediary) title, as well as the Certified Mergers and Acquisitions Professional (CM&AP) and Certified Senior Business Analyst (CSBA). Michelle also owns many other businesses in several different industries. As a 20-year veteran in the M&A industry, she is regarded as the leading authority on buying, selling, fixing, and growing businesses. She and her firm have sold over a thousand businesses in almost every vertical and have a remarkable track record of success.
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Michelle Seiler Tucker Interview – Author Of Exit Rich Book
We have a special guest. We have Michelle Seiler Tucker. She is the co-author of Exit Rich, released with the co-author of Rich Dad Poor Dad, Sharon Lechter. We are here to talk about Michelle’s life as an entrepreneur and this great book, Exit Rich. Let’s give a warm welcome to Michelle. Michelle, how are you?
I’m great, Dr. Finance. It is good to see you.
Thank you for joining us. Michelle, we are going to begin by getting to know you. Let’s do a quick overview of your story if you want to tell us about your origin story, maybe 2 to 3 minutes.
I have always been an entrepreneur, even as a young person. I still consider myself young but I have always been into entrepreneurship. I get recruited by Xerox. I did get a job. I was with Xerox for about six months until I was promoted to regional vice president overseeing 100 salespeople. I realized that I did not like management and leadership in Corporate America. I ended up starting my franchise sales development consulting company. I was partners with different franchisors and equity partners.
I ended up realizing that many business owners didn’t want to buy franchises. They all wanted to buy existing businesses and do rollups. A lot of new buyers also didn’t want to buy a start-up franchise. That is why I started my mergers and acquisitions firm several years ago. I have sold 500 companies together. My firm has sold over 1,000.
I learned a long time ago that what Steve Forbes says is true, “80% of businesses will never sell.” I started fixing businesses, growing businesses and building them to sell. Many years ago, I partnered with business owners, investing my money, my expertise, core competencies and resources, fixing the business, growing the business and putting them on a build-to-sell plan at any given time on a few different businesses that I’m building to sell. We have about a 98% closing rate. We get our clients about 20% to 40% more than what the business appraisal is for. I’m an international speaker and I have written three books. My latest book, Exit Rich is a Wall Street Journal and USA Today bestseller.
Going back to your childhood, you grew up in Louisiana, is that right?
No, Long Beach, California.
What happened after that? You eventually moved to Louisiana.
My father was from a family of twelve siblings. He got into an argument with them one day. He decided that weekend he was packing up his family and moving to Texas. I was eleven at the time. We moved to Austin, Texas. I lived in Austin, San Antonio and Dallas. I met my husband, who was in medical school in Dallas and he made me move to New Orleans. I love New Orleans. I have been here for several years.
You are from Cali to Louisiana.
I have lived in every major city in Texas except for Houston. Houston is where I own a business.
Let’s talk about your new book, Exit Rich. It became a Wall Street Journal and USA Today bestseller. How does that feel to have this new status?
It feels great. It was a roller coaster because Exit Rich was launched on June 22nd, 2021. It was bad timing. I planned a vacation for June 30th, 2021, thinking that the results would be out before that. My husband, my daughter and I go to Naples, Florida. We got the news that we did not make New York Times. That was quite upsetting on my family vacation. The next day, we did not make the Wall Street Journal but we did make the USA Today. That was concerning.
Needless to say, I did not let it affect my family vacation. When I came back home, I found out that we had the numbers to make the New York Times’ number two spot weekly. I found out when we came home, we did not make the New York Times monthly, even though we had the numbers to make the fourth position but we did make the Wall Street Journal. It was a little bit of a rollercoaster but it feels good. It has been a year and a half because when we came out with Exit Rich, it was supposed to launch in 2020 but this small little virus has changed all of that. I’m the one who wrote Exit Rich. I started Exit Rich in 2019. It has been a long journey.
This new status has elevated your brand. Has the success enlarged your credibility? For example, new titles, testimonials and your podcast, power brand association. The main theme behind this question is if you look at your cover, Steve Forbes is on air and Kevin Harrington wrote the foreword. There are an amazing amount of testimonials. This is new to you. All these different testimonials, would you say that is helping your credibility and leveraging it?
The recognition of the Wall Street Journal and USA Today was brand new. I haven’t seen any effects of that yet but I’m sure I will. I already had tremendous credibility before Exit Rich because I have spoken on stage with prominent celebrities like Arnold Schwarzenegger and many more. I already had a tremendous amount of credibility because I wrote my first book called, Sell Your Business for More It’s Worth, in 2013. That was the number one seller too but it was an Amazon number one seller, which wasn’t bad for self-published. I had a tremendous amount of credibility already. With Exit Rich getting a Wall Street Journal and USA Today, that is going to pull this to the next level.
The reason I was asking is that I know you are already in authority in what you do. You are a top person for selling and buying businesses. How much more credibility can you get when you are already at the level where you were at the top?
It is not so much about credibility because I already had the credibility. It is more about exposure. Letting people know who I am and what I do. The reason I wrote Sell Your Business for More It’s Worth in 2013 is because M&A is the best-kept secret. Many business owners are uneducated. They don’t realize that there are M&A professionals and business brokers out there and advisors to help them sell their businesses.
When we sell businesses, a lot of times, we can’t talk about it because they are all private companies. We don’t get to mention, “We sold this multimillion-dollar company.” That is why we sell your business for more than it is worth to get that credibility and exposure. Sell Your Business for More It’s Worth gave us that. It catapulted us to the next level that people know who I am. With Exit Rich, it is going to get into the hands of so many more business owners and educate business owners on what they should be doing with their businesses that don’t become a statistic.Educate business owners on what they should do with their business, so they don't become a statistic. Click To Tweet
Let’s get right to the main topic to make sure we cover that. I know you are on a schedule. Can you give us a summary, maybe two minutes or less your top topics and some tips on how to exit rich?
It is not just about selling your business because most businesses are not sellable. Back to what Steve Forbes says, “80% of businesses will never sell.” That is a startling statistic that should slap business owners in the face because if you think about it, they got less than a 20% chance of success. Those are strong in statistics. The reason for that is that most businesses are not sellable. Many business owners have created a job that they go to work at every day versus a business that works for them. They don’t think about their exit strategy until a catastrophic event occurs and they don’t build their business to run with the proper infrastructure to run on all six cylinders, all the ST 6 Ps that we talk about in Exit Rich.
Exit Rich is all about planning your end game from the beginning. Start with the end in mind, as Stephen Covey says. It is all about planning your GPS Exit Model. Also, walking you through the process of, “When I should sell. What does that look like? What’s the perfect time for me?” What is your seller’s sanity check?
It goes into building that infrastructure on the 6 Ps, which is number one, People. You don’t build a business. You build people and people build a business. Number two is Product. Is your product thriving or dying? Number three is Processes. Have you designed your processes with the customer experience in mind? Proprietary is the number one value driver. The fifth P is Patrons. Do you have customer diversification or customer concentration? The last P is Profits. Lack of profits is never the problem. It is the symptom of not operating on one of the other five Ps.Lack of profits is never the problem. It's the symptom of not operating on the other 5Ps. Click To Tweet
The second half of Exit Rich goes all into the valuation. The five types of buyers for negotiables or non-negotiables, how to package your business for success, how to create bidding wars, negotiations, letters of intent, offers, due diligence and finally, to that closing table. We also have content in there about if you are not quite ready to sell your business, how to build your business to sell, plus the top mistakes that business owners make and the questions to ask mergers and acquisitions advisors before you hire them. There is a lot of content.
We were at Clubhouse talking about this book for two hours. The audience was mouths dropped. There was much wisdom coming out. Folks, you can gain much. They should be putting this into MBA classes. They don’t teach this stuff because she is on the field. Michelle, to give our readers a little quick snapshot of what you have done in the past to give you the credibility to write this book, can you tell them about how many businesses you have sold, both you and your business and the minimum value that you usually deal with?
I sold over 500 companies. Altogether, my firm has sold over 1,000. My sweet spot is dealing with businesses $10 million and up. We have a FOREX company. I’m not going to say what. I’m going to be careful because they don’t have much competition. Their gross revenues are about $70 million. The EBITDA was about $17 million. We are selling their company. Sometimes I take smaller businesses if it is a previous client, personal friend, referral or something like that. Most of the businesses I take are $10 million and up.
She has an extreme amount of credibility. That is why this book is amazing, especially for beginning to even advanced levels as well as what we are going to talk about and she mentioned this in Clubhouse. Even for regular mom-and-pop shops, you need to know this stuff. Michelle, what are the consequences of a successful brand association? You already were credible but this book had added more credibility and brand associations attached to it in print before you had videos, pictures and stuff. You got testimonials in the book in print. Steve Forbes said this about your book and Les Brown said this. There are 10 or 20 different people. What are the power of successful brand association and the consequences of that?
We have about 30 to 40 testimonials because we have a bunch on the inside of the book as well but the power of association is everything. I call it relationship capital. I always say, “Your network equals your net worth.” You want a strong circle of influence. You want strong influencers that can give you a great testimonial because your network equals your net worth. If Steve Forbes is saying, “Exit Rich is a goal mine for entrepreneurs that leave way too much money on the table,” people are going to listen to Steve Forbes because he has amazing credibility. He is a powerhouse and extremely successful. You want to get those huge endorsements because they will elevate your brand exponentially.
In line with the next question, you mentioned the word network. What role has networking played in your life?
The biggest way that I have networked is by speaking on stage because I get to not work with all the other speakers. I have rob shoulders and had dinner with Eric Trump. Love him or hate him, I got to meet Donald Trump. I spoke on stage with Arnold Schwarzenegger, Donna Karan, Steve Wozniak from Apple and Randi Zuckerberg, Mark Zuckerberg’s sister. The list goes on. I network with them. Some of them, I made friends with. I got into their circles. Cathy Harlan was another one. I network with everybody from the events. Networking is huge. I don’t think I would be where I am now if I didn’t network. I met Sharon Lechter at a conference that she spoke at and I spoke at later.
How long ago was that?
It was probably 2012 or 2013. I met Sharon Lechter from networking. Somebody introduced me to Sharon Lechter.
What you said was amazing and I’m thankful to you for being honest. You wouldn’t be who you are now if it wasn’t for networking. Would you agree that this should probably be true for most ridiculously successful entrepreneurs and people of high influence like yourself? Do you think that if it wasn’t for networking, they wouldn’t be who they were?
I would still be successful from an M&A standpoint, even without networking, because I’m good at what I do. I want to be where I am as far as exposure, credibility and some of the accolades I had without networking. I would have never met Sharon Lechter, Eric Trump, Donald Trump or any of these people if I didn’t network.
Networking is huge. I don’t see anyone being successful unless they are networking and in the right circle of influence. Their network equals your net worth. If you want to be broke, you hang out with broke people. If you want to be rich, you hang out with rich people. It is common sense. Unfortunately, common sense is not so freaking common.
In a quick description, what title would you give to what you do? The reason I’m asking you that is that I had a hard time putting this on your branding ad for Clubhouse that night. We had buyers and sellers of businesses fixing and growing. We know you do all that stuff. If you can flatten it down to one word, this would help your branding too. The way I came up with I called it super business developer.
That encompasses everything that you did, from starting a business to selling it, exiting and everything in between. Maybe a super business developer. As a former real estate developer, that is what we do when we build houses. We buy a house, fix it, grow it and sell it. That is the whole process from start to finish. Would you say that is maybe something that would shorten your title, maybe a super business developer?
Shorten my title from what? What is my title now?
That is what I was asking you.
I have played around with different titles. I had different titles, domains and things of that nature. It always goes back to the branding experts. It was like, “We can’t keep branding everything. Let’s brand Michelle Seiler Tucker.” I have been called the business doctor. I have the business doctor domain. I have been called the Sheep Profit, like Marcus Lemonis The Profit. I have been called the business developer.
Not a business consultant because you do more than consulting. You are buying and selling businesses.
I have been called the queen of everything and the queen of business.
You have many roles. That is the part of being highly successful.
I do have a lot of different roles because somebody was asking me this on another podcast. He was like, “Michelle, are you ever a psychologist?” I go, “When am I not?” I’m a psychologist, attorney, CPA, financial advisor and business advisor. We pretty much play every role there is.
Is mentoring important? Who are some of your mentors?
Mentoring is like networking. It is hard to be successful without having the right mentor and being in the right networking group. Mentoring is everything. Everybody needs a coach. If you’re a singer, you need a coach. If you are working out and you want to be successful working out, you need a coach. If you are in business, you 1,000% need a coach because you don’t know what you don’t know. It is not what you know that gets you in trouble. It is what you don’t know. Mentoring is everything but you got to get the right mentor. I never had a mentor at all.It's hard to be successful without having the right mentor. It's hard to be successful without being in the right network and networking group. Click To Tweet
I was successful before that but I went to my first conference in 2011 and I got a mentor for the first time. That mentor was great but I have had good mentors and bad mentors. Mentors are like anything else. If you are trying to hire an attorney, mergers and acquisitions advisor or CPA, you got to do your homework and due diligence. You got to find the right mentor for you. You want to make sure that your mentor has success in what you are trying to be successful in. You don’t want to choose a mentor that is on stage, saying they are the best and have no results.
You want to make sure that you get somebody who has been down the path that you want to travel because they will shorten your learning curve and your path to success dramatically. Mentors are everything. It brings me back to my quote that I always say, “That is hard to be the label from the inside of the bottle.” You need an outsider’s perspective to read the warning signs and keep you out of the danger zones. When you are in your fog, it is foggy. You have to have an outsider’s perspective. That is what I am for my clients as a mentor.
Who are some of your mentors?
You can laugh at me because I don’t want to have one. Sharon is my co-author. She doesn’t mentor me but I have worked with David Corbin before and I have had different mentors for different things. I might call them up for speaking. The first time I got on stage, I was speaking in front of 800 people. I was petrified. If I have a problem, probably one of the first people I’m going to call is David Corbin. He is the one who got Sharon and me together on co-authoring.
Should people that are highly successful like you still have a mentor? Should mentors have mentors?
Absolutely, because what got you here won’t get you there. You need different mentors for different levels. Nido Qubein is another highly successful individual who is the President of High Point University. I’m working on getting my book, Exit Rich, into his school. He is on the board for La-Z-Boy and Great Harvest Bread Company. He is one of my mentors. When you reach different levels, you need different mentors.
Are the concepts of selling your business for a profit, as in what you teach in Exit Rich, applicable to small mom-and-pop businesses? We talked about this in Clubhouse, in-depth a little bit but maybe 1 or 2 minutes if you can address that.
They are applicable. Maybe even more so to mom-and-pop businesses because what do mom-and-pop businesses do? They have a job, not a business. It is 1,000% applicable because mom-and-pop businesses need to build an infrastructure of operating on the 6 Ps. They need to have the right people in place. They need to make sure that they are in the right industry. They have to build that solid infrastructure so the business is not dependent upon them. They need to make sure they put the right processes in place.
Exit rich is for everybody. Whether you are a multimillion-dollar company, a small mom-and-pop business, a solo entrepreneur, a stay-at-home mom or you just started a business, always start with the end of the mind, plan your access strategy and build your infrastructure. I don’t care what size business you are. It is a must.
What are the best ways to value a business? Is it an art, not a science? The first time I brought you up on Clubhouse, there was someone that came on that was asking a question about valuation. You provided a great answer and I will let you answer here. As a former university professor for ten years, this is a big debate in finance and economics. What is the valuation process of a business? You can read business book after business book.
They all want to have their theories about, “We need to go after the financial ratio.” Some people will say, “You need to look at more qualitative stuff, not just quantitative.” There are a million different little arguments in between. I liked your answer a lot because that summarizes several years of teaching this is what my conclusions were. Michelle, what is your answer to the question? What are the best ways to value a business? Is it an art and not a science?
Evaluating businesses is an art versus a science. It takes a tremendous amount of experience. There are so many things that come into valuations. Sellers will come to me quite often and say, “Michelle, I want $10 million from my company.” They got $500,000 in EBITDA. Sellers typically will have unrealistic expectations as far as what their business is worth because they base the evaluation on what the equity is worth, plus what they need to exit and retire on. Buyers don’t care about what you need. Buyers care about what the value is to them.
We use six different methods when we evaluate the business. Number one is the 6 Ps because the business is worth what someone is willing to pay for it. How do you drive value? You drive value by making sure the business operates on all 6 Ps, building the proprietary assets and finding the buyers that are willing to pay top dollar for those synergies. What do those synergies do? They help catapult that buyer’s existing business to the next level.
Buyers are paying for people, contracts, patents, trademarks and things they don’t have in their existing business. Value is what a buyer is willing to pay. I will give you quick two stories if you like but a quick story to illustrate. We sold an all-manufacturing business. We appraised it for $9.8 million. They had 70% of their revenues tied up with the BP contract.
Think about that. That is a huge customer concentration. If they lose BP, they lose 70% of the revenues. We had 550 buyers and 12 LOIs or Letter Of Intent. We narrowed it down to twelve. They all had clawbacks, earnouts and seller financing. My sellers were like, “We are not taking any of those deals.” We have found the right buyer. Value is all about finding the right buyer because the value is what a buyer is willing to pay for it.
The value is important to the person who is buying it. That is relevant to the person.
It is all up to the buyer what value means to them and value is what they are willing to pay for it. This buyer was strategic. He had similar products and services. He had been trying to get into BP for decades and could never get in. He was like, “I don’t care about customer concentration. I want BP. I want my products and services in the company. I will do whatever it takes and show up in everybody else.” He paid $15 million for 70%. It was appraised at $9.8 million. It was 129% more than the appraisal price.
Valuation, is it an art or science? It is what the buyer is willing to pay for something. Value is determined by the buyer. I will give you another story. A staffing company that we were going to sell for $30 million easily until the owner decides to sabotage everything. He ends up in bankruptcy court. I get approved as a stalking horse. His soon-to-be ex-wife was there with her attorney. He decided he was going to marry his high school sweetheart while still married to his wife all when we are in the process of trying to sell this company.
The attorney is grilling me on testimony and telling me about the value and all this stuff. The judge said, “Value is what a buyer is willing to pay for it. That is what value is.” We used six different methods. We use a discounted cashflow, the market approach and sold approach. We give the biggest weight to the 6 Ps because the more synergies you have, the more we know buyers are going to pay for something. Here is the other thing. You got to take into consideration what people forget about.
If buyers can take advantage of the economy’s scale, buyers can cut costs by cutting infrastructure because I already have a current infrastructure. We are selling a manufacturing company. That one distribution center costs $5 million. We have a manufacturing buyer that has distribution everywhere. The first thing they are going to cost is $5 million. When we are looking at value, we are taking into consideration all these different pieces to the puzzle. When I can decrease overhead and increase EBITDA, they are going to pay more money for that business.
If I was still a professor, I would take this little answer segment to this show and make its own video and I would send it to all the students because that would explain a lot of what they are reading. It is powerful, especially coming from someone like yourself.
Why don’t you still make the video and send it to colleges?
Michelle, I know you are on a schedule. We have about 5 or 6 more questions here. Let’s figure out about a minute each. What do most businesses feel like within the first few years?
They don’t anymore. If you remember my research from Sell Your Business for More Than It’s Worth, 90% of startups were failing. When I did the research for Exit Rich, only 30% of startups are failing. 30% of the startups within that 1 to 5 years are failing. Startups are not at risk anymore. This is where people are getting us wrong.
Out of 27.6 million companies, those businesses that have been in business for 10 years or longer, 70% of those companies are going out of business. You hear about the big public companies all the time like Toys R Us, Kmart and Stein Mart, going out of business but you don’t hear about the private business owners that are exiting poor, selling for pennies on a dollar, closing their company or filing bankruptcy.
Why is that? It is because of the lack of AIM, Always Innovate and Market. They stop innovating and marketing toward the rest of nothing new in several years. Blockbuster saw Netflix. They had the opportunity to buy Netflix twice. They sat back, did nothing and they are out of business. Business owners are married to their original concept. They want to keep doing things the way they have always done them. That is the reason.Private business owners are poor because of a lack of aim to always innovate in markets. Click To Tweet
Michelle, the Small Business Administration, I don’t know the exact details but I wrote this in an article years ago. Don’t quote me on this but it’s around that 75%. The number gets higher as the time proceeds of businesses fail in the first five years. As time goes on, it is almost like 90% to 95% of businesses fail between the year 5 to 10.
From the research that I have that I got, Sharon, my co-author, that makes sure it was accurate is what I said. I’m not quoting on 5 to 10. I’m quoting on 1 to 5 startups is 30%. After being in business for 10 years, the research I have and we have done numerous times, 70%. 5 to 10, who knows?
These are SBA numbers too. I don’t know how outdated that was. It could have been a few years, at least.
Ours was the most recent that you could find. I was flabbergasted. I’m like, “How can it go from 90%? The started startup is falling to 70% of existing businesses.” If you have been in business for several years, you should be in business for a long time. That is not the case. It is mainly because of a lack of innovation.
Should governments have more or less control over business regulations?
You already know that answer. It is less.
We will leave it at that. We are getting into some standard questions here, maybe a minute or less. What are your favorite financial books?
I will read your book if you read my books.
I will read your books. You already have my book.
I bought a lot more of your book. I’m handing them out to people too.
You didn’t buy them on my site?
I bought them from Amazon. I tried to boost you up a little bit.
How much did you get?
I won’t buy them as I need them, at least ten.
Thank you. That is what I don’t like about Amazon. You can never tell who buys books. That is not like going to ExitRichBook.com because there, I can see.
Do we need money to survive?
Absolutely. How are you going to survive without any money?
You are in a position like myself. It is common sense at this point. My first book was The Necessity of Finance, which leads to the second question and I will elaborate more. Is finance necessary for everyone?
Absolutely. My co-author would smack me if I didn’t say it was crucial. Financing should be taught early on in education in the school systems. Sharon’s whole legacy is financial literacy. It is key. If finance education had been taught much earlier on, we wouldn’t have some of the big issues that we are having around the world.Financing should be taught early, early on in education, in the school systems. Click To Tweet
The first book I wrote, The Necessity of Finance, several years ago was for my finance students. What I was trying to say was, what is common sense to us? The average person may not realize that. That is our job to educate them. Finance is necessary. Money is necessary to survive.
Credit is necessary. Sharon Lechter talks about her son who went to college and came back with all this credit card debt because he didn’t understand. If you rock up credit card debt, you got to pay it off.
How important is having a purpose in business? What is your purpose?
I always say, “Your why is everything.” The fifth step in the GPS Exit Model is, what is your why? Why have you been in a business to suffer $10 million, $20 million, $50 million or $100 million? If we don’t have a powerful why, we are not going to stay motivated, weather the financial storms and handle the catastrophes that come all way. Business is tough. To stay in the game and continue to fight, you have to have a powerful why. Nothing gets done without a significant why. It has to serve a higher purpose. It is got to be bigger than yourself.
What is your purpose, Michelle?
I have a few different purposes. First and foremost, I’m passionate about entrepreneurship if you haven’t gotten that. I love business owners and small businesses too. When we say I started at $10 million and up, our firm still handles smaller type businesses. I care about helping to save the American economy. Small business is 30.2 million businesses in the United States, employing over half the US workforce. With 70% of them going out of business, we are going to lose jobs. When you lose jobs, you lose spending power and more small businesses.
My big purpose is to help save as many business owners as I can by saving small business owners from going out of business and helping them retire rich because 80% of business is never selling. That means most business owners pour their heart or soul and money into their business and make huge sacrifices along the way. Most of these business owners will be exiting poor. That is my main why.
We have two more questions left and we will wrap it up. What would you like to accomplish in the next years and why?
I am going to get that New York Times Bestseller.
I know you are. You are determined. That is another goal for you.
It is the golden stamp of approval. I always say, “To retire is to expire.” I still see myself doing what I love, staying in mergers and acquisitions and partying with other business owners. I got some big things on the horizon that I prefer not to publicize yet. It is because I love what I do. I always ask my clients, “Would you do what you do now if you weren’t making money? Would you do it anyway if you weren’t making money?”
It is more the same at a higher level, probably.
I have always said, “I want to be the Suze Orman of finance.” I want everybody to know Seiler Tucker and what we do for business because I want to educate more business owners on what they need to be doing so they can build sustainable, scalable and sellable businesses when they are ready. It is heartbreaking when Baby Boomers get to 80 years old. Her business is not sellable and they lose everything. That is heartbreaking to me.
What is your legacy to the world? What would you like to leave to the world in that unforeseen moment one day when we all pass away? What would you like the world to say about you?
First of all, I want to set my family up for success. I follow what I write in my book, Exit Rich. I have a GPS Exit but as far as my legacy, what do I want on my tombstone? I often thought about that. I want the world to know that I saved and educated as many business owners as I could. I helped as many business owners retire rich as we could. I never stopped fighting for business owners. I was also a great mother, a great wife and a great friend.
Michelle, based on my last book, The Survival of the Richest, a 500-plus page dissertation connects survival to finance. Finance is an extension of survival. The reason I brought that up is you take the ideas of that and translate them to what you said. When you say, “You want to save businesses,” you are saying you want to change and save lives. By saving people’s businesses, you are saving their livelihood. That is what livelihood is. You are a hero in that way. Thank you, Michelle. I appreciate you being here.
Thank you for having me.
We are going to have some amazing Clubhouse events coming up pretty soon. We are going to organize some more stuff together. Stay tuned for that. Those are live events. Before I conclude, Michelle, I want to turn the floor over for you to give you a moment. Say whatever you want. The floor is yours. You want to show your book or whatever you want to say.
First of all, I like to say thank you, Dr. Finance, for having me on. Thank you so much for bringing me into Clubhouse. That was the first time I had ever been to Clubhouse. I remember my daughter going to Clubhouse with Sharon Lechter. She was like, “Come on to the stage, Michelle.” I was in the shower. I would encourage everyone to go out and get Exit Rich because it is for all entrepreneurs, anyone thinking about starting, buying and selling a business, even these business owners that feel like they are stuck.
Get Exit Rich. It will help you improve your business dramatically. My husband says, “Exit Rich is for anyone that runs the business, manages the business and department, not just for business owners.” I would encourage everyone to go get Exit Rich. It is endorsed by Steve Forbes. It sets the gold mine of entrepreneurs as they leave way too much money on the table.
Sharon Lechter, whom we have been talking about, is a co-author of Rich Dad Poor Dad with Robert Kiyosaki, a CPA and financial literacy expert. She writes the mentor’s corner after each one of the chapters. Plus, as a bonus, her husband is an intellectual property attorney and writes content in the proprietary section.
My good friend, Kevin Harrington, wrote the foreword. He was the original shark on Shark Tank. Plus, we have glowing testimonials from Jack Canfield, Mark Victor Hansen from Chicken Soup for the Soul, Brian Tracy, Tom Hopkins, Les Brown, Jay Samit from Disrupt You, Brad Sugars from ActionCOACH and Dawson from Grant Cardone’s team. To name a few, we got Forbes Riley and a bunch of other ones.
You can get your copy of Exit Rich at ExitRichBook.com or go to your favorite bookstore, Amazon or your local bookstore. If you go to ExitRichBook.com, that is where we have all the bonuses. For $24.79 plus shipping, we will email the digital download and ship the hard cover to your doorstep to anyone inside the United States. If you live outside of the United States, go to Amazon and we will give you a lifetime membership into the Exit Rich Book Club.
There we have video training where I do deep dives, different strategies and techniques I have been doing for the last several years in trenches and documents to operate your business. We have sample policy and procedure manuals, employee handbooks, org charts, samples of levering tense, purchase agreements, due diligence checklists and closing docs. All these contracts are expensive. It would probably cost you over $50,000 to recreate.
All of these documents to operate and sell your company are there for review and download. Plus, we will give you a 30-day free membership into Club CEOs, which is an entrepreneurship mastermind where we ask transformational questions. We do Q&A and hot seats and help you pivot so you can build that sustainable, scalable and when you are ready, sellable business, all for $24.79. If you buy Exit Rich at your favorite bookstore or Amazon, email me the receipt and I will make sure you still get the bonuses.
What is your website that they can also find you?
Don’t forget to follow Michelle. She is on all major social media platforms.
She is everywhere, doing it the right way as it should be. Michelle, any last concluding thoughts before we wrap it up?
I already said this earlier and typically I say this at the end. A lot of times, entrepreneurs feel like they are stuck and they have to quit. I always say, “Don’t quit.” Find that mentor, expert or person that can help you get unstuck and see what you are not seeing because successful entrepreneurs like to help other entrepreneurs become successful. Entrepreneurship is not lonely. Remember, your network equals your net worth. Find a mentor who has been down the path that you want to travel.
That is a beautiful word, especially considering the amount of trauma a lot of people have been through with the Coronavirus. A lot of people have lost their businesses or had some trouble. That is very encouraging. Thank you, Michelle, for joining us. I appreciate it. I’m going to wrap it up. Stay tuned. We got a lot more great guests coming up.
Follow, like and subscribe, not just here but also on every platform that is out there. We are all over the place. Here is my website, Dr.Finance.info, as well as my three books. I always recommend starting from the first book, The Necessity of Finance, then The Most Important Lessons in Economics and Finance and then you will get to the great big, The Survival of the Richest book. Take your time with that one. That might give me nightmares. I have a disclaimer at the beginning. Thank you, everyone and Michelle. We will see you soon. Take care, everyone.
Thank you, Dr. Finance.
- Exit Rich
- Rich Dad Poor Dad
- Podcast – The Exit Rich Podcast
- Sell Your Business for More It’s Worth
- ST 6 Ps
- GPS Exit Model
- The Necessity of Finance
- The Survival of the Richest
- Disrupt You
- Club CEOs
- The Most Important Lessons in Economics and Finance
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