A whooping 80% of businesses up for sale won’t sell, and the main reason for that is that business owners don’t typically think of their exit strategy ahead. Michelle Seiler Tucker specializes in this space. She is the founder and CEO of Seiler Tucker Incorporated. A 20-year veteran in mergers & acquisitions, Michelle and her firm has sold over a thousand companies in almost every vertical. She owns and operates several successful companies and holds several professional designations and certifications. Michelle is the bestselling author of the book, Sell Your Business for more than it’s Worth, and her latest book, Exit Rich, is available now for purchase. In this episode of The Dave Pamah Show, Michelle discusses why so many business owners don’t end up selling their business for a profit, the 6P method of selling a business, and why business owners need to hire an M&A specialist to sell their business. Tune in and find out how you can exit rich from your business!
Listen to the podcast here
Exit Rich With Michelle Seiler Tucker
In this episode, I have with me someone who is the Founder and CEO of Seiler Tucker Incorporated. She’s also the bestselling author of the book, Sell Your Business For More Than It’s Worth, and her latest book, Exit Rich. Michelle Seiler Tucker, welcome to the show.
Thank you. Thanks for having me, Dave. It’s a pleasure to be here.
It’s a pleasure to have you here as well, Michelle. I see you are very busy with your two books. You have just published one but before we talk about your books, tell me a little bit about yourself. How did you originally get into merging and acquisition?
I have always been interested in entrepreneurship. I never thought, “I’m going to get into M&A.” It was a transition, however, I have always been interested in entrepreneurship. I have always owned different small businesses. I did work for Corporate America briefly. I worked for Xerox for about a year and then after Xerox, I transitioned into franchise sales, franchise development, and franchise consulting. I transitioned into selling businesses. At first, I started selling small businesses like coffee shops, restaurants, and things of that nature.
Very quickly, I transitioned into selling businesses with $10 million and up purchase prices. Now, we are selling businesses for $75 million and up. We sell smaller businesses as well and then I transitioned into fixing businesses because most businesses are not sellable. 8 out of 10 businesses will not sell according to Steve Forbes and Steve Forbes also endorsed Exit Rich. I thought, “If I don’t want to starve to death, I need to learn how to fix these businesses and get them ready to sell.” We specialize in fixing, buying, selling, and growing. I buy businesses and flip them. I partner with business owners investing my time, money, and expertise, and putting them on the build-to-sell program.
It’s the first time I have heard of it. I’m sure people have heard of it because it sounds quite unique to what you are doing and is very niche. I have only heard about houses being flipped and fixed. It’s with a property, but not so much in a business. I know businesses do need working on because people, especially at this time now with what’s gone on with the Coronavirus, some are doing well but some have been affected. It’s quite interesting that you have done that. Have you always been into selling? You seem to have a natural flare for it with what you are telling me or did it evolve that way when you got into business?
I’m involved in fixing and selling businesses for many years. Before that, I was involved in buying, selling, fixing, and growing franchises. I did franchise development, franchise consulting, and franchise sales and I then transitioned into selling businesses. I have been for selling for years. I personally have sold to over 500 companies. My team has sold more than that. I think my team along with me has sold over 1,000.
Your second book’s Exit Rich, yeah?
My third book is Exit Rich.
Sell Your Business for More Than It’s Worth is your second book then.
No. Sell Your Business For More Than It’s Worth is my first book which was written in 2013, and then I wrote a chapter in Think and Grow Rich I have another book I wrote that’s not been published yet. It’s all on the acquisition side and then Exit Rich, which I wrote in 2019, and 2020.
Why did you write your present book?
Number one, I like to write. I have always been a writer as a kid and I think it’s good to help educate business owners that there is a better way to run, grow and build your business so it’s sellable and not become a statistic. The business landscape has changed dramatically. When I wrote Sell Your Business For More Than It’s Worth in 2013, the startup world had about a 95% failure rate. Those 1 to 5 years are the riskiest, and about 95% of those businesses will go out of business.
When I wrote Exit Rich in 2019, and 2020, I did the exact same research. I learned that the business landscape has to flip-flop. Now, only 30% of startups will go out of business, however, out of 27.6 million businesses, those businesses have been in business for ten years or longer, 70% of those companies will go out of business.
You see how it’s flip-flopped and you hear about public companies all the time like Toys “R” Us. They have been in business for 75 years and they are out of business, Stein Mart, Pier 1, K-Mart, JCPenney, and Montgomery Ward. Our favorite chocolate Godiva is in trouble. They are closing down 1,500 locations, but what you are not hearing about are the private companies on every street corner, in every town, and in every state across America.
These businesses are going to be forced into selling pennies on the dollar or they will be forced into closing their doors or even worse, filing a bankruptcy. In America, when you file a bankruptcy, you don’t just lose your business. You lose your personal assets as well because most business owners pierce the corporate veil because they take out personal guarantees or they take a mortgage out against their home.
That’s quite serious, isn’t it?
It is quite serious.
You do hear stories about someone crashing down and they are almost like, “I think other stories obviously during the last crash in 2008,” and particularly now, it is pretty ruthless.
These numbers I’m giving you are all before COVID and all after 2008. People have to wake up. It’s shocking to me how many people don’t know the history and know the statistics. It’s shocking to me that business owners don’t know that 80% of businesses up for sale won’t sell. It’s shocking to me that business owners don’t know that 70% of businesses that have been in business for ten years or longer will got a business. This is the business owner’s livelihood and they don’t know the facts.It's shocking that business owners don't know that 80% of businesses up for sale won't sell. It's shocking that business owners don't know that 70% of businesses have been in business 10 years or longer will go out of business. Click To Tweet
What’s the answer then? It seems like you have got the answers in your books and the work you are doing.
I do have the answers and the answers are on Exit Rich and it’s a step-by-step blueprint. The biggest answer to being able to sell your business one day is two things. Number one, plan your exit from day one of starting or buying your business. Many business owners don’t think about selling their business until a catastrophic event has occurred, whether that’s internal or external. Internal could be health issues, partner disputes, divorce, or death. External is COVID.
The worst time to sell your business is when your business is going down. The best time to sell with a maximized profit is when your business is in its prime. Business owners have to think about their business as a business, not as a baby. Most business owners are like, “This is my baby. I will do this forever.” There is no such thing as forever. Those that go up must come down.
I don’t know whether it’s because of this powerful thing and it’s like, “I’m the founder, so on and so forth.” For some people it’s almost as if they still want to work for a living, they are doing it as if it’s work still rather than being an entrepreneur, which is almost the opposite. There are different ways that people have their mindset around a business. They start a business because, “This is earning me a living,” rather than, “I’m going to make a profit.” It’s like stocks and shares. You sell all the stocks when it’s up.
However, when they are 80 years old and they are ready to retire and enjoy the fruits of their labor, they are not going to have a sellable asset. It’s too late because they never treated it like a business. They treated it as a hobby or they treated it as a job. Most business owners who think that they have created a business have only created a glorified job in which they are going to work every day versus a business that works for them.
I feel like entrepreneurs need to wake up. In Exit Rich, I talked about planning the ST GPS Exit Model. What is an exit model? It’s a plan and that’s the biggest thing that entrepreneurs are lacking is the plan. They need to start somewhere and to me, the best place to start is to say, “What’s my endgame?” When you want to drive somewhere and you have never been there, what do you do? You pull out your phone, you go to Google Maps, and you type in your destination.
It’s the same thing with a business owner. They need to type in their destination, where they want to drive to, what their in-game is and what their desired price tag is. Most business owners don’t have a plan so they are driving in circles up and down the financial hills to wind up nowhere or to wind up out of business. They should start with the end of mind and say, “I want to sell my business for $15 million.” “$15 million is great. Now, we have a number.” Whether you make it or not is irrelevant. What’s relevant is to have a real actionable plan.
You still have a business plan.
No. It’s not a business plan. It’s an exit plan.
That’s completely different. It’s two different things.
It is very two different things. An exit plan is saying, “This is what I want to sell my company for. This is my end game. This is my desire for the sales price. This is my destination.” Let’s say it’s $15 million. You should pick a number. The next equation in the exit plan, now that you know where you are going is to figure out where you are starting from. The GPS needs to know your current location and your valuation.
I talked to a business owner that’s been in business for 40 years and he never had a business evaluation done, which is financial suicide. We go to the doctor once a year to get a physical checkup. We bring our cars to the mechanic to get a checkup on our automobiles, but we don’t take our business to get a valuation check which is insanity. It’s financial suicide.
You always want to know what your business is worth every year because there are events that can cause your business to increase, and there are events that can cause your business to decrease. COVID has caused a lot of businesses to decrease in value. While other industries have caused it to increase in value. You want to know where you are starting from. If you want to sell for $15 million and you are currently worth $5 million, you got to gain $10 million.
Now, you need to know in the GPS Exit Plan, what’s your timeframe. Now you know you want to sell for $15 million. That’s your destination. Your current location is $5 million. Your timeframe is ten years. Now, what do you need to know? You need to know who your buyers are going to be. Not buyers, but buyers. There are five types of buyers. Your buyers are not going to be a first-time-buyer because they can’t afford a $15 million company. It’s not going to be a turnaround specialist because they buy distressed assets.
It’s going to be a PEG, a Private Equity Group, a strategic/competitor, or a serial entrepreneur. You need to know, “Borrow yourself for $15 million, what does my financials need to look like? Where do my top line, my gross revenues need to be, and my profit margins? Most importantly, my EBITDA, Earnings Before Interest, Taxes, Depreciation, and Amortization. Where does that number need to be?”
If you want to sell for $15 million, you need to have an EBITDA between $2 million to $3 million. Next in the equation is, what are the buyer’s characteristics? What are they looking for? What synergies are they willing to pay for? You need to build that business to meet that buyer’s financial goals plus the synergies that they are looking to pay for. It’s built to suit.
Can you explain to us who the five different types of buyers are?
Number one is first-time buyers. Ninety percent of business buyers are first-time buyers. They buy small businesses. They buy your coffee shops, restaurants, or laundromats. You have the turnaround specialists who buy distressed assets, and they typically use the assets of the business to leverage the buyout, so they are coming up with no money. You have private equity groups that buy based on platforms or add-ons.
A platform is, let’s say they want to get into the manufacturing space, food manufacturing, and they are not in food manufacturing right now. They won’t even consider a food manufacturing company unless it has at least $3 million to $5 million in EBITDA. Unless you have $3 million to $5 million in EBITDA, you will never be considered for a platform. An add-on means they are already in food manufacturing and they are looking to buy an add-on. Maybe they find a frozen food company that is under $1 million in EBITDA, they look at smaller businesses for add-ons.
You also have competitors and strategics. Competitors and strategics typically buy synergies. They are looking for those synergies that will catapult their current existing location, and their current existing business to the next level. For instance, a strategic might be looking to buy a company that has patents because they don’t have any patents, or they might be looking to buy a company that has a certain contract.
We once appraised an oil manufacturing business for $9.8 million. They had three patents. They had a 65% concentration in one client, which was BP. We have 550 buyers and 12 LOIs on this 1 deal. We found a strategic/competitor. Everybody else was fearful of customer concentration, but this buyer was not fearful at all.
This buyer wanted the BP contract. They had been trying to get their products and services in there for decades and were never successful so they figured, “If I buy this business that has an existing contract with BP, we will be able to get our current products and services in there.” They paid $15 million for a company that was appraised at $9.8 million, which was 126% more than what the business was appraised for because they paid $15 million for 70% versus the $9.8 million.
I was going to say there is so much mess. I’m normally good with figures and I’m trying to keep up.
They bought the company because it was a strategic buy for them. The fifth type of buyer is a sophisticated entrepreneur. They are industry agnostic. They chase cashflow.
The one chasing cashflow is looking for a live business that is high in profit at its peak, you would say.
They are not going to buy businesses that are out of their peak. Turnaround specialists will buy distressed assets.
The big thing you talk about is the ST 6P Method to sell your business for huge profits. Can you tell us what the 6Ps are and why they are so important?
The number one reason businesses don’t sell is that the business is tied to the owner and if the owner leads, there is no business. A perfect example is a dentist who has been in business for 45 years with three dental hygienists and no other dentist. He leads the patients lead. You need to build not just a business, but you got to build people. You don’t build a business, you build people and people build a business for you and with you.
Entrepreneurs have bad habits of trying to do everything themselves and are quite controlling freaks. Entrepreneurs need to focus on their strengths rather than weaknesses and make sure they have the right people in the right seats. Also, ask the who question. Who opens the door? Who deals the customer relations? Who does the marketing? Who does the quality control? Who does legal? Who does the accounting, manufacturing, distribution, logistics, and environmental? The key here is that you should never be next to the who because you need the business to run without you. Dave’s name should never ever be next to any of the whos.Who deals with customer relations, marketing, quality control, legal, accounting, manufacturing, distribution, logistics, environmental aspects of your business? The key here is that you should never be next to the “who”, because you need the business… Click To Tweet
It’s like that saying, “You don’t work in your business. You want to be working on your business.”
I have been saying that probably 1,000 times now. You want to work on your business, not in your business. Most entrepreneurs work in their business and you will never ever grow unless you let go of control. You got to let go of control to grow.
The first P is People. Number two is the Product. You got to ask yourself, “Is your product, your industry on the way up or on the way out? Is it thriving or dying? Do you have a Blockbuster or do you have an Amazon?” If you have an Amazon, your way up here, if you have a Blockbuster, you are about to go out of business.
Unless they take over Netflix.
Blockbuster had the opportunity to purchase Netflix and they sat back and did nothing and now they are out of business. That was a dumb business move on their behalf. Product is very important because you could go out of a business immediately if you don’t have the right product in the right industry and that’s what’s happening right now. That’s what’s happening with brick-and-mortar locations. That’s what’s happening with restaurants because they lack another P, which is Pivot. You have to always pivot.
It’s been the keyword since the Coronavirus, isn’t it?
Yeah. It should always be a keyword because even before COVID so many percent of businesses are going out of business that has been in business for ten years because business owners stopped doing what I call AIM. AIM is Always Innovate and Market. They stopped innovating and marketing. They became complacent, and that’s why they are going out of business. The third P is Processes. Most business owners don’t think about processes just like they don’t think about their exit strategy until they have to.
Processes should be designed in the beginning and tweaked as you go but they should be designed with the customer experience in mind. It means that the process should be designed to make sure that you deliver great customer experiences and that you always keep the clients happy because if you don’t keep the clients happy, somebody else will. Processes are huge. They need to be efficient, productive, and well-documented. You need to have SOP checklists and your employees should be trained on all.
The fourth P is Proprietary. Proprietary is probably one of the highest-valued levers. Proprietary can help you get a higher multiple for your business. Most businesses are calculated on a multiple of EBITDA and then under $1 million in EBITDA can be anywhere from $1.5 million to $4 million. Over $1 million in EBITDA is typically $5 million and up. If you have certain synergies in place, you can get $6 million to $10 million but you got to build your proprietary. Proprietary is all those synergies that buyers will pay top dollar for. Number one is branding. You have to ask yourself how well-branded is your company. The more well-branded you are, the more I can sell your business. As long as your brand is relevant in the mind of the consumers.
Give us an example of what you mean by that.
Does anybody want to pay any money for Blockbuster? Do you want to pay money for Blockbuster? No. Who do you think is the biggest brand in the world?
Netflix, I guess.
The biggest brand. You have got me now. Is it Amazon?
The most valuable brand. Nope. It’s another Apple.
Apple is worth $249 billion, $289 billion, or somewhere. It’s a B. The big B and that’s just for the brand. That’s without the assets, inventory, real estate, and EBITDA. Build your brand and you can sell your business for a lot more money. Trademarks are also valuable, especially in the United States but most business owners make the mistake. When I open a business, they just go get a state trademark.Build your brand and you can sell your business for a lot more money. Click To Tweet
Let’s say they open it up in Texas. They get a state trademark in Texas, but they never ever checked the Federal database and get a Federal trademark. Trademarks are huge. You always want to make sure that you protect your company name, slogan, and podcast name. It’s the same thing with patents. Protect your invention. Do you ever watch Shark Tank?
There are a lot of stealers out there. It’s plagiarism.
Do you ever watch Shark Tank?
I heard of that. You had involvement with someone with Shark Tank, don’t you?
No, I was involved in the pitch. Shark Tank is a group of investors and it’s a TV show. They always ask inventors, “Do you have a patent on this? Do you have a patent pending? Do you have a utility patent? Do you have a design patent?” You want to get patents. Also, contracts are very valuable. I told you a story where a business buyer paid 126% more money for a business because he wanted the BP contract.
Contracts, manufacturing, distribution, and franchisor contracts. Do you have franchisees or any exclusivity contracts? Client contracts are extremely valuable because buyers will pay a lot more money for them but you want to make sure you have the transferability clause in those contracts. Databases are another big synergistic asset.
You are not talking about databases as in, because there’s this big thing about data as well, and there are a lot of legal things that are around people’s email addresses and things like that. I know you are talking about something much bigger.
I’m talking about databases. I’m talking about clients. I’m talking about your CRM, your customer relationship management system. Facebook paid $19 billion for WhatsApp. WhatsApp was hemorrhaging money but it had a billion users in its database and Facebook knew it could monetize them. Your data is extremely valuable. The other thing is IP real estate. Anytime you have a celebrity endorsement. Let’s say you have a skincare line and Oprah Winfrey has endorsed your products. That’s huge. Let’s say that you manufacture furniture and you are number one on Wayfair. Anything eCommerce-wise is huge.
The fifth P is Patrons. This is your customer base. In the United States, most business owners follow the 80/20 Rule, where 80% of the customers come from 20% of the clients. The problem with that scenario is that if you lose a couple of clients, you can be out of business. You want customer diversification, not customer concentration.
Everyone always talks about niching and having a target audience and things like that. That’s a customer concentration rather than diversity?
You can have a target audience or a niche. I’m partnered with a company that sells graphics and vehicle wraps for first responders. Our customers are first responders. Our customers are not companies. We wrap the ambulances, fire trucks, and police. We don’t need a different customer base because there are first responders in every city, in every state across. America. We can also go to Canada and we can go to other countries. We don’t have to diversify.
I was a first responder in the UK. I know exactly what you mean.
Our company’s in Texas. We have enough client base to keep us busy and we can expand in other cities and other states, and even other countries but we don’t necessarily have to expand into commercial because first responders are so big but we don’t have customer concentration. If 60% or 70% of our revenues are tied up with one police station then yes, that would be an issue but we don’t. We have customer concentration within our niche. The last P is Profits.
Everyone’s interested in that.
They are and they always come to me and say, “Michelle, I have a profit problem.” I’m like, “No, you don’t have a profit problem. You have a people problem. If you don’t have a profit problem. You have a process problem.” Lack of profits is never the problem. Lack of profits is always a symptom of not operating on one of the other 5Ps. If you don’t have the right processes in place, I guarantee you are going to lose money.
If you don’t have the right people, you are going to lose money. If you are in a dying product or industry, you are going to lose money. Get the 5Ps right and then you will make lots of money. You will never have a profit problem. Those are on 6Ps. That’s the infrastructure to building a sellable business that buyers will create a bidding war for and want to pay you top dollar.
When you put yourself in a business, being paid or wanting to be paid, can you walk us through how a business can be evaluated before that? Could you walk us through how a business can get evaluated?
Business owners should get evaluated. They should all have not a CPA because not all CPAs are created equal. Not all of them know how to value businesses. You want mergers and acquisitions professional or expert to do your evaluation and do it once a year for you. The evaluation process is hard for us because most sellers are not organized. It means that the biggest time waster for us is waiting on business owners to get their financials together. Some take six months to get them together. I have had them take over a year or longer.
You want to have all your ducks in a row. You want to have all your financials. That’s step one. We always need to get 4 to 5 years of tax returns, profit, and loss statements, cashflow statements if they have them, and balance sheets. We also want to get any personal expenses or non-reoccurring that they are running through the business. If they are running through meals, travel, entertainment, automobiles, and things of that nature, we are going to run all non-necessary business expenses back. This is called normalizing the financials and then all non-reoccurring we will add back.
They need to get all their financials together and the bigger issue is they don’t remember what they run through their business. You should be keeping a monthly annual spreadsheet each year, every month, and categorize it under, “This is how many meals and this is how much entertainment. This is our health insurance. This is our life insurance. This is our 401(k). These are our donations. This is our charity to our church.” You have to write it all down because no one can look at the tax returns and tell you what to run through your business and the P&Ls are not always clear either.
We normalize the financials and then we evaluate businesses on six different methods. Most M&A advisors will do 2 or 3, but we look at the asset approach. We look at discount and cashflow, market approach, and industry approach. We also look at what we call the 6Ps. If the business has over $1 million in EBITDA, we will probably go to the market without a price because whenever you have that threshold of over $1 million EBITDA, you have more buyers. There are always more buyers for good businesses than there are good businesses to buy.
How do you create bidding wars amongst buyers?
The step I have been talking about is number one, going through the 6Ps with our clients to identify what those synergistic opportunities are and then going out to the buyers because we know the five types of buyers. We have over 25,000 to 28,000 buyers in our database. We know what buyers are willing to pay for a certain synergy. We will put it out there on the market and sometimes we structure auctions.
Sometimes we don’t. It depends upon what’s the most important thing to our sellers. We know that we are going to have hundreds of buyers looking at one business if the EBITDA is over $1 million. The higher the EBITDA, the more buyers we typically have. We get buyers to start putting in their bids and that’s how we create a bidding war. The buyer who wants it the most will pay the most.
What are some of the key things one should look for in a merchant acquisition advisor?
I have seen business owners hire real estate agents to sell their business, and it’s like saying, “I need heart surgery, but I’m not going to go to a heart specialist. I’m going to go to a dentist.” You want to make sure you hire a true mergers and acquisitions advisor and not some way that sells coffee shops, restaurants, or pizzerias. There’s nothing wrong with selling that and if that’s what you have, that’s okay. That’s called a business broker. Business brokers sell smaller businesses whereas advisors sell much larger transactions. Typically, $50 million and up.
You want to ask the advisor, “How much experience do you have? How many deals have you done and what verticals?” We have done over 1,000 deals in every vertical you can think of. What does your CRM look like? How many buyers do you have? How do you evaluate businesses? Have you ever created bidding wars? Have you ever done structured auctions? Who owns the business? Who makes the decision on the advertising budget? Who decides how much money to spend? How many people are in your firm?
How do I know my business will get the right attention? Who is going to be working on my business? There are all these questions that you should be asking. What is your method of evaluation a lot of advisors are disorder takers and a client says, “I want $20 million for the business,” and they write it up at $20 million, but they are not doing a thorough evaluation.
Do they create confidential information or a memorandum on your business like a prospectus? How do they qualify buyers? Are they involved every step of the way? It’s because a lot of advisors will step back and let the attorneys and CPAs do everything and that’s the wrong move because you need an advisor who’s going to keep the CPAs and keep the attorneys organized and keep them moving forward because time kills deals.
There’s so much involved there. I was trying to keep up. This is serious business, but if I owned a small coffee shop, which is doable, but it sounds like there is quite a lot involved, but I suppose it shouldn’t be, should it?
There is a lot involved. There’s a tremendous amount involved. There are a lot of moving parts. There are a lot of pieces. There are a lot of balls that you have to juggle in the air all at one time and business owners should never try to sell their own businesses. If you say, “I need heart surgery.” You are going to rip open your chest and grab your heart and operate on yourself. What would you operate on your own business?Business owners should never try to sell their own business. It's like ripping up your chest, grabbing your heart and operating on yourself when you need a heart surgery. Click To Tweet
It’s like sending an expensive property and it’s easier for a broker or someone who knows. It sounds more complex with the business because of all the stuff we have spoken about now.
Real estate is easy. It’s not complicated.
You pull market comps.
They would still go to a broker. Most people will get someone to sell it for them. They wouldn’t do it themselves, would they?
No, they don’t because you have to kiss a lot of frogs before you meet your prince of a buyer. Most homeowners don’t want to meet 100 different buyers.
You still got to get surveyors to check the property out and you are going to flip it then you want to know what you need to be doing and stuff like that. It’s the same with you. You would know a lot about how to fix a business and how to turn it around and sell it. It’s more complex than what we spoke about now. For someone like me with a small coffee shop or someone with a larger business, how would they get ahold of someone like yourself who is an expert in mergers and acquisitions?
I encourage everybody before we even take that step to go out and read Exit Rich. That’s number one. Everybody should read Exit Rich because you want to make sure you have a sellable business, even if you plan on never ever selling. If you have a business that people want to buy, then you have a profitable company. Put the steps in place and operate on all six cylinders, all 6Ps because at least then, you will have a sustainable, scalable business that when you are ready, you have a sellable asset.
I encourage everyone to go to ExitRichBook.com and purchase the book. Sharon Lechter is my co-author. She wrote Rich Dad Poor Dad with Robert Kiyosaki. She’s a five-time New York Times bestselling author. She’s written several books for the Napoleon Hill Foundation. She is a CPA, a financial literacy expert, and an advisor to many different presidents, including President Obama.
Our book has been endorsed by Steve Forbes, and the foreword is written by Kevin Harrington, who was the original Shark on Shark Tank and many other testimonials. We are in the middle of pre-sale, but you can buy the book on Amazon, but it’s less expensive at ExitRichBook.com. They can buy the book for $24.79. We will email you the digital download immediately so you can start reading Exit Rich now and then in the USA, we will mail you the hardcover without any additional shipping. If you want to mail it somewhere else, then you will have to pay for the shipping on top of that.
Also, we will give you a lifetime membership into the Exit Rich Book Club where there’s a video training and me doing deep dives into some of these different techniques and strategies but there are also documents. All the documents you need to run or sell your business are in Exit Rich Book Club for you and your downloads like employee handbooks, non-compete, organizational charts, sample letters of intent, purchase agreements, due diligence checklist, and closing docs.
These documents are worth over $25,000 alone. You can review them and download them for $24.79 plus we will give you a 30-day membership into Club CEOs, which is our entrepreneurial mastermind that I started to do Q&As and hot seats so we can help business owners survive and then come on the other side of this pandemic and thrive so you too can exit rich.
I want to check that website out myself and have a look, even though I don’t have a business complex enough to sell anything but it’s good if I do think of starting one even now to look at it.
It’s for everybody. Also, your readers can text MICHELLE to (888) 526-5750 or they can go to my website, SeilerTucker.com.
Michelle, it’s been enlightening. Everything you have said now, I didn’t know much about. The Exit Rich seems like a new concept, but obviously, you have been around for a long time in this business so you probably knew.
It’s not a new concept. More business owners are going to have to exit than ever before because it used to be that businesses would be handed from generation to generation. Nowadays, Millennials, the kids don’t want their parents’ business. They want to go out there and create their masterpiece and do their own thing. They don’t want to walk in mommy or daddy’s footsteps. You do need to plan your exit strategy.
You certainly hear a lot more about mergers and partnerships. As you said, this thing about Facebook and WhatsApp, and that type of thing. There’s a lot that lot more of that going on, isn’t it?
Michelle, it’s great of you to come and share this information. I’m honored to have someone like you on my show. You have been around all the big names and you are a big player out there in this particular business. It’s a great pleasure coming to the show. Thanks very much for speaking to me.
Thank you, Dave, for having me.
You are welcome.
That’s all for this episode. Thanks for reading, and remember, if you want to support what we do, then share, subscribe, and leave a review over on Apple Podcasts, or head over to my website at DavePamah.com and click on rate show. That’s all for now, but I will see you on the next episode of the show.
- Apple Podcasts – The Dave Pamah Show
- Sell Your Business For More Than It’s Worth
- Think and Grow Rich
- Rich Dad Poor Dad
- Amazon – Exit Rich
- Club CEOs
Leave a Comment