Michelle Seiler Tucker is a Wall Street Journal and USA Today bestseller, the CEO of Seiler Tucker Inc. and she helps people in all kinds of verticals sell their businesses for top dollar. She is the author of Exit Rich, the book that helps business owners build their businesses into sustainable, scalable, sellable assets that can sell at the price tag they desire.

Listen now to learn more about Exit Rich and how it can help you become a true business owner!

 

Key Talking Points of the Episode

[00:00] Introduction

[01:39] Listen to Simple Passive Cashflow!

[02:23] Who is Michelle Seiler Tucker?

[03:55] What has Michelle been up to?

[05:23] What inspired Michelle to write her book?

[06:25] What is Road to Exit Rich?

[07:44] Why did Michelle write Exit Rich?

[08:22] What is Exit Rich about?

[09:53] What is the difference between the contractor mindset and the business owner mindset?

[11:20] Why do you need to build your business to sell?

[13:20] How does exiting rich look like for businesses that Michelle works with?

[14:56] Is passing the business to the next generation a solution?

[15:33] What happens when you lose a business?

[16:15] Why is Exit Rich important to service-based businesses?

[17:47] What will you have if you don’t sell your business when it’s ready?

[18:09] Where can people buy Exit Rich?

 

Links

Website: Money Ripples

YouTube Channel: Money Ripples with Chris Miles

Podcast: Simple Passive Cashflow

Book: Exit Rich

https://www.audible.com/pd/Exit-Rich-Audiobook/B09XYYKG15

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Want to talk to us about your cash flow situation?

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Chris Miles, the “Cash Flow Expert and Anti-Financial Advisor,” is a leading authority on how to quickly free up and create cash flow for thousands of his clients, entrepreneurs, and others internationally! He’s an author, speaker, and radio host that has been featured in US News, CNN Money, Bankrate, Entrepreneur on Fire, and spoken to thousands getting them fast financial results.

 

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Listen to the podcast here

 

How To Exit Your Business Rich With Michelle Seiler Tucker

This show is for you and about you, those of you that work so stinking hard for your money. You’re ready for your money to start working harder for you. You want that freedom in cashflow not 30 or 40 years from now but right now so you can live that life that you love with those you love. Most importantly, it’s about living a life of purpose and meaning because as you’re blessed financially, you can create a ripple effect through the lives of others. I appreciate you allowing me to do that. I appreciate so many of you that have reached out to us.

You’ve been bingeing and sharing. Your lives have been changing as a result of taking action on this and not just reading this. I appreciate you doing that. You are seriously the best audience around. Thank you so much for tuning in. As a reminder, if you haven’t done so already, be sure to subscribe to our YouTube channel, the Money Ripples with Chris Miles page. Right there, we’ve got extra bonus videos, including little video shorts and even cool little tidbits, tips, strategies, and things like that which you may or may not read on this show specifically. Be sure to check that out.

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I’m bringing back a repeat guest, Michelle Seiler Tucker. If you remember, if you’ve gone that far back or binged that far back, you will find her last episode. She’s coming back here a little bit renewed and refreshed because she’s got a brand new book coming out here called Exit Rich as you will see and hear about. To give you a little bit of background on her, this is no ordinary woman. This is not somebody who rolled out of bed and said, “I’m going to write a book. It’s going to become a bestseller.”

She has done this many times before. She’s in a Wall Street Journal and USA Today bestseller. She’s the CEO of Seiler Tucker, Inc. Here’s what they do. They have helped people not only build, monetize, and maximize what they do in their businesses but, most importantly, helped hundreds of people in all kinds of verticals sell businesses for profit making top dollar on what they’re doing.

She is the expert, especially if you’re thinking, “What’s my exit strategy? What can I do for this business, so it doesn’t become a rat race for me?” What we talk about all the time in the show is not getting caught in the rat race, which entrepreneurs do get caught into a lot but something that can be a profitable investment for you. That’s exactly why Michelle is here. Michelle, welcome to our show.

Thanks, Chris. Thanks for having me back on.

It has been great to see you again. What have you been up to?

Working. The last time I was on, it was for the launch of the Exit Rich print version because we launched in June of 2021. We were supposed to launch on April 2020. We had to pivot with this pandemic. This time, I’m on to talk about the Exit Rich book audio version because so many readers have been asking us to come out with the audio version now for years. The audio version came out on May 1st, 2022. We are promoting it for $2.99, which is less than a cup of coffee at Starbucks for the month of May. Go out and get your coffee.

People often send me books, but honestly, an audiobook is so much easier for me because I can consume that while exercising, which I do a lot. You will be able to get that benefit. It’s huge.

That’s why everybody says it’s hard for entrepreneurs to sit down and read a book, but we’re always on the road. We’re always traveling. We’re always on planes, boats, cars, and trains. You can bring the audiobook with you.

Give our readers a refresher here. Tell us exactly what this is about. Give us some of your experience, too, and what inspired you to write this book.

I’ve been in this industry for many years. I’m an entrepreneur in different businesses and different verticals. Years ago, I got into mergers and acquisitions. I learned pretty quickly that what Steve Forbes says is true. Eighty percent of businesses on the market will never sell. It’s huge. It is a lot because if you think about it as a business owner, you have less than a 20% chance of success. Those are pretty strong statistics.

I learned pretty quickly that what Steve Forbes says is true, that 80% of the businesses on the market will never sell. Click To Tweet

I learned a long time ago that if I don’t fix these businesses and grow them and help business owners go on a path of exit, then they’re not going to end up selling for pennies on the dollar, closing their business, filing bankruptcy, and exiting poor rather than exiting rich. We have been specializing in not just selling companies. We specialize in buying, selling, fixing, and growing. I partnered with business owners, investing my money, core competencies, and resources.

We also launched a new program called Road to Exit Rich. It’s a one-year program to get businesses up to speed and get them ready to exit rich because most businesses are not ready. Steve Forbes says that 80% will never sell. The number one reason for that is businesses don’t think about their exit. They’re so busy working in their business and trying to cover overhead that they’re not thinking about the endgame. That’s what happens.

 

One day, they wake up and go, “I’ve got to sell this thing because of employee issues, partner disputes, divorce, death, the pandemic, or whatever the reason is.” What happens is they call me and say, “I need to sell my business.” I’m like, “What’s your desired sell price?” “$20 million. Our EBIDTA or Earnings Before Interest, Taxes, Depreciation, and Amortization is probably $100,000.”

Business owners are basing the value of their business on what they need to enter the next phase of their life, whether retirement or acquiring another business. They are evaluating what they need, not what the business is worth. Buyers don’t give a rat’s you-know-what about what you need. They care about what the value is to them.

Buyers don’t give a you-know-what about what you need; they care about what the value is to them. Click To Tweet

The reason I wrote Exit Rich is that we have been in this industry for a long time. I’ve seen so many business owners go under. This is the third book that I’ve written in this industry. There’s Sell Your Business for More Than It’s Worth in 2013. I wrote a contributing chapter in Think and Grow Rich. I forget what year that came out, and then there’s Exit Rich. Exit Rich is not about selling your business. Exit Rich is all about building sustainable, scalable, and sellable assets.

 

When you wake up one day and you have that epiphany that you have to sell, you have an asset that will sell for your desired price tag. The first half of Exit Rich is all about planning your exit from the beginning. Stephen Covey always says, “Start with the end in mind.” It’s also about building your business on a solid infrastructure so that you have a sellable asset.

Exit Rich is all about planning your exit from the beginning. Like Stephen Covey always says, begin with the end in mind. Click To Tweet

The second half is about selling. Exit Rich is good for all entrepreneurs, business owners, and anybody looking to start a business or buy a business. You start it with the right framework. Exit Rich was endorsed by Steve Forbes. Sharon Lechter is my coauthor who wrote Rich Dad Poor Dad with Robert Kiyosaki. I know that you like the CASHFLOW game.

Sharon Lechter helped develop the CASHFLOW game with Robert Kiyosaki and wrote all the Rich Dad series. We have Kevin Harrington, who wrote the foreword. I wrote this book to help business owners. It breaks my heart to see a business owner make all the sacrifices along the way. They’re in business for years after years, but then they end up losing everything. Business owners are not just losing their business assets. They’re losing their personal assets too.

 

What you do is like HGTV’s Love It or List It, if anybody has ever seen that show, where they go and renovate the property for the homeowners. They can either sell it hopefully for a better dollar than what they make or they can even keep it. That’s what you do, too, because it’s not just about selling it. It’s getting to be a real systematic business. The reason I see 80% of entrepreneurs not being able to sell their business and why it goes under is that they have a contractor mindset versus a business owner mindset.

I think the reason I see 80% of entrepreneurs not being able to sell their business and why it just goes under is really because they have a contractor mindset versus a business owner mindset. Click To Tweet

They want a good, high-paying income from the business they have, but they never think about going beyond it to ask the real question in my mind, which is, “If I were an investor, would I buy my business? If I wanted to stay away from it and not have to work my butt off inside of that business, would I want to buy it?” For most business owners, the answer is a definite no. They wouldn’t want to buy that business. They would want something that’s more turnkey for them.

A lot of them have said yes because everybody thinks their baby is prettier than everybody else’s baby. Business owners think of their businesses as their babies. That’s why I always say that it’s so hard to sell a business. That’s why 80% don’t sell because business owners have not created a business. They have created a glorified job that they go to look at every day because that’s what works for them.

 

I do have that contractor mentality. They’re working in the business, not on the business. That’s why the 6 P’s are so important. The first P is People. You don’t build a business. You build people. People build the business. It is like Love It or List It, but the big difference in business is you’re not going to live in your business forever.

 

You will have to list it at some point.

People don’t live in their houses forever. They downsize when the children move off, go to college, and stuff. Most families downsize. The business has to be built up to sell because you never know what’s in store in life and you never know what’s around the corner. I had a lady that called me not that long ago from Dallas. Her husband, at the age of 40, dropped dead from a heart attack and left her with a mountain of debt.

A business has to be built up to sell because you never know what’s in store in life. You’ll never know what’s around the corner. Click To Tweet

She said, “I don’t know anything about the finances. I know nothing about the business. Can you help me?” This happens a lot in America, where the husbands run the business and the wives don’t know anything about the finances. I said, “I would love to sell it for you, but he’s a general contractor.” He had no subcontractors, people, and processes. He didn’t have any of the Ps except for profit. I said no. When he died and the business died, there was no business to sell.

You’ve got to start treating your business as the valuable asset that it is. We have children. What do we do for our children? We plan everything for their future. We plan where they’re going for nursery school, Pre-K, kindergarten, middle school, junior high, and high school. We even plan for college, but yet we don’t take our business and plan for our business so it is sustainable and scalable and so it can run without us so we can have a better quality of life.

What’s so funny is we go into business for ourselves, thinking we’re going to have more money. We can have more time and a better quality of life, but a lot of times, that never happens. I talked to a business owner. He has been in business for 60 years. He said, “I haven’t had a vacation in nine years.” He missed all of his kids’ games, plays, and everything. You go to business school. Business owners are making sacrifices. That’s why I wrote Exit Rich because a lot of business owners have not created a business. They have created a job.

Give us an example of a business that you got from being that self-employed person within their business to create something scalable and sellable. What example do you have of that where they’re able to do that and have good success with it?

We’re working on one. It’s a graphics company. It specializes in graphics for first responders. They develop apps. I partnered with them. They never broke $1 million. Now, it’s a multimillion-dollar company. We’re on track to sell this company for about $10 million to $15 million in the next few years.

They never broke $1 million in revenue for a year. Now, they’re going to sell for $10 million to $15 million?

They’re not worth $10 million to $15 million, but they will be in the next three years. That’s how I started the Road to Exit Rich program because so many people or business owners want to sell their businesses. The business is not sellable. I had a dental lab call us. It has been in business for 50 years. There’s 1 dentist and 3 dental hygienists. The dental hygienists are his daughters.

I said, “I can sell your business but I can’t maximize the value because the buyer is going to want to mitigate risks. They’re going to pay less. Plus, you’re going to have creative financing. They’re going to require you to stay on for 2 or 3 years.” He said, “Honey, we’re not staying.” I said, “Honey, you’re not selling.”

This happens over and over again. Business owners don’t have a job. That’s why 80% of the businesses are not selling. Exit Rich is a huge wake-up call for business owners to say, “Pay attention. Your business is the most valuable asset you’ve got. You have to start planning for your exit.” It used to be that we passed on our business from generation to generation.

That doesn’t happen anymore. Less than 5% of all businesses are passed to the next generation because kids don’t want your business. They have seen how many hours you work. They have seen you give up weekends. They have seen that you haven’t taken a vacation. They have seen that you miss all their games. They don’t want your business. Plus, they want to go out and create their masterpiece.

 

The reason I wrote Exit Rich is that if you think about it, there are 30.2 million businesses in the United States employing over half the US workforce. Remember that 70% of businesses that are going out of business have been in business for ten years or longer. That’s out of 26 million businesses. When you lose a business, you lose jobs. When you lose jobs, you lose spending power. They stop going out to eat and buy things. When you have more businesses that go out of business, it’s a domino effect. That’s why I wrote Exit Rich for my passion to save these businesses from going out of business.

You hit some people square between the eyes, especially since we have a lot of chiropractors and dentists following us too.

My husband is a chiropractor. I love my chiropractor and dentist, but these are service businesses. Many of them are jobs. If a chiropractor doesn’t go to work, he doesn’t get paid. If the dentist doesn’t go to work, in my case, the dentist doesn’t get paid $3. When you try to sell your business, you have to scale them for 2 to 3 years because when you leave, the patients leave.

A long time ago, my husband and I decided to build a business, not a job. We have multiple locations, one for my center with MVs and BCs. My husband works in the business. He doesn’t do any adjustments. He can take off for 2 or 3 months, and the business will run without him. That’s what we’re trying to get business owners to do.

That’s the dream that every business owner wants. They want that freedom. They didn’t go in to have a big job with a good paycheck. They want real freedom to go with that too.

Sometimes you’ve got a big job without a good paycheck.

You have both. Why not have your cake and eat it too?

We don’t go into business to not make money and not have a great time, but yet that’s what’s happening over and over again. That’s why Exit Rich is so important for every business owner to read because there’s a better way to build your widget so that you can sell it for maximum value. Here’s the bottom line. Even if you never sell it, you have a better business that operates without you that’s extremely profitable. That’s what the 6 P’s are all about.

 

Michelle, how would they be able to get access to this book? Before the end of May 2022, they can get it for $2.99. Where can they find that?

You can get the prints anywhere, but the print is $25. It’s on Amazon, Barnes & Noble, and all the Hudson stores in every airport. The audio version is the promotional one. It’s $2.99 for the month of May 2022. They can go to Amazon and get that on Audible. They can go to Apple, Barnes & Noble, or wherever they buy their favorite audiobook from. It’s $2.99.

Let me sweeten the pot a little bit more because when you buy the audiobook, we’re also going to give you a lifetime membership to the Exit Rich book club. This is a movement. This is not just a book. It’s a movement to get businesses to operate much more efficiently so business owners can finally enjoy life. The Exit Rich club has video content training on all these different techniques and strategies that I’ve been teaching about in the trenches for years.

Plus, we have documents to operate your business, like sample employee handbooks, non-competes, policy and procedure manuals, and all these things that you should have in your business. Most business owners don’t have that. There are documents to sell your business, like sample prospectuses, sample LOIs or Letters of Intent, purchase agreements, due diligence checklists, and closing docs.

There are hundreds upon hundreds of documents to operate and sell you a company that you can upload at Seiler Tucker Academy when you buy that Exit Rich audiobook. You have to email us at Michelle@SeilerTucker.com. These documents are worth over $50,000. We’re going to give you that with the membership. Buy the audio version for $2.99.

Michelle, you’re very generous. Thank you so much for coming on. Make sure you can get access to those things because that’s a hard one to pass up. Anybody who’s a business owner needs to be able to have a way to be able to maximize and then find a way to exit rich, as Michelle has told us. Michelle, thank you for your time.

Thank you. I encourage everyone to listen to my podcast Exit Rich because it’s all about million-dollar and billion-dollar exits. You can go to SeilerTucker.com or follow me on social media @MichelleSeilerTucker.

Be sure to check that out. This is not just about a blog you read and then move on with your life. This is about something you read, apply, and implement so that you can then change your life. I invite you to make it a wonderful and prosperous week. We will talk to you later.

 

Important Links

• Money Ripples with Chris Miles – YouTube
• Michelle Seiler Tucker – Previous episode
• Exit Rich
• Seiler Tucker, Inc
• Sell Your Business for More Than It’s Worth
• Think and Grow Rich
• Rich Dad Poor Dad
• CASHFLOW
• ST 6 P’s
• Seiler Tucker Academy
• Michelle@SeilerTucker.com
• Exit Rich
• @MichelleSeilerTucker – Instagram
• https://www.SimplePassiveCashflow.com/
• https://www.Audible.com/pd/Exit-Rich-Audiobook/B09XYYKG15
• https://www.MoneyRipples.com/contact-us/
• https://www.BlogTalkRadio.com/MoneyRipples
• https://www.Twitter.com/MoneyRipples
• https://www.Facebook.com/MoneyRipples
• https://www.LinkedIn.com/company/Money-Ripples/
• https://www.Instagram.com/MoneyRipples/

 

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