In The Acquisition Process, You Have To Define What Rich Means To You
In today’s episode, I joined Mike Langford of The Advisor Financing Forum to talk about business acquisition, more specifically acquisition of financial advisor practices. When moving on to the next chapter of your life and selling your business you have to identify what is really important to you. You have to define what rich means to you. Does a rich life mean you make as much money as possible? Or does it mean that your employees, clients, and company culture are well taken care of going forward?
“Don’t Fall Victim To The Cycle of Greed, Fear, and Time”
Far too often in the acquisition process, I find that business owners and advisors fall victim to the cycle of greed, fear, and time. They get greedy because they have put too high of a price on their business, and they are always trying to get just a little bit more. Next, they get fearful, because they are stressed and overwhelmed by overanalyzing everything. They start overthinking and overanalyzing every single little thing. Lastly, they have no time, because they were ready to retire yesterday, but they waited until the last minute. And now… their wife might be sick, or they want to spend more time with their family, and as a result, they need more time. Then they get more fearful, then get greedier… and it just becomes this never-ending cycle.
I hope this interview can help any financial advisor, business owner, or entrepreneur get to their next chapter. If you are feeling stuck when dealing with your next chapter take my Continuity-Readiness quiz! I would also encourage you to check out my book: Freedom Street: How I Learned to Create a Rich Life, Live My Legacy, and Own the Future as a Financial Advisor. For any more guidance, I encourage you to check out my YouTube channel and our resources page.