Today's episode of the podcast, Robert Hirsch from Freedom Factory discusses "Strategy to Sell My Business if I am in EO Entrepreneurs Organization".
Listen to the podcast, watch the video, or read the transcript below.
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Transcript of Podcast
Hi, it's Robert Hirsch here from Freedom Factory, and I want to talk to you about selling your business if you're in the entrepreneur’s organization or EO. Now, I've been an entrepreneur for the better part of 25 years. And I remember when I first joined EO, it was YEO and I was in my early twenties and I learned of a lot.
The two things that really underpinned entrepreneurial growth for me were, one, a peer learning group like EO. And second was learning how to groom mentor relationships. If you think about a university or any type of learning environment, you usually have those two things that are helping it - the peer learning group or your classmates and the teacher or the mentor.
One of the things, when I was in EO, I was starting my business and I was a good entrepreneur, but I didn't know what I didn't know. And my solution to everything was make more revenue, some more stuff. That's always what I was trying to do. If something came up and I didn't know how to handle it, I would sell more stuff, but I rarely thought about selling my business. And so if I thought about it, or for example, when I was running software companies at the time, and when the company, that was my dream became my nightmare.
I had venture capitalists and I had financing and limited partners and we were behind plan and it wasn't working. I would make a forum presentation. I'd go to my group and my group is seven people, and the reality was the forum was helpful and they were empathetic and they listened, but they had some constraints, right? One, no one had told the business yet. Two, we were stuck in gestalt and get shop protocol and not a lot of people had a lot of relevant experience to share.
When it came down to selling my business, the reason that I made the mistake is a good friend of mine that I trusted unequivocally said he knew someone that could help me sell it. But I never went through the process of determining if that was the right person. And the reality was, I've met this banker and I learned this important lesson, because we talked past each other, right? Bankers don't speak entrepreneur and entrepreneurs don't speak banker. And so he was telling me about what was happening, but I knew he wasn't my tribe. I knew I needed to find an entrepreneur to help me sell my business and make sure it's the right person.
For me as an entrepreneur my businesses is really a Trojan horse for me affecting the world or creating social change. And when I realized that we had enough LPs and it was a software company in the adventure travel space, and I realized that I wasn't going to be able to do that, and I lost my passion for it. I knew the time was right to sell and I just didn't know who to talk to.
So if you're an entrepreneur and you're thinking about selling your business, or you have questions about what it's worth or what an exit looks like or deal structure. Why don't you give us a call at Freedom Factory? We are all entrepreneurs. Most of us have been in EO or YPO or tiger 21 along the way and we'd love to help you.
I'm Robert and I look forward to speaking with you soon.
Thank you so much for watching. Please like and subscribe.
Contact Freedom Factory
Freedom Factory
5500 Greenwood Plaza Blvd., Ste 230
Greenwood Village, CO 80111
Phone: 844-MAX-VALUE (844-629-8258)
https://www.freedomfactory.com/
https://g.page/freedom-factory-denver
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