How to Use Your Business as a Vehicle to Build Wealth
Hands-Off CEO
English - September 08, 2022 04:01 - 11 minutes - 10.8 MB - ★★★★★ - 46 ratingsCareers Business business entrepreneur entrepreneurship finance marketing leadership interview health entrepreneurs fitness Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Previous Episode: Building an Agency with a Purpose with Karen Hite
Businesses are great sources of income, but you shouldn’t have to keep working forever to build your wealth - and especially not after retirement. Mandi Ellefson explores how business owners can avoid this in this week’s show.
Key Ideas:
Mandi shares how she first started seeing business as a vehicle for building wealth. [2:12]
“We had seen all the advice about buying into the stock market in your 20’s… and we made a conscious decision to wait and invest in our earning potential,” Mandi says. She and her husband were able to uniquely build their wealth even before her business went big. [5:47]
Only 1% of businesses are actually sellable, Mandi claims. Even when business owners do sell, they often don’t get the value they want when exiting their companies. Hands-Off CEO has helped their clients sell their businesses for more than they could’ve ever imagined by growing profits. It’s not just about generating more sales - you need to first expand your gross profit margins and use that to generate the cash to scale. [8:08]
Changing your client’s perception of you from a cost center to a profit center is the key to quadrupling your fees, eliminating price resistance, and attracting the highest-paying clients in any market climate. [10:03]
Resources