Episode 306: TMBA306: Listener Mailbag: The Aftermath
Tropical MBA: Entrepreneurship & Founder Lifestyle
Dan Andrews; Ian Schoen
4.9 • 527 Ratings
🗓️ 10 September 2015
⏱️ 24 minutes
🧾️ Download transcript
Summary
http://www.tropicalmba.com/mailbagz/ A lot of our Podcast listeners write into us with questions. We've decided on this week's episode to play a round of TMBA Mailbag. Ian and I are going to take some time to answer a slew of questions from our listeners including whether we are planning on taking a break after selling our business, how selling your business can affect a marriage-model business partnership, plus a few more thoughts on what it takes to attract A Players to your business.
Transcript
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| 0:00.0 | Hey, how's the anti-mail campaign going? |
| 0:02.2 | It's fantastic. |
| 0:03.4 | We were out in front of the post office today, and not one person went in. |
| 0:07.6 | It's Sunday. |
| 0:12.0 | Hey, podcast, listener. |
| 0:13.4 | Even if you are alone in your entrepreneurial journey, know that today, right now in your earbuds, |
| 0:18.0 | you are joined by thousands of entrepreneurs from all around the globe |
| 0:21.6 | seeking to grow better, more profitable, location independent businesses. |
| 0:26.1 | If you'd like to learn more about what we do and download our entire back catalog, |
| 0:31.3 | check out tropical MBA.com. |
| 0:39.6 | Ian, a lot of the listeners of this podcast have questions, |
| 0:43.0 | and you have proven yourself to at least on occasion have answers. |
| 0:47.2 | So I decided on this week's episode, |
| 0:49.2 | we should play a round of Mailbag. |
| 0:51.7 | And I think it's appropriate that we play some really cool music. Yeah, play this |
| 0:55.9 | funky jam. All right, in question number one, after selling a business, how do you |
| 1:03.2 | choose between taking a break and doubling down? Is that answer different for the two of you? |
| 1:09.1 | Well, I'll take a stab at this first here, Dan. That wasn't the first question that came to mind. I'll tell you what, first came to mind for me. I was working for seven years in the business. I was trying to get the deal done for 18 months, and then one day the phone doesn't ring and you have an identity crisis. This question of taking a break and doubling down didn't necessarily come up for me yet. I think as an entrepreneur at heart, |
| 1:28.4 | I'm always kind of looking for the next thing. But one of the things that I decided maybe, |
| 1:33.2 | I don't know, three or four weeks ago was to not rush the process. I think we both got a million |
| 1:38.7 | ideas, Dan, and we've been discussing them for the last couple weeks. But the more business that |
| 1:43.3 | we've done, I think the more we understand what we do and don't want to do in the future. And so the list of acceptable businesses is getting quite narrow and small. Maybe there's a fault to our processor, but I just feel like we worked pretty hard. And I've heard this from a lot of other people. it's like it's just as easy to make a million bucks as is to make 10 in a lot of ways. |
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