This 1 Skill Helped Him Sell His Business For $70M

Wealthy Way

Ryan Pineda

Business, Entrepreneurship

4.8 • 2.1K Ratings

🗓️ 6 June 2024

⏱️ 76 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode, Ryan chats with serial entrepreneur Justin Brock. With only 10 years in the business, he has transcended others in the insurance space to not only be a successful owner, but to actually sell his business for $70 million! But his journey started in a very different place: as a Marine diving into door-to-door sales. Ryan and Justin dive deep into his transformation story, from those early sales days to discovering the power of marketing. Learn how Justin educate...

Transcript

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0:00.0	To build a company that sells for $70 million, tell me about that.
0:03.4	It's the barrier to entry is really low, but the exit side because of the renewal-based income and the
0:10.2	longevity of the products that we market.
0:12.8	The exit is great.
0:13.8	So if you make 2 million bucks,
0:16.0	you're looking at exiting for 20.
0:18.4	20 plus.
0:19.1	Yeah.
0:21.7	To build a company that sells for $ million dollars, I think the fascinating part was that you
0:26.7	got a crazy multiple being in the insurance business. Tell me about that.
0:30.9	Yeah, so I think, you know, when people are looking at verticals to get into for, you know,
0:36.1	real estate has kind of an appeal to it, I do feel like that, but insurance is one of those that has been around for a long time as well and it's the barrier to entry is really low but the exit side because of the renewal-based income and the longevity of the products that we market.
0:55.9	The exit is great.
0:56.9	The EBIT-of- multiplies are great.
0:58.2	So a lot of people that are maybe watching that don't know what EBIT-
1:02.0	are and aren't thinking about exits.
1:03.0	When you go to sell your business, they're looking at the revenue and
1:06.1	different industries and different verticals have different multiple levels assigned to them.
1:11.7	Or kind of
1:13.0	that's the going rate, right?
1:14.5	So I might have one that's two or three X,
1:16.7	some that are five or six.
	...

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