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What if you didn't have to debate between having a job and owning a business?
I get asked a lot how I came to own my business.
The short answer is: By accident.
At 26, I got hired as a sales rep at the company.
Even without ownership, the commission potential was appealing.
I get asked a lot how I came to own my business.
The short answer is: By accident.
At 26, I got hired as a sales rep at the company.
Even without ownership, the commission potential was appealing.
I started with a base salary that was ~50% of my market value.
Hoped to build a nice commission stream within 2 years.
In reality, it took me 3.5 years to make good money.
Meanwhile, the same 2 partners had run the company 50/50 for over 30 years.
Hoped to build a nice commission stream within 2 years.
In reality, it took me 3.5 years to make good money.
Meanwhile, the same 2 partners had run the company 50/50 for over 30 years.
They saw my potential and knew I was on a strong path.
So much so, that when a lucrative job offer came my way, they offered me 6% ownership to stay.
The long-term upside was mutual.
We're in a niche, relationship-based industry where the company has no real open market value.
So much so, that when a lucrative job offer came my way, they offered me 6% ownership to stay.
The long-term upside was mutual.
We're in a niche, relationship-based industry where the company has no real open market value.
With retirement approaching, their options were limited:
- Sell to a trusted employee (me)
- Sell to someone else in the industry (few candidates)
- Fade out (disservice to customers and suppliers)
This situation isn't overly common.
But it's more common than you think.
- Sell to a trusted employee (me)
- Sell to someone else in the industry (few candidates)
- Fade out (disservice to customers and suppliers)
This situation isn't overly common.
But it's more common than you think.
There is a lot of talk these days about Entrepreneurship through Acquisition (EtA).
I stumbled onto a different type of EtA: Entrepreneurship through *Apprenticeship*.
Work in the business. Learn how it operates. Position both buyer and seller for a de-risked acquisition.
I stumbled onto a different type of EtA: Entrepreneurship through *Apprenticeship*.
Work in the business. Learn how it operates. Position both buyer and seller for a de-risked acquisition.
The advantages are many:
1. You get paid to due diligence the business.
2. If it doesn't work out, you go get another job.
3. The built-up trust affords both sides more flexibility on the buyout structure. (I'll detail what we did in another thread, if people are interested.)
1. You get paid to due diligence the business.
2. If it doesn't work out, you go get another job.
3. The built-up trust affords both sides more flexibility on the buyout structure. (I'll detail what we did in another thread, if people are interested.)
The disadvantages are... well, what?
Maybe you're underpaid for a few years compared to another 9-5 job.
But if you stay on the corporate ladder, you'll be underpaid for a lifetime!
The wealth, freedom, and autonomy that come with SMB ownership are hard to beat.
Maybe you're underpaid for a few years compared to another 9-5 job.
But if you stay on the corporate ladder, you'll be underpaid for a lifetime!
The wealth, freedom, and autonomy that come with SMB ownership are hard to beat.
Right now many of you are thinking:
"You're telling a story of luck and pawning it off as skill."
I admit that luck played a huge role in my outcome.
My intention is to offer a case study of what's possible.
If my company blows up, I will 100% reverse engineer this same path.
"You're telling a story of luck and pawning it off as skill."
I admit that luck played a huge role in my outcome.
My intention is to offer a case study of what's possible.
If my company blows up, I will 100% reverse engineer this same path.
If you take anything away from this story, let it be this:
We're at the threshold of the biggest wave of retirements the U.S. has ever seen.
A good portion of those people own profitable SMBs with no practical exit strategy.
If you want to own a business, now is the time.
We're at the threshold of the biggest wave of retirements the U.S. has ever seen.
A good portion of those people own profitable SMBs with no practical exit strategy.
If you want to own a business, now is the time.
