March 17, 2023

11 Things You and I Can Learn About Business and Exit Events From Our Interview With Nate Lind - Successful Serial Entrepreneur and Broker.

11 Things You and I Can Learn About Business and Exit Events From Our Interview With Nate Lind - Successful Serial Entrepreneur and Broker.

11 Things You and I Can Learn About Business and Exit Events From Our Interview With Nate Lind - Successful Serial Entrepreneur and Broker.  Watch Here: E106

 

Here is what my team and I learned from this interview: (These are notes from team members, writers, sometimes AI, and even listeners who submitted what I learned loosely edited and shared here) - If it seems a bit unrefined, you're reading our notes, so. yeah. -Ron

Concept 1: Monetize Your Influence

Nate Lind is a prime example of how to monetize your influence. After a failed acquisition attempt, Nate decided to launch his own business in the evergreen and scalable supplement and vitamin industry. He quickly grew his business to $36 million in sales in 2016, and was able to sell a piece of technology he had developed to a shopping cart. This was his first experience in selling a business and it was a huge success.

Nate continued to use his influence in the space to make connections and build relationships. He spoke at trade shows and made himself known, which led to him being approached by a shopping cart system to buy up some of his technology. Nate was able to negotiate a deal that was ten times the cost of his parent’s home, which was a huge success.

Nate then went on to meet the founders of Website Closers, and was able to use his influence to become a business broker. In 2020, he came on like wildfire and was able to use his influence to help his friends wheel and deal on their behalf.

Nate Lind is a prime example of how to monetize your influence. He was able to leverage his experience in the industry to make connections, build relationships, and negotiate deals. He was also able to use his influence to help his friends wheel and deal on their behalf. Nate’s story is a great example of how to make the most of your influence and use it to your advantage.

Concept 2: Track Lifetime Customer Value

One of the key lessons Nate learned is the importance of tracking lifetime customer value. Nate ran an e-commerce business and he found out that his profit margins were around 12-13%. He was also spending around $40-80 per customer to acquire them. This meant that he had to make sure he was making over $100 per customer over time. If he wasn’t, then he would lose money.

This is why it is so important to track lifetime customer value. It is not enough to just look at the initial sale. You have to look at the average lifetime value of a customer and figure out how many times they will buy your product or service. You also have to consider the cost of remarketing to them and bringing them back on board. Tracking lifetime customer value is essential to ensure that you are making a profit and not losing money.

Nate’s story is a great example of how to make the most of your influence and use it to your advantage. He was able to leverage his experience to help his friends wheel and deal on their behalf. He was also able to use his influence to help his clients close $100 million in transactions. One of the key lessons Nate learned is the importance of tracking lifetime customer value. This is essential to ensure that you are making a profit and not losing money. By tracking lifetime customer value, you can make sure that you are making the most of your influence and using it to your advantage.

Concept 3: Life-Changing Transactions are Possible

Nate's story also highlights the potential of life-changing transactions. He was able to use his influence to help his clients close over $100 million in transactions. This is an example of how life-changing transactions are possible. It is also an example of how you can use your influence to make a difference. By leveraging your influence, you can help your clients close transactions that will have a lasting impact on their lives.

Nate speaks of single-person or small operations selling for significant sums. Unlike brick-and-mortar businesses, there is a market for single-operator and small operational footprint website-based businesses. 

In conclusion, Nate's story is a great example of how life-changing transactions are possible. He was able to leverage his influence to help his clients close over $100 million in transactions. This is an example of how you can use your influence to make a difference. Additionally, Nate's story highlights the potential of digital marketing companies. By leveraging the power of digital marketing, you can help your clients close transactions that will have a lasting impact on their lives.

Concept 4: Find New Passion or Sell

Nate's story also serves as a reminder that if you don't have a passion for something, it may be best to sell it or shut it down. This is especially true if you're running a business that requires a lot of time and effort. If you're not passionate about the business, it may be time to let it go and find something else that you're passionate about. This is a difficult decision to make, but sometimes it's necessary in order to move forward in life.

Finding a new passion can be a daunting task. It requires a lot of self-reflection and exploration. You need to take the time to figure out what you're passionate about and what you want to pursue. This can be a difficult process, but it can also be incredibly rewarding. Once you find something that you're passionate about, you can use that passion to create something that will have a lasting impact on your life.

No matter what you decide to do, it's important to remember that you have the power to make a difference in the world. Whether you decide to pursue a new passion or sell something that you don't have a passion for, it's important to remember that you can make a difference. Take the time to explore your options and make the best decision for yourself.

Concept 5: Know Your Financials

One of the most important things to remember when starting a business is to know your financials. Knowing your financials is essential in order to make sure that you are making the most of your business. It's important to understand the financials of your business in order to make sure that your business is running as efficiently as possible. Knowing your financials can help you make decisions such as how much money to invest in marketing, how much money to invest in inventory, and how much money to invest in production. Knowing your financials can also help you understand how much money you are making and how much money you are losing.

It's also important to understand how much money you need to invest in order to make a profit. Knowing your financials can help you understand how much money you need to invest in order to make a profit. Knowing your financials can also help you understand how much money you need to invest in order to cover expenses. Knowing your financials can also help you understand how much money you need to invest in order to cover any losses that you may incur.

It's also important to understand the financials of any potential buyers. Knowing your financials can help you understand how much money a potential buyer is willing to pay for your business. It can also help you understand how much money a potential buyer is willing to invest in order to make a profit. 

 

Concept 6: Know What Buyers Want

When it comes to selling a business, buyers want to see the profit and loss statements for the past few months, up to 3 years back, as well as the balance sheet. They want to see if you have been accurately inputting the invoices on the balance sheet and if you have been properly accounting for expenses. They also want to see if the business is low risk and if the revenue and growth potential is likely to continue. Buyers also want to know if the seller is passionate about the business and if they are looking for a partnership. Buyers also want to know if the seller is willing to sell a portion of the business and if they are confident in the future of the business.

In order to get the most out of a potential sale, sellers need to understand what buyers are looking for. They need to understand the importance of accurate financials and how to properly present them. They also need to understand the importance of communicating their desire to exit the business in a way that is not off-putting to potential buyers. Finally, they need to understand the importance of being confident in the future of the business and being willing to partner with buyers. Understanding what buyers want is essential in order to make sure that you make the most of your business.

One of the most important things buyers look for when considering a purchase is the earnings of the business. Knowing the earnings of the business over the past several years and at least over the last year is essential in order to get an accurate valuation. This is because buyers need to understand the time frame of the earnings and how it has progressed in order to make a confident decision. Additionally, buyers need to know the risk profile of the business, what is transitioning with the business, and its potential profit potential. Knowing this information is essential in order to get an accurate valuation. 

In order to get the most out of a potential sale, sellers need to understand the importance of having a self-assessment of the business. This assessment should include a variety of factors about the business such as its electrical property, what defends it from competition, and how hands on the owner is involved in the day-to-day operations. Additionally, sellers should understand the importance of including any ad backs that buyers may penalize such as the owner’s salary. Understanding the ad backs and their potential impact on the valuation is essential in order to get the most out of the sale.

Finally, sellers need to understand the importance of being confident in the future of the business and being willing to partner with buyers. Being confident in the future of the business and being willing to partner with buyers is essential in order to make sure that buyers are confident in their decision to purchase the business. This is because buyers need to know that the seller is confident in the future of the business and that the seller is willing to help with the transition of the business.

In conclusion, understanding the earnings and business details of a potential sale is essential in order to make sure that sellers get the most out of the sale. Sellers need to understand the importance of accurate financials, communicating their desire to exit the business, and being confident in the future of the business. Additionally, sellers should understand the importance of having a self-assessment of the business and understanding the ad backs that buyers may penalize. Understanding these details is essential in order to make sure that sellers get the most out of their sale.

Concept 7: Trustworthiness Is Essential

Trustworthiness is essential in any business transaction. Whether it be a sale of a business, a negotiation of a deal, or a partnership, trustworthiness is key in order to ensure that the transaction is successful. Without trust, the transaction can be easily derailed, leading to the potential loss of time, money, and resources. In order to build trust, sellers need to be honest and transparent about the details of the business, such as its financials, its future prospects, and any ad backs that may be associated with the sale.

When selling a business, it is essential to be honest and transparent about the financials of the business. This means that sellers need to be accurate and truthful about the amount of money that is being made and the expenses associated with the business. Additionally, it is important to be honest about any ad backs that may be associated with the sale. Ad backs are additional money that buyers may need to pay in order to secure the deal, and buyers will not be willing to pay for them if the seller is not honest about them.

Furthermore, it is important for sellers to communicate their desire to exit the business. This can be done through a variety of methods, such as setting up a booth at a trade show, negotiating deals, or advertising the business. This will help buyers understand the seller’s commitment to the transaction and will help build trust. Additionally, sellers need to be confident in the future of the business. This means that sellers need to be able to explain their vision for the business and how they plan to make it successful. This will help buyers understand the potential of the business and will help build trust.

Finally, it is important for sellers to have a self-assessment of the business. This means that sellers need to be able to identify the strengths and weaknesses of the business and be honest about them. This will help buyers understand the potential of the business and will help build trust. Additionally, it is important for sellers to understand the ad backs that buyers may penalize. Ad backs are additional money that buyers may need to pay in order to secure the deal, and buyers will not be willing to pay for them if the seller is not honest about them.

Concept 8: People Need Emotional Resiliency

In addition to understanding the business, sellers also need emotional resiliency. This is because the selling process can be a long and arduous one, and it is important for sellers to remain focused and positive throughout the process. This is especially true when sellers are dealing with buyers who are difficult to work with. It is important for sellers to remember that buyers are not always rational and that they may not always agree with the seller’s point of view. In these cases, it is important for sellers to remain calm and to not take the buyer’s words personally.

It is also important for sellers to remember that the selling process is a two-way street and that they need to be open to the buyer’s point of view. This means that sellers need to be able to listen to the buyer’s concerns and to be willing to compromise in order to reach an agreement. Sellers also need to be able to identify when buyers are not being reasonable and to be willing to walk away from the deal if necessary.

Finally, it is important for sellers to remember that the process of selling a business is a long one and that they need to be patient and resilient throughout the process. This means that sellers need to be prepared for the inevitable ups and downs that come with selling a business and to be able to remain focused and positive even when things seem to be going wrong.

In conclusion, it is important for sellers to have emotional resiliency in order to successfully sell their business. Sellers need to be able to assess the strengths and weaknesses of the business honestly, to listen to the buyer’s concerns, and to remain focused and positive throughout the process. This will help ensure that the seller is successful in selling their business and that the buyer is satisfied with the transaction.

Concept 9: Control Your Own Destiny

The phrase “control your own destiny” is a powerful reminder of the importance of taking responsibility for one’s own life and future. This phrase is particularly relevant when it comes to selling a business. As a business owner, you are in control of the process of selling your business. You make the decisions about how to price your business, what terms to accept, and when to accept a buyer’s offer. You also need to be able to assess the strengths and weaknesses of the business honestly and to listen to the buyer’s concerns.

When selling a business, it is important to remain focused and positive. It is easy to become overwhelmed by the process and to become discouraged. However, it is important to keep in mind that you are in control of your own destiny and that you can make the decisions necessary to ensure a successful sale.

In addition to remaining focused and positive, it is also important to have emotional resiliency. Selling a business can be an emotional experience and it is important to be able to handle the ups and downs that come with the process. It is also important to be able to assess the strengths and weaknesses of the business honestly and to be able to listen to the buyer’s concerns.

Finally, it is important to remember that you have the power to control your own destiny. You have the power to make the decisions necessary to ensure a successful sale of your business. You have the power to remain focused and positive throughout the process. And you have the power to have emotional resiliency and to assess the strengths and weaknesses of the business honestly. By taking responsibility for your own life and future, you can ensure that you are successful in selling your business and that the buyer is satisfied with the transaction.

Concept 10: Retain Equity For A Bigger Check


One of the most important decisions you can make when selling your business is to retain equity if you believe in the vision and plan of the buyer. By doing so, you can potentially receive a bigger check than if you were to sell the entire business. This is because, as the business scales up, the value of your equity will increase.

Retaining equity can be especially beneficial for businesses selling for over $10 million. In these cases, buyers are usually not willing to pay the full amount of the business and will expect the seller to retain some equity. This is not necessarily an onerous task, as the seller does not need to do any more work than they did before the sale. In fact, most sellers prefer to take a more strategic role in the business and less of an operational one.

It is important to remember that retaining equity is not the only way to ensure a successful sale. It is also important to have a vision for the future of the business and to understand where the seller’s sense of status comes from. If the new future does not give them the same level of status, it is important to figure out how they can get their status from something else. This could include becoming a key player in the business or volunteering at one of their favorite charities.

Ultimately, retaining equity can be a great way to ensure a bigger check when selling your business. However, it is important to remember that there are many other factors that go into a successful sale. By taking responsibility for your own life and future, you can ensure that you are successful in selling your business and that the buyer is satisfied with the transaction.

Concept 11: Plan For A Successful Exit Strategy

The first step in planning for a successful exit strategy is to get your financials in order. Make sure that your financials are updated, properly categorized, and labeled. It is also important to consider how certain expenses will be treated in the sale. For example, legal expenses can be an add back or an expense, so it is important to understand which would be best for your situation. Additionally, you should make sure that you are aware of the current market and its trends so that you can accurately assess the value of your business.

The second step is to think about what inspired you to become an entrepreneur in the first place. Take a moment to reflect on what your goals were and whether you are headed in that direction. If you have forgotten about your goals, focus on what will get you closest to them. This could include working on your business, finding a buyer, or even simply taking a break.

Finally, you should consider partnering with an experienced M&A firm. They can provide you with the necessary resources and expertise to ensure that you get the best deal possible. Additionally, they can provide you with a snapshot of your current valuation and help you figure out how long it will take to get to your desired sale price.

By following these steps, you can ensure that you have a successful exit strategy. Remember to take responsibility for your future and think about what inspired you to become an entrepreneur in the first place. Additionally, make sure that your financials are in order and consider partnering with an experienced M&A firm. With the right planning and resources, you can be sure to get the best deal possible when selling your business.

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