Conventional wisdom says that you should always be pouring money into an IRA or 401k to plan for your eventual retirement. You’re taking money from yourself today, only to pay yourself back in the future. But what if there’s a better way? Russ Morgan and Joey Mure co-founded Wealth Without Wall Street, a company that teaches business owners to put their money to better use than squirreling it away in stocks, a checking account or traditional retirement account.
The strategies Joey and Russ have developed allow business owners to create lasting wealth and positive cashflow today, setting them up for true wealth in retirement.
Joey Mure’s Bio:
Joey Mure, aka, The Stallion started his career in the mortgage business in 2003. He grew to become a branch manager with one of the Nation’s top mortgage lenders leading 25 loans officers. By 2010 he had achieved national recognition. Despite earning an impressive income he still had significant questions about how to save for the future without having to borrow from banks. How does anyone save aggressively for retirement AND simultaneously pay for automobiles, save for college, weddings, and vacations? In 2010 Joey met Russ, who shared the Infinite Banking Concept and everything changed. IBC allowed Joey to get completely out of debt besides paying off his mortgage, he started saving four times the amount he had previously been saving, and now had a clear plan of how to save for all our life’s expenses without giving up retirement savings. Joey decided to join Russ and cofounded a company called Wealth Without Wall Street. They teach people to stop trading time for money to achieve financial freedom by following the 5 Pillars of Wealth Without Wall Street.
Russ Morgan’s Bio:
Russ Morgan, aka, The Idea Guy, started his career in the financial industry. With 4 years of planning under his belt, Russ was stunned in September of 2008 to see the DOW Jones plummet 800 points. He had no idea that the market could react in such a volatile manner and knew this was something he could never have control over. Russ began a journey that day to passionately understand more about how to take back and gain control over his money, as well as that of his clients. Russ believes that it’s time you stop following conventional planning methods and start thinking for yourself. He enlightens business owners and investors with the knowledge they need to make sound financial decisions. The best path to financial freedom is one that frees you to make decisions that allow your money to grow, allow you to have access to this money, and to protect this money from market swings and tax regulations. Yes, all of this is possible, and Russ thrives on helping people in their journey to reach this financial freedom.
What you’ll learn about in this episode:
Failure to prepare for your eventual exit from your company is a common mistake. This poor planning makes it much more difficult to sell your business when you’re ready to leave, and it has a negative impact on the value of your company when you do eventually sell. In this episode of Onward Nation, business buying, growing, fixing and selling authority Michelle Seiler Tucker shares tips, strategies and actionable steps to help you prepare a business exit plan that will add value to your company now and get it ready for sale in the future.
Here’s a surprising and troubling statistic for you: 70% of businesses that have been operating for 10 years or longer will go out of business, either because they haven’t taken steps to adapt to consumers’ modern shopping habits, or because they have failed to take the steps necessary to get the business ready for sale.
Most business owners plan on eventually exiting their business, either by transferring ownership to a family member or through selling the business at retirement. However, if you wait until you’re ready to leave the business to begin getting it ready for sale, you’re going to have a lot of uphill work to do. Instead, Michelle suggests you begin creating a business exit plan now, so that you’re able to “exit rich” when the time comes.
According to Michelle, there are “six P’s” that determine how valuable a business is to potential buyers:
Getting those six P’s in order is crucial for ensuring that your business is saleable. As Michelle explained, a dentist who owns a dental practice but is the only dentist in the practice is going to have a difficult time exiting and selling the business, because the dentist is the business. So, the dentist would need to add people, in this case other dentists, to the business to make it more attractive to buyers.
Michelle says that companies like McDonalds and Amazon have a lot to teach owners of businesses of any size or industry about creating a successful business exit plan and how to add value to a business to make it more attractive at sale. For example, McDonald’s isn’t really a fast food chain; it’s a $30 billion real estate company. McDonald’s isn’t in the business of selling hamburgers. The company’s real business is owning real estate that it leases to franchisees.
Amazon started out as an online bookstore. But as Michelle explained, the company realized it excelled in fulfilment, and when it leaned into that strength and branched out beyond books, Amazon became one of the most valuable companies in the world. By asking yourself the right questions, leaning into your strengths, and getting the six P’s in place today, you can make your business much more valuable and attractive to potential buyers in the future.
Michelle Seiler Tucker is the Founder and CEO of Seiler Tucker Incorporated. As a 20-year veteran in mergers & acquisitions, Michelle has sold hundreds of businesses. She owns and operates several successful companies and holds the following professional designations and certifications: Merger & Acquisition Master Intermediary (M&AMI), Certified Senior Business Analyst (CSBA), Certified Mergers & Acquisitions Professional (CM&AP) Certified Business Broker (CBB), Panelist for M&A Source, Keynote Speaker. Michelle is also the Best-Selling Author of the book Sell Your Business for More than It’s Worth, and her latest book Exit Rich is available now for purchase.
In addition to being featured in INC, Forbes, and USA Magazine, Michelle makes regular radio and TV appearances on Fox Business News and CNBC. She has spoken alongside many prominent speakers: Eric Trump, Kathy Ireland, Mayor Rudy Giuliani, Donna Karen, Stedman Graham, Randi Zuckerberg, Steve Wozniak, and more. Michelle also shares her wealth of experience with perspective M&A advisors by conducting multiple training, mentoring, and partnering programs. Over the years, these programs have helped many individuals become successful M&A advisors and business brokers.
Recognized as the leading authority on buying, selling, fixing, and growing businesses, Michelle sees opportunity where many are discouraged or have given up. Her passion is to save businesses that might otherwise close. By identifying and correcting the top mistakes business owners make, Michelle will fine-tune a business into a well-oiled machine. Sometimes investing her own money to help owners build their business, Michelle’s primary objective is to sell for huge profits.
Michelle Seiler Tucker’s remarkable track record proves her dedication to her clients and has solidified her as a formidable force in her industry. She closes nearly 98% of all written offers and, on average, obtains 20-40% above asking price for her clients. Through this process, she empowers her clients to afford the lifestyles they have always dreamed of and, most importantly, deserve!
The reality is that 2020 was an exceptionally challenging year for businesses and agencies of all kinds — and we enter 2021 with no certain idea of what challenges the new year will bring. However, attempting to rush out of the discomfort we have felt through the last year can cause us to miss the important lessons the challenges we tackled can teach us. Instead, it is important to reflect, learn, and develop resilience to help us prepare for the coming year. In this episode of Onward Nation, encore guest Anese Cavanaugh shares how she and her team learned to develop resilience, and how doubling down on their efforts to be helpful are better positioning them for 2021.
Think of resilience as armor to protect your business against uncertainty. When you develop resilience, you are better able to persevere through times of hardship and adapt to the unexpected. It is a trait that can be learned, practiced and mastered just like many other business skills. A big part of learning to develop resilience lies in taking the time to feel your discomfort and reflect on your experiences. 2020 was a difficult year for all of us, and it is important to acknowledge this fact and reflect on the trails we faced and the storms we weathered. It also offers us a chance to take stock of what worked and what didn’t, as well as to identify new opportunities presented to us even in the midst of the chaos.
Anese’s business has been primarily focused on speaking engagements and hosting leadership events, and the outbreak of the global pandemic meant many of the ways Anese engages her audience weren’t available in 2020 due to social distancing. However, Anese and her team spent three months in the spring focusing on how they could be more helpful, choosing to add value rather than to lower their prices. This important period of reflection and dedication to doubling down allowed Anese’s team to make a big shift to virtual offerings.
Though they didn’t end 2020 where they thought they would, they were much better positioned for a strong 2021 than they would have been had they gone into “survival mode”. Their efforts to develop resilience and focus on being helpful paid off, and the team has a much stronger and more unified focus for the coming year. Anese demonstrates that resilience and the right mindset can help you and your team weather difficult times and emerge from the global pandemic stronger than before.
Anese Cavanaugh is devoted to helping people show up and bring their best selves to the table in order to create a significant positive impact in their lives. She is the creator of the IEP Method® (Intentional Energetic Presence®), an advisor and thinking partner to leaders and organizations around the world, and author of CONTAGIOUS CULTURE: Show Up, Set the Tone, and Intentionally Create an Organization That Thrives.
Top innovators and executives in companies like IDEO, Zingerman’s, GM Financial, Vistaprint, 15Five, Fitbit, Nike, Kaiser Permanente, and others have engaged with Anese to strengthen team health, unlock leadership potential, optimize company culture, and maximize impact.
As we’ve discussed many times before on Onward Nation, taking steps to niche down your business and focus on a specific audience — rather than limiting your opportunities as you might expect — opens new doors by helping you plant your flag of authority and becoming a trusted expert within your niche. It allows you to differentiate your business and to compete on value rather than joining the race to the bottom on price. And in this week’s episode of Onward Nation, you’ll hear a perfect example of how tight focus and a dedication to serving a niche can become powerful fuel for your business.
Parker Stevenson is co-owner and Chief Business Officer at Evolved Finance, a bookkeeping firm specializing in helping online coaches, course creators, influencers, and thought leaders to make better business decisions based on solid financial data. This decision to narrowly focus on thought leaders didn’t come lightly, but doing so has made a profound impact on the business and its growth.
The decision to focus on thought leaders, content creators and online influencers wasn’t made hastily — and Parker says the team was initially apprehensive. What if narrowing their focus meant losing business? Were they making the wrong decision? Despite their worries, the data backed up their conclusion. According to this article from Forbes, e-learning is set to become a $325 billion industry by 2025 — that’s nearly a billion dollars per day.
Working with clients within such a fast-growing segment made sense on paper, so the team decided to go for it — and the decision to focus and niche down paid off. According to Parker, Evolved has had their most successful year and most new clients ever in 2020… even in the midst of the global pandemic. By narrowly focusing on their target audience, the team at Evolved Finance were able to establish their authority and prove their expertise working with that particular type of client. And the result is that Evolved will reconcile over $100 million in client revenue in the thought leadership space by the end of 2020. Not only that, but Parker says it has allowed Evolved to “do less and charge more” by truly specializing in doing a few things better than anyone else.
Parker explained that even Evolved’s clients are discovering the value of niching down. Parker shared a case study of a client who was doing decent enough business but was struggling to juggle 15 different revenue streams at once. This lack of focus was eating away at her company’s resources… and her time. After encouragement from Parker’s team, she shifted to offering only one awesome product and selling it well, rather than spreading her efforts across many different products and services. That streamlining helped her turn a moderately successful but unfocused business into a rapidly growing and highly profitable multi-million dollar organization — proving that it’s better to niche down and master just a few things than to be a jack of all trades.
Parker Stevenson is a co-owner and the Chief Business Officer at Evolved Finance; a bookkeeping agency that specializes in helping online entrepreneurs to build more profitable and financially stable online businesses. For over 6 years, Parker has been advising some of the top coaches, course creators, influencers, and thought leaders on how to make more sound business decisions using their financial data. Before joining Evolved Finance, Parker spent five years at Adidas America where he became the US product manager for golf footwear.