SPI 329: One of the Most Important Business Conversations You Need to Have with Yourself—with Dan Andrews

Dan Andrews from TropicalMBA.com is on the show today, and he's about to lay down some real talk. He's the author of Before the Exit: Thought Experiments for Entrepreneurs, and he was prompted to write that book because he did something in his business that he kind of regretted. He's here to share questions and thought experiments you can use so that you don't have similar thoughts and feelings later down the road.

Dan and I were both members of the Internet Business Mastery Academy back in the day, and he went on to build a million-dollar valet business overseas. It's been great to catch up with him, but I didn't realize the extent to which he'd gone down a path in his business that he didn't truly want to go down, and that path was actually selling his business.

What do you do when you're thinking about exiting your business? Should you exit your business, and how do you determine the right course of action? What are some of the costs around exiting, and what does that process look like? Not a lot of entrepreneurs know this, but 50 percent of people who exit their business regret it, and they don't just regret it, they're actually devastated about it. Today, Dan's giving you the wisdom and advice you need to make a smart decision.

If you have a business partner, this is a great episode to listen to together, because these are the questions you should be discussing. If you don't have a business partner, it's time to have these conversations with yourself. Enjoy!

Dan has a ton of free resources related to his book on his site, including audio interviews, an inside look at the sale of his business, even an interview with the woman who eventually purchased Dan's business. There's lots of free material for you at: TropicalMBA.com/bookresources.

And hey—really quick before you head out—I just wanted to mention that I've been doing a bunch of live webinars and free trainings recently. If you want to see when the next training is, and also where I'm speaking next, go to SmartPassiveIncome.com/live. If you're looking for help on starting a podcast, how to do affiliate marketing, or even if you're starting a business from scratch, that's where to go. See you there!

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Special thanks to Dan Andrews for joining me this week. Until next time!

Today's Guest

Dan Andrews

Ever considered exiting your business? Here are the questions and thought experiments you should use to make a smart decision without regrets.

• Website: TropicalMBA.com
• Twitter: TropicalMBA

You'll Learn

• Why 50 percent of entrepreneurs who exit their business are devastated about it.
• Why you should seek advice from people who have been through a business exit before.
• How to think about selling your business in terms of how it will affect your lifestyle.
• Thought exercises for determining if an exit is the right move for you.
• The hidden costs and time strains associated with selling your business.
• Why you should consider hiring someone to run your business before you sell it.
• Why time and cash are commodities, and why having a business is truly unique.
• What the freedom line is, and how it should affect your decision to sell (or not).
• Why cash piles behave so much differently than cash flows.
• Why you should think about your business as an asset and with an investor mindset.
• The hidden upsides in your business that you might not be acknowledging, and more!

Resources

Note: Some of the resources below may be affiliate links, meaning I receive a commission (at no extra cost to you) if you use that link to make a purchase.

• Dan Andrews
• Internet Business Mastery Academy
• Before the Exit: Thought Experiments for Entrepreneurs by Dan Andrews [Amazon affiliate link]
• Rich Dad Poor Dad by Robert Kiyosaki Today's Guest Dan Andrews Ever considered exiting your business? Here are the questions and thought experiments you should use to make a smart decision without regrets.
  • Website: TropicalMBA.com
  • Twitter: TropicalMBA You'll Learn
  • Why 50 percent of entrepreneurs who exit their business are devastated about it.
  • Why you should seek advice from people who have been through a business exit before.
  • How to think about selling your business in terms of how it will affect your lifestyle.
  • Thought exercises for determining if an exit is the right move for you.
  • The hidden costs and time strains associated with selling your business.
  • Why you should consider hiring someone to run your business before you sell it.
  • Why time and cash are commodities, and why having a business is truly unique.
  • What the freedom line is, and how it should affect your decision to sell (or not).
  • Why cash piles behave so much differently than cash flows.
  • Why you should think about your business as an asset and with an investor mindset.
  • The hidden upsides in your business that you might not be acknowledging, and more! Resources Note: some of the resources below may be affiliate links, meaning I get paid a commission (at no extra cost to you) if you use that link to make a purchase.
  • Dan Andrews
  • Internet Business Mastery Academy
  • Before the Exit: Thought Experiments for Entrepreneurs by Dan Andrews
  • Rich Dad Poor Dad by Robert Kiyosaki
  • Tropical MBA Resources
  • Tropical MBA Podcast
  • Free Webinars with Pat Flynn
• Tropical MBA Resources
• Tropical MBA Podcast
• Free Webinars with Pat Flynn