If you’re a business owner who plans to sell your business one day, this episode is essential listening.
Picture this: You've poured years of your life into a business, helping to build it from the ground up, and then the business is sold.
As a result, you receive a seven-figure sum, and you’re financially secure.
Or at least you hoped so.
But then you take the proceeds, decide to invest in a new company, and lose it all.
That’s the situation today’s guest, Jim McLaughlin, experienced when he made an exit several years ago.
If you've been listening to this podcast for a while, you’ll have heard entrepreneurs share their journeys of scaling, successfully exiting, and creating economic security for themselves and their families.
But not every story has a happy ending, and I’m grateful for Jim's candid sharing of his story.
It reminded me of the time I met a client who had just sold his company, and I asked him what his biggest financial concern was now - he looked me straight in the eye and said, ‘Losing it all’
Founders know a cash sum at exit often represents years of grind, hard work, and sacrifices. However, they’re immediately faced with big decisions about what to do with the capital.
Unfortunately, Jim made a few errors and is keen to ensure that others learn from them.
He also outlines the most important thing you must do if you sell your business for a significant sum—that advice alone is worth listening to the episode for!
Contact details and Resources Mentioned
https://www.linkedin.com/in/jim-mclaughlin-b227975/?originalSubdomain=uk
Content hubs | FSB, The Federation of Small Businesses
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This podcast is produced by GR Media
Sponsored by Capital Asset Management
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