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Unknown: marketer of the Day
episode 841. Sell your online

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business engineer your way to
success with Joe Valley.

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Robert Plank: Welcome back to
the podcast, we're here with Joe

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valley from exit printer.io. And
Joe has bought and sold a half

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dozen of his own companies. His
company is called Quiet light

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brokerage. They are one of the
leading online focused em and a

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advisory firms in the world. And
Joe has written a best selling

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book called the exit printers
playbook. And that will help

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online business owners just like
you specifically get maximum

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value and the best deal
structure when you seek your own

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incredible exit. So Joe, glad to
be talking to you. Good to be

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here. Thanks for having me,
Robert, super excited to have

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you here. And like seconds
before we hit the record button,

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you were talking about how this
this past year, this past two

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years has just been crazy as far
as bigger companies buying

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smaller companies. And even as
you were talking about that I

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was even thinking about how
those last couple of years,

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things have just been so
upended, and many people may be

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rethinking their life purpose.
Or they say, you know, I want to

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sell off this business and have
a pile of money and go do

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something more fun or have a
fresh start or whatever it is.

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So now is a time of change in so
many different ways. So I'm

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excited to dive in and talk to
you about all this. So can you

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tell me about yourself? And tell
me about just what has been your

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your focus your passion the last
year? So for

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Unknown: the last year or so has
been a focus on? Well, actually,

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there's two there's two Joe
valleys, right. So one, one of

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me is the author, writing the
book, the experts playbook and

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get it launched in June of 2021.
The other is the co owner of a

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online m&a firm called Quiet
light brokerage, as mentioned,

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where we'll close about a
quarter of a billion dollars of

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transactions in 2021. So two of
me doing two different things.

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When I when I wrote the book,
Robert, the last thing I wanted

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to do was create a second job
for myself. Yet I've done a bit

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of that. But it had to be
written in my view, because

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there's so much misinformation
out there about how to put a

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value on an online business, how
to negotiate with sellers, or

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buyers how to negotiate with
aggregators who are buying up

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FBA businesses, what brings
value what plummets value all of

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those different things, the
information is out there in bits

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and pieces. And I personally
have talked to about 8000

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entrepreneurs over the last
decade, through my role here a

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quiet light. But there's more
than 8000 entrepreneurs in the

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world that focus on online
businesses. Most entrepreneurs

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don't want to have that first
conversation with an advisor.

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And they wait until it's too
late. And then they get

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emotionally burnt out and toast,
they need to sell their

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business. And then they have
that call. And when they wait

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that long, they lose 10s of
1000s if not hundreds of 1000s

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of dollars. So I had to write
the book to help them. I had to

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write the book because I kept
repeating the same thing over

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and over again, I thought well,
why don't I just put this in

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writing in one place that they
can use as a resource to get

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back to. But it's been an
interesting world, you know it

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quiet light. Year to date, we've
had an average of four and a

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half offers on every single
listing. Four and a half offers

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on every single listing, over
62% have gone at or over asking

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price. And this is not totally
abnormal, right. We've seen

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multiple offers on listings in
years past, but nothing like 21

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More people are fully aware that
they can sell an online business

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than ever before. We've been at
this for 14 years. But we

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haven't gotten the news that the
private equity firms have that

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it made national news Wall
Street Journal that makes people

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really aware oh my goodness,
there's really people out there

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that will buy my SAS my content,
my FBA business and in the

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entrepreneurs are really fully
becoming aware of that. And my

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job at this point is to make
sure that they understand how to

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properly do a valuation of their
company not to to miss an add

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back, if you will. I don't want
to get too far into the weeds

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there. But people lose a ton of
dough when they don't do their

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homework and get trained up for
it. And that's that's what the

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book is all about helping them
get trained up. So they make

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sure they get the real value of
the business.

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Robert Plank: And this is sort
of like the same advice you it's

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similar to advice you hear from
like accountants and people like

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that, right? They say like, well
talk to me early talk to me when

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things are still good or when
when you're still on the way up

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that way we can get things in
place or start to think about

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things or have the structure or
just like make some moves so

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that way later on we can catch
the ball and you're not playing

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catch up and you're not trying
to you know, clean up some sort

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of mess in order to get rid of
this business that you wish you

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had gotten rid of years ago and
so so that's good to think about

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right off the bat. And just to
kind of give us an idea of what

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this is probably processes this
really excites me this idea of

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starting up an Amazon FBA
business and going into the

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trouble of creating a like a
product line and some listings

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and getting some sales and some
you know, websites, web

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properties, making a list,
having all these things in place

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and then saying, Okay, now this
is a solid consistent moneymaker

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it has, you know, virtual
assistants, employees and

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budget. Now this is all in in a
box a package ready to go. And

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then you sell it and get all
these basically years in advance

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of what the business would have
generated you and then you you

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cash out, and then you can go
and create a new business that

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sounds like really like a very,
like accelerated way of going

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about it versus just have having
a business that gets more and

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more complicated as life goes
on. So can you walk us through

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like one of these stories of one
of these FBA businesses that you

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helped like build and sell and
and maybe drop in like, what did

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they do? Right? What did they do
incorrectly? Because like

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stories are always the most fun,
right, Joe?

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Unknown: Yeah, a couple of them.
Let's start with Jeremy. Jeremy

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was employed as an engineer
making about $100,000 a year his

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wife was a teacher, school
teacher making, you know,

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unfortunately, next to nothing,
as you know, from Vermont, and

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he called me about 12 months in,
and he had a 12 month old FBA

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business. So the fact that he
called me 12 months in to learn

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about the process, because he
wanted to exit his business

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someday, makes Jeremy Jeremy
very smart. There's no fees for

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this. It's just a service that
we provide, helping

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entrepreneurs understand the
value of their business. So he's

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thinking ahead, going look, I
know I want to sell this because

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I know that more than 50% of all
the money I'll ever make from

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owning this, in this case, FBA
business will come the day I

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sell, I want to figure out how
to maximize that value. So we

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talked 12 months in, and really
the the minimum age to get a

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fair value for your business is
24 months, anything younger than

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that buyers are going to
discount it because the law, the

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younger the age, the smaller the
business, the higher the risk,

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the higher the risk, the lower
the multiple. So during the 24

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month period, I'm gonna just do
the math for you real quick to

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make it interesting. Jeremy took
nothing out of the business.

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First, they bought inventory
with a credit card, then they

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use the HELOC. And it was
growing so quickly that all of

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the cash flow from the business
went right back into buying more

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inventory. And he quit his day
job and they lived off their

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wife's teacher salary for a
couple of years. He kept at the

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end of the day, a $600 camera
that he bought for the business

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because he took his own photos.
Well, we sold the business for a

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million dollars. And if that's
not an interesting enough number

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for you, folks just add a zero.
If it's too big, you don't think

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you're gonna get there, subtract
zero. But his business sold for

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about a million dollars. He
didn't make anything except that

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$600 For the camera in that 24
month period. So he quit a job

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making $100,000 a year. He
didn't quit though, until he got

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the FBA business up and running.
So he hustled on the side saw

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that if you put more energy into
it, he could grow it. And then

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he quit his day job because he
was miserable, put his full

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focus into this 24 months,
million dollars minus the broker

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fee, which was about 10% minus
taxes. He ended up making about

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300,000 $400,000 a year three
times as much, four times as

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much than his day job. He worked
part time he stayed home with

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his son, who was just born they
could have sent the son off to

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daycare, but his job was to stay
at home and work and got spend

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time with a son while running a
business part time as well. And

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then at the end of the day, he
had plenty of money to do it

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again if he chose to. And in his
case, he did because he was

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young guys 34 years old. And he
chose to do it again. So the

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next time that he started, this
is his second FBA business,

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Robert. He wasn't as
bootstrapped right, it wasn't a

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side hustle anymore. It was his
sole focus. And this time he's

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in process. He's three years in
to his second FBA business, he

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got to much bigger numbers
faster, because he's smarter,

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didn't make the same mistakes.
He's better funded. And he's

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looking at about right now
projected out in another 12

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months, you'll get about seven,
seven and a half million dollar

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exit. And that really gets to be
life changing numbers. So he's

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what I would call an exit
printer. And that's a

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entrepreneur who decides to sell
their business and businesses

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because they know most of the
money comes from the day that

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they do sell. Now if we switch
over to Joe, Joe's cool guy, and

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I'm not talking about myself,
although I'm you know, I tell my

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kids I'm hip and cool, but they
don't they don't believe me. Joe

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became a father the day after he
was 17 years old. Didn't do that

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on purpose. Of course. His
girlfriend did all of his

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homework because he worked 80
hours a week just trying to pay

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for things. managed to graduate
from high school. At one point

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in his life, he had to go to
rehab for drug abuse. At one

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point in his life, he was pretty
much you know, bankrupt, he had

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no money whatsoever, sold
everything and moved south from

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the north and ended up launching
an FBA business. And by the way,

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we don't do all FBA businesses
assassin content, probably 50%

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are ecommerce now. And FBA is
the biggest percentage of that

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just because of the the nature
of the times that we're at. But

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Joe came to me about 12 months
in and wanted to sell his

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business for a couple of million
dollars. And, you know, had to,

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you know, run through the whole
valuation process with him and

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let him know, how close or how
far he was from that goal. And

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so that goal was important.
Number one, everybody listening,

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if you ever want to sell your
business, the first thing you do

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is to set a goal, I want you to
write down how much you want to

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sell it for, when you want to
sell it, and how you want to

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feel when you sell it. So Joe
had a goal of wanting to sell

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his business for $2 million. And
I think it was like q1 of 2020.

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And when he sold it, he said I
want to feel unburdened because

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I have a lot of debt. And I want
to move south and buy my, my

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parents house that they're
planning to sell for $60,000 on

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a canal in Florida. And and he
wants enough money set aside to

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spend time with his family and
do it again, next time. The

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reality was though, that after
the full valuation was done on

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his business, is that Joe's goal
could not be accomplished, he

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called me, unfortunately, too
late to exit for that $2 million

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valuation in q1 of 2020. It was
too late wasn't gonna happen.

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Because he didn't pull certain
levers he waited until the

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business was trending down, was
emotionally tired, and wanted to

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sell the business that it was
trending down. So that brought

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down the multiple Robert right,
there's more risk of a

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business's declining than if
it's increasing. And there were

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other factors in there with
competitors. And Joe wasn't

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doing much advertising, his
total advertising budget was

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about 3% of his total revenue.
If anybody's out there that owns

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an online business, no matter
what kind, you know that

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typically you're spending eight
to 15% in advertising costs,

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depending on the platform that
you use it of course, as well.

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But he's spending about 3%, he's
not very good at it. Well, he

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doubled down after this, doubled
down on the business, really

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focused on pulling the right
levers of the business. And most

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importantly, got his financials
in order. He was also doing cash

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accounting, you've got to be
doing accrual accounting, in

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order to get to the true value
of your business and

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really have somebody understand
how to do a proper add back

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schedule and add back Robert is,
you know, if a single owner

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operator of a business is, you
know, their net income is zero,

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00:12:55,710 --> 00:12:58,320
but they're taking a $200,000
salary for themselves, the

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business isn't worth zero, it's
not worth a multiple of that net

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income, you'd add back that
owner benefit that salary. you'd

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add back your car that you write
off through the business or your

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meals and entertainment that you
write off through the business,

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or sometimes one time expenses
like a trademark patent utility,

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things of that nature. Even a
website redesign could be an add

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back. If you only do it every
three years. It's at the very

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least a partial add back and
cashback money, Joe didn't have

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a whole lot of cash back money,
because he wasn't using cash

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back credit cards. But if you
spend $100,000 a month in

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advertising and you get 2% Cash
Back $2,000, that's $24,000 a

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year that's an owner benefit.
Most people slide that over to

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their personal account. He
wasn't doing that either. So we

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talked about all these different
things that he could do and

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should do. And he doubled down
as he said, you know, we

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interviewed him afterwards for
our podcast and he said, Well,

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Joe, you stomped on my heart,
let me know that it wasn't going

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to happen. But invigorated me
to, you know, really focus on

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the goal so can achieve my
goals. Well, he did all of that.

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And then the pandemic hit, which
strangely enough in his

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particular business helped, and
his, his revenue climbed to

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because of the pandemic. But it
also climbed because he got his

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financials and go to water, he
was able to order more inventory

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to make sure it didn't run out
also two different levers that

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he pulled on the business.
Ultimately, at the end of the

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day, in q1 of 2021. A year
later, Joe sold that business

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for $3 million. Big difference
because that's the ideal time

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00:14:28,380 --> 00:14:32,430
frame. It was about a year in
advance that he figured out what

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he had to do to fix the business
got really motivated with new

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goals, because now we understood
where he was the problem with

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this first set of goals, he set
them but he didn't understand

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how the current value of his
business, right so if you're

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going to set it exit Golan
dollars, you need to know what

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the current value is. So you
know how close or how far you

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are from that. But those two
particular stories are just a

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couple of examples of people
that you know had conversations

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And did it the right way they
did it in advance.

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Unfortunately, most of the
conversations that I have on my

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team has result in someone not
able to sell their business or

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that they don't list their
business, because it's not worth

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what they're hoping it's worth.
Too many times, unfortunately,

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because they didn't set goals.
They have no idea what it's

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worth. And they wake up Sunday
and decide to sell their

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business, instead of getting
training on how to sell their

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business. The training is the
most important part. Nobody

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wants to do it. They hate the
idea of planning. It's, it

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sucks, right? I've never written
a business plan myself. So I

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feel you and I'm an entrepreneur
I've built bought and sold a

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half a dozen of my own
companies. I joined quiet light

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after selling my own e commerce
business in 2012. I'm sorry,

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2010. So I've done there, I've
done that I feel your pain. And

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I'm not great at planning
myself. But I know the value in

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it. Because I've seen the
difference in the value of

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people's businesses by hundreds
of 1000s, if not millions of

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dollars.

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Let's talk bigger numbers. I was
at a fireside chat, if you will.

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I was literally at an event out
in Palm Springs a month ago. And

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that evening, I was sitting
around the fire by the by the

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fire pit with this guy named
Kevin Kevin runs a business that

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is it's worth 10 times 10 times
sellers, discretionary earnings.

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He had an offer on his business
that was direct and we're just

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chatting. He knew what I did.
And I was there just to help

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people. And we started talking
about AD backs. Kevin gets about

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00:16:40,140 --> 00:16:44,280
$600,000 a month in cashback
money because he does something

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00:16:44,520 --> 00:16:48,090
called credit card stacking,
right? Like an Amex only allows

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00:16:48,090 --> 00:16:52,290
you to get up to this spend $150
and get one person to get get

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four times back. But after that,
it's it's one. It's one time 1%.

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So he did find the cards and
keep spending money and change

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the cards they do the purchases
with that would result in

285
00:17:02,730 --> 00:17:07,080
$600,000 in cash back. It
doesn't show up on his p&l,

286
00:17:07,380 --> 00:17:10,050
because his bookkeeper isn't
doing it that way. It just goes

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to his personal account, which
70% of people do it that way.

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00:17:13,620 --> 00:17:16,770
It's fine. The IRS hasn't
figured out how to tax this

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00:17:16,770 --> 00:17:19,740
anyway, it's a discount off of
advertising purchases. But

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00:17:19,740 --> 00:17:26,640
600,000. You know, that's
9000 $9 million, I think, right?

291
00:17:26,760 --> 00:17:32,430
$9 million a year in revenue
600,000 6 million $9 million

292
00:17:32,700 --> 00:17:35,580
close to Roberts can try to do
the math in his head as well,

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00:17:35,580 --> 00:17:42,090
folks, it's an awful lot of
money, times 10. And so is that

294
00:17:42,090 --> 00:17:46,410
Fireside Chat resulted in him
going what cashback money is an

295
00:17:46,410 --> 00:17:50,160
add back, I need to pull that
over into the back schedule of

296
00:17:50,160 --> 00:17:53,670
my p&l, I'm going to boost I'm
sorry, you know what the math is

297
00:17:53,670 --> 00:17:57,960
$50,000 in monthly at cash back
money. That's what it was.

298
00:17:57,960 --> 00:18:02,310
Because it ended up in $600,000
in cash back on an annual basis,

299
00:18:02,670 --> 00:18:07,020
times 10, it added $6 million to
the list price of his business.

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He got lucky because we just
happen to be at the same place

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00:18:09,930 --> 00:18:13,680
at the right time. And it added
$6 million to the list price of

302
00:18:13,680 --> 00:18:18,270
his business. But that's how
important it is to get some

303
00:18:18,270 --> 00:18:21,390
training to get to don't be
afraid to have a conversation

304
00:18:21,390 --> 00:18:23,730
with somebody knows what the
hell they're talking about. When

305
00:18:23,730 --> 00:18:25,890
it comes to this stuff. And it
doesn't have to be me. In fact,

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00:18:25,890 --> 00:18:29,430
it's not going to be me because
I don't sell businesses anymore.

307
00:18:30,150 --> 00:18:32,460
somebody on the team would be
but you got to have those

308
00:18:32,460 --> 00:18:35,460
conversations. And if you don't
like anyone at quiet, like buy

309
00:18:35,460 --> 00:18:38,310
the book, it gives you all that
detail. If you don't like me, if

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00:18:38,310 --> 00:18:40,740
you don't like anyone to
quietly, go to website closers

311
00:18:40,740 --> 00:18:43,290
go to Fe international go to
Empire Flippers, go go go

312
00:18:43,290 --> 00:18:47,160
somewhere and get the training
so that you get the maximum

313
00:18:47,160 --> 00:18:50,430
value for your business because
it's probably your most valuable

314
00:18:50,430 --> 00:18:53,310
asset. Robert, I'm just flapping
my jaw talking too much. Because

315
00:18:53,310 --> 00:18:55,650
I get passionate about this
stuff. shut me up for a minute.

316
00:18:55,650 --> 00:18:55,950
Well, yeah.

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00:18:56,340 --> 00:18:58,500
Robert Plank: Well, it's good.
Because I mean, what's the point

318
00:18:58,530 --> 00:19:00,570
of me talking, you're the
expert, you're here, you're on

319
00:19:00,570 --> 00:19:03,900
giving us that this kind of info
dumping. But it's helpful to

320
00:19:03,900 --> 00:19:06,840
hear it in kind of the story
first format. You mentioned

321
00:19:06,840 --> 00:19:09,390
there, because if you started
with like the accounting

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00:19:09,390 --> 00:19:12,270
principles and these business
things you had to do, like who

323
00:19:12,270 --> 00:19:15,060
wants that, right? But it's more
fun to say, Okay, here's this

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00:19:15,060 --> 00:19:17,700
person, and they started here.
And they kind of went on this

325
00:19:17,700 --> 00:19:20,340
trajectory. And here are the
little things that they did,

326
00:19:20,340 --> 00:19:23,490
right. And so what I'm getting,
as far as some of these, these

327
00:19:23,490 --> 00:19:26,520
important takeaways from this is
first I'm hearing what really

328
00:19:26,520 --> 00:19:29,220
stuck with me is the whole sell
the business when it's on the

329
00:19:29,220 --> 00:19:32,970
way up, not when you're tired of
it. And it seems like this is

330
00:19:32,970 --> 00:19:36,510
all revolving around, like
thinking ahead of time, at least

331
00:19:36,540 --> 00:19:40,920
a year or two and not being so
impulsive and being like, well,

332
00:19:40,920 --> 00:19:45,240
you know, the business probably
could grow larger before I got

333
00:19:45,270 --> 00:19:48,720
out of it. But I'm making these
moves. I'm having the strategy.

334
00:19:48,720 --> 00:19:52,740
And another thing that sticking
with me a lot is as I mean,

335
00:19:52,890 --> 00:19:55,800
we've all gone through the stage
when we're super young and we

336
00:19:55,800 --> 00:19:58,740
don't realize that we're a
person and our business is a

337
00:19:58,740 --> 00:20:01,200
person and we've always Going
through that kind of stage where

338
00:20:01,200 --> 00:20:03,930
we said like, okay, my business,
my business needs, its own

339
00:20:03,930 --> 00:20:06,540
assets, its own bank accounts,
things like that. But then it

340
00:20:06,540 --> 00:20:09,540
took me even a few more years
after that maybe in like my late

341
00:20:09,540 --> 00:20:13,620
20s, when I heard even this
concept of don't take a salary,

342
00:20:13,650 --> 00:20:16,920
if you can help it or keep these
two things separate that way,

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00:20:16,920 --> 00:20:19,650
you can keep the money in the
business. And you hear that a

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00:20:19,650 --> 00:20:23,010
lot with these FBA businesses,
especially right when they have

345
00:20:23,010 --> 00:20:27,630
to, like really cash flow into
all this inventory and things

346
00:20:27,630 --> 00:20:31,350
like that. And so this is cool
to hear about and to think

347
00:20:31,350 --> 00:20:35,100
about. And I think everyone,
like you said, everyone needs to

348
00:20:35,100 --> 00:20:38,370
at least have some of this
information early, because

349
00:20:38,370 --> 00:20:41,520
there's that temptation of
taking the money now and

350
00:20:41,520 --> 00:20:44,460
stealing from your future. And
if you're not careful, falling

351
00:20:44,460 --> 00:20:47,400
back into just another job,
right? You mentioned some of

352
00:20:47,400 --> 00:20:50,700
these case studies where they
started off at this job that

353
00:20:50,700 --> 00:20:53,820
they didn't like, and you say,
you know, I want to become a

354
00:20:53,820 --> 00:20:57,660
business owner. And I want to be
the CEO and set up all these

355
00:20:57,660 --> 00:21:00,630
things. But now you've created a
second job. But it seems like if

356
00:21:00,630 --> 00:21:04,950
you treat it as in a completely
different outside the box way,

357
00:21:04,950 --> 00:21:07,890
like how you have that friend
that kind of did the credit card

358
00:21:07,890 --> 00:21:10,650
churning, and they do add backs
and things like that, if you're

359
00:21:10,650 --> 00:21:13,470
kind of smarter with the
accounting, then you're not

360
00:21:13,500 --> 00:21:17,430
creating a new job for yourself,
you're kind of building this own

361
00:21:17,520 --> 00:21:20,250
entity that you're not really
taking much from, you're just

362
00:21:20,250 --> 00:21:24,150
adding in and kind of inflating
the balloon until you find the

363
00:21:24,150 --> 00:21:27,030
right buyer. And then you cash
out all that money. And the end

364
00:21:27,030 --> 00:21:31,230
result ends up being many, many
times more from that one single

365
00:21:31,230 --> 00:21:35,280
payday, as opposed to taking it
in little itty bitty bits and

366
00:21:35,280 --> 00:21:39,000
just kind of struggling along
and taking and kind of having a

367
00:21:39,000 --> 00:21:42,600
second job there. And so this is
all cool to think about. And I

368
00:21:42,600 --> 00:21:44,370
don't want to keep you for too
long, because we're already

369
00:21:44,400 --> 00:21:48,210
almost at the half hour mark.
And so you and so you said that

370
00:21:48,210 --> 00:21:52,170
there's quiet light brokerage,
and there's the exit printer

371
00:21:52,170 --> 00:21:54,480
book. And I want to make sure
that we plugged that in a couple

372
00:21:54,480 --> 00:21:57,780
of minutes at the very end. But
as we wrap up, wind down, is

373
00:21:57,780 --> 00:22:00,360
there anything near the end here
that you want to make sure that

374
00:22:00,360 --> 00:22:02,730
we mention? Because we're
pressed for time, and I love the

375
00:22:02,730 --> 00:22:04,890
stories and all these little
nuggets that you put in there.

376
00:22:04,920 --> 00:22:08,160
But is there anything that you
say, you know, this is must have

377
00:22:08,160 --> 00:22:10,650
information if someone was
listening to this whole concept

378
00:22:10,650 --> 00:22:13,140
about buying and selling a
business. But we want to make

379
00:22:13,140 --> 00:22:16,890
sure to keep like this, like two
or three minute little soundbite

380
00:22:16,890 --> 00:22:19,380
where if they heard nothing
else, they got this very

381
00:22:19,380 --> 00:22:21,600
important lasting piece of
advice. Is there anything that

382
00:22:21,600 --> 00:22:24,600
comes to mind? Joe is about like
information we just can't leave

383
00:22:24,600 --> 00:22:25,350
out here today?

384
00:22:26,040 --> 00:22:28,020
Unknown: Well, look, the
business that they're running is

385
00:22:28,020 --> 00:22:31,410
very likely their most valuable
asset. So why in the world would

386
00:22:31,410 --> 00:22:34,410
you go it alone, I know that
sounds self serving, because I

387
00:22:34,410 --> 00:22:38,190
run an m&a firm that specializes
in this. But at the same time

388
00:22:38,190 --> 00:22:40,290
I've written the book to help
you understand the value of your

389
00:22:40,290 --> 00:22:43,740
business. So take that first.
And as a thank you, Robert, for

390
00:22:43,740 --> 00:22:46,410
having me on the podcast, I'm
going to give you a link that

391
00:22:46,410 --> 00:22:49,320
will allow any of your listeners
to get the book at no charge

392
00:22:49,350 --> 00:22:53,190
Kindle or paperback, they can
get the book, I've said 100

393
00:22:53,190 --> 00:22:56,130
times over since I launched the
book, I don't need to make any

394
00:22:56,130 --> 00:22:59,010
money off the book, I wrote it
to help people understand the

395
00:22:59,010 --> 00:23:02,280
value of what they have. So grab
that link, go ahead and get the

396
00:23:02,280 --> 00:23:05,040
book we'll get it shipped off to
if you want if you want to learn

397
00:23:05,040 --> 00:23:09,240
that way. Most important is to
understand again, your business

398
00:23:09,270 --> 00:23:12,690
is likely your most valuable
asset, you ought to pay

399
00:23:12,690 --> 00:23:15,660
attention to it's not top line
revenue, you're going to get an

400
00:23:15,660 --> 00:23:20,340
awful lot more by planning your
exit well, and maximizing the

401
00:23:20,340 --> 00:23:25,410
value when you exit. Think about
it the best corporations that we

402
00:23:25,410 --> 00:23:28,920
don't that we know whether it's
a publicly traded company or a

403
00:23:28,920 --> 00:23:31,920
Lego, which is you know, still
privately held that does

404
00:23:31,920 --> 00:23:34,020
billions of dollars in revenue,
they would never sell their

405
00:23:34,020 --> 00:23:37,260
business on their own. They're
really savvy and really smart,

406
00:23:37,260 --> 00:23:40,200
and they got a big team to help
them, they still wouldn't go in

407
00:23:40,200 --> 00:23:45,900
alone. So I think the idea of
hearing from an FBA aggregator

408
00:23:45,900 --> 00:23:49,080
and working with them directly
as opposed to getting help and

409
00:23:49,140 --> 00:23:52,290
creating competition and
presenting your business to 50

410
00:23:52,290 --> 00:23:55,740
of them to drive the price up
and get a better value makes a

411
00:23:55,740 --> 00:23:56,940
heck of a lot more sense.

412
00:23:57,900 --> 00:23:59,490
Robert Plank: And what also
makes a heck of a lot more

413
00:23:59,490 --> 00:24:03,570
sense. Like you're mentioning
this concept of like kind of do

414
00:24:03,660 --> 00:24:07,440
putting in the work now putting
in the hours now and maybe even,

415
00:24:07,620 --> 00:24:11,280
like just doing doing more than
you have to now in order to get

416
00:24:11,280 --> 00:24:13,440
the result that you want. And
you'd mentioned at the beginning

417
00:24:13,440 --> 00:24:16,710
here about how there's two Joe
valleys right, there's the the

418
00:24:16,710 --> 00:24:19,620
person doing the work and the
person doing the publicity. And

419
00:24:19,620 --> 00:24:22,290
that really appeals to me
because sometimes when you hear

420
00:24:22,290 --> 00:24:26,520
about this idea of businesses
being sold in like a theoretical

421
00:24:26,520 --> 00:24:29,580
sense, they almost present it
like winning the lottery, like I

422
00:24:29,580 --> 00:24:32,760
built I had this idea and no one
else had of it. I made this app

423
00:24:32,760 --> 00:24:35,730
and the hip I found just the
right buyer just the right time.

424
00:24:35,850 --> 00:24:39,450
And what excites me more is like
more of like this this serial

425
00:24:39,480 --> 00:24:42,630
extra printer concept like
you're mentioning here have put

426
00:24:42,630 --> 00:24:46,440
in the hard work now and do like
the 80 hour weeks or dude like

427
00:24:46,440 --> 00:24:49,830
the the two jobs or the day job
plus the business or whatever it

428
00:24:49,830 --> 00:24:53,190
has to be and get it to this
position where you can sell it

429
00:24:53,280 --> 00:24:56,670
and then you repeat the process
and then think back to all the

430
00:24:56,670 --> 00:25:00,000
things that you wish you'd known
and done when you weren't

431
00:25:00,000 --> 00:25:03,000
bootstrapped and go and repeat
it and repeat it. I mean, that

432
00:25:03,000 --> 00:25:06,870
sounds like a lot of fun because
I mean, if you wanted to just do

433
00:25:06,870 --> 00:25:09,480
the bare minimum amount of work,
why didn't you stick with a nine

434
00:25:09,480 --> 00:25:11,910
to five day job, right? The
whole point of being an

435
00:25:11,910 --> 00:25:15,390
entrepreneur or a business owner
is to kind of play with time and

436
00:25:15,390 --> 00:25:18,630
play with money and be able to
put in more time or leverage

437
00:25:18,630 --> 00:25:22,410
that time or, or get more money
than you would from just like a

438
00:25:22,410 --> 00:25:25,890
career where you said, Well, I'm
a mechanical engineer, and maybe

439
00:25:25,890 --> 00:25:28,920
I'll get this this position
here. And maybe I'll get this

440
00:25:28,920 --> 00:25:32,280
lifetime value. But as being a
business owner entrepreneur, you

441
00:25:32,280 --> 00:25:35,400
can kind of play around with the
with the system. And there is a

442
00:25:35,400 --> 00:25:38,100
little bit of chance involved,
but a heck of a lot of like

443
00:25:38,130 --> 00:25:41,100
strategy and giving yourself
more luck. So this is such a

444
00:25:41,100 --> 00:25:44,910
cool concept. And so you said,
Joe, that there is a way to get

445
00:25:44,910 --> 00:25:48,870
this book for free. And is that
a link we can drop here? Or is

446
00:25:48,870 --> 00:25:50,490
that something for the show
notes later,

447
00:25:50,670 --> 00:25:52,710
Unknown: I haven't created it
yet. So I'm going to create it

448
00:25:52,710 --> 00:25:56,310
and send it to you, and you put
it in the show notes. And

449
00:25:56,340 --> 00:25:58,920
anybody that wants to get a free
copy of the book, and it's a

450
00:25:58,920 --> 00:26:02,700
real book, look, it's it's 300
pages, it's not a pamphlet, it's

451
00:26:02,700 --> 00:26:05,820
not a booklet, it's a real book,
that will walk you through the

452
00:26:05,820 --> 00:26:09,780
entire process of understanding
the value of what you have. And

453
00:26:09,810 --> 00:26:13,410
it'll get you 80% of the way to
being able to sell your business

454
00:26:13,440 --> 00:26:16,890
on your own. The problem is, is
creating a competitive

455
00:26:16,890 --> 00:26:19,680
environment with lots of buyers
are bidding for your business.

456
00:26:19,680 --> 00:26:23,340
That's the challenge part for
you, it kind of gets you a you

457
00:26:23,340 --> 00:26:27,900
know, a brown belt or a blue
belt in in Karate or Taekwondo,

458
00:26:27,900 --> 00:26:31,650
but you're not a multiple multi
level black belt. So I do love

459
00:26:31,650 --> 00:26:35,100
what you said there about being
a serial exit printer, because

460
00:26:35,100 --> 00:26:38,340
that is truly the course. The
fact of the matter is that true

461
00:26:38,340 --> 00:26:42,870
wealth is built by selling a
business, not by building it and

462
00:26:42,870 --> 00:26:47,280
operating it on a daily basis.
And as entrepreneurs, we all get

463
00:26:47,310 --> 00:26:50,100
sick of the daily grind, even
when we're just running our own

464
00:26:50,100 --> 00:26:52,320
business, the best way to get
beyond that is to plan your

465
00:26:52,320 --> 00:26:56,010
exit, exit, well take some time
off and then move on to your

466
00:26:56,010 --> 00:26:58,590
next adventure with more money
in the bank and a lot smarter

467
00:26:58,590 --> 00:27:00,030
because you've been through it
once before.

468
00:27:00,750 --> 00:27:03,630
Robert Plank: Fantastic. I don't
know if it's an accurate system

469
00:27:03,630 --> 00:27:07,380
music. But I heard once that 95%
Of all the wealth was generated

470
00:27:07,380 --> 00:27:10,320
just by selling the businesses
as opposed to like you were

471
00:27:10,320 --> 00:27:14,190
saying sell it instead of build
it in an operator because that's

472
00:27:14,190 --> 00:27:16,560
a lot of work. It's a lot of
hours, that's like spy, it's

473
00:27:16,560 --> 00:27:19,530
like slow going. And with the
you know, you always hear like

474
00:27:19,530 --> 00:27:24,000
the economy goes up and down or
even like specific industries,

475
00:27:24,000 --> 00:27:26,910
or I mean, how fast paced is
internet who wants to go through

476
00:27:26,910 --> 00:27:29,820
all that if you can just have
something that works and then

477
00:27:29,820 --> 00:27:32,970
sell it off to someone bigger?
That seems like a fantastic

478
00:27:32,970 --> 00:27:36,720
place to be. And so exit
printer.io is the website and

479
00:27:36,720 --> 00:27:39,240
then how do we find quiet light
brokerage,

480
00:27:39,750 --> 00:27:43,530
Unknown: just quiet light.com.
And there's a free valuation

481
00:27:43,530 --> 00:27:46,590
form there, you can connect with
any of our advisors, they'll

482
00:27:46,590 --> 00:27:48,750
reach out, if you fill out the
form, they'll reach out to you

483
00:27:49,020 --> 00:27:51,810
and go through what I went
through back in 2010. When I

484
00:27:51,810 --> 00:27:54,510
sold my company through quiet
light, which is an initial

485
00:27:54,660 --> 00:27:58,260
discovery call, then a review of
your p&l is firming up your

486
00:27:58,260 --> 00:28:00,930
discretionary earnings, and
letting you know how close or

487
00:28:00,930 --> 00:28:04,080
how far you are from your exit
goals. And then the decision is

488
00:28:04,080 --> 00:28:06,900
up to you on what you want to
do. Either you're ready, your

489
00:28:06,900 --> 00:28:10,230
business value is there and you
want to move forward or you got

490
00:28:10,230 --> 00:28:13,470
another year to go and the
advisor will give you some

491
00:28:13,470 --> 00:28:15,900
advice on how to improve the
value of your business over the

492
00:28:15,930 --> 00:28:20,370
next 12 months. So that you can
hit or over achieve your your

493
00:28:20,370 --> 00:28:21,090
exit goals.

494
00:28:21,750 --> 00:28:24,090
Robert Plank: Oh fantastic. And
just what comes to mind as far

495
00:28:24,090 --> 00:28:27,390
as all of our the advice you've
been given today is it doesn't

496
00:28:27,390 --> 00:28:31,680
hurt to be educated. And
especially if, if people out

497
00:28:31,680 --> 00:28:35,580
there listening the podcast, if
you want to sell your business

498
00:28:35,580 --> 00:28:38,220
eventually and you want to have
this conversation with kwila

499
00:28:38,250 --> 00:28:41,610
Eventually, then get the exit
printer book and read the book.

500
00:28:41,610 --> 00:28:44,490
That way you'll be speaking the
same language that will kind of

501
00:28:44,490 --> 00:28:47,730
be going in there already armed
with some information. And that

502
00:28:47,730 --> 00:28:51,330
way you can avoid some of these
these worst case scenarios we've

503
00:28:51,330 --> 00:28:54,480
been mentioning here, Joe, of
selling the business in a panic

504
00:28:54,510 --> 00:28:57,090
or less than you want or when
you're sick of it. And when it's

505
00:28:57,090 --> 00:29:00,420
wet on the way down, avoid all
that stuff, get the enterpreneur

506
00:29:00,420 --> 00:29:04,680
book and then talk to quiet
light, quiet light.com to take

507
00:29:04,680 --> 00:29:08,460
those next steps. And as you've
been as you can tell from our

508
00:29:08,580 --> 00:29:11,970
podcast interview today, this
might be a subject that is kind

509
00:29:11,970 --> 00:29:15,780
of a little on the dull side at
first. But then once you get

510
00:29:15,780 --> 00:29:18,270
into the stories, the
possibilities, the things that

511
00:29:18,270 --> 00:29:22,020
you can accomplish when you sell
your business and then have the

512
00:29:22,050 --> 00:29:26,220
the freedom to to pay off this
house or buy this other house or

513
00:29:26,220 --> 00:29:29,520
relocate or pursue that dream.
That seems to be kind of more of

514
00:29:29,520 --> 00:29:32,730
the the exciting carrot that
you're chasing. So that way you

515
00:29:32,730 --> 00:29:37,110
can do a little bit of this hard
work. So exit printer.io Get the

516
00:29:37,110 --> 00:29:39,150
book and we'll have the link in
the show notes to get it for

517
00:29:39,150 --> 00:29:42,630
free. Then quiet light calm.
Thanks, Joe for stopping by. I

518
00:29:42,630 --> 00:29:43,590
really appreciate you.

519
00:29:43,830 --> 00:29:45,030
Unknown: Thank you, Robert. I
appreciate it.

520
00:29:48,300 --> 00:29:50,370
Robert Plank: Thank you for
tuning in to the marketer of the

521
00:29:50,370 --> 00:29:55,320
day podcast marketer of the day
is managed by dF via podcast

522
00:29:55,410 --> 00:30:01,740
claim your 12 podcast boosters
at DF y podcast COMM slash free