Episode 740 | My New Book! The Entrepreneur's Guide to Selling Your Business Without Regret
Startups For the Rest of Us
Deep Dive
What is the main focus of the book 'Exit Strategy: The Entrepreneur's Guide to Selling Your Business Without Regret'?
The book focuses on the emotional, psychological, and practical aspects of selling a business, aiming to help entrepreneurs navigate the process without regret. It covers the before, during, and after stages of an exit, emphasizing the universal challenges entrepreneurs face.
Why did Rob Walling and Dr. Sherry Walling decide to write 'Exit Strategy'?
They wrote the book to address the lack of resources that combine the emotional and psychological aspects of selling a business with practical advice. Their unique perspectives—Rob as a serial entrepreneur and Sherry as a clinical psychologist—provide a nuanced take on the topic.
What makes 'Exit Strategy' different from other books on selling a business?
The book uniquely combines Rob Walling's entrepreneurial experience with Dr. Sherry Walling's psychological expertise. It delves into the mental and emotional challenges of selling a business, offering strategies to minimize negative impacts on mental health, family, and the business itself.
What are some external cues that might indicate it's time to sell a business?
External cues include having built something amazing, the business needing more capital, the founder no longer being the best person to run it, shifts in the competitive landscape, changes in life status, and the emergence of new opportunities.
What are some common emotional challenges entrepreneurs face during the exit process?
Entrepreneurs often experience anxiety, sleepless nights, and stress due to the uncertainty and pressure of the exit process. They may also struggle with the loss of control and the emotional toll on their family and team.
What is the 'Purgatory' chapter in the book about?
The 'Purgatory' chapter discusses the transitional phase after selling a business, where founders may work for the acquirer and lose control of their company. It explores the challenges of adjusting to this new role and the potential upsides.
What are the 'Prove I Can Do It Again' and 'Sail Away Forever' traps mentioned in the book?
The 'Prove I Can Do It Again' trap involves founders feeling the need to replicate their success to validate their identity. The 'Sail Away Forever' trap is the misconception that they can retire and completely disconnect from entrepreneurship, which often doesn't align with their true nature as creators.
How does the book address the financial implications of a business exit?
The book discusses how a large sum of money can change relationships and identity, offering advice on managing wealth without falling into risky investments or losing sight of one's core values. It emphasizes maintaining a balanced approach to financial decisions.
- The book covers selling various business types, not just SaaS.
- Selling a business is universally challenging for entrepreneurs.
- It focuses on the emotional and psychological aspects of the process.
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