How to Use Your Business as a Vehicle to Build Wealth
Sep 08, 2022•12 min•Ep. 81
Listen to this episode in Metacast mobile app
Don't just listen to podcasts. Learn from them with transcripts, summaries, and chapters for every episode. Skim, search, and bookmark insights. Learn more
Episode description
Businesses are great sources of income, but you shouldn’t have to keep working forever to build your wealth - and especially not after retirement. Mandi Ellefson explores how business owners can avoid this in this week’s show.
Key Ideas:
- Mandi shares how she first started seeing business as a vehicle for building wealth. [2:12]
- “We had seen all the advice about buying into the stock market in your 20’s… and we made a conscious decision to wait and invest in our earning potential,” Mandi says. She and her husband were able to uniquely build their wealth even before her business went big. [5:47]
- Only 1% of businesses are actually sellable, Mandi claims. Even when business owners do sell, they often don’t get the value they want when exiting their companies. Hands-Off CEO has helped their clients sell their businesses for more than they could’ve ever imagined by growing profits. It’s not just about generating more sales - you need to first expand your gross profit margins and use that to generate the cash to scale. [8:08]
- Changing your client’s perception of you from a cost center to a profit center is the key to quadrupling your fees, eliminating price resistance, and attracting the highest-paying clients in any market climate. [10:03]
Resources
For the best experience, listen in Metacast app for iOS or Android
Open in Metacast