My guest today is Rob Dube. Rob has been a successful businessman since high school. He and his business partner have been running their businesses together ever since. Now Rob is the president and co-founder of imageOne. imageOne is a print managed business that began as a toner cartridge refurbishing company. It has since become one of the top companies in the Top 25 Small Businesses in America on the 2017 list of Forbes Small Giants. Rob has developed a strong relationship with his employees and himself through the practice of meditation. Unlike most of my guests, Rob sold his business in 2004 and bought it back in 2006.
During today’s episode, we discuss why Rob bought back imageOne and how he runs it better now. We also discuss Rob’s new book, Donothing, and his journey to discovering the benefits of meditation. Rob has developed a constructive relationship with numerous business leaders, including author Bo Burlingham. Bo is a wise business writer who has helped many business owners build better companies. Rob shares how Bo’s work has helped him restructure his business and personal life. Rob has figured out how to fortify his business and business culture, if anything can be taken away from this episode, it’s business is a constant learning experience.
You will learn about:
- Rob’s early business experience.
- The bumps and setbacks along the way to imageOne.
- How Rob was able to find his company’s focus.
- The events that led up to the 2004 sale.
- The reasons why Rob and his partner bought imageOne back in 2006.
- How Bo Burlingham’s book Small Giants helped Rob restructure his company.
- The 6 qualities of “small giant” businesses.
- Rob’s relationship with Bo Burlingham and what he has learned.
- Other books and tools that have helped Rob build his business.
- The long-term goals for imageOne.
- How meditation has helped Rob get focus and clarity.
- Silent retreats, what are they?
- Rob’s leaders silent retreat event.
- Rob’s advice to listeners.
If you have plans to sell your company this year or you are just a little nervous about the 2018 tax reform, join us to get some perspective!
You will learn about:
- What does tax reform mean for U.S. business owners?
- Where to go to get accurate information about the 2018 tax reform.
- Why you need to check, check, and triple check your analysis to make the right decisions for your business.
- What the tax reform means for PE firms (private equity.)
- The changes that will change “the game” in the long run.
- Expect a boom in international business interest.
- Why this is a good time to review your current business deals and revise them accordingly.
- Why high tax areas will suffer from this new tax reform.
- New financial caps that will take effect with the new reform.
- Make sure you are ready!
- The 3 highlights James has for the audience.
- The new ability to make a 100% expense purchases will be a huge game changer in business! Most of these changes will shake up the business world and you need to be prepared for them.
- Don’t make a change to your business structure just for a tax benefit. A sudden change can make you undesirable to outside buyers.
- Don’t make a major business decision or change without consulting a professional tax expert. You need to plan your next move, don’t try to navigate this change with your gut. Plan, plan, plan, and plan so more! Plan until you are sure you have a solid strategy going forward.
My guest today is Rob Walling. Rob is a serial entrepreneur that built one of the most successful ecommerce marketing platforms on the market, maybe you’ve heard of it… Drip. We discuss Rob’s early entry into the world of business and how he became a giant in the tech space. He lives by 3 main principles that have guided him on his entrepreneurial journey. He shares why these principles are so important to him and how he came to the conclusion he needed them. Let Rob’s insights help you take a closer look at your own principles and what drives you!
You will learn about:
- Rob’s early years selling goods to his classmates and what he learned from it.
- How Rob found his way into the world of coding and software development.
- How DotnetInvoice started it all.
- The system Rob developed to keep his companies and his profits growing.
- The 3 principles Rob looks for in any business endeavor.
- How Rob found purpose in his work.
- The purchase of HitTail and how it changed things for Rob.
- Why Google was a driving force to sell HitTail.
- Drip’s origin story.
- The best advice Rob has ever gotten.
- The decision process for selling Drip.
- Separating business from emotion and how Rob kept his mind on his goals.
- Rob’s advice to the listeners.
Today’s guest shows us just how important knowing yourself really is in terms of business success and happiness. Rob Walling has built and sold two successful businesses while sticking to his principles and ensuring he’s getting the dollars he needs to live the life he truly wants. Through hard work, education and self-knowledge (including acknowledging your limitations!), you can achieve the freedom you need when the time comes to exit your business. (more…)
Do you know what role your business plays in your life? Building a business is like building a safety net; not only can you build your financial freedom, but you can also change your life and the lives of the people around you while having fun and enjoying yourself. Today we’ll be talking to Marcelo De Fuentes. He started his own market research company after getting laid off in the 1990s. He’s going to talk to us about how he built the company and how he sold it. We’ll also discuss what Marcelo’s life was like post-sale. Sit back, relax, and enjoy the insight that Marcelo shares.
You will learn about:
- When and why Marcelo decided to be an entrepreneur, as well as how he jumped in with both feet.
- The benchmarks Marcelo met while growing his business.
- Some of the goals Marcelo wanted to reach as he continued to invest in is company.
- What it meant to Marcelo to create a valuable company, as well as how he invested in his employees to build human capital.
- What influenced Marcelo’s views on what would define a valuable company.
- Why Marcelo went down the route of partnering with someone else, as well as how the partnership transpired.
- Details of the negotiation process and how the deal progressed with an agreed-upon formula.
- What Marcelo learned from two other companies who wanted to buy the company.
- What it was like going from being a solo entrepreneur to becoming a partner, as well as how the rest of the process to a sale unfolded.
- Some of the mixed emotions that Marcelo went through as he sold his business.
- How Marcelo created a personal safety net after he sold his company by continuing to create value and grow.
- Some of Marcelo’s current goals and projects.
What does a great exit look like? How do you accomplish one? Geoff Green is on the show today who is the author of The Smart Business Exit. Geoff started off his career as an M&A attorney and has been a business advisor, value building advisor, and exit strategist for over 30 years. We talk about the different variables needed to build a sustainable business that is highly transferrable and valuable. Geoff explains how navigate all the variables that go into accomplishing a great exit that includes being happy in your life after business.
You Will Learn About:
- Geoff’s journey from an M&A lawyer to a business and exit advisor
- What is involved in a great exit
- How to take control as the business owner over the process of who you sell to and when you choose to sell
- Putting yourself in a good position emotionally to be happy post-sale and down the road
- The importance of starting or thinking about having a community outside your business
- The “uncomfortable truths” about your business
- What type of business owner you are
- Focusing on building a highly sellable business
- Getting into the mindset of thinking like a buyer and looking at your business differently
- Working out your renewed purpose
- Variable one of a great exit is freedom. Freedom is why we start our businesses, why entrepreneurs take the risk. Freedom comes in a couple different forms. One is financial freedom which includes being financially rewarded for all the blood, sweat and tears you put into your business. The other is freedom of time to do whatever you want when you want. There is also the freedom to surround yourself with the people you want to hang out with. All in all, it is the freedom to paint your own picture of what your life looks like after the sale.
- Variable two to accomplish a great exit is having a legacy. What is the legacy you want to pass on? What is it that you want to be remembered for after the sale of your company? This could be passing it down to your kids or making a mark in your community. It is up to you to decide.
- Variable three is your renewed purpose. What is next? What is your new purpose? Are you going to start a new company, consult other owners, or do something completely different? Your new purpose will make you happy and allow you to explore and grow as an individual post-sale.
Links and Resources:
Geoff Green on LinkedIn
The Smart Business Exit website
Buy The Smart Business Exit by Geoff Green on Amazon
Finish Big by Bo Burlingham
Built to Sell by John Warrillow