Episode 54: How to Double the Amount of Money You Put In Your Pocket When You Sell Your Business with Marvin Storm

Learn about when to plan your exit strategy so that it’s most profitable from fellow podcaster Marvin Storm. Marvin has over four decades of experience in creating and exiting businesses. He discusses the dangers of why you should avoid waiting until you need to exit a business to plan that exit.

Marvin Storm is the host of the Business Exit Stories Podcast. He started his career as an accountant and then left that career to open his own business. Marvin now has over four decades of experience creating and exiting businesses.

• Plan an exit from the start while scaling the business.
• Many entrepreneurs spend months coming up with a business plan but do not create an exit plan.
• Even if you build a great business, things may not line up for a clean or ideal exit.
• Most of the time, exits are subpar because they are not planned and often are event-driven.
• You lose the ability to maximize the valuation of the business when an unplanned event forces you to exit.
• You should plan your business so that your exit is planned, and your decisions moving forward are dictated by the timeline you have set for your exit.
• The probability of a successful planned exit goes up the earlier you plan— even if the exit is many years in the future.
• You need to think about the future buyer of your business when planning an exit.
• 80% of all businesses (of any size) that are listed for sale never sell.
• Almost all businesses can be successfully and profitably exited if you plan right and put the right things in place.

• “I think I’ve learned more from my mistakes, and I think that’s kind of a mantra for most entrepreneurs. They learn more from their mistakes. And kind of the hallmark of entrepreneurship, I think, is being able to learn and not look back and to move on.” —Marvin Storm
• “What I sort of thought about as I entered my entrepreneurial journey, the big question— are entrepreneurs born or are they made? And I think that the entrepreneurial mindset and the tolerance for risk is, I think, part of a person’s personality. But success in entrepreneurship is really driven by the tools that you learn to use— the strategies, the tactics, the education that you get, the ability to learn, and to kind of push forward.” —Marvin Storm
• “The earlier you start, the better of an exit you’re going to have because you can make adjustments along the way. And you get into a mindset of thinking about your business, and that I think is critical.” —Marvin Storm
• “You don’t want to be caught with your pants down and have to pack your parachute when things aren’t going right in your business cause it never ends well.” —Marvin Storm

• Business Exit Stories Podcast: https://businessexitstories.com/ 
• Marvin Storm’s report: https://businessexitstories.com/get-free-report-4/ 
• Marvin Storm’s LinkedIn: https://www.linkedin.com/in/marvinlstorm/ 
• Marvin Storm’s Personal Website: www.marvinlstorm.com
• Marvin Storm’s Company Website: www.bxadvisors.com

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