#735 An 8-figure exit and revisiting the 1,000-day principle
Can you make a life-changing decision based on assumptions you pulled off the internet? This question and many others are answered in today’s fascinating interview with two of Dan’s mentors and longtime friends. They recently exited one of their businesses (they’re still running the other!) for 8-figures, and they share the details of their process from deciding to sell, preparing for the sale, vetting acquirers, and what happens after. Hear how they spun up another business on the side and are maintaining the cash flow from that as they sit on the cash pile from the sale. But perhaps their biggest accomplishment is raising three thoughtful, curious kids while running their two incredible businesses and living all over the world in places like Bali, Costa Rica, Spain, and more. Dan & Ian’s Stuff: The Newsletter “The DC” DC Black Global events Hire remote talent Find a remote job Listen on YouTube Follow on Instagram @TropicalMBA @AnythingIan Show Notes (00:00:42) Intro (00:03:03) Revisiting the 1,000 day principle and questioning the 3,000 day principle (00:03:52) Career milestones in entrepreneurship (00:09:18) Maintaining pricing power in a productized service (00:10:24) Setting financial goals and getting real with personal expenses (00:16:36) Retirement planning with financial planners (00:19:05) Selling a business: approach to sales process (00:21:48) Selling a business: acquisition process and unexpected offer (00:28:59) Selling a business: legal and financial aspects (00:34:46) Selling a business: emotions and negotiation process (00:37:10) Scaling a new business and selling a golden egg (00:44:05) Parenting, wealth, and financial priorities (00:46:06) Raising entrepreneurial children Links: DC Mexico tickets Greenback Tax Service Cleer.tax Past guests on TMBA include Cal Newport, David Heinemeier Hannson, Seth Godin, Ricardo Semler, Noah Kagan, Rob Walling, Jay Clouse, Einar Vollset, Sam Dogan, Gino Wickam, James Clear, Jodie Cook, Mark Webster, Steph Smith, Taylor Pearson, Tommy Griffith, Justin Tan, Matt Gartland, Travis Jamison, Ayman Al-Abdullah, Tynan, Lucy Bella Simkins, Brian Balfour, Nick Huber, Dana Lindahl, Anthony Fasano, Adam Palmeter, Carrie & Dave McKeegan. Additional episodes you might enjoy: #733 End-of-Year Brainstorming, Goal-Setting, and a Mexico Meltdown #618 Exploring Alternative Education Options for Nomadic Families #565 The Origins of the 1,000 Day Principle