Beyond 8 Figures

Today, we talk about the future of work with Stephanie Nadi Olson, who is reshaping the marketing industry. The future of work is independent, flexible, remote, and non-hierarchical. Stephanie is creating it with her company We Are Rosie and joins us today to tell us all about it. 

If you are interested in challenging the existing structures, and if you don’t want to be left behind in the past, tune in to today’s episode to find out how you can build a business that makes your employees' and clients' lives more fulfilled. 

About our Guest: 

Stephanie Nadi Olson is the founder of We Are Rosie - a network of 6,500 marketing professionals who are already experiencing the future of work. She started her business with $10,000 and turned it into a 7 figure machine.  When Covid-19 hit, she lost 80% of the business overnight. However, by staying determined and faithfully betting on the success of her team the company doubled in size by the end of 2020. 

On today’s episode: 

• How working at Microsoft helped Stephanie reimagine work. - 01:52
• How she spent her time after quitting her high-paying job. - 03:16 
• The moment she realized how she can change the way work is. - 05:48
• How ignorance can be your best friend. - 07:03
• 3 big challenges that agencies and brands must deal with (and how she solved them through We Are Rosie). - 10:00 
• Why remote work is the right thing to do and why you should do it too. - 11:38 
• How you can take inclusion further and how to avoid wage theft. - 13:44 
• 3 things that stop traditionally employed people from becoming freelancers. - 15:06
• If you want to run a global operation, listen to this first. - 16:40 
• The mindset needed to move from $10,000 to a business that transforms the way work is - 20:18 
• How COVID took away 80% of her business overnight, yet she doubled the size of her business by the end of 2020 - 21:44
• The biggest challenge of business growth is about people management- 22:45 
• The conversation about the future of work must center around THIS key issue. - 26:14 
• Why Stephanie Olson’s company is called We Are Rosie and her vision for more humane work - 28:50 
• How your responsibility and your legacy are tied together - 32:25 
• Thinking of giving back as giving back to family - 34:03 
• The future of We Are Rosie: Global Expansion and more - 35:28 
• Are you freelance curious? - 37:49 
• Amazing lessons from today: having beginner eyes - 38:30 
• Amazing lessons from today: Leveraging challenging situations- 39:28 
• Amazing lessons from today: Centering legacy around family - 41:50  

Key Takeaways: 

• Getting paid a high salary at a young age can be a curse and make you afraid of taking entrepreneurial risks. 
• Building with ignorance, building without preconceived notions, can allow you to be more creative and forward-thinking. 
• There is a massive mistrust between brands and agencies that runs both ways. 
• People want to work in a more agile capacity. 
• Remote work is inclusive. When you insist that people come into the office, you exclude lots of talent from your pool.
• The foundation of how we insist work happens is very exclusionary. COVID-19 has proven that remote work is effective. This is an opportunity for companies to reconsider how they work. 
• The biggest impediment to traditionally employed individuals who want to become freelancers is the consistency of pay, the consistency of work, and insurance. 
• The operational lift required to run an equitable and inclusive business globally is heavy. For example, there are 1,800 laws in the US governing labor. Navigating this is a large challenge. 
• The bigger you get, the more fear may play in your decision-making. 
• Even if not everyone in your team agrees on the same thing, it is vital that everyone feels heard. In environments where people don’t feel heard, creativity and innovation will be stifled.  
• When we talk about the future of work, if we are not discussing freedom of choice then we are not approaching it correctly. 

How ignorance can be a gift when building fresh ideas 

“I used a lot of common sense to build this business. I know it sounds really simple but I didn't have any of these kinds of ideas in my head about things that were immovable. Like, “we have to do it this way, and we have to scope this way, and the talent has to be structured this way, and this has to be billable, and all of these ideas. All the stuff I've learned about agencies over the last three years, I didn’t know!  Using the amazing gift of ignorance and being slightly naive to say, if I was going to build something to replace an agency or to be the next iteration of an agency today based on everything I know - what would that look like? And I got to just build it from scratch with none of these preconceived notions and I think there were some heavy learnings from that but I would say by far if you talk about our growth that we've grown so fast last 3 years I think it's to do with this idea of being able to build without having any ideas of what it should look like or even bias” - 08:28

How do you imagine the future of work? What do you do in your business to create a fulfilling work environment? Tell us in the comments and don’t forget to say hello if you would like to share your entrepreneurship story on our podcast. 

Connect with Stephanie Nadi Olson:

• LinkedIn: Stephanie Nadi Olson
• Twitter: @StephanieNOlson
• We Are Rosie: https://www.wearerosie.com 
• Join We Are Rosie: https://www.wearerosie.com/join/ 

Also mentioned this episode: 

Design Pickle: Website

Connect with A.J.Lawrence:

• Website: ajlawrence.com
• Email: [email protected] 
• Instagram: @ajlawrence
• LinkedIn: A.J. Lawrence
• Twitter: @ajlawrence
• Medium: @a.j.lawrence

Follow Beyond 8 Figures:

• Website: Beyond8Figures.com
• Twitter: @beyond8figures 
• Facebook: Beyond 8 Figures
• Instagram:@b8fpodcast
• Email: [email protected]

In this solo episode, your host A.J. Lawrence reflects on the concept of the entrepreneurial journey. He talks about why thinking of entrepreneurship as a journey is a powerful way to stay resilient, the many entrepreneurs he has learnt from, and how to build a legacy for yourself. Tune in to discover how to create a mindset that will keep you on the right track as you build your business and improve your life. 

On today’s episode: 

• What is the concept of the entrepreneurial journey? - 01:40
• Why the best opportunity in life is entrepreneurism. - 2:16
• What makes the entrepreneurial journey different.- 2:46
• How using the term ‘journey’ will help you avoid toxic self-talk.  - 3:13
• Where do you want your entrepreneurship journey to lead you?.- 04:15
• How you can reset your thinking using the journey framework. - 05:25  
• What is the legacy you want to have? - 06:16 
• Curate your mindset through other entrepreneur journeys. -10:09 
• What all entrepreneurs forget, even though we know it really well. - 12:45
• Two things you must accept before you are able to improve as an entrepreneur.- 15:18 
• This is when we learn and enjoy ourselves. - 16:18 
• How to learn from mistakes without actually making them. - 16:46 
• What A.J. learned from other entrepreneurs on the show- 17:00 
• Are there entrepreneurism cheat codes you can use and should you use them? - 19:40 
• What A.J. is doing for his new business - 21:40 
• How you can shut out the noise and focus on the insights. - 23:24 
• Use this method to build towards your legacy. - 25:56 
• Get tickets to the Group Think festival. - 28:55

Key Takeaways: 

• Of all the opportunities in life, entrepreneurism is the best way to create the life you want for yourself. 
• It is not that our journeys are simply different, it is more so that we are presented with different opportunities and use them in different ways. 
• Using the term journey to describe your life as an entrepreneur will help you realize that forward movement is what matters rather than the destination.
• You determine the destination you want to get to. Your destination does not have to be like everyone else’s.
• Take solace in the fact that even entrepreneurs who made 8 figures have low moments and learn from them. 
• What we want others to think of us is usually what we think is important to us. 
• Use what resonates with you in other people’s stories to solidify your mindset. 
• Listening to other entrepreneurs helps us try on ideas and concepts. 
• It is not only about the risks we do take as entrepreneurs, but the risks we don’t take. It takes lots of hard work and preparation to know how to select what risk to take on. 
• Entrepreneurism is a process, but there is no set process. 
• Being able to choose your own path is the beauty of being an entrepreneur. Use entrepreneurism to create the life that you want. 
• See what resonates, attempt it, and take it on.
• Think about the legacy you want to leave, consider what matters the most to you, and the impact you want to leave on those closest to you. Use the birthday of someone you are close to to check in on how you are progressing towards the legacy you want to leave. 

What is an entrepreneur’s journey?

“An entrepreneur journey is just, to me, a framework of helping me look where I want to go; listening to other people about what they are doing on their journey so I can see what resonates with me even if it isn’t directly related to what I am doing. It could be something that helps me a better look at where I want to be going. Or even at time put in context things that I consider failures in my past to help me put into better context so that it doesn’t drag me down”  - 05:25 - 05:54

Do you believe you are on a journey as an entrepreneur? What is the destination you hope to progress towards? Tell us in the comments and don’t forget to say hello if you would like to share your entrepreneurship story on our podcast. 

Buy a ticket to the Group Think Festival and learn from the smartest strategists out there. 

Some entrepreneurs you can learn from (mentioned in today’s episode):

Walker Deibel: Make Acquisition A Part Of Your Strategy 

Mac Lackey: Build an Exit Strategy Mindset Today

Chris Guerriero: $18M Exit, Chris Guerriero, Executive Fitness Club 

David Schottenstein: Use Consumer Accessibility to Your Advantage

Nathan Hirsch:  How to Delegate Work and Hire Effectively 

Adam Hergenrother: It Starts Inside You

Diane Prince: Scale Your Business by Knowing the “Why”

Marek Zmyslowski: Creating an 8-figure Business in the Renewable Energy Industry

Connect with A.J.Lawrence:

• Website: ajlawrence.com
• Email: [email protected] 
• Instagram: @ajlawrence
• LinkedIn: A.J. Lawrence
• Twitter: @ajlawrence
• Medium: @a.j.lawrence

Follow Beyond 8 Figures:

• Website: Beyond8Figures.com
• Twitter: @beyond8figures 
• Facebook: Beyond 8 Figures
• Instagram:@b8fpodcast
• Email: [email protected]

In today’s episode, Stewart Townsend takes us on a journey exploring what it took for him to transform his idea into a mature business. He shares insights on how you can sell more while spending and hiring less through channels. Tune in to learn more about channels and how you can start using them to grow your business. 

About our Guest: 

Stewart Townsend is the founder of Channel as a Service, and he is on his journey towards 8-figures. He helps grow companies by guiding them in setting up indirect sales forces, also known as channels.  Previously, Stewart held leadership roles at ZenDesk, DataSift, and Sun Microsystems. 

On today’s episode: 

• How today’s show is different - 00:57
• Stewart’s journey: from selling steel to million-dollar deals with Spotify - 03:49
• Oracle didn’t believe in startups 11 years ago - 07:42
• Living corporate life and start-up life at the same time - 10:04 
• An offer he can’t refuse to have enough of it - 11:58 
• How Stewart found his way after losing his savings - 14:33 
• What is channel building? - 18:41
• Why you shouldn’t pay attention to the misinformation around channels - 19:30 
• How did the business take off? (there was no grand plan) - 21:35 
• What is Stewart’s vision for his business...and why he is not exiting- 25:07 
• How Stewart sets himself up for a nomadic lifestyle - 29:42 
• Do you have to be young to be nomadic? - 33:28 
• How products transform from their original purpose - 34:28 
• Revolutionary video service that will save you days of work - 35:21  
• Write like this if you are making videos - 37:09 
• How Stewart automates his content cycle - 37:54 
• How channels help you scale your business and reduce your costs - 39:38 
• How much you can grow your revenue through channels - 41:52 
• What you need before you can start using channels - 42:43 
• One of the first things that ever went viral - 46:00 
• Before any company invests in you, you need to have this - 47:13 
• What are the points? - 49:14 
• How are multiple routes to market created (the marketplace model)? - 51:44 
• How you can now create a one-man million-dollar business - 54:23 
• Is it still true that 80% of businesses fail? - 55:31 
• What today’s fast entrepreneurship culture needs - 58:36 
• How to get on a free call with Stewart - 1:01:16 

Key Takeaways: 

• You have more of an impact working within entrepreneurial spaces than you do in large corporations. 
• At corporate spaces you get marching orders with instructions telling you what to do, in software, as a service startup spaced there is more experimentation and excitement 
• It takes longer than 6 months to start driving revenue through channels when you are starting from scratch; founders have difficulty understanding this strategically. 
• Using channels is basically selling through third parties (affiliates, resellers, distributors) - it is an indirect sale. 
• Channels are looked at as second class, this is a misconception. Affiliates are a powerful mechanism to get a product out to a market at a low cost.
• At its core, channels are about relationship building and strategic development 
• 90% of Microsoft’s business goes through a channel, top corporations are heavily involved in selling through a channel 
• Channels are a way to grow revenue without growing a headcount around that revenue. 
• You can expect 23% more revenue within one year when using channels 
• Companies who want to use channels must have a belief that indirect sales will add value to their business. 
• Your customers tell you who your partners should be. 
• Marketplace models such as Shopify reduce barriers to entry and make life easier for entrepreneurs. However, this makes it more competitive to come out on top. That being said, each person defines what success means to them. For some people, setting up a lifestyle business and being happy is the success they aim for. 
• Without structure, methods, and processes that you can repeat, it is very hard to grow as a business. 

What channels are (in their simplest form):

“You have a product and you want to get it to a consumer or a business. How you get it there at the lowest cost is just a method. That method is you hire a lot of direct salespeople and do a lot of marketing, or you can blend that with going through affiliates, referrals, resellers, third parties, etc. Give them a cut of the margin, pay them something, and get that deal in...affiliates are just a powerful mechanism to get a product out to a market at a low cost...that’s it.”

Have you used channels before? Have you seen success using them? Tell us in the comments and don’t forget to say hello if you would like to share your entrepreneurship story on our podcast. 

Connect with Stewart Townsend:

• Channel as a service website: channelasservice.com/ 
• Stewart Townsend’s personal website: stewarttownsend.com/ 
• LinkedIn: Stewart Townsend
• Stewart’s email: [email protected] 
• Stewart’s Desert Rat Van on Instagram

Other links:

Dynamite circle: tropicalmba.com/join-the-dynamite-circle/ 

Raptor paint: raptorcoatings.com

Connect with A.J.Lawrence:

• Website: ajlawrence.com
• Email: [email protected] 
• Instagram: @ajlawrence
• LinkedIn: A.J. Lawrence
• Twitter: @ajlawrence
• Medium: @a.j.lawrence

Follow Beyond 8 Figures:

• Website: Beyond8Figures.com
• Twitter: @beyond8figures 
• Facebook: Beyond 8 Figures
• Instagram:@b8fpodcast
• Email: [email protected]

Beyond Eight Figures is going through a makeover, and we want to know what you need from us to better help you build your empire. 

Tune in to find out what’s changed and all the new things we have in store for you and don’t forget to join the conversation and let us know how we can be better for YOU. 

On today’s episode: 

• 00:45 How we’ve changed and how we’re improving.
• 01:58 This show is about helping you achieve your goals, so help us do that! 
• 02:30 The real reason we run our podcast. 
• 03:40 [Announcement] The new community we are building for YOU.
• 04:23 This is not a monologue, this is YOUR show.
• 04:57 A small favor you can help us with.

Make this show YOURS. What is one thing we can do to help you more effectively? How can we make our show more vibrant and interactive? Any guests you’d like us to host?

Tell us in the comments and don’t forget to say hello if you would like to share your entrepreneurship story on our podcast. 

Connect with A.J.Lawrence:

• Website: ajlawrence.com
• Email: [email protected]
• Instagram: @ajlawrence
• LinkedIn: A.J. Lawrence
• Twitter: @ajlawrence
• Medium: @a.j.lawrence

Follow Beyond 8 Figures:

• Website: Beyond8Figures.com
• Twitter: @beyond8figures 
• Facebook: Beyond 8 Figures
• Instagram:@b8fpodcast
• Email: [email protected]

Walker Deibel tells us why acquisition entrepreneurs outsmart the startup game. If you’re wondering whether you should make acquiring businesses a part of your overall plan, don’t miss the face of acquisition entrepreneurship discuss how Acquisition Lab can help. Tune in to another episode with Walker Deibel to find out more. 

About our Guest:  

Walker Deibel has acquired 7 companies over 10 years, co-founded several startups, and has written the best selling book Buy Then Build. He currently works as an M&A advisor with Quiet Light where he helps online-based businesses exit, as well as sharing his experiences and frameworks to help entrepreneurs learn why buying an existing company is often a better route and how to do it, through his flagship program, Acquisition Lab.

On today’s episode 

• Starting his own acquisition entrepreneurship journey - 2:11
• Why he felt the MBA program was lacking - 4:44
• The genesis for Buy Then Build - 5:33
• Becoming the face of acquisition entrepreneurship - 9:04
• Creating Acquisition Lab - 11:56
• Pricing strategy for Acquisition Lab - 14:44
• The story of John Malone & EBITDA - 18:19
• The biggest mistake he made - 22:05
• The 2 ways to grow: organic & acquisition - 24:28
• The biggest opportunity when acquiring a baby boomer business - 31:18
• The steps to becoming an acquisition entrepreneur - 36:52

Key Takeaways: 

• The genesis for Buy Then Build was because Walker’s MBA program didn’t teach entrepreneurs how to run small businesses, it focused on running a team at a large organization. 
• He wanted to build the best program possible with Acquisition Lab - something with an MBA base, but designed for acquiring businesses rather than just running them. To create a community and offer the best suite of tools possible for buyers. 
• If you're growing at over 20% year over year, you don’t necessarily need an acquisition strategy right now because you've got really good organic revenue growth. 
• If you're between $1-10 million in revenue and you're growing at 10% or less a year. Start to think about acquisition strategy, because the amount of value that you can create for your company is immense.
• $10 trillion in baby boomer business value, just in the US alone, needs to transfer in the next nine years. 43% of the US economy needs to switch hands. To truly maximize value, as an acquisition entrepreneur, you need to bridge their old economy business with a new, online economy business.

Memorable Quotes by Walker Deibel:

• “You get access to this curriculum and community and tools, and be fully equipped with the inspiration and environment to succeed on this path. And then if you go through it, and you decide, it's not for you, that's still a great deal. I mean, it's cheaper than an MBA class at a top university anyway.”

Are you an acquisition entrepreneur? Share your story with us in the comments. And don’t forget to say hello if you would like to share your entrepreneurship story on our podcast. 

Connect with Walker Deibel:

• Website: Buy Then Build
• Personal website: Acquisition Lab, www.searchlist.com
• Youtube: Buy Then Build 
• LinkedIn: Walker Deibel

Connect with A.J. Lawrence:

• Website: ajlawrence.com
• Email: [email protected]
• Instagram: @ajlawrence
• LinkedIn: A.J. Lawrence
• Twitter: @ajlawrence
• Medium: @a.j.lawrence

Follow Beyond 8 Figures:

• Website: Beyond8Figures.com
• Twitter: @beyond8figures 
• Facebook: Beyond 8 Figures
• Instagram:@b8fpodcast
• Email: [email protected]

Kevin Ashcroft tells us why you should outsource the work necessary to grow your company and talks about his book, Outsourcing For Success, where he shares his secret sauce for growing a business by using global talent. 

About our Guest: 

Kevin Ashcroft started his first business when he was just 19 years old. He had no idea what he was doing when it started, but it grew and he sold it in 2011. Today, he uses the concepts he learned from his first business to not only run his new companies, Blinkered Media and WP Support Specialists, but to support and mentor other entrepreneurs. He’s also the author of Outsourcing For Success.

On today’s episode 

• The decision to write Outsourcing For Success - 3:21
• How to build a business by outsourcing work - 5:30
• The benefits of a location independent business - 11:37
• How to start outsourcing work - 12:44
• The different ways to use the freelancing model - 15:32
• How to balance quality of deliverable vs cost - 18:44
• Why you shouldn’t go for the cheapest freelancer - 19:52
• How to find the diamond in the rough - 23:04
• Balancing a mixed team of full time and freelancers - 27:00
• How Covid is changing the image of outsourcing - 30:37
• How Kevin gives back - 35:15
• Inside Outsourcing For Success - 39:01

Key Takeaways: 

• When you begin outsourcing, start small, don’t overthink it. It’s safe, it doesn’t cost you and it doesn’t take much time, but it gives you the confidence to move forward with outsourcing bigger projects.  
• Focus on quality of outsourced talent rather than getting the cheapest available. Paying more for talent actually lowers your overall business costs while giving you better overall ROI.
• Set the expectations of freelancers up front, to build a level of trust that flows both ways. 
• If you’re starting a business or you’re looking for a mentor, Kevin is offering 4 entrepreneurs every 6 months mentorship, as well as choosing one business a month for a site makeover. 
• The premise of Outsourcing For Success is to give business owners and entrepreneurs insight into outsourcing, how they can use it to scale their business, and to get access to skills and services they find hard to come by.

Memorable Quotes by Kevin Ashcroft:

• “It's getting it done right the first time by someone who's experienced. When you deal with specialists, you get a different level of feedback, you get ideas, you get communication that can actually help you with your services and your client, it can help you get more business from your clients, and you get happier clients. You're not employing someone full time, you're bringing them in as and when you need them. And so you've got that flexibility.”

What’s been your experience of outsourcing work or hiring freelancers? Share it with us in the comments. And don’t forget to say hello if you would like to share your entrepreneurship story on our podcast. 

Connect with Kevin Ashcroft:

• Website: Blinkered Media
• Website: www.wpsupportspecialists.com
• Personal website: Kev Ashcroft
• Book - Outsourcing For Success
• Giving back mentoring program
• LinkedIn: Kevin Ashcroft

Connect with A.J. Lawrence:

• Website: ajlawrence.com
• Email: [email protected]
• Instagram: @ajlawrence
• LinkedIn: A.J. Lawrence

Follow Beyond 8 Figures:

• Website: Beyond8Figures.com
• Twitter: @beyond8figures 
• Facebook: Beyond 8 Figures
• Instagram:@b8fpodcast
• Email: [email protected]

Creating business value is one of the fundamental goals of entrepreneurship. In this episode, John Warrillow advises not to wait until you want to sell the company and develop its value. Instead, you should develop it from the very beginning. John shares his know-how in 7x your business’ value and provides a bit more insight into the entrepreneur’s mentality.

About John Warrillow:

John Warrillow, an award-winning entrepreneur and advisor, boasts an impressive track record of starting and exiting four successful companies, one of which was acquired by a public company. He is renowned as the mastermind behind The Value Builder System™, a powerful software that empowers business owners to enhance the value of their companies. Through his network of Certified Value Builders, Warrillow’s system leverages diagnostic tools like the Value Builder Score, a metric that has seen companies achieving scores of 90 or higher being valued at twice the average-performing business.

In addition to his pioneering work, Warrillow is also a celebrated author with notable contributions to the business world. His books, including “Built to Sell,” “The Automatic Customer,” and “The Art of Selling Your Business,” help business owners create valuable, sellable companies, harness recurring revenue streams, and master the art of successful business exits. These invaluable resources provide actionable strategies and proven hacks that can elevate any business to new heights of success and profitability.

Browse our curated collection of Business Books for more enriching reads.

Episode highlights:

• John Warrillow believes that business should be structured in a way that doesn't depend just on the owner. You do not always need to be present. This will help you to build a tremendous value for your company and make it resistant to any major changes. [09:56]
• Building a company from scratch might change the angle you look at it. Occasionally it turns out that the value is not what you think it is. On the other hand, that revelation can trigger the understanding of what actually can drive the value of your company. [17:20]
• John claims that for most entrepreneurs their first business is often like training wheels. Their goals are to understand what the full life cycle of a business looks like and what potential outcomes are.  [20:05]
• To become a better entrepreneur you need to figure out what type of entrepreneur you are now. John highlights 3 types of them: those who are driven by competition; the ones for whom independence plays a major role in everything; and entrepreneurs who want to master their craft and be recognized for their expertise.  [23:25]
• John mentions the freedom point as the one where entrepreneurs realize that the sale of their business created enough wealth they never need to work again. It does not necessarily mean you will not work again but you simply do not have to. [29:48]

John Warrillow’s advice for entrepreneurs:

Connect with John Warrillow:

• LinkedIn 
• Twitter
• Website

Follow Beyond 8 Figures:

• LinkedIn
• Twitter
• Website

Affiliate Disclaimer: Some links in this episode are affiliate links. If you make a purchase through these links, we may earn a commission at no extra cost to you. Rest assured, we only promote products/services we believe will benefit your entrepreneurial journey. 

In this episode, Mac Lackey tells us why being proactively preparing your business to be sold is vital even if you do not plan to exit. Are you adding the strategic value your business needs to be sold? Tune in to another episode with Mac Lackey to find out. 

About our Guest: 

Mac Lackey has started and sold 6 businesses beyond 7 and 8 figures since 1995. Today, he runs ExitDNA which is a 90 day coaching program for entrepreneurs. The program helps entrepreneurs add strategic value to their companies to ultimately increase their exit valuation. 

On today’s episode 

• Reimagining how we do business during covid-19 - 2:00
• How to detect business trends early? - 3:50 
• When to prepare your business exit strategy? - 6:55 
• This is the reason entrepreneurs buy existing businesses - 11:33
• Who would pay most to buy your business? - 14:03
• Is your business ready for exit coaching? - 15:50
• When is the best time to get exit coaching?-  19:20
• Signs you are ready to exit your business -  21:17
• The most exciting business opportunity of 2021-  26:00 
• Here is why the early exit is the best exit - 30:20
• You do not have to choose between family and business - 33:10 

Key Takeaways: 

• To detect trends early, ask yourself: What is new in the world (eg: Covid-19)? what’s going to change as a result of this new dynamic? What’s going to remain the same? What are other people doing?
• 1 - 3 years away from an exit is the best time to start working towards your exit. 
• Preparing your business to be sold is crucial regardless of whether or not you plan to sell it.
• Creating value quickly and exiting early is usually easier than selling in more mature stages.
• Technology today makes it much easier for entrepreneurs to create significant value fast in the early stages of the business. 
• Large corporations often acquire small businesses in their early stages. They can focus on distribution and scaling, as the intellectual work and product-market fit has already been established by the small business. 

Memorable Quotes by Mac Lackey:
“It doesn’t matter if you ever want to sell your company or not, what you really want is you want the option. One of the ways to create the option is to decide immediately that you’re going to be proactive about it. Once you make that mental shift those things start to happen”  

Do you have an exit story? Share it with us in the comments. And don’t forget to say hello if you would like to share your entrepreneurship story on our podcast. 

Connect with Mac Lackey:

• Exit DNA website: Exit DNA
• Personal website: https://maclackey.com/ 
• Instagram: maclackey
• LinkedIn: Maclackey

Connect with A.J. Lawrence:

• Website: ajlawrence.com
• Email: [email protected]
• Instagram: @ajlawrence
• LinkedIn: A.J. Lawrence

Follow Beyond 8 Figures:

• Website: Beyond8Figures.com
• Twitter: @beyond8figures 
• Facebook: Beyond 8 Figures
• Instagram:@b8fpodcast
• Email: [email protected]

Parham Parastaran returns to Beyond 8 Figures to talk about acquisition entrepreneurship, shifting focus and his philanthropic work. Since his last visit, Parham exited his business for over $10M and now independently acquires mom and pop automotive stores. He’s also an advocate for entrepreneurs’ mental health. Catch up with Parham Parastaran on this week’s episode.

On today’s podcast:

• Catching up with Parham since his last visit - 1:59
• Acquisition entrepreneurship and how Parastaran is acquiring independent stores - 6:51
• Merging acquired companies within your business - 9:34
• Activity in acquiring mom and pop businesses- 12:28
• How to find businesses that are selling - 17:00
• How the focus of an entrepreneur has changed for Parastaran - 22:23
• Being comfortable with not restructuring your acquisitions - 26:21
• Working by yourself vs working with partners/ a team - 29:33
• Learning from quitting and failures - 31:12
• How Parham stopped his limiting beliefs - 34:40
• How to dream big - 36:52
• If your business is built off of fire and not in organized steps, it will crash - 41:18
• Trends Parham is paying attention to - 42:36
• Parham’s philanthropy - 46:54
• Parham’s legacy - 49:14
• “The better psychologically sound I became, the better businessman I become.” - 51:33

Key Takeaways: 

• The goal is to make little change as possible when acquiring a business
• Your second round of entrepreneurship will feel different
• Until you quit something, you don’t see what it is
• Don’t dream too low
• Take care of your mind

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• Website: ajlawrence.com
• Email: [email protected]
• Instagram: @ajlawrence
• LinkedIn: A.J. Lawrence
  
  

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