Transcript of Efficiencies Expert Jason Helfenbaum On How To Increase Your ROI Through Training And Efficiencies
5 Important Things You Need To Know When Preparing For An Acquisition

[00:00:05] Jeffrey Feldberg: Welcome to the Sell My Business Podcast. I'm your host Jeffrey Feldberg.

[00:00:10] This podcast is brought to you by Deep Wealth and the 90-day Deep Wealth Experience.

[00:00:16] Your liquidity event is the largest and most important financial transaction of your life.

[00:00:22] But unfortunately, up to 90% of liquidity events fail. Think about all that time, money and effort wasted. Of the "successful" liquidity events, most business owners leave anywhere from 50% to over 100% of their deal value in the buyer's pocket and don't even know it.

[00:00:43] I should know. I said no to a seven-figure offer and yes, to mastering the art and science of a liquidity event. Two years later, I said yes to a different buyer with a nine-figure offer.

[00:00:56] Are you thinking about an exit or liquidity event?

[00:00:59] If you believe that you either don't have the time or you'll prepare closer to your liquidity event, think again.

[00:01:05] Don't become a statistic and make the fatal mistake of believing that the skills that built your business are the same ones for your liquidity event.

[00:01:13] After all, how can you master something you've never done before?

[00:01:17] Let the 90-day Deep Wealth Experience and our nine-step roadmap of preparation help you capture the maximum value for your liquidity event.

[00:01:26] At the end of this episode, take a moment to hear from business owners, just like you, who went through the Deep Wealth Experience.

[00:01:32] Welcome to episode 90 of The Sell My Business Podcast.

[00:01:38] For this episode, let's do a deep dive on five important things you need to know when preparing for an acquisition. And the kind of acquisition that I'm talking about is not buying a company, but having your business either purchased or having an investor come in for your liquidity event.

[00:01:56] The statistics really say it all. You've heard me say this before. I'll say it again. I'll be a bit of a broken record here, but it's worth repeating. Up to 90% of liquidity events fail. And of the quote-unquote successful liquidity events, business owners are leaving anywhere from 50% to over 100% of the deal value in the buyer's pocket. And insult to injury the business owners don't even know how much they are leaving in the buyer's pocket.

[00:02:25] Look at myself as an example, when I received my first offer, a seven-figure offer, thankfully I said no. And that began my journey, which was how do you master the art and the science of a liquidity event.

[00:02:38] And then two years later, I said yes to a nine-figure offer. So, imagine all those zeros I would have been leaving in the buyer's pocket.

[00:02:47] What's interesting is people will often ask, well, Jeffrey, how did you go from seven figures to nine figures? Were you buying companies? Were you doing anything special? What was the secret sauce? And the answer, it's a bit of a boring one, but it's the absolute truth. The difference was from the seven figures to the nine figures was preparation.

[00:03:07] So, let's talk about that today and we'll do the deep dive on this, of how you actually prepare for your liquidity event when your company is going to either be acquired or you're having an investor coming in. And we'll talk about five key proven strategies that make all the difference.

[00:03:24] So, let's talk about strategy. Number one and strategy number one is preparing for an acquisition has you ensure that your business runs without you.

[00:03:35] One of my favorite questions when I speak to business owners, is this, and please it's yes or no, there's no buts or ifs or explanations. Yes or no. Does your business run without you? It's a simple yes or no answer. And whether you have a few employees, whether you have a management team yes or no does your business run without you?

[00:03:57] Unfortunately for most business owners, the answer is no. Now, why is this such a big deal for a liquidity event? Well, most buyers will either walk away from the deal table when your business doesn't run without you. Or they'll put a very large penalty on the enterprise value. Why is the buyer doing this?

[00:04:18] From a buyer's perspective Their goal is to minimize risk at all possible costs because it costs them. They want to get a return on investment. They want to ensure that they have the best possible chance to do that. So, when your business doesn't run without you this is where you're putting yourself in a very difficult position.

[00:04:39] So, what does it mean that your business runs without you? Because I can point to many businesses where there is a management team in place, but the answer is still no. And so, the answer is number one, you have a skilled and talented management team.

[00:04:54] It's your management team that they have the autonomy and the authority to run the day-to-day business. Now, this doesn't mean that you completely abdicate yourself and you're no longer involved in the business. Think of it as you're more in a role of a board of advisors or a board of director for your company. And now you're getting to do what you do best.

[00:05:15] You get to figure out the vision of where you're going to be taking the company. What's the next painful problem that you're passionate to solve that will help you create a market disruption?

[00:05:26] So, having a skilled and talented management team is part of the answer, but there's still more that you need to do to effectively have the business run without you. And the other thing that you need to do, and we're getting to the four points of clarity. And I've spoken about this before in other episodes and written articles about this.

[00:05:43] With your skilled and talented management team, what's really important is that you have key performance indicators or KPIs that are in place. From your frontline employees all the way up to the CEO there are KPIs and you're transparent with that. Everyone knows what those KPIs are, why they're there, what they do.

[00:06:06] And the transparency is that everyone has access to those KPIs in the company. When you have KPIs in place, it changes the conversation. The conversations, move away from something that could be judgmental or personal. And you're now talking about the KPI or the performance itself and not the individual.

[00:06:27] And that is a game-changer in ensuring that your company gets to the performance level that you want while people still feel as part of the team and not being singled out. The other thing to round this out is documentation. Does your business have documentation?

[00:06:45] The best skilled and talented management team in the business that doesn't have documentation. Is a business that's not as optimal as it could be. The benefit of documentation is for your management team and the employees it makes everyone autonomous. If they have a question, they can check the documentation. They can see either it's been answered before or what's been done and they can make the change on the fly. Or instead, if the answer isn't in the documentation, guess what you create some more documentation to put that answer in there. So, it's now in the general body of knowledge for everyone to have access to.

[00:07:22] Why is documentation so, important? Well, when running the business for the management team, they save time. Imagine all those emails, phone calls, meetings to deal with issues that come up again and again and again that you now eliminate. It means that you can scale and grow the company so, much faster because everyone can refer to the documentation.

[00:07:44] And when it comes to your liquidity event, your future buyer loves the documentation because it's one way of minimizing the risk. In fact, in the Deep Wealth Experience, this is our 90-day system that has your master, our nine-step roadmap. This is the exact same roadmap that I created from a nine-figure exit.

[00:08:05] Documentation is an X factor. And we refer to X-Factors these are things in the business that insanely increase the enterprise value of the business. And so, documentation and KPIs are certainly part of that as well as your management team. So, strategy number one is ensuring that the business runs without you when you're preparing for an acquisition.

[00:08:28] Strategy number two is why you must perform an internal due diligence audit today so you can thrive tomorrow. Now many business owners, when they hear this, they say, hey, stop the presses. Jeffrey, what are you talking about? I'm going to be doing due diligence in the liquidity event itself, why would I want to do it beforehand? Why would I want to be doing the work twice?

[00:08:51] And it's a terrific question because there are some misconceptions that are out there. So, at Deep Wealth in the nine-step roadmap, the nine steps is doing effectively two things.

[00:09:03] Proper preparation has you number one find all those hidden skeletons in the closet and remove them. Number two proper preparation has you identify those hidden Rembrandts in the attic and put them out for public display?

[00:09:19] Why is that important? Well, every skeleton that you have during the liquidity event this is a reason why your future buyer will either want to increase the escrow, have that dreaded E word that we call an earn-out. And ultimately lower your enterprise value.

[00:09:38] The fewer skeletons that you have, the higher their enterprise value. When you have no skeletons or very few skeletons it allows you to build a level of trust with the buyer that you're not going to be able to do otherwise. And when it comes to a liquidity event, the currency for your buyer is not money.

[00:09:57] The currency for your buyer is trust. In fact, it's also trust that's the currency for you and your investment banker and all of your advisors. So, when you have an internal audit ahead of time, well in advance of your liquidity event, you're saving your money, your health, and your time because it's you and your team that are doing the internal audit.

[00:10:19] In a manner that's convenient for you. You're going to learn so, much more about your business than you ever thought possible. You're going to get key insights into your industry that you never knew were there and it creates a win-win.

[00:10:31] So, how do you do an internal audit? Well, the first thing that you're going to want to do is you're going to want to find and hire a mergers and acquisitions lawyer. Now, this is a specialist who only does mergers and acquisitions. It's not a business lawyer or any other type of lawyer. It's very specifically a mergers and acquisitions lawyer.

[00:10:52] It's at this point that many business owners say, hey, Jeffrey stop the presses. Why would I hire a merger and acquisitions lawyer before I'm even beginning my liquidity event? Isn't that expensive. Isn't that going to add more time? Shouldn't I just wait until the liquidity event? Again, it goes back to what we said earlier in the nine-step roadmap in the Deep Wealth Experience step number one is removing the skeletons and that's what your M&A lawyer is going to help you do. And I'll talk more about that in a moment, but the second thing that you're also doing with effective preparation is you're finding your hidden Rembrandts that are in the attic and you're putting them out for public display.

[00:11:32] So, what's a Rembrandt? A Rembrandt is something that your business is world-class in. And for most business owners, there are typically three to five areas that a business is world-class in. The issue with most business owners, they don't realize that they're world-class in those areas. It's taken for granted, oh, my competition is doing this or everyone else is doing this. Well no they're not.

[00:11:55] This is what makes you different. And it's your preparation through an internal audit that will help you find those hidden Rembrandts and put them out for public display.

[00:12:05] So, you hire an M&A lawyer. And if you're wondering, well, how do I hire an M&A lawyer? We've written all kinds of articles that you can find.

[00:12:13] On the Deep Wealth dot com website in the Deep Wealth Experience, we have a whole module. It's step number six of the nine-step roadmap of how do you find and hire the absolute best advisors? So, you now, bring an M&A lawyer on board.

[00:12:28] The second thing that you're doing is you're looking at the business and you're asking yourself who are the key employees in the business that are going to join me to become part of the advisory team? So, it's not all your employees it's as few employees as possible, but the employees that are going to be critical in helping you go through the internal audit. So, you'll find these employees you'll speak with them. You'll have them sworn to secrecy.

[00:12:56] And once they're sworn to secrecy and they understand why you're doing what you're doing with the help of your M&A lawyer, you can now begin that internal audit. And again, the internal audit is really there to find and remove the skeletons, but also identify those hidden Rembrandts in the attic and put them out for public display.

[00:13:17] So, strategy number two is performing an internal due diligence audit well before we liquidity event. And you can imagine the surprise of investment bankers. Again, you only have one chance to make a first great impression. So, imagine the surprise of an investment banker when you show up and you say, hey, by the way, here's my data room.

[00:13:38] Here's all my due diligence on the business. You can take a look at it. I have my M&A lawyer all set to go. You are going to set yourself apart from how the other clients at the investment banker works with. And you're also demonstrating why you're ready for the liquidity event, why this is serious for you. And you're going to not capture just any deal you want to capture the best deal.

[00:14:01] So, now that we've wrapped up strategy number two what's strategy number three? Strategy number three, when preparing for an acquisition you want to ensure that you resolve all EBITDA adjustments.

[00:14:14] So, what's an EBITDA adjustment? Well for most business owners. They run the business as a lifestyle business, and the business may pay for business-related expenses that are good for them and their lifestyle.

[00:14:28] So, what would be business-related expenses that are tied to your lifestyle? Well, perhaps you have seasons tickets to your favorite sports team. Or perhaps you have charities that the business donates a lot to. Or perhaps when you're traveling, you're traveling to certain destinations or you're traveling in a certain manner that suits your lifestyle.

[00:14:50] These are expenses that hopefully are business-related expenses. That's a whole other conversation. But they're expenses that the business doesn't need to operate. And so, what often happens is a business owner will show up at the liquidity event.

[00:15:03] They're going through the whole process. When they're speaking with a buyer, they'll say by the way here's the money that we spent on choices that we've made their business-related. But the business doesn't really need them. So, I'm going to take those expenses. I'm going to add them back to the revenue and this is why the business is going to be more profitable.

[00:15:22] Well, maybe the future buyer accepts what you're saying at face value for a hundred percent of all the adjustments. But maybe the buyer doesn't. Why take that chance? Now, depending on your liquidity event, every dollar of profit, or every dollar of revenue, if you're being based on revenue for the liquidity event it could be worth five times, 10 times, 20 times every dollar. So, what we recommend is ahead of time, years before the liquidity event you remove as many EBITDA adjustments as possible. And by the way, EBITDA adjustments, aren't just taking expenses and putting them back into the revenue.

[00:16:01] Some business owners, as an example they will own the building that the business operates out of. And perhaps for tax reasons, they either charge too much rent or not enough rent. A buyer may come along and say, hey, Jeffrey. You have a great business here, but we notice you're not charging yourself market rent. So, you know, to charge yourself $10,000 a year in rent, isn't reasonable. We feel it should be Y dollars a year in rent. And this is where we'll actually add expenses back into your projections. And it'll have a negative effect.

[00:16:35] So, what are you going to do? Well, the answer is a bit of a bitter pill in the short term. But it's well worth it for the long term. And again, when we're preparing for an auction years in advance, we're playing the long game.

[00:16:48] So, what you want to do is take a look and this is where the internal audit comes in from strategy number two. You want to take a look at all of your expenses. Both on business-related expenses or maybe things that you're not charging enough of. And you want to put that back into the business. So, you want to stop having the business pay for those lifestyle expenses. If you're not charging enough rent, it's not at the market rate. Well, you want to charge rent at the market rate.

[00:17:17] So, what would be some examples of the EBITDA adjustments that you're making years in advance of your liquidity event? Well, this can run the gamut. It could be like we spoke about earlier these lifestyle, business expenses, you're now cutting them out of the business altogether. You're going to pay for them personally. I know you don't get the tax advantage of that, but you will get the advantage of your multiple when you do have your liquidity event.

[00:17:40] If you have too much inventory well, put it back to what's reasonable to run in the business where the right amount of inventory, or if you're too lean on the inventory maybe add the inventory back in there because your goal is to show up to the buyer.

[00:17:56] And you're not asking for anything it's minimal at best. Where there are no lifestyle expenses. You have market rates across the board with everything. And you've done this for at least two or three years, because when you show up to the future buyer, and you've taken care of your EBITDA adjustments in advance there's no discussion.

[00:18:14] When you show up to your liquidity event, and you're now speaking with the buyer, there's nothing to discuss on the EBITDA adjustments. You're paying market rates for everything, the businesses operating exactly as it should be. Yes, over the years, your business will be more profitable and you will pay more taxes. But at the same time, you're minimizing the risk of that dreaded E word an earnout.

[00:18:36] And you're also minimizing the risk that the buyer isn't going to accept what your EBITDA adjustments are. So, that's strategy number three, when preparing for an acquisition Ensure that you resolve all EBITDA adjustments well in advance.

[00:18:50] Let's move on to strategy. Number four.

[00:18:52] And strategy number four is why you absolutely must hire a tax advisor today so, you can profit tomorrow. And you're not just going to profit tomorrow. You're going to profit a lot tomorrow. So, why would you want to hire a tax advisor today?

[00:19:11] Well, for starters, a tax advisor today who knows that you're going to be having a liquidity event years down the road has the time to put into place tax instruments that are going to save you money after your liquidity event. Remember, it's not how much you get from your liquidity event. What really counts is how much you keep. And that's the key thing. Too many business owners who aren't prepared. They show up to liquidity event. They have a liquidity event.

[00:19:42] After they pay taxes, advisor fees, and everything else, they realize that they made a big mistake. That they don't have enough money to continue their lifestyle. What a horrible feeling, what a horrible position to be in. And that's why preparation is so, important. And again, going back to step number six of the nine-step roadmap that we talk a lot about in the Deep Wealth Experience, part of your advisory team is a tax advisor.

[00:20:09] So, before you starting your liquidity event, you're hiring your M&A lawyer, but you're also hiring your tax advisor. And your tax advisor will work with you to put these instruments in place to make sure that you save money up to your liquidity event and well beyond your liquidity event. And at the same time, think about this. You can't have a liquidity event today and then tomorrow put tax instruments in place. And you're now claiming to the government, why you should be saving all this money. The government knows about these things. They look for these kinds of things, and oftentimes you must have these tax instruments in place well before you liquidity event. When you play the long game, when you're doing preparation well in advance of your liquidity event you're removing the stress and the hassles and the headaches and the uncertainty. Your future buyer wants to minimize the risk of the deal on the flip side so, do you? You want to minimize any and all risks possible because again, you don't want to capture any deal. You want to capture the best deal.

[00:21:13] And one of the other benefits. When you hire a tax advisor in advance, when it comes to your liquidity event, you will know well in advance, the type of sale that you need to have. As an example, is it going to be a sale that's of assets or of stocks? There's a big difference between the two.

[00:21:33] And the more you know about that upfront the better off, you're going to be. In fact, step number three of the nine-step roadmap. One of the things that we talk about as well in advance of your liquidity event. This is where you're creating your deal points and no-fly zones. And you've heard me talk about this before, but it's worth repeating. So, what are deal points and no-fly zones.

[00:21:57] A deal point is something that must absolutely happen in order for your deal to move forward. So, as an example, One deal point could be the type of sale it is. Perhaps your tax advisor says that you need to have a stock purchase, or it should be an asset purchase, whatever it is that becomes a deal point.

[00:22:18] If that doesn't take place, you don't pass go. Don't collect your $200. There is no deal at that point because your tax advisor again is helping you create a liquidity event that's going to minimize the taxes that you pay. So, you can keep as much of the money that you've had from your liquidity event as possible.

[00:22:38] What's a no-fly zone? A no-fly zone is something that you're not prepared to accept in the deal. One of the things at Deep Wealth in the nine-step roadmap that we have your master is preparation that gives you all the reasons of why not to have an earn-out. Now I know you'll hear out there well, or notes are okay. It's a way of bridging the gap. Sometimes when a buyer has you valued at one point and you're at another point, you can do an earn-out.

[00:23:05] In our experience, some earn-outs do work, but by and large, most earnouts don't work. It's a false sense of security and your future buyer ends up keeping all the money. I want you to think about this for a moment. It's to your buyer's advantage to not pay you the earn-out.

[00:23:23] So, in other words, it's better for your buyer to have the business perform, not as well in the short term. To not have to pay you an earn-out in the long term. And so, one, no-fly-zone is if there's an earn-out I'm not going to be moving forward with the deal. So, why is this important that you know, this upfront?

[00:23:42] Well, for starters, when you have your deal points and you're no-fly zones when you're hiring an investment banker, one of the things that we have you do when you're interviewing the investment bankers is we help you create a narrative. You learn the tools and the skills of how to create a narrative that makes your deal very compelling for the investment banker.

[00:24:03] And so, your investment banker knows upfront from day one well, in advance, what your deal points are and what your no-fly zones are. Your investment banker will later go on and create an auction for you. And you're bringing as many buyers as possible into the liquidity event. And when you have clarity of what you want and what you don't want, that clarity is then transferred over to all the potential buyers. So, the buyers coming into the deal know that as an example, there cannot be an earn-out.

[00:24:36] And yes, you will lose some buyers with your deal points and no-fly zones. But the reality is they weren't going to be successful in a liquidity event. So, you want buyers to self-select themselves out or in as early as possible. And so, again, this is where preparation is so, powerful that there are so, many things for you to help increase your enterprise value. So, strategy number four is why you must hire a tax advisor today so, you can profit a lot tomorrow.

[00:25:06] So, let's bring this home with strategy number five.

[00:25:09] So, what strategy number five?

[00:25:10] And I left this one for last because this is one area that most business owners forget or they neglect until it's too late. And strategy number five is when preparing for an acquisition don't forget about your client contracts. And you may be saying, well, of course, I'm not going to forget about my client contracts. What do you mean Jeffrey? What shouldn't I forget? Well, here's what you need to think about. And let's stop thinking like a business owner because when we think like a business owner, the truth is we're being selfish.

[00:25:43] Instead let's master the art and the science of thinking like a buyer. And again, in step number three of the nine-step roadmap, you master the art and science of thinking like a buyer. And so, as I mentioned earlier, from a buyer's perspective, the name of the game is to minimize risk as much as possible.

[00:26:05] Keep in mind that you're not the only game in town. Your future buyer has many, many choices in terms of which deals to pursue. Your future buyer will pursue the deal that has the least amount of risk and the highest upside. So, how do you prepare with your client contracts in a manner that minimizes the risk?

[00:26:26] Well, for starters, you want to have contracts that are as long-term as possible. In fact, one of the eBooks that we wrote is Why Your Business Model Sucks And What You Can Do About It.

[00:26:37] If you really want to increase your enterprise value, focus on your business model because the three elements of a business model that really take you from zero to hero is number one, you have recurring revenue. Number two, you have long-term contracts that are exclusive. And then number three, the holy grail of a business model is where you're actually doing revenue sharing with your clients.

[00:27:02] Now that's a whole other topic of conversation I've done. Episodes on that and articles on that, that you can reference later, but know that the longer-term contracts that you have, the better. And better yet if your long-term contracts are exclusive that even adds more value to your business and you'll have a higher enterprise value.

[00:27:22] So, why are long-term contracts important? When we think about it from a buyer's perspective they're going to buy your business. If your contracts are renewing in six months or a year, that's a lot of risk for the buyer. Maybe the clients will renew, but maybe they won't. Even at the best of times, even if there wasn't a liquidity event, there's always a risk when it comes to renewing the contracts.

[00:27:46] But what if you showed up to your buyer and you said here are all the contracts and the average term of the contract starting day one after the liquidity event is five years. Well for your buyer, there's a sigh of relief because there's a five-year period of time for your buyer to build out those relationships with the clients.

[00:28:06] To be able to potentially make mistakes and recover from them and still not have the contracts at risk. So, the longer the term of the contracts, the better off they are for you, for the buyer, and for everyone else. So, when it comes to your client contracts, what you want to do, particularly leading into liquidity event and quite openly, this is just a best practice anyway.

[00:28:30] You want to renew your contracts as early as possible, and as often as possible. And where you can, don't just do a one-year renewal, try and get as a minimum, a three-year renewal or a five-year renewal. In my e-learning company, one of the X-Factors that we created was we had 10-year contracts that were exclusive.

[00:28:53] And I have to tell you that when the buyers saw this it made such a big difference. And if you're wondering, yes, we changed our business model. Our original business model at Embanet was a typical business model. It wasn't great. We changed the business model to be recurring revenue, long-term exclusive contracts and we had the revenue sharing with the clients in there as well. And it just all came together to minimize risk, maximize the enterprise value and all those things helped us capture, not just any deal, but the best deal.

[00:29:25] So, again, wrapping up strategy, number five, when preparing for an acquisition, don't forget about your client contracts. You want to renew them for as long as possible, and as often as possible.

[00:29:36] So, let's take a step back. Let's do a recap of the five important things that you need to know when preparing for an acquisition

[00:29:43] For strategy, number one. We spoke about why preparing for an acquisition has you ensure that your business runs without you. And you'll remember that is not just having a skilled and talented management team in place. You're also having KPIs and documentation.

[00:30:01] Strategy number two, why you must perform an internal due diligence audit today so, you can thrive tomorrow. And here we spoke about hiring an M&A lawyer, selecting your key employees to find and remove the skeletons in the closet, as well as identifying those hidden Rembrandts in the attic and putting them out for public display.

[00:30:24] Strategy number three, when preparing for an acquisition ensure that you resolve all EBITDA adjustments well in advance of your liquidity event. And so, this is where the business lifestyle expenses that you stop putting through the business you pay for them personally. This is where you ensure that the businesses paying market rates across the board in all areas where it otherwise wouldn't be, so, that you show up to your future buyer. You have clean books. Yes, you've paid more taxes in the years up to the liquidity event, but you've also minimized the risk of the buyer. Not accepting the EBITDA adjustments because you either don't have any, or there are as few as possible. And you have a track record of success at least two years, three years or more where you're showing the buyer that the business runs just fine in this particular manner.

[00:31:12] Strategy number four why you hire a tax advisor today, so, you can profit a lot tomorrow. And this is where your tax advisor is putting tax instruments in place today that will take effect once you have your liquidity event because as we spoke about it's not how much you get in your liquidity event. What really counts is how much you keep.

[00:31:32] And then strategy number five to round things out. When preparing for an acquisition don't forget about your client contracts. And here we spoke about why it's so, important to renew your client contracts as often as possible and have as many years in that contract as possible because it minimizes the risk for the buyer and ultimately it increases your enterprise value.

[00:31:56] So, there you have it. Those are the five important things that you need to know when preparing for an acquisition.

[00:32:02] As we begin to wrap things up I have a question for you. Are you thinking about a liquidity event? And if you are that's terrific. What I'd love you to think about is the power of preparation. And if you liked what you heard today with these five strategies why don't you think about the 90 day Deep Wealth Experience? You'll go into the Deep Wealth Experience. You'll master the nine-step roadmap. This is the same roadmap that had me say no to a seven-figure offer. Two years later, I said yes to a nine-figure deal. You'll learn the same strategies. You'll benefit from a mastermind group of other successful business owners.

[00:32:39] And what you'll love about the 90 day Deep Wealth Experience is that you don't have to wait years and years for your liquidity event to begin to benefit from the strategies of preparation. I'll let you in on a little secret. The strategies of preparation are the same for the strategies of growth. So, you tell me you have a thriving and profitable business that you keep forever.

[00:33:04] Or once you're prepared, you sell it tomorrow. The choice is yours. They're both great choices. But the point is that you actually have a choice. And the wonderful thing with the Deep Wealth experience is that the strategies that you learn in those 90 days, you begin to put into your business right away.

[00:33:22] And so, you'll hear from some business owners who've gone through the Deep Wealth experience at the end of this podcast. Listen to what they're saying about what a difference it made in their business today, so, that by the time they show up to the liquidity event, yes, they've saved their health, their time, and their money.

[00:33:37] But they have a better business at the same time. And that's really what it's all about because as business owners we are the ones that transform the impossible into I'm possible. We're the movers and shakers. We make the world go round. We solve the painful problems and we make all the difference. Let's not have you a statistic instead let's have you coming out, not capturing any deal, but capturing the best deal.

[00:34:00] And on that note, we're going to close out this episode. As always, thank you so, much for your time. Your time is your currency, and I appreciate you spending part of your day with me and as always wishing that you say healthy and safe.

[00:34:14] Sharon S.: The Deep Wealth Experience was definitely a game-changer for me.

[00:34:18] Lyn M.: This course is one of the best investments you will ever make because you will get an ROI of a hundred times that. Anybody who doesn't go through it will lose millions.

[00:34:28] Kam H.: If you don't have time for this program, you'll never have time for a successful liquidity

[00:34:32] Sharon S.: It was the best value of any business course I've ever taken. The money was very well spent.

[00:34:39] Lyn M.: Compared to when we first began, today I feel better prepared, but in some respects, may be less prepared, not because of the course, but because the course brought to light so, many things that I thought we were on top of that we need to fix.

[00:34:54] Kam H.: I 100% believe there's never a great time for a business owner to allocate extra hours into his or her week or day. So, it's an investment that will yield results today. I thought I will reap the benefit of this program in three to five years down the road. But as soon as I stepped forward into the program, my mind changed immediately.

[00:35:16] Sharon S.: There was so, much value in the experience that the time I invested paid back so, much for the energy that was expended.

[00:35:27] Lyn M.: The Deep Wealth Experience compared to other programs is the top. What we learned is very practical. Sometimes you learn stuff that it's great to learn, but you never use it. The stuff we learned from Deep Wealth Experience, I believe it's going to benefit us a boatload.

[00:35:40] Kam H.: I've done an executive MBA. I've worked for billion-dollar companies before. I've worked for smaller companies before I started my business. I've been running my business successfully now for getting close to a decade. We're on a growth trajectory. Reflecting back on the Deep Wealth, I knew less than 10% what I know now, maybe close to 1% even.

[00:35:58] Sharon S.: Hands down the best program in which I've ever participated. And we've done a lot of different things over the years. We've been in other mastermind groups, gone to many seminars, workshops, conferences, retreats, read books. This was so, different. I haven't had an experience that's anything close to this in all the years that we've been at this.

[00:36:23] It's five-star, A-plus.

[00:36:25] Kam H.: I would highly recommend it to any super busy business owner out there.

[00:36:30] Deep Wealth is an accurate name for it. This program leads to deeper wealth and happier wealth, not just deeper wealth. I don't think there's a dollar value that could be associated with such an experience and knowledge that could be applied today and forever.

[00:36:44] Jeffrey Feldberg: Are you leaving millions on the table?

[00:36:46] Please visit to learn more.

[00:36:53] If you're not on my email list, you'll want to be. Sign up at And if you enjoyed this episode of the Sell My Business podcast, please leave a review on Apple Podcasts. Reviews help me reach new listeners, grow the show and continue to create content that you'll enjoy.

[00:37:16] As we close out this episode, a heartfelt thank you for your time. And as always, please stay healthy and safe. 

This podcast is brought to you by the Deep Wealth Experience. In the world of mergers and acquisitions, 90% of deals fail. Of the successful deals, business owners leave millions of dollars on the deal table.

Who are we and how do we know? We're the 9-figure exit guys. We said "no" to a 7-figure offer based on 3-times, EBITDA. Two years later, we said "yes" to a 9-figure offer based on 13-times EBITDA.  In the process we increased the value of our company 10X.

During our liquidity event journey, we created a 9-step preparation process. It's the quality and depth of your preparation that increases your business value.

After our 9-figure exit we committed ourselves to leveling the playing field. The Deep Wealth Experience helps you create a launch plan in 90-days. Our solution is resilient, relentless, and gets results. Enjoy the certainty that you'll capture the maximum value on your liquidity event.
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