Joe Troyer: I’ll talk to you guys about some of the takeaways that I’ve been having. I’m just pulling up some notes here that I have on my phone. Since I’ve been on the road, I’ve been taking a bunch of notes. I’ve had a lot of time driving to listen to podcasts and listen to audio books and so I’ll definitely share some of my key takeaways with you guys.
Joe Troyer: I was listening to a podcast, let me pull up and I’ll share the name of the podcast with you guys too. If you guys are interested in kind of mergers and acquisitions and buying businesses, selling businesses, exiting businesses, I definitely think it’s something that we should all be thinking about. Even if you don’t plan to exit short term, you should be building towards an exit and building a business that has a value and a valuation. And you should be thinking about how to get that business to have a better valuation so that you’re not stuck in the business.
Joe Troyer: I find a lot of businesses these days, if you look at them and they’re selling, they’re selling because the business owner is tired, right? And they don’t want to run the business anymore. And then the terms that they’re getting, like the valuation that they’re getting on the business is garbage. And it’s because they really haven’t thought about exiting at all. And now they’re in a situation, right here, right now, or in six months or a year where they have to exit, and it’s forced those people to make really bad decisions.
Joe Troyer: So I think that you should be planning every business as if you are planning to exit. So, a couple of resources that I’ve been going through as of late. First is, I’m in the middle of going through Built to Sell. So I would highly recommend that book. It’s been really, really good so far. And then second is there’s a podcast. And the podcast is by Roland Frasier. And so Roland is from Digital Marketer. He’s one of the owners at Digital Marketer. And he’s the guy that you hear about the least, right?
Joe Troyer: When you hear about Digital Marketer, you often hear about Ryan Deiss. You often hear about Perry Belcher. You almost never hear about Roland. And every single time I’ve been around Roland, my head has quite literally rolled. Like after like 15 minutes of chatting with him, I’m like dude, I got so much information. Like I got to go. I’ve got to be able to digest this so I can act upon it. Like, just this dude is just super smart and absolutely spews information and knowledge.
Joe Troyer: His podcast is called Business Lunch. So Business Lunch with Roland Frasier. So definitely check that out. One of the episodes I was just recently, I’ll give you guys a couple takeaways from the podcast if that sounds good. Is that of interest, real quick? By a show of hands. Does that sound like a couple topics worth while? All right, cool. All right. Fantastic, good stuff. All right so one of the takeaways from one of the podcasts that I listened to is that when inside the business, let’s say in Roland’s example, he talked about how he used to be a part owner and owner in a motorcycle helmet company.
Joe Troyer: And the motorcycle helmet company oftentimes got sued, right? Because when somebody wrecks their motorcycle, it’s got to be the helmet companies fault, right? And all the personal injury attorneys trying to get a big claim in. And so strategically, what they did in that business is they knew they were going to be a target for lawsuits. The bigger that they got, the more PI cases that were going to come after them. And so for asset protection, what they did is they separated kind of the operations and they separated like the IP, the intellectual property. And the actual like development and building and manufacturing of the product were separated into two companies.
Joe Troyer: And the company that built it and manufactured it and had the IP, licensed it to the company then that marketed it. And this allowed, at any given point, if one of them got taken down by let’s say, some type of personal injury case, really if it wasn’t even their fault, right? If one got drained and worst case scenario, is it gets bankrupted. And the other one still survives, right? And then they just sign a new agreement with another marketing company that they open the next day. So from an asset protection standpoint, a very, very simple arrangement that at the end of the day I think can make a big difference.A lot of asset protection stuff that I’ve looked into anyways, it seems very, very convoluted and frankly a little nutso to implement. So that’s one of my favorites, for sure. Kind of a very practical takeaway, if you will.
Joe Troyer: So the other thing, another takeaway was the fastest way to build wealth, all right? So the fast way to build wealth. And again, this is talking about, Roland talks a lot about mergers and acquisitions. I think right now he’s an owner in some 25 or 30 companies. He’s an owner man. Anywhere from 10 or 20% to 80 or 90%. I don’t believe that he actually owns anything himself 100%. And he’d be the first to admit that. He’s very strategic. He’s very, very thoughtful about how to scale a company very fast and turn around and exit. And so the topic of the fastest way to build wealth was very interesting to me.
Joe Troyer: So in the podcast, and it was just a short one, and I would highly recommend that you guys watch this. Maybe we’ll link it up in the show notes or listen to this. Roland talks about how on average, it seems like he’s getting about seven times EBITDA for his businesses that he has sold or is selling. All right? So every year or so they’re buying and flipping, buying and or getting an investment in and flipping a business, right? And then essentially over the period of four years, let’s say every year you buy one, you hang on to it, and you exit a year later. And you get seven times EBITDA over the course of four years, right? You essentially generate 28 years of revenue, right? 28 years of EBITDA in just four years.
Joe Troyer: That to me is crazy, right? I never really thought about it like that. 28 years of income opportunity in just four years, right? So again, when we push this out, when we publish this over to YouTube or to the blog, we’ll make sure and put in the show notes this link. Definitely, I think something that should make you think and ponder. Am I making the best use of my time here today? Let’s see. What else? Takeaways, things I’ve been thinking about. So let’s see. Looking through some of my other notes.
Joe Troyer: Yeah, so two other things. I guess really one topic, but consists of two action items for me. I definitely know that I’m not the day to day operator in a business. I can set the vision, I can see the vision, I can come up with a strategic plan. I can figure out how we’re going to double it, how we’re going to triple it, how we’re going to quadruple it. I can figure out how to make the offer, how to make it convert. Really, how to set a business on fire. But if you leave me in it day to day, like my ADD drives me nuts and makes me want to kind of reinvent the wheel in reinvent the business all the time instead of it running with a good operator.
Joe Troyer: So we’ve talked about this before on the podcast, but I’ve really, this year, embraced this. And I know that I’m not good at every role. And I know that I need help in my business in order for my businesses to really grow like they could or like they can. And that’s just something that’s been on my mind a lot. I’m a big fan of the Myers-Briggs test for kind of seeing where your strengths are and where your weaknesses are and so definitely for me, we just had a podcast guest on and the episode should be published here any day.
Joe Troyer: And we’ve talked a lot about the Kolbe and the DiSC. And so I really want to run those two analysis on myself. But then furthermore, I want to run them on the people that I work with every day. I remember it was a huge, huge eyeopening event. Just simply taking the Myers-Briggs myself, really understanding what it means, or meant, and then simply taking my closest five, six, seven staff that work with me day in and day out each and every day and having them take that same analysis. Really threw off so many light bulbs. I could finally understand why somebody handled situations the way that they do. And so I don’t know why. You know, it worked so well. It was such an a-hah moment. I haven’t really thought about it since, right?
Joe Troyer: We do like trainings on like hiring and when we run our hiring process, you know, I always try to pinpoint the person and make sure it’s going to be a fit. But I’m not sure why I haven’t kind of educated myself more on these topics. So like I’ve heard of the DiSC, I’ve heard of Kolbe. I’m sure I’ve listened to some podcasts about it, right? But I haven’t really dove in. So kind of two key action items for me definitely is to go through those myself and then review the results myself and with somebody, some of the people that work closest with me so that I can really understand and articulate the data and figure out what it means.
Joe Troyer: Yeah, Scott Lindsay says INTJ here. Yeah so definitely, I got to agree I’m an INTJ at times. I can have some more of the E there but mostly an I, Scott. All right, so guys, questions, questions, questions, questions, if you got questions, hopefully I got answers and I can help you guys out. Let me know in the chat. Try to see if there’s any other notes or takeaways that I’ve had over the last week that I can share with you guys.
Joe Troyer: Real quick, while you guys are typing those in, we’ve been pushing out podcasts episodes, obviously at first it was twice a week. We’re, you know, dropping that back to once a week because the launch is kind of officially over of the podcast. But I’m really curious to get your guys point of view on what topics I should go after next. Okay, what topics should I go after next? And we talked about DiSC a little bit.
Joe Troyer: There’s a podcast interview with myself and Mads Singers where we talk about DiSC and this is what really intrigued me to go deeper on this was some of the takeaways I got from that podcast episode. But I would love to hear from you guys again. What other topics you guys would like me to go after. The podcast has been a really, really great way for me to pick peoples brains. And for me to be able to learn more about what I want to learn about about. And then you guys get the like fly on the wall type of experience as well, which I think is absolutely cool as hell. So let me know in the chat if there’s something that you’ve been thinking about. Somewhere that your mind has been in terms of topics. I would love to know and hopefully I can help you guys fill some gaps.