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On today's episode, we solve that problem. Well, my client, Patrick Stroth will solve that problem for you.
This is one of those little bits of knowledge that you might not need right now, maybe not for ten years, but FILE IT AWAY. It will put millions back in your pocket when you sell, and leave your buyer happier.
I've had several friends who sold their businesses over the years.
There was a big shocker for each of them, that until now, I never knew a way around.
The shock...?
That they buyer of your business may offer to pay you $50 million, but you're not walking away from the closing table with $50 million.
The buyer likes and trusts you, but "just in case" there's something you've not told them (honestly or not), they're holding back a big chunk of your money for several YEARS. (The hold-back in escrow can be millions, even tens of millions.)
This happens in transactions of every size.
And it can really cramp your post-sale style. You might not be able to buy that yacht =-\
On today's episode, we solve that problem. Well, my client, Patrick Stroth will solve that problem for you.
This is one of those little bits of knowledge that you might not need right now, maybe not for ten years, but FILE IT AWAY. It will put millions back in your pocket when you sell, and leave your buyer happier.
This is an eye-opening interview, listen to it now...
Timeline00:13 Steve introduces Patrick Stroth, an insurance broker who can uniquely guide you through the process of selling your business.
02:07 Patrick tells us how he started off in business as an in insurance broker working for others and then for himself.
05:51 Patrick explains how mental toughness is something you must have to overcome obstacles and the to find a way to get introduced.
12:57 Patrick explains why it's ok not to know everything, just know what you need to know. This will help you overcome fear and how referrals are the best form of marketing.
20:13 Patrick takes us through the process of selling a business and how it’s much like selling a house. Patrick shows us how he takes the risk out of selling for both the seller and even the buyer!
30:09 Patrick tells us a story about one of his clients with a $70 million deal.
33:22 Patrick tells us that his unique insurance policies ideas came from how private equity firms handle their business.
36:05 Patrick tells us what he’s reading right now.
38:05 How to get in touch with Patrick.
Mentioned in the show:The Authority Builder Podcast is the place to come if you are building a professional practice and want to be seen as the leader in your market. We interview the top experts throughout professional services and share insights to help you grow your firm and be positioned as the only choice the clients ever want.
“Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent.”
― Calvin Coolidge, 30th President of the United States