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Oct. 15, 2022

7 Important Things You Need To Know To Create Massive Business Success (#168)

7 Important Things You Need To Know To Create Massive Business Success (#168)

“Transform the ordinary into extraordinary by sharing the "why" of your actions.” - Jeffrey Feldberg

Jeffrey Feldberg is the co-founder of Deep Wealth. The M&A journey for Jeffrey began when he said "no" to a 7-figure and "yes" to mastering the art and science of a liquidity event. Two years later, Jeffrey said "yes" to a 9-figure offer. During the process, Jeffrey increased his company value by 10X.

How did Jeffrey increase his company value 10X and go to a 9-figure liquidity event? Jeffrey created the 9-step roadmap of preparation for a liquidity event. 

The Deep Wealth Experience has you learn the 9-step roadmap in 90-days. At the end of the 90-days, you create a blueprint to help you optimize your business value. You also have the certainty of capturing the maximum value for your liquidity event.

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This podcast is brought to you by Deep Wealth. 

Your liquidity event is the most important financial transaction of your life. You have one chance to get it right, and you better make it count. 

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 50% to over 100% of their deal value in the buyer's pocket and don't even know it.

Our founders said "no" to a 7-figure offer and "yes" to a 9-figure offer less than two years later. 

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. 

After all, how can you master something you've never done before? 

Are you leaving millions on the table? 

Learn how the 90-day Deep Wealth Experience and our 9-step roadmap helps you capture the maximum value for your liquidity event.  

Click here to book your free exploratory strategy session.

Enjoy the interview!


[00:00:00] Jeffrey Feldberg: Welcome to the Deep Wealth Podcast where you learn how to extract your business and personal Deep Wealth.

I'm your host Jeffrey Feldberg.

This podcast is brought to you by Deep Wealth and the 90-day Deep Wealth Experience.

When it comes to your business deep wealth, your exit or liquidity event is the most important financial decision of your life.

But unfortunately, up to 90% of liquidity events fail. Think about all that time and your hard earned money wasted.

Of the quote unquote "successful" liquidity events, most business owners leave 50% to over 100% of the deal value in the buyer's pocket and don't even know it.

I should know. I said "no" to a seven-figure offer. And "yes" to mastering the art and the science of a liquidity event. Two years later, I said "yes" to a different buyer with a nine figure deal.

Are you thinking about an exit or liquidity event?

Don't become a statistic and make the fatal mistake of believing the skills that built your business are the same ones to sell it.

After all, how can you master something you've never done before?

Let the 90-day Deep Wealth Experience and the 9-step roadmap of preparation help you capture the best deal instead of any deal.

At the end of this episode, take a moment and hear from business owners like you, who went through the Deep Wealth Experience.

welcome to the Deep Wealth Podcast. And wow. Has it been a long time since there's been a solo episode. Well guess what? You're in luck today because that's exactly what we're going to be talking about. And you know, the other day I was speaking with a business owner. And we got into the topic of not only preparation, but how preparation really can take the word preparation and substituted for growth. And we're talking about the different areas where preparation and growth were one in the same. Well truth be told the Deep Wealth 9-step roadmap is all about preparation, but it's also all about growth. And what I thought would be helpful for today it's to take a look at seven areas where most businesses are struggling with when it comes to growth. Talk about that, but the backdrop is while you're addressing these business issues from a growth perspective, you're doing double duty. Because you're also preparing for a liquidity event and knocking out all the areas that could be skeletons in the closet for your business, taking your Rembrandts. You're putting them out for public display and creating a win-win.

So with that in mind, strategy number one. And you've heard me say this time and time again of why your business must run without you, but probably doesn't. And for starters, here's the thing. For most business owners, 90% of them have the golden handcuffs.

Their wealth is locked into the business. So in other words, when it comes time to becoming financially independent to welcome financial freedom, they can't do it until they sell the business. But they're not going to sell the business unless the business runs without them. And so the two really go hand in hand.

And speaking of golden handcuffs, they have those golden handcuffs in regards to their time. Because for most business owners, they are the sun, the moon, the earth, and the stars for everything that has to do with the business. Nothing happens without them.

So why is it important that you figure out how and why the business should run without you? Well, one word. Time. When the business runs without you, when you have a very capable and talented management team, that's running the business day-to-day. You get back your time. And when you get back your time, you get to do something that you probably haven't done in quite a while.

You get to find a new, painful problem that you're passionate to solve. Let's take a step back when you started your business, chances are you found a painful problem that you're passionate to solve. You solved it so well that you're, world-class that you took prospects, you have them become clients. And those clients became raving fans. As your business grew.

As things started to move out there. You found yourself getting more drawn into the business. And as the saying goes, instead of working on the business, you were now working in the business and day over day, like a frog in boiling water, you didn't realize what the heck was going on because you lost that time. You lost the ability to do what you did best.

 Find those inflection points, find those opportunities and really make a difference. So now you go out there, you find a management team, you get a president or a CEO. You put all the people in place to run the business without you. And by the way, even though some businesses may have a management team more times than not the business still doesn't run without them, because that management team they're hamstrung.

They cannot make a decision, a big one unless the owner approves it. So even if you have a management team, be honest with yourself, does the business really run without you? So now that you have that management team, the business is running without you, you're finding those painful problems, you're solving them.

If all goes well, you're creating a market disruption. The business is going to grow. You're going to catapult your revenue and your profits and life is good. And at the same time, because you've done that for the business, you have the added benefit. Whenever you have a liquidity event, whether that's a year from now or 10 years from now, it doesn't make a difference. What you're doing is you're giving your future buyer exactly what is wanted.

A future buyer doesn't want a business and then take over a full-time job where they have to run the business. Remember, what do buyers want? Well, simply put. A buyer wants to do two things. Number one, minimize risk. Number two maximize the return on investment. And when a buyer has two opportunities, one is a business that doesn't run without the owner. And the other is a business that does run without the owner. Buyers will not only gravitate to the business that runs without the owner. They will pay a premium for it.

Why? Well think about Once the business owner is out of the equation. The business is so thriving and it's running and it's profitable and that's what the buyers want. So whatever you do, the takeaway for strategy, number one is make sure the business runs without you. You'll have more profits today and you'll increase your enterprise value tomorrow.

So let's go on to strategy number two. For strategy, number two please avoid this business killer, like the plague so you can go on and unleash massive business success. Now here's the question for you. And it sounds so obvious on paper, but easier said than done. When you look at your revenues and more importantly, when you look at your profits,

 Do you have a number of clients that represent your profit or instead is your profit represented by a handful of clients? For a lot of business owners, they have a client concentration problem. And what that means is a very small number of clients represent the majority of the profits.

Once again, forget a liquidity event. When you have a client concentration problem. You have a go out of business problem in the making. All it takes is one or two of those clients to leave for any number of reasons. And you're out of business. So doing what's right is often not what's easy. And the right part is to figure out how you can expand your customer base.

Suppose that the business owner who represents your client gets abducted by aliens and somebody else comes in to run the business. You have absolutely no history with that person. You have no track record with that person and they now take the business elsewhere.

Or perhaps there's an industry change or a regulation change that's brought into place. That you can no longer service that client who knows what .It's going to be, but you're asking for trouble. So the key here, and this is the beautiful thing about preparation and for growth, because they're one in the same, look to your future and begin the process now of asking yourself, okay, what do we need to do to bring on more clients?

And you know what, here's a beautiful thing about growth and preparation. Let's go back to strategy number one, when you find a new, painful problem to solve and you go after that, chances are you're now going to be bringing in new clients. And maybe they won't be the biggest in terms of profits today, but given time they will grow.

And you're now going to address your issue because now you're going to have more clients that are contributing to profits. And you're distributing your profits over more clients. And so here's a terrific example where strategy number one plays directly into strategy number two.

So your takeaway for strategy. Number two is asking yourself, how many clients do you have that represent 80% of your profits? Let's go to liquidity event for just a moment. When a future buyer is doing the diligence and looks at what percentage of your profits are represented by each of your clients.

For most buyers, if a client is no more than 10 to 15% of profits, that particular buyer is not going to bat an eye. It's when you start going above that level, that it starts introducing issues. Okay. Maybe I want to speak to the client. Maybe I'm going to penalize the business because they're too reliant on these sets of clients.

So do yourself a favor today that you'll thank yourself tomorrow. And what you're doing today is to ensure that no one customer is more than 10% to 15% of your profits.

Okay, moving right along. Let's go to strategy number three, business success happens when you do this one thing from the start.

And I'll give you a moment. What could be the one thing from the start, perhaps that you've overlooked. And there's one thing. This is one of the seven important things that you need to know to create massive business success. And I'll give you a hint. It's two words. Tax planning. Now you may be saying, what the heck, what is tax planning have to do with anything around business success?

And the short answer is everything. You know, there's a saying that I have. It's not how much money you make. It's how much money you keep and we want to keep our eye on the prize. Tax planning it's effective, but it takes time. Sometimes a tax instrument can take years for it to come into effect. So the question is, well, when should I do tax planning?

I'll turn to a Japanese proverb. The best time to plant a tree was 20 years ago. The next best time is today. If you haven't sought out a tax planner or someone who specializes in taxes to put something in place.

Because what tax planning does it sets the business up in a way that you can run it optimally. Minimize your taxes today, but at the same time, you're keeping your eye on the prize for the liquidity event. Again for your liquidity event is not how much money you get from the deal. It's how much money you keep. And when you do the right tax planning in place today,

Years down the road. When you have your liquidity event, you know, you've done everything possible to minimize taxes. And when you do your tax planning today, something very beneficial comes out. When it comes to your liquidity event, you know, the type of asset structure that you're going to need, you know, the type of deal structure that you're going to need. So, as an example, there's typically two types of deal structures.

There's an asset purchase and there's a stock purchase depending on what your business is doing, what your situation is. One is more beneficial to minimize taxes than the other. So when you're planning for liquidity event and specifically for step number three of the 9-step roadmap, future buyer, this is where you're coming up with your deal points and no fly

One of your deal points is going to be, you want a very specific type of structure for the actual sale. I'm going to make this up. So let's suppose for an example, that an asset purchase is what's best for you. So you know that upfront, you're not going to find out towards the end of the liquidity event, that it's a stock purchase.

And that's not going to be good for you when you have that kind of clarity upfront, it makes all the difference. So whatever you're doing do your tax planning today, and one quick hint, accountants are terrific. But oftentimes accountants are not specialists when it comes to taxes. So you want to have your accountants on the one hand, on the other hand, you want to find a very capable and successful tax planner that you can roll into the mix to give you the right advice. So strategy number three, business success happens when you do this one thing from the start and that's tax planning. And if you didn't do it from the start. Today is the best day to plan it and get out there and do your tax planning.

So let's move right along to strategy number four.

Business success happens through a proven and replicable sales process. And whether you're doing the sales on your own, or whether you have a team, is it replicable? Maybe you're not doing the sales, but you have someone else. And they're the only person that knows how to do it. And it's a complicated process. No one else really knows what to do.

So to have a thriving business, we need to have a sales process. That's easy to understand that other people can do. Because if we go to step number two, X-Factors that insanely increase the value of the business. Having a proven sales process is an X-Factor. And in fact, it's not just an X-Factor, it's also a Rembrandt.

So when you have a sales process, you write it down. Others can replicate it Now you have a terrific situation, you can decide how fast you want to grow. Think about this. If you have a proven system, that's easy to replicate.

The only question becomes how much money you need to hire salespeople to get the marketing out there, to bring the new clients. And you are in a terrific position. And now let's turn from growth to a liquidity event. When you have a proven sales process, that's easy to replicate.

Buyers, know, this is part of your narrative. You've built that in, you have the facts, you have the data to prove that and to demonstrate You're now doing two important things. Number one. You're increasing deal certainty. And number two, because you have a sales process that's proven and it's easy to replicate. You're increasing enterprise value. When you research who the top three to five buyers are, you learn about them either. What kind of capital that they have, you can now take your sales process. And show it to them.

You can now take your sales process, put some projections together, show them how much profit, how much growth they can appreciate. With your sales process has also easy to replicate. So if you don't have this, make sure that your sales process is proven, make sure that it's easy to replicate. And if you already have that, terrific, I'm going to challenge you. I'm going to ask you to think about how can you take your sales process to the next level?

How can you make it even more effective? How can you make it even quicker? Let's go to strategy. Number five. And on this one, it's why documenting your business processes. Creates business success. Now I know you hear documentation, your eyes glaze over. Jeffery it's boring. It takes a lot of time. It takes a lot of money

And while maybe it does, but when you take a step back and you look at what documentation does, whatever time and money you put into it, it's a rounding error, an absolute rounding error compared to the ROI. If you go back to step number two X-Factors this is in the Deep Wealth 9-step roadmap. One of the X-Factors is the four points of clarity.

And within the four points of clarity, documentation falls into that. What does documentation do? When you have all of your standard operating procedures? Your critical procedures when this all written down. It creates autonomy for your team, for your employees. Think about all the time, the effort and the money that you've saved when an employee has a question.

They go to the documentation. And if you do it right, the documentation is an internal Wiki. This is where it's all electronic. You can do a keyword search. So now picture an employee has a question. They go to the Wiki. They do a keyword search. They find out the answer to the question. And within minutes, they're off to the races. They can make the changes. And if you've done it right with your culture, documentation, as part of your culture,

Autonomy is part of your culture, transparency is part of your culture. Employees know that they have the autonomy to make the change in real time. Gone are the days where they have to send an email or have a meeting or run it up the flag pole to get the approval. They know they can just go and do it. I also want you to imagine now that you're hiring and I want you to think about how painful and time consuming and expensive it

To train that new person. Now, maybe you're not doing the training. Maybe you have your employees do the training. So you're somewhat shielded from it. But for your employees that are doing the training, it's a distraction. It takes all of their productivity and it really holds them back. Imagine now a new employee comes on board.

All the documentation is there. What a joy, how much easier it's going to be for the new employee to get up to speed. And instead of focusing on waiting for the meetings to happen, waiting for the training to happen. They're learning as they go along in real time, they're more effective. They're happier. They're the better for it and the company is the better for it. So it gives a lot of comfort to your employees.

Now I'll give you a little tip because maybe asking, okay, so Jeffrey, you sold me on documentation but how in the world do I do it? Do I have to spend a lot of money? Is it going to take a lot of time?

And it's like anything else? Small consistent actions done every day, lead up and add up to huge results. So what you could do for you and your team every time that they're about to do something. Document it. While you're going to go perform a new action, write it down, put it into the company archive so everyone can access it and you can see.

And daily, you're starting to add to the documentation. Someone has a question that isn't in the documentation. Guess what? Talk about that, but then encourage that person to add it to the documentation. And what you're doing is you're modifying your business culture. You're taking your culture and your building documentation into it. No one thinks twice about it. Something new comes along. Add it to the documentation. You have a question, comes up, go to the documentation and everyone does it. Is this going to happen in a day? You know, it may take weeks. It may take months, but the time is going to pass anyway.

So why not get that done? Now, here's the thing. This is going to help your business grow. And there's some businesses where they've taken their documentation, which is surrounding critical processes, and they've shown them to prospective clients. They've won business on the documentation alone. And you may be saying, Jeffrey, wait a minute. Documentation can win business. Of course it can put yourself in the client's perspective.

They've gone out to market. They're speaking to a whole number of different companies. You come along, you give your pitch and then you actually show how the rubber hits the road, how everything is documented, how every system is tracked. Everyone in the company knows about that. Don't you think that's impressive.

That's an X factor, my friend, that's also a Rembrandt and that's going to separate you out from the competition and you have to do it anyway. So why not get the documentation done? It'll win you new business. So now documentation is helping you grow. It's making you more productive. Your profits are increasing because people now get their time back and they can actually work on the businesses instead of in the business.

But now let's switch gears. Let's go to a liquidity event. So you're having a liquidity event. You're having an auction, a competitive bid, and all these buyers are now in the process and they take a look at your documentation. Wow. Are the buyers going to be impressed because most businesses don't do this, but you have the buyers have a level of comfort because they know when you're no longer in the business strategy. Number one, nudge, nudge, wink, wink, your business runs without you, but at the same time, everything is documented.

So when you're no longer on the scene, the business is running without you. But as a backup. Everything is documented. The standard operating procedures are documented. Even the little things are documented. Talk about peace of mind. Talk about comfort that you're giving the buyer. And guess what the end result is, deal certainty increases and enterprise value increases.

So strategy number five. Document and document again, and while you're still at a document, When you do your documentation, that is going to create a business success.

Strategy number six. Why your business model sucks and what you can do about it.

So please don't shoot the messenger on this one, but your business model does suck and don't feel so bad. Hey, even when I started my first company, Embanet. My business model was like everyone else's business model and it was terrible. So what is a traditional business model that sucks?

Well, it's where your customers come along and they buy whenever, whatever you have no idea. You don't know if they're even going to come back for that matter.

What's the issue with that? Well, for starters, you can't do any cashflow analysis. You have no idea when your customers are going to be buying next. You have no idea if they're even going to remain your customer.

So, what do you want to do? At Deep Wealth, we have what we call the holy grail of business models. And the holy grail of business models is comprised of three different components. Component number one is a recurring revenue model. And on the recurring revenue model, it's a subscription and chances are you're already doing this. You probably have a movie subscription, maybe even a music subscription and the wonderful thing with a subscription both of you and your clients know exactly when they're purchasing how much it's going to be And now, on, both sides, your client and yourself, you can do some cashflow modeling. You can figure out exactly what's going to be involved and it just makes us so much easier. And when you have a subscription, when you have recurring revenue, it's also a terrific way of keeping up your client retention. The second component of the holy grail of business models. Is a longterm exclusive contract. Now here's the thing, as you start going to the second component and the third component. Each component becomes progressively harder to get your clients to agree to it.

After all, if you take a look at where your business is today, You got to ask the question? Well, why would a client, why one of my clients, even my best client. Why would they want to give me a long-term contract that's exclusive.

And a case in point at Embanet we had 10 year agreements that were exclusive.

 Here's a quick story for you. I'm going to share how my company Embanet was able to do the holy grail of business models with this last one component. Number three, revenue sharing. Now you'll recall when Embanet first started it was doing hosting, technical support and course development and conversion effectively. Embanet I'm going to call it Embanet One. The original Embanet was keeping the seats filled and was doing that very well.

But the new problem that we found out and we got this problem from the X-Factor The Magic Wand Question. What keeps you up at night? When we asked that question to one of our clients, we learned, hey, Embanet I need help to get new students. My enrollments are going down. I don't know what to do. Yes, Embanet you do a terrific job of keeping the students in the seats, but I've got to get the students in the first place.

And it took us a while, took us a few years actually to figure this out. But we came back to the marketplace with a market disruption because now we went to universities and we said, hey, here's what we're going to do. We're going to fill the seats and we're going to keep the seats filled it's not going to cost you a penny.

Embanet is going to pay for everything. So the very first student that enrolls you're going to be profitable. And it's only over a period of time that Embanet is going to be able to recoup his investment. And it was on that basis that we're able to get the long-term exclsuvie contracts. And we're able to get clients, the universities to agree to do the revenue sharing because when the universities went back on their own and they spoke amongst themselves and they said, okay, can we do this? What's it's going to cost?

They realized that they couldn't compete. Now if I would have gone to the clients and the prospective clients with Embanet One that we're simply going to keep the seats filled. It wasn't a painful of enough problem.

So your takeaway here is to find a new, painful problem that your clients can not live without you. That they're worse off not working with you. That's how you get the holy grail of the business model, where you have recurring revenue.

Where you have a longterm exclusive contract and where you're doing revenue sharing. When you combine those three here's what's going to happen. Your growth is going to go to the moon and back as will your profits, if you're doing things properly, And now you have a choice. Keep a thriving and profitable business forever.

Or maybe you want to sell it tomorrow, once you've achieved this. And when it comes time for your liquidity event, You are now in your own blue ocean, your competition is not doing this.

Your future buyer will pay a premium for your business because you have an incredible business model. So please stop having a business model that sucks. Do something about it today.

And figure out what you need to do to create a market disruption. And while you're at it, create a new business model.

Okay. Let's bring this home. Let's go to strategy number seven. Why you must know your business Rembrandts to unleash business success. Let me take a quick step back. What the heck is a Rembrandt? You've heard me say that a number of times in this episode.

A Rembrandt is something that you are world-class Now the issue with most business owners, when they look at their business, they say, you know what, Jeffrey. My business is the same as the competition. We all did the same thing. There's really no differentiation. Well, I have news for you and it's good news. You're wrong. You're wrong in a good way.

You're wrong in the sense that your business likely has at least three to five Rembrandts that you don't realize. And so when you go through the Deep Wealth, 9-step roadmap of preparation, or now what we're talking about, strategies of growth, here's the question that you want to ask. What is an area let's just pick one area. What is an area that you are really strong in as a business that you do better than anyone else in the marketplace?

Pick that one area, because you'll take this process that I'm going to share with you and you're going to rinse and repeat it for the other areas. Find out that area that you really differentiate yourself from the competition. That is a Rembrandt. You're a world-class in that area. You know what money buys a lot of things, your competition can copy your technology and do exactly what you do, but they cannot copy your culture and embedded in your culture is something that you're really strong in. Well, when you know what your strengths are and you've lined them up one after the other, after the other, here's what you're going to do with that. You're going to take that to your existing customers and remind them why you're so good at what you do. But you're also going to take that to prospective customers and share that with them.

When you tell your prospective customers what your Rembrandt's are. You are going to show how you're different than the competition, why they're better off with you than without you. And next thing you know, you're attracting new clients and at the same time you're growing, your profits are increasing and you're creating a thriving and profitable business.

A quick story. A long-term exclusive contract is also both an X factor and also a Rembrandt. When we had those exclusive contracts, we shared that with prospective clients.

And when a prospective client heard that, they said, wow, if Embanet is good enough for this tier one university than Embanet is also good enough for me. And it provided social proof and it gave them yet another reason of why they should work with us. So when you know your Rembrandt's, your existing clients will appreciate it.

Prospective clients will hear this and become clients. And it's a wonderful way of growing, but now let's switch gears here because once again, growth and preparation, they're one in the same. Let's now turn to a liquidity event and guess what? Your future buyer, they're probably not going to know all your Rembrandts, but they're going to know a lot of your Rembrandts and they're not going to tell you.

Now you may be asking, well, why wouldn't a future buyer tell me all about my Rembrandt's. Well in a word, your future buyer is smart. They know that if they tell you your Rembrandt's, the value of your business is going to increase. I'll give you an analogy to this. Let's imagine that you want to buy a home and there's an open house and you're walking through the home. You love this house. You think that this house is your next home. It's absolutely beautiful in every way.

On your way out, you see the owner of the As you're passing the owner of the home. Are you going to say that owner, your home looks like it just walked off the page of a magazine? It's absolutely perfect. I wouldn't change a thing about it From the outside to the inside to the backyard. Everything is absolutely perfect.

Well, if you told that to the homeowner, you know that you're going to be paying a higher price. So it was no different with your future buyer. They're not going to be telling you that, but guess what? When you're going through a liquidity event and again, in the Deep Wealth 9-step roadmap preparation, Step Number Three, Future Buyer.

In your narrative, your building in your X-Factors, your building in your Rembrandt's. When you tell all the buyers, your Rembrandt's two things happen. Number one, the gig is up buyers know that, you know, your Rembrandts, which means that you also know the actual value of your business. But the second thing that happens is you're educating all the buyers because they're not going to know all your Rembrandts.

You're showing and telling the buyers how your Rembrandts can solve their painful problems to take their business to the next level. And so once again, deal certainty increases as does your enterprise value.

So for strategy number seven, your takeaway is to find your Rembrandt's all of them and broadcast that to all of your stakeholders.

So we're at the point now where we're going to do a quick recap, let's go back to strategy. Number one and a strategy number one, why your business must run without you, but probably doesn't you learn that when your business runs without you, you get your time back, getting your time back has you find new and painful problems.

You can find a new one to solve and create a market disruption. Growth increases profits increase and enterprise value increases.

Strategy number two. Please avoid this business killer, like the plague to unleash business success. And here we talked about customer concentration. Are 80% of your profits coming from only two or three of your clients. The ideal range of where you want to be is 10%, no more than 15% of profits from any one client.

You don't want to rely on any one client for the longevity of your business.

And also on the flip side for your liquidity event for your future buyer, you want to make it easy for them. They don't really care if a client or two leaves, because it's not a big representation of your profits.

Strategy number three, business success happens when you do this one thing from the start. And this one thing is tax planning, and what you learned is not to rely on your accountants, but instead to go and find a very specific advisor who specializes in tax planning. And you also learn that tax instruments can take years for them to take effect.

But once they do your business today is a benefactor of that. And when it comes time for your liquidity event, you'll pay less taxes. Because again, it's not how much money you actually make. It's how much you keep and let's keep your eye on the prize. Put tax planning in place to minimize the taxes that you're going to be paying.

Strategy. Number four business success happens through a proven and replicable sales process. And here is really two things that you're not the one that's doing the sales that you have a team of people that are doing it. And that the process is well-documented and is easy to replicate. It makes life so much easier for new hires on the sale team.

And also when you bring a buyer into the situation, everything's documented. They have an existing team. It just works. Life is good.

Strategy, number five. And speaking of documentation, why documenting your business processes creates business success. And there, we learned that when everything is documented, you unlock autonomy, things speed up. It's easier to train people.

You're not reliant on anyone in the company to do the training. You save time, you save money, profits increase and growth increases because people have more time. But on the flip side, you also realize that. Documentation is an X-Factor. It's a Rembrandt and will increase your enterprise value because a future buyer, when they see all the documentation.

It takes comfort for them. And by the way, you also learn that prospective clients, when they see that documentation for your systems, it gives them comfort. And it makes them more likely to become a brand new client for you.

Strategy six and please don't shoot the messenger. Why your business model sucks and what you can do about it. And again, here, what you learned was the holy grail of business models. There's three components And for each component as we go from one to the other, to the other. It's more difficult to get your clients to say yes to. So what we need to do is make sure that we're solving a very painful problem.

That the problem is so painful. Your clients realize that they're better off with you than without you. And they'll say yes to these things. And again, those three components. It's recurring revenue. Long-term exclusive contracts and revenue sharing.

And then last but not least strategy number seven, why you must know your business Rembrandts to unleash business success.

And what we talked about, there is a Rembrandt is an area that you are world-class in. That you were better than everyone else. And it, what separates you from your competition and your mission with strategy number seven is a sit down and figure out all of your Rembrandts so that you can tell your existing clients, you can tell prospective clients what those are.

It increases client retention. It'll help get you new business. And at the same time, when it comes time for your liquidity event and you share your Rembrandt's it'll increase the enterprise value.

So there you have it, you have seven important things that you need to know to create massive business success. And again, that's the one thing I love about preparation.

Preparation and growth are interchangeable when you follow these strategies. When you follow the 9-step roadmap. You're doing wonderful things for your business today that you're the benefactor of, but you're also setting yourself up for success when it comes time for your liquidity event.

So that's going to be a wrap for this episode.

And as always. I thank you so much for your time. You know, money, you can make lots of time you cannot. And the fact that you spent some time with me today. Much appreciated. It definitely noted. And I have a question for you. Did you find value from this episode? Did you learn a few things? And if the answer is yes please spread the word. Tell your colleagues, tell your friends, tell other business owners, founders, entrepreneurs about the Deep Wealth podcast. Let's get the word out there. As we grow the community.

So that's where the magic happens. And at the same time, if you can take a few moments and on your favorite platform, give us a rating. Let the world know how much you enjoyed that. So as we close of this episode, once again, a heartfelt thank you. And as always, please stay healthy and safe,

[00:35:50] Sharon S.: The Deep Wealth Experience was definitely a game-changer for me.

[00:35:53] 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.

[00:36:03] Kam H.: If you don't have time for this program, you'll never have time for a successful liquidity

[00:36:08] Sharon S.: It was the best value of any business course I've ever taken. The money was very well spent.

[00:36:14] 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.

[00:36:30] 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.

[00:36:52] 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.

[00:37:03] 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.

[00:37:16] 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.

[00:37:34] 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.

It's five-star, A-plus.

[00:38:01] Kam H.: I would highly recommend it to any super busy business owner out there.

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.

[00:38:20] Jeffrey Feldberg: Are you leaving millions on the table?

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As we close out this episode, a heartfelt thank you for your time. And as always, please stay healthy and safe.

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