Having A Liquidity Event? Here's How To Capture The Best Enterprise Value (#143)

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

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

Your liquidity event is the largest and most important financial transaction of your life.

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.

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.

Are you thinking about an exit or liquidity event?

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

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?

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

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

 Welcome to the Deep Wealth, Sell My Business Podcast. And you know what? It's been a short while since we've had a solo episode and that's exactly what we're going to be doing today. So I have a rhetorical question for you. Are you either having or thinking about a liquidity event? Well, if you are, would you like to know how to capture the best enterprise value instead of any enterprise value? And the shorter answer is of course you do.

So let's talk about five specific strategies that will help you capture the best enterprise value. As opposed to any enterprise value or perhaps another way of saying that is you want the best deal over any deal. And so let's go for strategy number one, and this is really an important one, and we're going to be dispelling a myth.

Because there's a big myth out there in the world of mergers and acquisitions that go something along the lines that a value of a business is no more and no less than a complicated formula in a spreadsheet. And I'm here to tell you that is absolutely not true. Now, you're going to hear this from your investment bankers and from many of your M&A advisors who are going to say yes, you know what the value of your business it is. It's some kind of complicated formula in a spreadsheet. That's just how it's going to go. We're going to take a look at what your financials are and up to a certain point, that statement holds validity.

But then it just goes off the rails. And it's not the case. Let me ask you a question. I want you to think about a purchase that you made and it could be a small purchase. It could be a big purchase. But I want you to think of a purchase that you were really excited about. Chances are you made the decision to go forward with that purchase based on emotion first and you later justified it with logic later and think about it. Well, maybe you're going to be buying this car and the car is a little bit above and beyond what it normally would be for your standard kind of purchase.

But you're telling yourself, you're telling your family, telling your friends, well, it really has a terrific reputation or it has a wonderful resale value or the performance is just out of this. World. How those things are terrific explanations, but really at the heart of it, you likely made that decision to buy that car based on emotion. You're excited. You can see yourself in that car. It feels terrific in your mind, you want to go out and you want to have that.

And why would it be any different than with a liquidity event? After all your future buyer, like all of us as human, it has all kinds of emotions and excitements and fears and hopes and everything else in between. But the challenge for you is just to show up to a liquidity event and say, okay, world, here I am.

Let's have you make a decision based on emotion to go above and beyond what you would normally spend on a business that's simply not going to happen. And this is what I really love about the Deep Wealth nine SEP roadmap, the gift of preparation, because when you're prepared preparation, it's that gift that keeps on giving and what you're doing in the preparation phase.

And in fact, it's step number three of the Deep Wealth, nine-step roadmap, mastering the art and science of thinking and talking like a buyer. You're putting together a narrative about your liquidity event. Now the narrative that you're putting together, that's fast off the heels of what you did in step number two, the Deep Wealth nine-step roadmap. And that's where you identified your X-Factors and your Rembrandt's that truly have you as a world-class business. So picture it. Now you've put together this narrative that really highlights why your business is different. And because you've done the preparation, you know who your potential buyers are, of course you're running a competitive bid, you're having multiple buyers at the table at the same time. You've narrowed it down to who the top ones are. And you now put together a narrative where you tune into the world's favorite radio station. Come on, you know, this and the Deep Wealth community WII.FM, the What's In It For Me radio station.

And for each of your top buyers. You know what the likely problem is that your business is going to solve for them. So you put together this narrative, your future buyer is reading this and now your future buyer becomes excited. Hey, this is the business. This is exactly what we're looking for.

This is going to take our business above and beyond, or, Hey, you know what, I'm going to buy this business and I'm going to be the hero in the company because I brought this business and his capabilities into the fold, whatever the case may be is you're getting your future buyer excited with emotions.

And then afterwards, All that logic will be used to justify the premium later. Now, of course, the narrative is one of many things that you're going to do to ensure that you're not just a complicated formula in a spreadsheet, but the narrative is a long, long way. It goes a long way into getting that excitement around your business.

And you may have remembered a previous episode. I'll put this in the show notes. Where I brought on a valuator and the evaluator said, hey Jeffrey, before I even look at the financials, I'm understanding the company narrative, because that narrative is 80% of the value. Of the company that I determine.

So the narrative is everything. So the takeaway for you is that number one, your business is not a complicated formula in a spreadsheet when it comes to the value. And when you want to go above and beyond, when you want to get the best enterprise value, not just any enterprise value, make sure that you have a compelling narrative that really gets your future buyer excited about why your business is the business.

So that's strategy. Number one, let's talk about strategy number two. And before I tell you what strategy number two is, let me set this up. Let me give you the context of what's going on. So of course, nudge, nudge, wink, wink. You've gone through the Deep Wealth nine-step roadmap, you know, step number six.

How do you find and hire not just any advisor, but the absolute best advisor for you? And, you know, you have in the workbooks, you have all the questions to ask all the scorecard, you know where to look, you've done all that, and you've now selected your advisors. And this is the point where many business owners, they make a fatal mistake. And the fatal mistake that they make is they say, okay, I've put together a world-class team.

I'm now done. My advisors are going to go out there and they're going to get this deal done. I'm going to get the best value. There's really nothing more than I need to do. Well, there's a whole hot, more that you need to do, but let's start with your advisers because every one of your advisors. They have this mindset that can absolutely hurt you. It can hurt your enterprise value. Now they're not doing this intentionally and this is not coming from a malicious place.

But the mindset that all of your advisors have, it's called the let's get it done mindset. And I want you to imagine for a moment, and it's not so hard to imagine let's step into the shoes of all of your advisors, whether it's your investment banker or your M&A lawyer, whoever it may be. You are a one-time transaction and yes, I know you're talented and I know you're incredible. And yeah, you do. In fact, walk on water. That's why you're thinking of having a liquidity event.

And some of you may be saying, well, Jeffrey, when I Sell My Business, I'm not going to be a one-time transaction. I'm going to go on, and I'm going to create another business. I'm going to sell that. I'm going to have another business after that. And the list just goes on and on and on. Now you may be one of those incredible business owners that does that.

The statistics say otherwise, these statistics tell us that number one, most business owners have one liquidity event. And then number two, for those that go and they try and get another business going, the likelihood that it's going to be a success, that it's going to be a grand slam, the odds are against them. It doesn't mean that it can't happen. The likelihood that it is going to happen just isn't there. So work with me.

You're a one-time transaction. Here's the question for you? Do you think that your advisors are going to put their reputation at risk over you? When you're a one-time transaction? Do you think that your advisors would put their reputation at risk at any time, even if you had more than one transaction with them. And the answer is no.

But the other thing, when you tune into the mindset, WII.FM of your advisors, nobody wants to lose a deal. No one wants to be known as the one that lost that deal. Particularly if your advisor is coming in off of a recommendation, I want you to imagine now that you went into your network, you asked around, Hey, can you recommend an investment banker? And maybe you're even in a CEO peer group. And within your CEO peer group, you got some names you phoned around and you select your investment banker while your investment banker or for that matter.

Any of your advisors, they know. That, Hey, you're coming in off of a recommendation. They want to do a terrific job for you because they want you to go back to your community and say, Hey, my investment banker or my MNA lawyer, my advisor did such a terrific job for me. I recommend the same person for you.

That's what they want. They don't want you going back saying, yeah, my advisor did a terrible job. They lost the deal for me. No one wants to be in that situation. And then the other thing, because you're a one-time transaction, here's the third thing that's going on when it comes to the mindset of your advisors.

And for them. Do you know what the currency of all of your advisors are? Well, the currency it has to do with two T words. One of them is timing. One of them is trust. I'm going to get to trust in just a moment, but when it comes to timing, Your advisors, all of your advisors can only take on so many liquidity events at one time.

So when your advisors are working with you effectively, they've said no to other business owners. And so because they're in business to be in business, they want to go out there and they want to get the deal done as quickly as they can. Now, when they go out and they get you any deal, is that deal a fair deal?

The short answer is yes, it's likely a fair deal, but I'll tell you what it's not is not the best deal is not the deal with the best enterprise value. Here is a thought experiment that I want you to picture. Your investment banker. As an example, there are two deals that they can get you.

One deal it's an absolute sure thing. And let's suppose that for your liquidity event, it has an index value of a hundred. Now that number 100, it can be any number that you want to plug in there. It can be 10 million, it could be 300 million. It could be something in between, but the index value is 100.

And they have a deal that's worth 85 in terms of the index value and the index value for the deal. That's worth 85. The deal is it's pretty much a sure thing. And there's very little to no risk with that deal. Now the other opportunity, it actually has a value of 120. Now the deal with the index value of 120, it is not a sure thing. And there is some risk associated with it.

And there is no guarantee whatsoever that you're going to get the steel. In fact, you can lose this deal. So for your investment banker in this thought experiment, what deal do you think they're going to go after. Now it's at this point that a lot of business owners say, well, wait a minute, Jeffrey, look, I'm paying my investment bank or not only a lot of money for getting things all set up, but I'm paying a huge success fee.

And if you're talking an index of 85 and an index of 120 that's a delta of 35 and the commission on that's really big so, of course my investment banker is going to go after that deal that has the larger index. Well surprise. That's likely not going to happen. Your investment banker knows that, Hey, let me take something of something as opposed to something of nothing. And so in that scenario, your investment banker is likely to go after the deal that has a lower index.

Even at the risk of having a smaller success fee. Why? Because again, something of something is better than something of nothing. And in your investment, bankers, mind your investment banker will go on and do other deals. And so they'll make it up in the mix.

So when you know the mindset of your advisors, that you're a one-time transaction. They're not going to put their reputation at risk for you. And they want the sure thing over something that's maybe worth more, but it has risks to it. You can now begin to prepare for that because you now know about that.

Let's go back while we're still on the topic of the let's get it done. Mindset to the other currency for your advisors. And that is the other T word trust. You must be trusted for all of your advisors, particularly your investment bankers. So, how do you earn the trust? Well, how you were in the trust of all your advisors, particularly your investment bankers, is you must be vulnerable and you need to share your skeletons in the closet that you either know of.

And perhaps you can't remove, or even some of the failures that you've done before in the past, because you're going to take that. They're going to know about that. They're going to share that with all the buyers in advance. So there's no surprises for anyone and in this way, not only your investment banker, but your future buyer builds trust with you very easily.

I'll look at this. The business owner shared some of their shortcomings. They told me what the shortcomings were, why it was, and actually how their shortcomings were to my advantage. Because you added that to your narrative when. When you learn the art and science of thinking like a buyer, and when you earn that trust, it just takes you so much further.

And so when you have the trust of your investment bankers and all of your advisors, You also, again, you begin to remove them, let's get it done. Mindset. Because now you're not just anybody. Hey, I really like Jeffrey. I got to know what he's all about. He's been very open with me. I really trust what he's doing. I just don't want to get any deal for him. I want to get him the absolute best deal.

And again, that goes also back to the narrative. Because your narrative, isn't just for your future buyer, your narrative is for all of your advisors. And I'm going to talk about this in just a moment, but know that when you're first interviewing all of your advisors, particularly your investment banker,

Because you're prepared, you've gone through the nine-step roadmap. You understand that your narrative is the rocket fuel for a higher enterprise value, because you've put together a narrative for all of your advisors that shares why you're doing what you're doing. And I want you to hold onto that thought because that's strategy number three. So we're now transitioning for.

Why the let's get it done mindset hurts your enterprise value when you don't get the best enterprise value. And we're now going to strategy. Number three, how to create a narrative that excites all of your advisors. So again, you've interviewed your advisors. When you've gone through the nine-step roadmap from Deep Wealth, you know, for each advisor, what questions to ask you have a score card, you've taken your notes, you've ranked all of them. And in the interview process, once again, you've tuned into the world's favorite radio station, WII.FM, and for each advisor, you know, what moves the dial.

And so when you're doing that, and when you finally bring the advisor on board, you know, what makes the dial move for that advisor? You've built that. It into your narrative. And now your advisors know, okay. You know what? You're not just a, another client. You're not just having a liquidity event for the sake of having a liquidity event.

I now know the why behind your liquidity event and the why is so powerful. We're going to take that into the next strategy, but the biggest takeaway here for you is that for every one of your advisors, and this also includes your key employees, you must have a narrative that's exciting. You must have a narrative that really moves the dial of this, not just being something that's theoretical or it's on paper of, hey, I'm going to be part of a winning team.

That's actually going to make a difference and I'm going to be a part of that. And that's going to be something that I'm going to value and something. That really excites me. And so strategy number three is how to create a narrative that excites your advisors. And that ties perfectly into strategy number four.

And strategy number four is the power of including the Y. For how you're going to capture the best enterprise value instead of any enterprise value. So here's what I want you to think about. And again, this is before you speak to your key employees, this is before you're speaking to any of your advisors.

And here's the question. I'm going to ask you a few different questions here. So stop what you're doing. Get a piece of paper about pen, jot this down, or if you're more the digital type. Right. The cell type this out. The first question for you is this. What does a liquidity event mean? Not only for you but for your family. And think about that for a second.

You know, sometimes we get so caught up. We're running the business and now we're going to be having this liquidity event and oh, I need to do this and I want to do that. And it got to get all of this done, but take us up back. What does the liquidity event mean for you?

And what does a liquidity event mean for your family? Write that down, and it's going to be personal. There is no right answer. There is no wrong answer. The right answer is what works for you. And if you're not sure about your loved ones and for your family of why they'd want to have this, what the liquidity event means for them.

Why don't you take some time today and ask them, Hey, you know, at one point. I'm going to be thinking of having either a full exit or some kind of liquidity event for the business. Here's what it means for me. I'm curious. What does that mean for you? What would that do for you and hear what they have to say? And that now becomes part of your narrative.

Now the other part of your narrative, the next question that you're going to be asking. So you've talked about what illiquidity didn't means for you. Why. What's the why behind the liquidity event, why would the liquidity event be important for you? Why would the liquidity event be important for your family? Are there certain things that you're going to be able to do that you can't do right now. What are your dreams and your hopes and your aspirations? I mean, you had those when you started the business, but what are those for life after the business? And, you know, I'll tell you a quick story. You, when business owners, when they enroll in the Deep Wealth Experience,

even before we start the Deep Wealth Experience, we talk about the post-exit life. What does it mean for you? What are you going to be doing after your liquidity event? And actually that's the third question for strategy for what will you do after your liquidity event? And for a lot of business owners, they've never thought about that.

It's just been, go, go, go. It's been so busy. I don't have time for this, that when they actually sit down and think about it. Some business owners come back and say, you know what? I don't know what I'm going to do. And I don't know what life is going to look like for me. And that kind of scares me.

And when they're open and when they're vulnerable. And we talk about that, we decided that perhaps now isn't the time for the liquidity event until you know, what your post-exit life is going to be. And if you've listened to any of the podcasts on the Deep Wealth, Sell My Business Podcast, you know, that some of the biggest mistakes that I made in my life.

Came from my post-exit experience because I just didn't sit down and plan it out. Like I'm asking you to. So again, the third question is what will you do after your liquidity event that really leaves you energized and has you feeling great and moves the dial for you? Because when you know that it's, high's nicely into strategy number five and strategy number five is why you must become a net positive. And at the same time, why this will help you capture the best enterprise value.

So as you're seeing, each one of these strategies build on top of the other. And so it's not one plus one equals two is one plus one equals 20 or 25 or a hundred. Is that powerful? And so you may be asking, okay, what is a net positive? So a net positive is after your liquidity event is done. How are you going to contribute to society?

And I want you to stop for a moment when you started your business. Your business became successful because you were passionate about solving a problem, a very painful problem that you are passionate to solve, and you were helping other people along the way, and you're contributing to society. You weren't only helping people with a painful problem. You were creating jobs and you were hiring employees and you're making a difference out there and supporting the economy.

You were a net positive. Well, why would that stop after your liquidity event? Why wouldn't you continue to do that? And the question that you want to ask yourself is how can you optimize your life for happiness after your liquidity event? How are you going to be making a difference? Because really you have two choices.

After your liquidity event. And particularly if you've gone through the Deep Wealth nine step roadmap, you are going to become a wealthy person and you have a choice. You can just sit back and just have all that wealth and really do nothing. And the wealth is yours and that's about it. And you're just going to enjoy the toys or you can do all of that and at the same time, you can become a net positive person because you're going to take an allocation of your wealth. You realize that you can't spend it all. And you're either going to set up a foundation or find a social cause, or you're going to select a charity. And you're going to allocate a portion of your wealth to really, as we like to say, Deep Wealth, changing the social fabric of society, one liquidity event at a time.

And you now have that opportunity where your liquidity event can help you change. The social fabric of society. Well, what's that going to be for you? And again, this is so personal. There is no right answer. There is no wrong answer. The only right answer is really what has you optimized your life for happiness? What has you feeling energized and recharge, but when you know what you're going to do to become a net positive,

Why not share that with your key employees? With the buyer with your investment banker, with all your advisors. Because I spoken to investment banker after investment banker, and you've heard them on the podcast and I've had offline conversations with them and they all say more or less the same thing.

They say, you know what, Jeffrey, I know that when I help a business owner have a liquidity event, if I can be blunt about it, they say I'm helping that person become rich. And, you know, the truth is I can choose anybody to work with. So who am I going to choose? Because I can only do a certain number of liquidity events at a time.

And when I'm going through the liquidity event, you know, of course I'm going to do my best, but you want me to go to the wall and back you want me to become a superhuman? And who I'm going to do that for is a person that's going to become a net positive. If I know that I'm making somebody rich, but they're going to take part of their wealth and really make a difference out there. That motivates me. That motivates my team now is no longer just a liquidity event.

It's personal. We want to be on that winning team. We want to be able to say, yeah, Hey to my family, I help so-and-so have a liquidity event and look what they're doing. They selected this charity, or they set up this foundation and they're now really making a difference. And I was a contributing factor because I didn't get them any enterprise value. I got them the absolute best enterprise value.

And my friend, welcome to the art side of a liquidity event. You will never find this in a complicated formula, in a spreadsheet and most advisors aren't going to tell you this. But this is what goes on. Remember, we are all people and people are people and we have our emotions and we have our hopes and we have our goals and we have our dreams. Why shouldn't your liquidity event tap into that for all of your advisors, where their dream and their goal can become part of your dream and your goal, and collectively together you're making a difference because you're a net positive and they know that right upfront and they become excited about that. And you're not just going to be some other rich person that they've helped make rich who's now living the lapse of luxury. No, you have that wealth, but yes, you also making a difference in your, this great person who is doing all of these wonderful things.

That they can say they were there at the beginning before that happened. And they were part of the foundation to go out there and make that happen. So I really want you to think about that. Of why you must become a net positive, which will help you capture the best enterprise value and truth be told is not just for the best enterprise value for your liquidity event.

It's optimizing your life for a very happy post-exit life. So those are the five strategies that are going to have you capture, not just any enterprise value, but the best enterprise value around. And let's do a quick recap. So strategy number one, why the value of your business is not a complicated formula in a spreadsheet is anything but that we dispelled that myth and you know, that it really gets down into the narrative.

When you have a powerful narrative for your liquidity event, that's in part, what helps us capture the best enterprise value. Strategy number two, we talked about the very dangerous let's get it done. Mindset that hurts your enterprise value that every one of your advisors have. And we spoke about number one, you have to understand the mindset of your advisors, of why you're the one-time transaction. Number two, that the currency for your advisors is those two t words, it's both trust and time. And the number three, that when you create a powerful narrative for your liquidity event for your advisors, It excites your advisors. It excites your future buyer and it helps you get the absolute best enterprise value as opposed to any enterprise value. Strategy number three, we spoke about how do you actually create that narrative that excites everybody and to do that, you're really tuning into the world's favorite radio station. WII.FM, the What's In It For Me radio station. And this is where you're building that very powerful narrative.

And then we talked about strategy number four. The power of including the "why" in how to capture the best enterprise value. And there we asked three questions.

What a liquidity event means for you and your family?

Why this liquidity event is important to you?

 What you're going to do after the liquidity event?

And that tied so nicely into strategy. Number five of why you must become a net positive to ensure that you capture the best enterprise value and becoming that net positive is how you're going to make a difference for society.

In your post-exit life with your new found wealth. And we spoke about how that really becomes a motivation for your investment banker, for your advisors, for your key employees both changing society through being that net positive.

So there you have it. Those are the five strategies. So, let me ask you a question if you're thinking about having a liquidity event, do you want to capture the best enterprise value as opposed to any enterprise value?

And of course the answer is yes.

Well, if you answered yes and I know you did. Why don't you enroll in the upcoming Deep Wealth Experience that's starting this September?

We're now in the process of speaking to business owners. We are choosing a select few to become part of the next group to go through the Deep Wealth 9-step roadmap.

Why not have a free strategy call where we can talk about how not just to have you achieve at your liquidity event goals, but to actually have you exceed them.

And it couldn't be any easier. Go to our website at www.deepwealth.com in the top right-hand corner click on, GET STARTED, and this is where you can book your free strategy call. And again on the call, we'll talk about what your goals are for your liquidity events and how the Deep Wealth 90-day experience can help you both achieve your goals and also exceed them. Because again, who wants to gamble with their future, you have one chance for your liquidity event.

You don't want to be a statistic. You don't want to be the 90% that fail. You have one chance to get it right, you better make it count.

And if you're still on the fence, if you're still thinking about it, watch you hear from a few business owners right now that have gone through the Deep Wealth 90-day experience. So please keep listening and here what some members of our community who are going to tell you what the Deep Wealth Experience did for them.

And as always, as we sign off, thank you so much for taking part of your day and spending it with us here on the Deep Wealth Sell My Business Podcast, and as always, please stay healthy and safe.

[00:29:58] Sharon S.: The Deep Wealth Experience was definitely a game-changer for me.

[00:30:01] 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.

[00:30:11] Kam H.: If you don't have time for this program, you'll never have time for a successful liquidity

[00:30:16] Sharon S.: It was the best value of any business course I've ever taken. The money was very well spent.

[00:30:22] 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.

[00:30:38] 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.

[00:31:00] 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.

[00:31:10] 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.

[00:31:24] 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.

[00:31:42] 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.

[00:32:09] 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.

[00:32:27] Jeffrey Feldberg: Are you leaving millions on the table?

Please visit www.deepwealth.com/success to learn more.

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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.