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Sept. 21, 2022

Post-Exit Entrepreneur Alvin Narsey On How To Capture The Best Deal Instead Of Any Deal (#162)

Post-Exit Entrepreneur Alvin Narsey On How To Capture The Best Deal Instead Of Any Deal (#162)

“You are good enough and not to worry or not to be too caught up in what other people think. ” - Alvin Narsey

I have had an exciting journey buying and selling multiple Pharmacy Businesses in Australia over the past 16 years.  

Trained as a Pharmacist in Melbourne, Australia, I bought my first business as a partnership a few years after I graduated from University.  As a Pharmacist, you are trained as a clinician, not how to run a business.  With the help of Coaches and Mentors, and a feverish appetite for FREEDOM & ADVENTURE, I quickly learnt how to utilise systems and leverage to ensure these businesses were fulfilling my lifestyle goals.

Ultimately, I discovered it boils down to implementing the basics in your business, focussing on CASHFLOW and PROFIT and from day one setting everything up so the business runs without ME.

Now, I have sold all my businesses and focussing on travelling the world and helping other Retail  Business Owners!

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SELECTED LINKS FOR THIS EPISODE

narseya@gmail.com

https://www.facebook.com/alvin.narsey.7

Alvin Narsey (@alvinnarseybusinesscoach) • Instagram photos and videos

The Retail Business Owners Tribe: Grow Your Cashflow & Profit | Facebook

Grow Your Retail Business Cashflow & Profit - YouTube

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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.

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Transcript

[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.

Alvin Narsey has had an exciting journey buying and selling multiple pharmacy businesses in Australia over the past 16 years.

Trained as a pharmacist in Melbourne, Australia Alvin bought his first business as a partnership a few years after he graduated from university. As a pharmacist, you're trained as a clinician, and not trained how to run a business.

With the help of coaches and mentors and a feverish appetite for freedom and adventure. Alvin quickly learned how to utilize systems and leverage to ensure these businesses were fulfilling his lifestyle goals. Ultimately Alvin discovered that it boils down to implementing the basics in business, focusing on cash flow, profit, and from day one, settling everything up so the business runs without you.

Having sold all of his businesses, Alvin focuses on traveling the world and helping other retail business owners.

Welcome to the Deep Wealth Podcast and wow. We are going to gang up on all our listeners today because I have a fellow business owner has sold a business and helps other business owners prepare their businesses for sale.

So watch out all your business owners out there. We've got a terrific value-packed episode coming your way. But let's start first things first, Alvin, welcome to the Deep Wealth, Sell My Business Podcast. It really is a pleasure to have you with us and you know, Alvin, there's always a story behind the story.

What's your story? What got you to where you are today?

[00:03:04] Alvin Narsey: Yes, Jeffrey, thank you so much for having me. I really appreciate it. Wow. My story, where do I start? Well, I was trained as a pharmacist in Melbourne Australia. And then, you know, I kind of after you finish university, I didn't really know what I was wanting to do. I went overseas, came back, and finally decided you know, now's the time to really start rocking and rolling.

So I didn't have any money. So I hustled my way into a pharmacy partnership when I was 27 years old. So that was really good fun because I didn't really know what I was doing. And I found two older partners who were willing to finance me in the business. In exchange for me doing all the grind work and helping them grow the business.

So that's how it all started for me. So I got into that partnership and wow. It was unlike anything that I had ever known. I mean, you're trained as a pharmacist, as a scientist, you don't really know much about business. Pretty early on, I was very ambitious and I decided that we were going to really wanted to rock and roll.

And I was younger than I was really attracted to the money, the cars, the watches, all the fun stuff you know, that happens. And I wanted to link from the process. So I very quickly enlisted the help of a business coach, lots of mentors. And from there we really started flying up because I was just a sponge absorbing what they were saying.

And I was pretty good at implementing, I guess because I was really hungry. And we went from there. So eventually with my partners, we ended up having 4 shops at one stage. And then we bought and sold a few and we expanded pretty quickly. And in the end, we decided to go our separate ways.

 We dissolve the partnership. We kind of split up the shops a little bit and I took one, the one I wanted and they took the other one. And then we went and along the way, did some, refits learnt a great deal then ran into some cashflow problems, had to learn a lot more to get out of those problems.

And then COVID came, which in pharmacy land anyway in Australia, it was really good for business. And it was at that time, one of my early mentors. It always taught me that we need to start whenever you get a business, always need to prepare it for sale. So my shops are always ready to be sold at any time with the right buyer.

So the opportunity came with COVID. The market was good. Sales were up eight bits were up, profits were up and you know, the opportunity came and I said, I'll sell it. So we sold it. And then my wife and I, we slowly escaped Australia because it was quite difficult to do. And we moved to Germany and here I am. When I sold the shop, but when I was in the process of, I had a business coach working with me at the time and I was like, Glenn, what am I going to do?

And he's like, you've gone through so much, you've done these amazing things. You should really help other people do the same. Like I'm helping you often. And I was like, no, I couldn't do that. Anyway, so here I am, I'm doing the same thing inspired by Glenn. So thank you, Glenn.

[00:06:14] Jeffrey Feldberg: So you really run the full gamut from going into business, having different viewpoints with partners, and then going your own way and then selling the business and going through that. And now you're helping other people do the same kind of thing. But, you know, I'd be remiss Alvin because after all, it's a Deep Wealth Podcast talk about liquidity events and business owners.

So why don't we focus on that first, because you've had the benefit of your own liquidity event and congratulations on that, looking back at that Alvin, the glass is half full? What worked really well for you to help you get the terrific deal that you want to get when you're having your liquidity event, what you know would be one or two or maybe three strategies that you could share with us?

[00:06:58] Alvin Narsey: Absolutely. So one of the main strategies which I learned very on in the pace was to always be optimizing the business for sale event. And you know, in the beginning, when I got into business, that sounded really strange because I just thought I'm never going to sell like most pharmacy business owners, they don't sell, they keep them until they retire and then they sell them right at the end.

So when this concept was first introduced to me, I was a little bit resistant, I was eager to learn and my coaches and mentors at the time we focused mainly on Improving your EBIT or your earnings before interest in tax or your net profit figure. So we've mainly moved towards ensuring that my profit levels were really high.

You know, for me that meant a few interesting things, which was, you know because you've got your own business, it's very easy to put personal expenses through the business which are, I suppose, good for me at the time, but really they really affect your bottom line if you're presenting it for sale. I had to rethink the way I did things and get the cause out of the business, minimize personal expenses and which is really challenging for me.

Because you know, I had really good gravy train run for a little while and here I am, I've been told that I need to stop. And so that's one thing that helped me a lot was removing my daily expenses and really focusing on profitability and driving the profit up.

[00:08:16] Jeffrey Feldberg: If I could just jump in there because what you say is it's such a central learning point. At Deep Wealth, really, this is our step number three of the nine-step roadmap. And that's mastering the art and the science of thinking like a future buyer and what we call what you're calling, maybe lifestyle expenses.

We call them EBIDTA adjustments. As business owners, we start the business and we want certain benefits that come with that and

[00:08:40] Alvin Narsey: Absolutely.

[00:08:41] Jeffrey Feldberg: You know, hopefully, the accountants are approving of this, of course, where you have I'll call them lifestyle expenses may be your favorite sports team. You're getting seasons tickets to, or you're going to some kind of arts like the opera, or who knows what it is.

You're putting things through the business that are reasonable write-offs and deductions. But, they're done really in support of you and not for the future buyer and the biggest takeaway for our listeners of what Alvin was sharing is, hey, when it comes time for your liquidity event, you can't assume that your future buyer is going to accept well, you know, we took out all these marketing expenses because I like to over market and we took away these other expenses because that's just really me and not the business.

And really as hard as it is, it's a bitter pill. Remove those 2, 3, 4 years in advance before the liquidity event. So you go to your buyer and you're not asking for approval because it's not there in the first place. And you can prove what you're saying, because you're doing what you're saying.

The one downside of course is you're going to pay more taxes on the profits. You'll have more revenues, more profits, higher taxes. But think of it like this. So every dollar of profit or depending on your business, every dollar of revenue either, or is worth $15.

[00:09:51] Alvin Narsey: Yeah.

[00:09:52] Jeffrey Feldberg: It worth paying a little bit more tax if you're more profitable because you're getting 15 X for every dollar of profit or revenue back.

So it's a small price to pay for a, it's just a rounding error relative to what you're getting. So EBITDA adjustments was one thing that's terrific. Anything else come to mind that you can share?

[00:10:11] Alvin Narsey: Oh, absolutely. Yeah. So the other thing was really focusing on my cash flow or focusing on business cash flow because focusing on cash flow really then trickles down to having a bit of grasp on your profitability. I had no idea how to manage my cash flow.

We're not doing anything. We're just winging it really until I came across the concept of a cashflow statement and we started recording our cash flow, which was then just open up our eyes opened up my eyes, especially it was like brain x-ray goggles. I could finally understand where the money was going, where it was getting sucked up really.

And one of the major things that we did was we tracked that cash flow weekly. And we reviewed it every Monday. That was one of the key things that really changed the business because then once you start tracking it, as you're familiar Jeffrey, then you can stop forecasting it, which is then like you've got this crystal ball.

Cause you know, you can really start to understand some of the decisions that you're doing. And in that case, if we wanted to make a significant capital expenditure, we could understand what that would look like six to eight weeks down the track, had we not used financing to purchase that asset, or had we chosen to use funds from the business?

So that was another major thing.

[00:11:26] Jeffrey Feldberg: You know, And I love what you're saying for our listeners, a few key points here. So number one, tracking the cash flow. So you have some kind of insight of, hey, what's the business using? How much are we taking in and how much are we putting out? What does that leave us with? Sometimes, and I'm just chuckling here.

It's really no joke, Alvin. Sometimes, business owners, they'll do these kinds of reports, maybe once a quarter, once a year, you're doing it weekly and you made a ritual out of that. I love that.

[00:11:51] Alvin Narsey: You gotta make it a ritual.

[00:11:52] Jeffrey Feldberg: Yeah. So talk to us about that. For our listeners, what were some of the benefits that you're doing at weekly, it's now part of your weekly rhythm. What kind of difference does that make for you?

[00:12:01] Alvin Narsey: Oh, where do I start? Wow. It just gives you such a greater level of insight into your business. You're right because we were just typically getting reports from our bookkeepers, maybe every couple of months, accountants, a couple of times a year. And you're looking at these all have a set of numbers.

And what do you do with these numbers really? It doesn't really explain it to you. Your revenue is up. Apparently, you're making money, but where's it going? But when it came to understanding what was going on a weekly basis, like I said, it just opened everything up. And I think one of the biggest mistakes that prevented me from doing it earlier was my assumption that it was really difficult to do.

And I think I overcomplicated it and this is what I see a lot of business owners doing the same thing. They overcomplicating this cashflow reporting process because I guess you see it in your reporting, you see it on stocks reporting as well. But really if we just break it down to your sales or income coming in expenses, going out. What's leftover as long as that, and that, matches up with your bank accounts. So everything's sort of balanced and you can really start to see what's going on. And yeah, it was who said that saying what gets measured gets managed. So it was just that little thing you just paying attention and everything just gets better.

[00:13:17] Jeffrey Feldberg: And I'm curious, what had you think it was complicated to do? And then what allowed you to be able to do that? Where you're doing that yourself, where you're getting some outside help for that? What was that like for you?

[00:13:27] Alvin Narsey: So what I thought was really complicated was because we'd get these reports from the accountant and we'd get them every quarter and you know, they'd be bundled in with all the other stuff, all the theoretical deductions. And you know, I was looking at it like this doesn't really make sense to me.

We would also get reports from our bookkeeper on a monthly basis. And you know, there were just numbers there as well, didn't really make sense. No one could really explain to me, the accountants or the bookkeepers like where the cash was going in the business. And so it was until I started working with a particular coach, who's just simplified it because you want a snapshot of your business and you want to be looking at it every week and we just simplified it.

And we just looked at all the cash coming in, all the cash, going out, making sure that all marries up on a weekly basis. And yeah, and that was so powerful for us.

[00:14:15] Jeffrey Feldberg: Well, That's terrific. And you know, it's some things that you had some wonderful insights in and worked really well for you. I know when I look back to my own liquidity event, as successful as it was, and as well as we did. Nothing's ever perfect. There's things that when I look back, I say, oh, Jeffrey, you know what, if I know now what I could have known back then I would change this with that.

So when you're looking back at your liquidity event, you know, Alvin, are there some things that you're saying, oh, what, if I'm really open about it, maybe it was a mistake or an oversight, or I would've changed this. And what would those be?

[00:14:46] Alvin Narsey: Absolutely. Where do I start now like I've done this a few times now? I've sold a few shops now. There are some legal things like one of my businesses where it's in a franchise and I really should have spoken to the lawyer first about, just negotiating through that franchise agreement.

So there's a few little slip-ups I made there, which I had to backpedal and recover pretty quickly. Thanks to the lawyer to do that. Apart from that, really just maintaining solid financials and really staying on top of it. When we sold one shop, particularly earlier on in the piece, I was really poor at making sure that everything was up to date on a financial sense.

So when we presented at for sale, it really, there was a lot of backend. A lot of questions asked by the buyer. What is this? What is that? And really that was such a pain in the bottom, going back and forth all the time. It was really delaying that liquidity event. So I learned from them to just really make sure that everything's up to date and you're constantly staying on top of it.

So when it comes to pulling the trigger, you're ready to go.

[00:15:50] Jeffrey Feldberg: Welcome back to preparation. That's certainly our wheelhouse here with our nine-step roadmap. Okay. So you did that and then Alvin, again, congratulations with that. And so now you're helping other business owners and you've taken what you've learned in the trenches, and you're applying that out there in the field.

So Alvin, why don't we start with this? And I'm a big believer in what some people call the 80-20 rule or Pareto's law. And it really works any number of ways. As an example, probably 20% of a business's clients are generating 80% of the profits as an example. Or we can say, you know what Alvin of all the businesses that you've helped or you're working with, or you're speaking to, these 20% of actions or inactions are creating 80% of the problems for them in a liquidity event. So why don't we start there? What if I'm a business owner I'm listening to get on this episode, what would be some actionable items I'm walking away from? If I could only do these ones to three things today and I'm aware of it, it would make my life that much easier.

[00:16:52] Alvin Narsey: A 100%. Okay. So the first thing would be to start optimizing the business to generate profit. We've spoken about that. So really driving through in your business to really improve your bottom line. So that would be the first thing I would do the second thing to, to move toward that direction.

I would be setting up some meaningful set of key performance indicators or some KPIs for that business so that you can start to manage the leaders in your business that are really going to drive that profitability and that liquidity event. And third thing I think, which is often overlooked and I really like the whole money management side of things is I'm sure you've heard of profit first and I really enjoy the way that they easily mentioned. Mike mentions about how you allocate your funds when it comes to running your business and just by understanding that you're going to get a far greater net profit figure when it comes to sales time.

[00:17:49] Jeffrey Feldberg: And some really key points there. And I know some of our listeners are listening to you talk Alvin and their first reaction when you're saying, hey, you should be profitable. They're probably thinking what do you mean? Some businesses don't show a profit. And the answer is yes because some business owners don't want to pay taxes.

But let's stop thinking like a business owners so we're now all buyers and we're looking at a business. And so for the audience, I want you to imagine you're going to buy a business. And the business owner says we haven't really been profitable, but that's really been deliberate because I ramped up all these expenses.

But really if you took it out of here and out of there, you can see how much profit we have. Are you buying what that business owner is saying, or even going to buy the deal, or are you going to be walking away and even worse killing the deal or putting some kind of penalty on the enterprise value?

So showing a profit is going to be key, but then when you talk about KPIs and we're all about KPIs, in fact in step number two of our nine-step roadmap, X-Factors we talk about the four points of clarity and one of the points is KPIs. Alvin. This is one thing that I find confuses so many business owners.

What would be some KPIs? And I know it was different from business to business, but generally speaking, what would be some KPIs that are tried and true for you?

[00:18:57] Alvin Narsey: Yeah, I think so. So I think across 80% of businesses, one of the key KPIs that I see is that I think we should be focusing on is your average sale per customer average sale per client. Your basket size some sort of metric like that's applicable to your industry and business. And that's one of the main things that we should be focusing on because it's one of the quickest things that we can improve with the least amount of money and with the most amount of smarts.

And the great thing about having an average dollar sale or average sale per client as a key performance indicator is it only takes a small amount of adjustments and a small percentage played to improve that and increase that. And that's just pure cash bottom line into your profit. That's one metric that I think is really important.

And also the next metric I feel is really important is making sure that you have appropriate margins on your products and services and really tracking that. I think quite often as business owners, I think our margins are too low. This is certainly been my experience of working with, but we're really scared to put up our prices and raise our margins.

So I think making sure that we're appropriately priced and delivering value to the marketplace, to our clients and customers think that's really important. And to track that I think is really important. And probably the third one and it really depends on most industries, if you're business is you're white costs, I think is really important just to keep an eye on.

And just making sure that your within your industry standard. If you know what that is, or even just tracking whether it's going up and down and how is that affecting your overall profitability and the revenue and the service that you're able to provide to your clients and customers?

[00:20:39] Jeffrey Feldberg: Some terrific insights there. And let's talk about this because I'm sure you hear this as much as I do often when you're out there and a business owner is saying, okay, Alvin, Jeffrey, hear what you're saying? Yeah, it sounds good. But you know what, it's a little bit early for me. I'm not selling my business for at least another five years.

And you know what, maybe in four years from now, I will start some of this preparation and start going down that path. Alvin, what would you say to that business owner?

[00:21:05] Alvin Narsey: Oh, wow. So there's a couple of things, it's great to ride the gravy train of our business. But the really big payday happens at the end when we decided to sell. Now, if we work backward and start to make that the end goal. Think about it. And it might not be our end goal for a few years time, but as we start to do that, we really start to optimize that business. And we really start to focus on our business. And do you know what, when you start to do that, you'll actually find that your business can be making more money, which you can start to take away yourself before that liquidity event as well? Yeah, we just couldn't really just take that long-term approach and stop and start doing a little bit of that work now.

And that's the other thing, right? A lot of business owners have a heart's too much work to be, doing everything properly and setting it up properly. But it is a little bit of work in the beginning. And with some guidance, you can set it up and it doesn't need to be too complicated. But it just sets you up properly for that liquidity event.

[00:22:04] Jeffrey Feldberg: And so let's talk about that now. So Alvin you're speaking with a business owner and they say, okay, Alvin you know what, you've convinced me. I really am going to start preparing. Maybe you can even help me with that process. So what does it look like for you, Alvin? What are you doing on that side of things to help a business owner prepare?

[00:22:21] Alvin Narsey: Yeah. So the first thing is we just keep it really simple. It's just making sure that one, we are using a bookkeeper or somebody external that can really start to clean up the way our numbers look so that's accurate to a certain point. And then we start working on the basics.

So we start working on the visibility of the numbers in our business. So just doing basic things like we spoke about making sure we understand our cash flow, making sure we're forecasting out cashflow, making sure that we have some understanding of KPIs and we keep it really simple, depending on your business, maybe three to six KPIs that are really meaningful.

So once we've got that visibility piece worked out, then I like to work on the cash component in our business and how we can stop to just flush our bank account with cash. And that, you know, in most businesses that usually involves getting rid of some inventory or just optimizing some of the crap that's lying around in our business, really focusing on our average sale per client.

Or average order size. The thing that I think is often overlooked is we really start to need to have a look at our expenses. And then most business owners, we look at our expenses maybe every couple of months and we say, oh, the phone bill's going up. I really should look into that. And we look into it and, we might negotiate a better, but what I like to do with my clients is really get a system going so that we are looking at one expense line, maybe one or two expense lines a month. And really working our way through all our expenses, supplies, anyone that we can pick up the phone and renegotiate with, or to try and get a better deal.

And it doesn't have to be a lot as you know, Jeffrey half a percent, 1% from this supplier that supply just over time, it just compounds and just adds to your bottom line. So those would be the main things, simple things that I usually start off with my clients and do it.

[00:24:11] Jeffrey Feldberg: Some terrific insights and really some wonderful business best practices that you're sharing with us. And Alvin speaking of business, best practices, you and I offline. We're just talking about the world in general and what's going on, particularly after the pandemic. And I would love to hear your thoughts because you've been moving around a little bit.

So you've had the opportunity of different countries, different cultures. So as business owners, what should we be thinking about post-pandemic now? What are you seeing? That's changed on the business front that we should be aware of.

[00:24:43] Alvin Narsey: Yeah. I think, we definitely need to be adapting. I'm adapting my business to suit the global market, but really, I think one of the things if you're just paying attention in your business and constantly trying to keep your ear to the ground and understanding what your market wants, might want and slowly adapt to that.

And I think technology is a really big part of it in any business. I think streamlining technology to make processes really a lot quicker and more efficient it certainly helps you and your customers in having a better experience. One of the interesting things I am noticing in Germany is they're a little bit reluctant in taking up new technologies.

 Business moves at a slightly slower pace on the storefront level around here. And even what I've noticed with big business, they're just haven't adapted as quickly to the marketplace. And then, there's a whole legacy cultural thing that's happening there. But I would say for our global business owners is really try and just stay on top of it and keep with the pulse of the market that you're in, and constantly look at how you can provide better value to the clients and customers that you're serving always.

[00:25:55] Jeffrey Feldberg: And just a great reminder of what works today and has been incredibly successful for us as a business owner. Perhaps, maybe it's not going to work tomorrow. The marketplace has changed. Your customers are passing you by. So to have that kind flexibility and just be prepared for the who knows what that's coming down the road.

So I think some terrific insights from there. And so Alvin, when you look at the businesses that you're helping, the business owners that you speak to, we spoke about just before what, perhaps isn't working for business owners. And I suppose we could probably reverse that and say you do this. It would work really well.

But I'd love to find out what are some things that when you're speaking to business owners, I mean, they're just hitting it out of the park. They're doing everything right. Or they're doing most things right. That you can share with us. So again, as a business owner, I'm walking away with an actionable item of, hey Jeffrey, just do this today.

And you'll be thanking yourself tomorrow. Any insights on that?

[00:26:47] Alvin Narsey: Oh, absolutely. I am fortunate that I work with some great business owners and I've got a community of peers as well who buy and sell businesses. And I just, one of the main things that I see time and time again, is the ability to understand the financials in your business and just basic business optics.

And I'm going to have to fall back again on understanding the business cash flow and forecasting cash flow. so that would, I would say if I look at all my peers that are doing really well, they have a deep understanding of the flow of cash in their business. So that would be the biggest tip I would give.

[00:27:26] Jeffrey Feldberg: so really that river follow that river of cash and cashflow and see where that takes you as it winds and curves and what that means for your business. I think that's some terrific insights. And then I know a constant theme for you, and it's something that most business owners we tend to overlook. Alvin.

That's been, coaches and mentors. And the question for you because I know business owners are thinking, you know what, Jeffrey, Alvin, I am just so busy. I barely have time for myself, never mind a coach or even a mentor. And even if I did have the time, where would I look to find someone who could help coach or mentor me?

So I know that's been a key success factor for yourself where can a business owner look so someone like yourself could certainly be a coach and mentor, but I would love your thoughts on the difference that it's made for you and why, if a business owner is on the fence, they really should get off that fence and get some professional coaching or mentoring.

[00:28:21] Alvin Narsey: Absolutely. I stumbled onto using coaches and consultants very earlier on in the piece of my business career because I was impatient and I wanted to grow and I had that hunger. So that's what happened there for me. However, I come across the same struggles that business owners have that you've mentioned is, look, I've got no time.

I'm too busy putting out fires. And really that's exactly the reason why you would want to get someone to counsel you or to bounce some ideas off or to guide you. One of the major things that the coach when you start working with a coach for me, anyway, they did was, they helped me take a step back and try and get myself to understand what is this business going to provide for you.

What do you want it to provide for you? Do you want to be working in the shop or do you want to be doing it 24 7, or really? Do you want it to fund your lifestyle? So I think it's getting clear on that is one of the main aspects of how a coach or a mentor can help you. Where do you find one? I think you just ask around and you've always, I think the best place to look is within your network.

And if there is a business owner who you admire, who you look at and do the same thing that. Take them out for a cup of coffee and just ask them a few quick questions. And what I always find is when you start this process, it's like looking at that yellow Volkswagen you'll eventually start things will come up around and you'll start to see people that are willing to help.

And there were local business organizations that have mentors and you could check in with them who will help you through your business. Once you start to look, there are so many coaches and consultants out there and mentors that will resonate with you and that's the great thing they will resonate with your personality and perhaps your business as well.

[00:30:03] Jeffrey Feldberg: Some terrific insights and definitely actionable advice for every listener out there. You know what? I have this philosophy that no person is an island unto him or herself. We can't do it on our own. And there was very capable, skilled, talented, successful people who are only too happy to help. And I think that's terrific words for the wise Alvin.

So I've been, let me ask you this. As we begin to wrap up this episode, I want to do a thought experiment with you. It's a fun thought experiment.

 And here's the question, now you've had the advantage you shared offline. You've listened to a few episodes, so we'll see where this takes us, let's go for it. So imagine the movie Back to the Future and in the movie Back to the Future, you have that magical DeLorean car that can take you to any point in time. And so now you look out your window Alvin and the DeLorean car is not only there, but the doors open waiting for you to hop on it. So you can go now to any point in your life, maybe it's Alvin as a child or a teenager, young adult, whatever the point in time would be. What are you telling your younger self in terms of lessons learned life wisdom, hey, Alvin, do this, or don't do that? What would that sound like for you?

[00:31:11] Alvin Narsey: Yeah. Wow. I would tell young Alvin it's going to be okay. And you are good enough and not to worry or not to be too caught up in what other people think. And I think that was a big thing for me when I was a kid growing up and took me a little bit later on in life in my adult life, even during my first few years of owning businesses for that sort of, to dissolve if you will. So that's what I would say to my younger self..

[00:31:38] Jeffrey Feldberg: Some terrific advice for the younger self, but also for all of us here, listening in as well.

And thank you so much for that, Alvin. Alvin, I'm going to put this in the show notes. If a listener wants to get in touch with you, what's the best way to do that online?

[00:31:51] Alvin Narsey: Absolutely. The best way to do that is send me a message on Facebook. Just find me Alvin Narsey as per the show notes. And we can have a conversation from there.

[00:32:00] Jeffrey Feldberg: Terrific. Well, Alvin, we're going to wrap up this episode a heartfelt thank you for taking part of your day and spending it with us on the Deep Wealth Podcast, and as always, please stay healthy and safe.

[00:32:11] Alvin Narsey: Thank you very much. Really awesome opportunity. Thanks, Jeffrey.

[00:32:14] Sharon S.: The Deep Wealth Experience was definitely a game-changer for me.

[00:32:17] 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.

[00:32:27] Kam H.: If you don't have time for this program, you'll never have time for a successful liquidity

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

[00:32:38] 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.

[00:32:54] 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.

[00:33:16] 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.

[00:33:26] 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.

[00:33:39] 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.

[00:33:58] 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.

It's five-star, A-plus.

[00:34:25] 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.

[00:34:43] 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.

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Enjoy the interview!