Make a CLEAN Exit & DOUBLE What’s in your Pocket while You Sell with Marvin L. Storm


Welcome back to another prosperous episode of The Prosperity Perspective Podcast!


Host Liam Leonard is excited to bring on a guest with a TON of experience in the franchise world, particularly in exiting businesses, and who is founder of an all-around great podcast for business people everywhere. Join his conversation with Marvin L. Storm as they pick apart Marvin’s journey as entrepreneur and glean what he wishes he had known earlier about investments, financial plans, and teams. Take time with them to thoroughly examine your exit plan, no matter how young or old you are, and get expert advice from a businessman who’s founded and exited multiple businesses and is more than willing to share!





3 Key Takeaways:

  • Why the right investment framework for your excess income is directly related to your age and experience

  • Why you should take a second look at the spaces you’re considering investing in

  • Why you need to take a hard look at how you’ll be monetizing your exit

Show Notes:


[0:40] Getting his start by chance

  • Getting a degree and working in an accounting firm

  • Meeting someone at basketball

  • Starting their own business together

  • Having a good run for 10 years

  • Deciding to split and getting into business franchising

  • Taking it easy...and deciding to share his knowledge

  • “When it comes to exiting a business, you have one, maybe two serves to stand at the plate, and you don’t know the potholes you’re going to get.” -Marvin L. Storm

  • Creating a podcast for these exiters

[5:05] Looking back at his entrepreneurial journey

  • “It just amazes me of all of the things that an entrepreneur should know.” -Marvin L. Storm

[7:15] What attracted Marvin to the franchise space

  • Learning on the fly and stepping away from it

  • Becoming intrigued with the idea of someone else executing the business model

  • Using human resources to expand the brand

[9:55] Marvin’s framework for investing his additional income

  • It depends on your age and experience

  • Getting perspective over the years

  • “Over the years, you gain nicks in your armor and thick skin, and your perspective starts to change.” -Marvin L. Storm

  • Entrepreneurs like to figure things out, but monetizing their exit it different

[15:45] Prepping for the exit and a bigger payday

  • Some of the things Entrepreneurs should consider to maximize their exit plan

  • Getting a perspective of timelines

  • “Every entrepreneur should build assets outside of their business. You don’t want 70-80% of your hard work to alter your reality.” -Marvin L. Storm

  • Start EARLY and you’ll be better off

[21:25] Diversifying outside of the company: ways you can start to do it

  • Traditionally, take care of your people

  • 401Ks, etc.

[22:15] Marvin’s first exit

  • His partner and him were in the right place at the right time

  • Riding down the elevator and deciding to roll the dice

  • Reuniting growth after the economy turned

Having no idea what to do for his second direction

  • Taking a year to figure things out

[24:20] The next idea

  • Investing all of his money much more cautiously

  • The role of his wife

[24:45] At what point Marvin’s perspective changed

  • Acquiring a company instead of building one yourself

  • Being responsible for other people’s money

[27:40] Advice for Marvin’s listeners

  • Being an entrepreneur can become consuming and a large component of net worth, so think about how you’re going to exit

  • Build equity outside of your company

  • If you’re close to your exit, start positioning your company to hit max evaluation and don’t get greedy!

  • Exit as you’re ascending the peak

[30:30] Resources for those looking to optimize their exit

  • Listen to Marvin’s podcast to listen to dozens of stories

  • Build a team to facilitate the exit

  • Look around for advisors, no matter the company size

  • Marvin’s team explanation

  • A financial expert

  • Someone that specializes in legal exits (business attorneys)

  • Broker/MFA Advisor/Banker

  • Financial advisor


About Marvin Storm:

Marvin L. Storm has more than 30 years of experience in multi-location operations management, mergers, acquisitions, and developing and executing business exit strategies. After receiving his BS in Accounting, he spent his early career with a Big Four accounting firm. Since then, he has launched and acquired businesses, worked with executive teams nationwide designing and implementing business growth and exit strategies, is a host for the Business Exit Stories Podcast, and is currently writing a book on the art and science of executing successful business exit strategies.


Connect with Marvin Storm:

LinkedIn Profile

Podcast Website

Free Report

Facebook

Twitter

Personal Website

Business Website: Download their report!


Connect with The Prosperity Perspective Podcast:


Website: https://www.linkedin.com/company/dmlcap/

Facebook: https://www.facebook.com/DMLCapital

Twitter:https://twitter.com/goalagain?lang=en

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