8-Figure Exits: How To Build A Big Brand You Can Sell #WednesdayWithWyan

You attract lots of great things when you are doing it in a way that creates something that other people want to be a part of. And the byproduct is that you get rich.

Hey, capitalists, it's time to crack open your favorite beverage. I like Zevia. This is Wednesday with Wyan on capitalism dot com.

Hey, capitalists, this is C Money. Today we're leaking an interview Ryan and I had at the lake house after our last eight figure exits workshop. We do these interviews for the capitalism.com YouTube channel and make clips for social media, but we thought you'd get a lot out of this short clip, so enjoy.

It's really easy to get confused by all the things you could do in business, especially when there's a Facebook ad running every five seconds about what's working for someone else. And the challenge with that is that 90% of them conflict with what you really want. Now, we think they're what we want because we see them as the route to what we want. But at the end of the day, what most people want is financial freedom. And even the financial freedom is a route for them to be able to have the life that they want. And so they think that Amazon or Facebook ads or whatever is the route to have the life they want. And the purpose of the eight Figure exits workshop is to clear all of that out and simply lay the plan and the vision for building the exit. Building the business that you're proud of, building that you can comfortably and easily walk towards the goal without distraction. A company that other people want to buy. And it's not easy because no business is, but it's real simple. And when you know exactly what you're building for, you can say no to everything else and just walk towards the goal without stress, without figuring out the next thing, but just walking towards it, knowing that as a company and a business that you can scale or sell and other people want to write a check for it.

That'S what we want financially. And when we solve that, you can build the life that you want.

So with this week, I'm saying the biggest change in the structure of it was this workshop was to start with the big picture and then get into any tactics as necessary afterwards. Why do you think that was important to set that stage on day one?

The first thing that we do is we set the target. And the target is simply the number that we're aiming to sell a company for. And we base that off of what amount of money, if it showed up in your life, would allow you to comfortably live the life that you want without stress, without you saying, well, when I invest it well, or when I, then I can plan for another thing so then I can have the life I want. What amount of money would set you free so you can live the life that you want? We solve for that because I can guarantee you there have been companies in your sector that sold for way, way more than that. And so if we know that we're building for that, the plan to make that happen is very clear. And that gives us a filter to make all other decisions and we simply plug in the variables that need to happen in order for that to happen. And you leave going.

I know what to do and I know what to say no to. That's a powerful place to be.

Yeah, yeah. It's interesting how you said it's not easy but it's simple. Come back to that.

But yeah.

This leads into something else you said on day one where you said that most entrepreneurs can't handle running an eight figure business. Like personally. Yes. What did you mean by that?

Most entrepreneurs are not capable of running an eight figure business. They don't have the mindset for it, they don't have the skill set for it, they don't have the product line for it, they don't have the vision for it, they don't have the timeline for it. And this is evidence when you see them looking for certain new routes that they think are going to be the new path that is going to bring them there. You get an eight figure exit, or any exit at all by building a valuable business. And a business is valuable to other people. The products are valuable to other people. Most entrepreneurs are trying to find the marketing campaign that tricks people into buying the product so that the profit margins justify someone else paying it based on cash flow.

That's one type of value and it's cash flow. But a real business that gets sold is based on value in the eyes of customers, value in the eyes of investors, value in the eyes of all stakeholders. That's what capitalism is. It is more valuable for all parties involved. And most people are ignoring that part and trying to scale a broken system. What is so powerful about what we do here is that we solve the baseline piece first and then all of a sudden the value becomes very evident and an eight figure exit isn't so far away.

You were talking also this is all like day one about like what it looks like, the structure, the nuts and bolts of actually selling a business, carving out chunks, taking on investors. And most entrepreneurs really struggle with the idea of giving up any equity, even if it's a very strategic partnership. So what are your thoughts about when it might be the right time to give up equity?

The job of an entrepreneur is to bake the biggest pie possible. And when you focus on baking a bigger pie, you can eat as much of it as you want and so can other people. A lot of people are held back by the idea of controlling the whole pie. And no one else can have my pie. So that's things like a resistance to raise money because they don't want to share the pie that's worth zero because a tiny little pie that makes $1 million a year. But if they were to just focus on making as big a pie as possible, the job of the entrepreneur is to look back and say, who has this ingredient and who has this ingredient and who has this? And if we all come together, then we make this really big pie versus I'm going to go out and get the flour and I'm going to go out and get the sugar. And then seven years go by and we wonder why we're still stuck. Now, this doesn't mean that you have to give up equity in order to build something valuable, profitable and great, but it means that you have to sit in the seat of bringing resources together, not doing all of the things. That is why most entrepreneurs are stuck. They started this because they wanted to be free of job, and now they're stuck in business because they're taking the same mindset and mentality that they took in their job and they plugged it into a business. The entrepreneur sits up in the owner's box and says, we'll bring in this, we'll bring in this, we'll. Or bring in this. And I will oversee the pie baking. That's entrepreneurship, that's creating value. And when you operate in that seat, you do it from a stress free place. It's still hard, it's still the hardest job in the world, but you do it without stress and you do it without working 100 hours a week. You can if you like it, or if you're building multiple pies at once, but it actually prevents you from going on, going down and trying to be the sugar guy or the flour guy, the Facebook ads guy, the Amazon guy, the product guy, the customer service guy, the this guy. You're the owner. That's the job of the entrepreneur. And what we do here is we get people from the sugar making business to being the baker, and when they make that switch, they can accurately look at their business and we fix what's wrong and we bring in the resources to make the pie bigger. That's such a monumental shift. That's how you bake an exit that.

Sets you free after you got kind of over setting the target and the goal. I think probably the most.

Biggest reoccurring question that kind of came up was like, what's the secret to hiring a players and getting them to perfectly execute on my vision? Like they can read my mind. So what are your thoughts on just attracting and retaining good talent?

Good talent does not want to work for crappy businesses. And most entrepreneurs, especially if they're just building a business for cash flow, are hoping that they will meet employees that help them make more cash flow. And then trying to weigh the ROI of what I pay this person versus how much money I will make at the other end. When you flip that and you think about what value you are creating, what you are building together, then it is a very different exchange. People want to be a part of something. They want to be a part of a movement. They want to see momentum. Now when I say movement, I don't even mean like you're creating this big change in the world, but that people are attracted to movement and momentum. And when the momentum that you seek is the cash flow into my pocket, that's very, very finite amount of momentum and movement that somebody else can get behind. That's where a players go to learn so that they can go be a part of something else. But if you set a vision for what you are trying to do and you build that, not just say you're building it, but really build it, that's how you attract a players. That is also how you attract buyers and investors and customers and raving fans and the whole world opens up. And it's easy. But when you're the goal, when your own life is the goal, other people will come on board to learn certain skill sets, then they'll go away. But you attract lots of great things when you are doing it in a way that creates something that other people want to be a part of. And the byproduct is that you get rich.

Yeah, that's really cool. That was definitely another recurring theme of like building something people care about.

You know what's interesting is that when you build something that other people care about, the whole world opens up. The reason that's hard for so many entrepreneurs is because they don't care about what they're currently building, they care about what it gives them. I like to ask people, do you like your business? And someone will Say, yeah, I like the freedom that it gives me. No. And I'm not asking about you, asking, do you like the business? And that is mental jujitsu to them. They're doing it for themselves. They don't actually like the business. Well, guess who also doesn't like the business. You don't like your customers, your employees, your investors, your wife.

Nobody likes it. You're doing it for the money. You get rich when you build something that other people like. And one of the things that happened today was I told somebody, stop trying to fix the business you don't like. They had another business on the side. They were hoping that the first business crushed it so they could build the business that they liked. I wonder why they were stuck. You don't actually want it to work. You want the one you want. Build that.

And you become successful. And I guarantee you that that person will have a radically different life and business 90 days from now. Because I convinced her to burn the one to the ground. And she's gonna build something that matters.

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