How to Use Your Business as a Vehicle to Build Wealth – E81
Businesses are great sources of income, but you shouldn’t have to keep working forever to build your wealth – and especially not after retirement. Mandi Ellefson explores how business owners can avoid this in this week’s show.
Key Ideas:
- Mandi shares how she first started seeing business as a vehicle for building wealth. [2:12]
- “We had seen all the advice about buying into the stock market in your 20’s… and we made a conscious decision to wait and invest in our earning potential,” Mandi says. She and her husband were able to uniquely build their wealth even before her business went big. [5:47]
- Only 1% of businesses are actually sellable, Mandi claims. Even when business owners do sell, they often don’t get the value they want when exiting their companies. Hands-Off CEO has helped their clients sell their businesses for more than they could’ve ever imagined by growing profits. It’s not just about generating more sales – you need to first expand your gross profit margins and use that to generate the cash to scale. [8:08]
- Changing your client’s perception of you from a cost center to a profit center is the key to quadrupling your fees, eliminating price resistance, and attracting the highest paying clients in any market climate. [10:03]
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