In the first episode of the Exit Mindset podcast, we join Rem Oculee, the Founder and CEO of Confidence Wealth Management, as he explains what Exit Mindset means, why he developed this methodology, and how it is an immeasurable asset to any business owner.
What does it mean to have an Exit Mindset?
It means building up your business so that if or when you choose to sell it, you gain the most profit possible. For many business owners who have this goal in mind, they are extremely disappointed when the valuation of their company ends up being a fraction of what they anticipated. The solution? Keeping this goal in mind as you’re creating and building your company, rather than only when you’re looking to part with it.
Learning this the Hard Way
Rem discovered the need for this mindset firsthand when he tried selling one of his businesses. After finding out his long-time friend and business partner was funneling some of the profits into his own accounts, selling it all and breaking those ties was the easiest solution. Although his partner was taking money from the company, it was still operating successfully and moving lots of product. But no one was interested in giving him a reasonable price for it.
In the end, Rem got rid of the company and moved on to another venture. He then spent years researching business valuation and talking to other successful CEOs, industry leaders, high-level consultants, and business brokers, searching for the core problems and solutions that would enable him to avoid this in the future. What he discovered was these buyers saw parts of companies that were weak or untapped. They saw assets that they could easily improve on, capitalize on, and profit off of, but that the original business owners had overlooked. These were distinctions that were going unnoticed by the people who needed them the most. This information is what he used to create the Exit Mindset.
Back to the Basics
To illustrate the importance of these simple business concepts, Rem related the business creation and valuation process to hockey. After distilling down the sport, your essential equipment pieces are a puck and a stick. But if you only occasionally practice with them, you’ll never become a pro athlete. You have to dedicate time and effort to improve, and not simply assume you’ll be playing in front of stadiums of people after a couple of weeks. It takes work, but once you’ve mastered these skills, nothing can stop you. It’s the same with increasing the value of your business. With the principles Rem will detail in future episodes, you’ll know exactly what skills you need and how to polish them.
And so the Exit Mindset Podcast
With continuous application of these principles, you’ll be able to exponentially increase your business’s valuation, whether you’re planning on selling it, or simply improving your profits, structure, and work-life balance.
It’s not easy, but it’s worth it!
Of course, it will take a lot of work to make the progress you need. You will have to take in the information and apply it to your own business. See what works, what doesn’t, and create a feedback loop for yourself so you’re constantly learning and adapting. The best results of this methodology come when you are willing to put in the effort. Learn from the years Rem already spent clawing his way through the trenches of business ownership, development, and valuation, and earn what all of your effort is really worth.
The systems that you and your business need are ready. Are you?