WEBVTT

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99% of businesses end up closing down over a long enough time horizon.

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Welcome to the game where we talk about how to get more customers,

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how to make more progress, how to keep them longer, and the many failures and lessons we have

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learned along the way. I hope you enjoy and subscribe. 99% of businesses end up closing down

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over a long enough time horizon. Only 1% of businesses ever get sold or train chance.

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And the reason for that is not because what you might think. You might think that it's because

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business owners don't know how to sell their business or don't know how to market the business

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to get sold. But that's actually not the real reason. The real reason is because most businesses

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are worthless. And so what I want to talk about today is how to go from a worthless business

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to a business that has actual value. Hi, my name is Alex from mosaicownacquisition.com. I'm going to

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portfolio companies that has $85 million a year. And so my goal here is this channel is that there's

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a lot of people who are broken. I don't want you to be one of them. All right. And so right now,

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if you're a small business owner, which, you know, there's 30 million small businesses or whatever

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it is, a lot, most of these businesses don't actually have value. And the reason for that is because

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they are not businesses. They are jobs, right? And so if you remember Robert Kiyosakis,

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his wealth quadrant, I think it goes employee, self-employed owner, and then investor. I believe

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that's the quadrant. I could be wrong, but I'm pretty sure that's what it is. At least that's how I

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would draw it in my head in terms of some progression. So most of us have, you know, most people have

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jobs first, right? And then they make a certain amount of money. They're relatively skilled and they

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think, you know, I could do something like this on my own, right? Or I could do something else on my

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own. And so then they switched to self-employed. And what they don't know is that switch from box one

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to box two is that you actually take a decrease in pay. And the reason for that is because you

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actually aren't that good yet. You know how to do one thing well here. And because of that, because

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you fit into a larger machine, you're able to earn higher pay because as a sum of parts,

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you can actually provide more value, right? But when you actually have to be each of the parts,

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you're not that good at it yet. And so you become self-employed and you actually make

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significantly less for a long period of time. The thing is, is that most people who are self-employed

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have an LLC, right? And so they consider themselves to be business owners, but the reality is that

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they are not business owners, they are self-employed. And even if you have other employees that work for

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you, you are still self-employed. Here's the litmus test for this, right? What happens is, and I have

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these conversations all the time because there's companies that apply to become portfolio companies

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with us, so we can invest in the companies and help them help them grow. And that's just for

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her FYI, that's when you're over five million bucks a year. So if you're not there, then don't

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worry about it, and all this stuff is free, so just consume it, all right? The thing that happens,

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though, is that they stop doing the actual fulfillment of the thing, whatever the widget is,

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whatever they're selling, whatever the service is, they're not actually doing the fulfillment.

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And so in that moment, they're like, I now own a business and I am a business owner,

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and now I can sell this business. And that's so far from the truth because there are so many other

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things that must happen, right, in order for a business to be sellable. Because for a business to

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be sellable, it must be an asset that can run without you. Now, you might think, again, here's the

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fallacy, that your business can run without you. And that's because maybe you don't do the actual

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thing, but you are still involved in maybe the marketing and the sales, right? If you can't get

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someone to replace you in that, then you can't sell it. Now you might think, oh, I'll just sell

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and then somebody else will do that. It's not going to be a sellable thing. No one's going to do

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that because they're like, well, you haven't done it. Well, why would I believe that someone can do

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it besides you because you haven't approved it? And so what you have to do is prove to what a future

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buyer would be that this business can operate on its own without you, right? And so the next step,

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right, is that you replace the acquisition. So first, you have the services that you're not doing,

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then you replace the acquisition process to be something that is reliable. Pick one of the channels

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you want. You could pick referrals, you could pick affiliates, you could pick manual outbound,

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which is cold calls, cold emails, whatever. You could pick owned media, which is like all the people

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that you already have contact with that you can message. You could have earned media, which is that

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you you start creating a channel of your own that that a platform would distribute your content.

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That's how you generate a business or you could do paid traffic, right? You could you could do paid

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media and start running ads on a consistent way to generate sales, right? No matter what it is,

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you have to have a consistent process where you know if you put X effort or X dollars in this side

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that you will get Y outcome on the other side, right? And if you don't have that, then you don't

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have a sellable business. Now, here's what happens next. So first, you productize your service,

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so it's a consistent thing that you deliver over and over again. You're not custom. If it's custom,

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it's going to be terrible and it's going to be it's going to evaluate as a service-based business,

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which is going to suck and you're not going to be able to sell it. You're going to have a massive

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earn out, which basically means you're going to work for the next five years to earn the exact same

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pay except you no longer own the business and the person who gives you the earn out has all the upside

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and you you take all the risk and they get all the upside. So no one out there. And so you've

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productized the service, you have a projectable acquisition process, right? And you're like,

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now I can sell the business. Ah, wait, there's more because the thing is is that you still own all

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the hats. You still might be managing the sales team, you still be managing the marketing, you

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still might be innovating the product, you still might be making all the chief decisions, right?

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You still might even be operating the business, just not actually doing any of those things.

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And so to say that like I'm now a business owner in this this works without me is not true,

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you were just you were doing higher level skills, which believe it or not are more expensive to replace,

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believe it, you know? And so now you have to go find someone who's going to become your VP of sales

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so you can take that hat off and who's going to become your director of marketing so you can take

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that hat off and who's going to become the the chief product guy who's going to be consistently

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innovating the product and improving it so that it delivers excess value to your customers,

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right? So you have all these hats on and so the process of entrepreneurship of transitioning from

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self-employed where you literally have 100 hats, right? Two transitioning to business owner where

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you take all the hats off your head and you were just a shareholder, which is that I prefer to see

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it is like you have to think yourself not as the owner but as the director of the board as the

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as the as the chief shareholder in the company, right? Rather than the owner, okay? Even even that

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change in language I think is helpful and it was for me. What we have to do here and if you're like

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man that's going to take a long time for you to do it, duh! That's why most businesses don't get sold

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and that's why sometimes it takes years to build something that's great, right? It might take you

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three years, it might take you five years, it might take you 10 years, right? To get the business

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at that point and if you're like man if I only just had XYZ insert person I could do this

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welcome to entrepreneurship, like the game is about people, right? Once you have the model and you

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have some of the tactics in the beginning so you can get some initial traction, like the rest of it is

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people, right? People are the thing that are going to run this machine for you and that means you have

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to learn how to recruit, have to how to hire, how to manage and how to lead, right? And those are

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the soft skills that are harder to, they're less tangible but they're just as important if

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not more so, right? When you look at the biggest billionaires and multimillionaires out there,

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they have, they keep their space around them very clean, they know what they stand for, they know

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and people are attracted to them because they have admirable qualities and traits and that is how

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you get the higher level people, so think about this. So let's say that you've got somebody who's

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a brilliant marketer who can generate demand like crazy for you, right? Well, that person

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isn't going to work for someone who's lower skilled than they are, right? You have to have more

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skills to attract the type of people that you want who are going to help you run this business and

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grow it because they have to believe in the vision they want to do something that's meaningful.

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And so the the journey here is understanding and this is the piece that I think most people

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miss is that they don't even know the hats that they are wearing. You making decisions is a hat.

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It's an important hat, right? And so selling it without the person who can make decisions

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isn't a business, right? If you're selling it and you're still the chief marketing officer,

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you're the one who's controlling the messaging and the branding and all of those things,

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it's still like that that that role still exists.

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Most of the nation wrote quick if you are a business owner that has a big old business and wants

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to get to a much bigger business going to $50, $100 million plus we would love to talk to you

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and if you like that or would like to hear more about it, go to acquisition.com and you can

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plan anywhere on the page and talk to one of our team and see if we can help you get there.

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And so there's typically far more leadership that has to occur in order for the business to be

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sellable and here's the thing. Now all of a sudden all of these roles that you've been doing

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up to this point, you've been taking profit, profit, sell discretionary earns, SDE, right? From

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the business, when in reality a lot of that profit must be allocated back to the roles that you're

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doing but you're not choosing to pay yourself for it, right? What happens is a business will become

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more sellable as you replace all of the pieces that you're doing and oftentimes the marginal drop.

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But that is okay because now you have 100% of your time back and then you are truly a shareholder

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in the company and this takes years, not months, not weeks. And the thing is that you're going to hire

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somebody who you think is going to be good at marketing and they're not going to be and then you

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have to hire another person and then you think they're going to be good at marketing and they're not

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and then you got to hire another person, right? And if you're like man, that sounds tiring. That's

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the reason most people who own big companies are like it is hard to do this. This is not easy,

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this is not for the faint of heart. You must have a long term vision that you are committed to

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because you will burn out if you're only doing it for the money. You will because once you satisfy

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your personal needs you'll just stop being inspired by the reason that you're doing this, right?

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And the thing is, is your employees will be even less inspired because all of it starts with you

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and then gets diluted down. And so if you are not extremely potent, right? You are not extremely

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distilled down in terms of your vision of where you want to go and why you're doing this, why this

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business even exists, then other people will be even less so and less committed to that vision and

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you will attract lower quality people and they will they will turn out and they will not be skilled etc.

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What happens is the small businesses become big businesses because you need to slowly grow them

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so that you can accommodate more people, right? You can actually do all of the things that you do

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and the reality is that you're not going to find because right now you're like well there's one

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of me so I just need to hire one more person but that's not that's not reality, right? You might be

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doing six things and you might have to hire six people to do what you are doing and of course you

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do and that sounds unreasonable but welcome to business. And so four businesses to be scalable oftentimes

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they have to have significant enough gross margins and volume to be able to pay for high quality

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talents and be able to actually do these things and take decisions off your plate and where you get

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into the point of kind of like hyper growth and hyper scale where you starting to talk 10 million,

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20 million, 30 million plus per year, right? Is when you have people who come with solutions pre-loaded,

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they come with experience of having done the thing that you need to solve already. So this like

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you'll notice the transition to the business owner and I'll tell you this right now is that once

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you start crossing multiple figures the people that you are hiring are better than you are at everything

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and that's one of the that's one of the that's one of the weird things that happens because in the

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beginning most people don't have the skills that you do right and so you have to hire people who

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who are who are not as good as you are and then you have to train them right and then later on you

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start hiring people who are okay at some things you still have to train them on how you want to

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it done so they have they've done the type of role in the business in the past but they don't know how

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you want it done here so you have some training but there's less than there's some experience right?

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The level above that is when people come in they know what to do and they know how to do it better

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better than you for your specific business and when then that happens then you realize how

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how little utility you actually have in the business and how your really only role is to just

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recruit people right recruit people and cast the vision of where you are want to make the bet for

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the company of where you want it to go and so anyways the reason that most businesses are worthless

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is because they sell entirely customized things they sell it to everyone which makes it completely

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unscathable they're the ones who are still heavily involved in the acquisition in the rain making

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and so because of that and then even then even after they've graduated from getting out of the

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selling and getting out of the fulfillment the business still doesn't have value because they

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might still be the talking face they still may be the spokesperson which means that the the

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business has no value outside of themselves because no one else could take it over right?

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Unless the person agreed to a three or five year earn out which then means that you transfer

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the ownership to someone else they get all the upside and if you don't hit the milestones they

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get your business anyways and you get none of the money right? And so it may sound arduous to do

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this and it is but I can tell you that having now gone through this process it is one of the most

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worthwhile things that you can do is look at the business as a true sellable asset because I heard

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this from I heard this quote from MIT duty spoke from John Warlow's book but anyways he said all

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of you guys are busy selling your services well you should be doing is selling your business right?

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You as the CEO or the owner your job is to sell the business the job of the salespeople

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is to sell the products right? Once you can make the transition from your businesses are your

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products rather than your services of the business are the products you look you move up in a level

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of an order of magnitude right? And so I'm not saying that you should immediately be selling your

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business right? But you should be making your business sell a bull and the beauty of this is that

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when you go through this process you end up having phenomenal leverage in any kind of negotiation

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that you want to have in the future and this is a key hack for negotiating FYI is that don't need

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the deal. The guy who needs the deal the less is the way that you negotiate like that is like

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everyone wants all these tricks and tactics and things for negotiating the way to have the way

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to have the best negotiation is to have the most leverage the way to have the most leverage does not

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need the deal simple right simple not easy how about that? And so if you want to sell your business

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someday for a lot of money then the business must be sellable and in order for you to do that

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you must get the business to the point where you don't even mind keeping it because it's still

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cash flow so much money to you and you don't do anything that is the position of FU that is the

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position where you'll get the most money because now you have something that people want no one wants

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a business where the owners you know no one wants to buy themselves a job right and they don't want

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to buy themselves your job and so you have to think and this is the critical self awareness of

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thinking like what are the actual things that I do? Everyone wants to think oh no I don't do anything

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this thing runs itself except if you step away and didn't answer calls for two months

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with the business store run itself probably not right so then we have to look at what are we

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actually doing and it might be little little fractional things that we're doing all over the place

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but we still have to quantify those things and we still have to put processes around them and then

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hand them to people and then see how they do and then continue and prove them until eventually

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you get to that promised land where you don't actually have to do anything and you can still own

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the business and I mean to prove this like you can probably own shares of companies on the public

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traded market they have figured this out right and you can own a piece and part of it the upside

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without ever ever looking at what Apple is doing for their for their roadmap right and so we have

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to get to that point as business owners in order to make the asset that we own the most valuable

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thing that we have probably the biggest thing on our net worth balance sheet is all the equity that

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we have in our businesses and to increase the value of that equity we have to make it so that it

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actually a business and we transition from employee to self-employed to owner right and then the

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transition there goes from owner to investor because when you make that transition that is when you

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start seeing your business for what it is which is a sellable asset that sits on your net worth

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balance sheet all right and so this is one of the hardest lessons that took me the longest

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amount of time to learn I'm hopefully just translating this to you because I see so many people

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were like I want to sell my business but the business is not sellable and it is worthless without

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them and so we can't just say oh the next person is going to figure it out because they're not going

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to I'll tell you right now they're not going to you have to figure it out and what most people do

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instead is they just start another business because they don't know how to solve the problem and

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so we must confront the problems that we have which is you have to articulate the thing that you

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don't know how to do as a problem that you can solve which is I don't know how to insert find

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higher direct a marketing director I do not know how to find a VP of sales and train them and manage

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them and grow them I do not know how to find a chief you know product offer who's going to innovate

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the products on my behalf and make it better than I ever could and make a better product and make

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a better client experience around it and consistently improve it based on these metrics until we

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can articulate what the problems are we cannot solve them and if we consistently live in this world

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of like I just want to sell my business someday you're not going to be able to until you put these

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pieces in place so that the business is sellable it actually has value in and of itself separate from

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you and then when that happens your net worth will skyrocket because now you have something that

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everyone wants which is an asset that produces cash while you sleep so anyways my name is

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Oxford Mosey on acquisition.com which portfolio companies is 85 million dollars a year I have nothing

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to sell you keeping awesome if you like this hit the subscribe button and if you didn't like this I

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love you either way and I'll see you guys the next video bye