How Giving Away Your Work Helps You Sell Your Business with Mike Finger | Live with Bottleneck
On today’s Live with Bottleneck, our guest Mike Finger talks about how delegating your work can help you take your business to the next level. Delegation is an important tool in a business owner’s arsenal, as it lets you focus on more important aspects of the business.
Mike Finger is a successful small business owner. He has bought, built, and sold multiple businesses over the past 25 years.
So if you are feeling stuck and want to make your business more marketable, stay tuned to this episode.
Who is Mike Finger?
Mike Finger started out his venture as a business owner with his wife in the mid-90s. They started out small, literally converting their house into a small restaurant and serving customers there.
Mike admits to being a growth junkie. So for him, it’s all about getting the next client, or getting more employees to expand the business. But all this hustle took a toll on him over the years.
“After about 10 years, I found myself with 50 employees. But one morning, I looked in the mirror and saw a crispy piece of toast looking back. It was kind of a revelation for me at that point to realize I didn’t want to do this anymore.” – Mike Finger
So he thought hard and eventually decided to sell his business. As it has grown to a huge a profitable company by now, it seemed like the next logical step for someone looking to do something else.
Selling the Business
As Mike was looking to sell the business, he talked to a few business brokers about looking for potential buyers. At first, the brokers only said that they could not sell it for him. He was puzzled, until eventually, one of them explained why they did not want to take on the task.
It turns out that these business brokers have some sort of “list” that they use to see if a business is sellable. Things like being too owner-dependent, not enough cashflow, etc. are just some of the things the business broker pointed out to him.
The broker then suggested he addressed these issues first before trying to sell the company, as it would make it more attractive to big buyers in the long run.
The Pivot Point
Hearing that from the broker, Mike felt like it was the lowest point of his business career. But at the same time, it was a pivot point for him on how to handle businesses moving forward.
Fast forward 5 years later, his 50-man business was successfully sold because of the changes that he and his team have made over the years.
“That sales moment for me was a life do-over. It’s this miraculous moment where somebody lifts that 80-pound bag of potatoes that you carry around as a business owner.” – Mike Finger
Having sold his business, Mike then set his sights on starting fresh, but with the knowledge and experience he has gathered from his previous business.
To hear more from Mike Finger and how you can delegate work to free yourself and take your business to the next level, continue listening to this episode.
Bio
Mike Finger is a successful small business owner. Over the last 25 years, Mike has bought, built, and sold multiple businesses. Building his first business was a rewarding challenge, but what really captivated him was selling his first business.
Connect with Mike Finger!
Web: www.exitoasis.com
Email: [email protected]
LinkedIn: https://www.linkedin.com/in/mike-finger-35130b31/
Facebook: https://www.facebook.com/exitoasis
Twitter: https://twitter.com/exitoasis
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About Jaime Jay
Meet Jaime Jay – a man who wears many hats, and wears them all admirably. He's a master connector, an entrepreneur extraordinaire, and a published author who knows how to get things done.
Before he found his way to the business world, Jaime served his country as a brave paratrooper in the U.S. Army. But that's just the beginning of his many accomplishments.
He's the founder of the renowned Bottleneck Distant Assistant Services firm, and his book "Quit Repeating Yourself" has become a must-read for entrepreneurs everywhere.
When he's not busy building his empire, you can find him on his beloved Harley Davidson, cruising through the countryside and taking in the invigorating effects of Uitwaaien – a Dutch practice that involves facing the wind to boost health and relieve stress.
He enjoys spending his free time outside building stuff with his wife, Nikita the dog and their two kittens (for now at least) Tommy and Tater.
He is ‘over-the-moon’ happily married to his wonderful wife Sara, his amazing daughter, Jessica, who is serving our country as a United States Army soldier. Jaime and Sara are the proud grand parents of two beautiful little girls.
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Quit Repeating Yourself provides guidance for entrepreneurs, business leaders, and managers to help prevent unknown challenges from ruining their business.
