Make a CLEAN Exit & DOUBLE What’s in your Pocket while You Sell with Marvin L. Storm

damottaleonardweb
Dec 14, 2021
3 min read

Updated: Dec 21, 2021

Welcome back to another prosperous episode of The Prosperity Perspective Podcast!

Host Liam Leonard is excited to bring on a guest with a TON of experience in the franchise world, particularly in exiting businesses, and who is founder of an all-around great podcast for business people everywhere. Join his conversation with Marvin L. Storm as they pick apart Marvin’s journey as entrepreneur and glean what he wishes he had known earlier about investments, financial plans, and teams. Take time with them to thoroughly examine your exit plan, no matter how young or old you are, and get expert advice from a businessman who’s founded and exited multiple businesses and is more than willing to share!

3 Key Takeaways:

Why the right investment framework for your excess income is directly related to your age and experience
Why you should take a second look at the spaces you’re considering investing in
Why you need to take a hard look at how you’ll be monetizing your exit

Show Notes:

[0:40] Getting his start by chance

Getting a degree and working in an accounting firm
Meeting someone at basketball
- Starting their own business together
- Having a good run for 10 years
Deciding to split and getting into business franchising
Taking it easy...and deciding to share his knowledge
“When it comes to exiting a business, you have one, maybe two serves to stand at the plate, and you don’t know the potholes you’re going to get.” -Marvin L. Storm
Creating a podcast for these exiters

[5:05] Looking back at his entrepreneurial journey

“It just amazes me of all of the things that an entrepreneur should know.” -Marvin L. Storm

[7:15] What attracted Marvin to the franchise space

Learning on the fly and stepping away from it
Becoming intrigued with the idea of someone else executing the business model
Using human resources to expand the brand

[9:55] Marvin’s framework for investing his additional income

It depends on your age and experience
Getting perspective over the years
- “Over the years, you gain nicks in your armor and thick skin, and your perspective starts to change.” -Marvin L. Storm
- Entrepreneurs like to figure things out, but monetizing their exit it different

[15:45] Prepping for the exit and a bigger payday

Some of the things Entrepreneurs should consider to maximize their exit plan
- Getting a perspective of timelines
“Every entrepreneur should build assets outside of their business. You don’t want 70-80% of your hard work to alter your reality.” -Marvin L. Storm
Start EARLY and you’ll be better off

[21:25] Diversifying outside of the company: ways you can start to do it

Traditionally, take care of your people
- 401Ks, etc.

[22:15] Marvin’s first exit

His partner and him were in the right place at the right time
Riding down the elevator and deciding to roll the dice
- Reuniting growth after the economy turned

Having no idea what to do for his second direction

Taking a year to figure things out

[24:20] The next idea

Investing all of his money much more cautiously
The role of his wife

[24:45] At what point Marvin’s perspective changed

Acquiring a company instead of building one yourself
Being responsible for other people’s money

[27:40] Advice for Marvin’s listeners

Being an entrepreneur can become consuming and a large component of net worth, so think about how you’re going to exit
Build equity outside of your company
If you’re close to your exit, start positioning your company to hit max evaluation and don’t get greedy!
- Exit as you’re ascending the peak

[30:30] Resources for those looking to optimize their exit

Listen to Marvin’s podcast to listen to dozens of stories
Build a team to facilitate the exit
Look around for advisors, no matter the company size
Marvin’s team explanation
- A financial expert
- Someone that specializes in legal exits (business attorneys)
- Broker/MFA Advisor/Banker
- Financial advisor

About Marvin Storm:

Marvin L. Storm has more than 30 years of experience in multi-location operations management, mergers, acquisitions, and developing and executing business exit strategies. After receiving his BS in Accounting, he spent his early career with a Big Four accounting firm. Since then, he has launched and acquired businesses, worked with executive teams nationwide designing and implementing business growth and exit strategies, is a host for the Business Exit Stories Podcast, and is currently writing a book on the art and science of executing successful business exit strategies.