This episode was brought to you by The Magnolia Firm. Specialty M&A Business Brokerage firm helping business owners sell their company. https://exit.themagnoliafirm.co/top

SUMMARY

In this video interview, Jon Stoddard talks with Mike Finger, an entrepreneur who has been involved in four successful business exits and now runs a company called Exit Oasis. Mike shares his journey, starting with a startup he and his wife founded in the mid-90s, providing back-office and support services to schools, nonprofits, and associations. He grew the business to 50 employees over a decade but eventually felt burnt out and decided to sell. However, when he approached brokers, they turned him down due to various issues in the business.

Over the next five years, Mike educated himself about what makes a business attractive to potential buyers. He shifted his perspective and made the necessary changes to transform his business into a sellable entity. Eventually, after a year of working with a broker, he successfully sold the business. The experience was a significant turning point in his life, leading him to further explore the world of acquisitions and exits. Mike continued his entrepreneurial journey, becoming a broker, running an incubator, and buying and selling other businesses, gaining valuable insights along the way.

In this video interview, Jon Stoddard talks with Mike Finger, an entrepreneur who has been involved in four successful business exits and now runs a company called Exit Oasis. Mike shares his journey, starting with a startup he and his wife founded in the mid-90s, providing back-office and support services to schools, nonprofits, and associations. He grew the business to 50 employees over a decade but eventually felt burnt out and decided to sell. However, when he approached brokers, they turned him down due to various issues in the business.

Over the next five years, Mike educated himself about what makes a business attractive to potential buyers. He shifted his perspective and made the necessary changes to transform his business into a sellable entity. Eventually, after a year of working with a broker, he successfully sold the business. The experience was a significant turning point in his life, leading him to further explore the world of acquisitions and exits. Mike continued his entrepreneurial journey, becoming a broker, running an incubator, and buying and selling other businesses, gaining valuable insights along the way.

Mike Finger also discusses four common problems he has observed among acquisition entrepreneurs:

33:47 Problem #1: M&A Porn

Mike refers to the tendency of some entrepreneurs to get caught up in the excitement of mergers and acquisitions (M&A) without fully understanding the complexities involved. They might become infatuated with the idea of acquiring businesses without considering the practical challenges and risks that come with it.

39:55 Problem #2: Regurgitating Guru Junk

This problem relates to entrepreneurs blindly following advice from so-called gurus or experts without critically evaluating whether that advice is applicable to their specific situation. Mike emphasizes the importance of discernment and independent thinking when seeking guidance in the world of acquisitions.

45:05 Problem #3: Believing that Just Buying a Business Guarantees Profits

Mike debunks the misconception that simply acquiring a business will automatically lead to financial success. He highlights that profitability and value creation require active effort and strategic management post-acquisition.

48:40 Problem #4: Business Gigolo vs. Business Owner

Here, Mike draws a distinction between acquisition entrepreneurs who approach buying businesses as a quick way to make money (business gigolos) and those who genuinely take ownership and responsibility for the businesses they acquire. He stresses the importance of treating acquired businesses with care and commitment to long-term success.

SHOW NOTES:

00:00 Episode brought to you by The Magnolia Firm's Deal of the Week!

00:34 Intro to Mike Finger and his 4 exits

14:38 Launching ExitOasis

31:35 Sponsor: Let the Magnolia Firm sell your company

32:17 The 4 Problems with Acquisition Entrepreneurs

33:47 Problem #1 M&A Porn

39:55 Problem #2 Regurgitating Guru Junk

45:05 Problem #3 no one has ever made money by just buying a business.

48:40 Problem #4 Business Gigolo vs Business Owner

LINKS to Mike Finger

https://www.linkedin.com/in/mike-finger

https://exitoasis.com/