Hands-Off CEO Podcast

Podcast Headers

How to Use Your Business as a Vehicle to Build Wealth – E81

Businesses are great sources of income, but you shouldn’t have to keep working forever to build your wealth – and especially not after retirement. Mandi Ellefson explores how business owners can avoid this in this week’s show.

Key Ideas:

  1. Mandi shares how she first started seeing business as a vehicle for building wealth. [2:12]
  2. “We had seen all the advice about buying into the stock market in your 20’s… and we made a conscious decision to wait and invest in our earning potential,” Mandi says. She and her husband were able to uniquely build their wealth even before her business went big. [5:47]
  3. Only 1% of businesses are actually sellable, Mandi claims. Even when business owners do sell, they often don’t get the value they want when exiting their companies. Hands-Off CEO has helped their clients sell their businesses for more than they could’ve ever imagined by growing profits. It’s not just about generating more sales – you need to first expand your gross profit margins and use that to generate the cash to scale. [8:08]
  4. Changing your client’s perception of you from a cost center to a profit center is the key to quadrupling your fees, eliminating price resistance, and attracting the highest paying clients in any market climate. [10:03]

 

Resources

Mandi Ellefson on LinkedIn | Twitter | Facebook

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Mandi Ellefson

Mandi Ellefson

Mandi Ellefson helps service businesses with the tricky task of becoming scalable. Her passion is helping freedom seeking entrepreneurs scale the better way– for success in their business and in the rest of their life. Out of a decade+ experience and testing as a business manager, and then building and selling a design business, Mandi has created a system that is responsible for generating tens of thousands of dollars of new revenue for businesses she's worked with.

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