Passion, Purpose, And Potential - David Galbenski - Entrepreneur Intel - Episode # 22

Today’s guest is an entrepreneur who has successfully exited a company, wrote two books, and co-founded an organization that advocates for increased awareness around liver transplants. He’s served as the Global Chair of EO, and helps teach entrepreneurs how to be their best. Please welcome to the show, Co-Founder of Living Liver Foundation and the Global School of Entrepreneurship, David Galbenski!David joins Host Wes Mathews for a conversation on the challenges of rapid growth. David shares what it takes to make the INC 500 list twice, the importance of having your integrator, and when the right time to sell is.  Takeaways:As an entrepreneur, you need to remember the three P’s: Passion, Purpose, and Potential. If you can align yourself at the intersection of all three, you increase your chances at whatever you do. While you may have internal motivators for selling a company, it’s important to wait for the right external factors to sell. When the economy is strong, the offers that come in will be higher. Waiting for the right offer will maximize profit. Fast growth is good, but you have to be prepared for the consequences. As you continuously move you will be outstripping your leadership capacity, the level of quality you want, and your own capital. Balancing growth with these factors is crucial. Letting your clients pay you net 30 or 60 is gracious, but can have significant risks during times of recession. If one of your clients goes bankrupt, and you are an unsecured creditor, you won’t be able to recuperate your losses. When looking to sell, you always want to pursue a few potential buyers at the same time. By comparing buyers, you can get a clearer picture of what your company is worth, and multiple buyers can increase the closing price. While the financial aspect of selling a business can be exciting, there can be an emotional toll as well. To ease things, make sure you are taking care of employees through the transaction, and that you have a clear plan for post exit. As a visionary entrepreneur, having an integrator is crucial as they can take your ideas and put them into action. It doesn’t matter if your integrator is your spouse, best friend, or total stranger, as long as you have one. Quote of the Show:“Fast growth I realized is like being on one of the craziest roller coaster rides in the world.” - David GalbenskiLinks:LinkedIn: https://www.linkedin.com/in/davidgalbenski/ Website: https://www.gse.mba/ Website: https://livingliver.org/ Website: https://edwardlowe.org/ Book Link: https://a.co/d/5S3aW0M Book Link: https://a.co/d/1wbOmUI Ways to Tune In:Spotify: https://open.spotify.com/show/2I9O1Du2CFBfhGkvR1Oyem Apple Podcasts: https://podcasts.apple.com/us/podcast/entrepreneur-intel/id1720785558 Amazon Music: https://music.amazon.com/podcasts/4d7fcd6e-e68f-4855-bb8a-8f872fc5b799 Podchaser: https://www.podchaser.com/podcasts/entrepreneur-intel-5556614