The Earnout Myth - Glenn Grant - Leadership in Action - Episode #004

Selling your business may not result in a large amount of money delivered to you on a golden platter. This week’s special guest and fellow member, Glenn Grant, crushes the myth that an earnout should be the sole reason to sell your company. He shares personal experiences in the matter, current/past business ventures, and how he believes there has been a recent increase in the entrepreneurial spirit!   Takeaways: When selling your business, you don’t have to do an “earnout” as part of the agreement. You should aim to be happy with the initial amount offered to you on the day of the sale. Everything else should be considered bonus earnings or the “gravy”. “Earnouts” can be difficult to have control over when there is a new owner taking control of the big decisions.  Build a strong, dedicated leadership team that will allow you to step back from the day to day tasks and think big picture. You will also want to make sure that they stay with the company before and after the sale. Work with knowledgeable lawyers that understand the entire selling process. Reach out and connect with fellow entrepreneurs to grow your network and allow yourself to learn from others in your field! The recent pandemic “broke the business mold” which has allowed entrepreneurs more chances to innovate. If you are thinking of starting your own business, do it sooner! The average age of an entrepreneur is 45 years old!   Links LinkedIn: https://www.linkedin.com/in/hglenngrant Website: https://www.selfassembled.com Facebook: https://www.facebook.com/hglenngrant   Shout Outs: Dave Will - https://www.linkedin.com/in/davidrwill/ EO Boston - https://www.eoboston.org EO Accelerator - https://www.eonetwork.org/eo-accelerator Built to Sell - https://builttosell.com Blue Ocean Strategy https://www.blueoceanstrategy.com/what-is-blue-ocean-strategy/ Todd Smart - https://www.linkedin.com/in/tdsmart/ Onewheel -  https://onewheel.com   Ways to Tune In: Apple Podcast - https://podcasts.apple.com/us/podcast/leadership-in-action/id1585042233 Spotify - https://open.spotify.com/show/2t4Ksk4TwmZ6MSfAHXGkJI Stitcher - https://www.stitcher.com/show/leadership-in-action Google Play - https://podcasts.google.com/feed/aHR0cHM6Ly93d3cubGVhZGVyc2hpcGluYWN0aW9uLmxpdmUvZmVlZC54bWw Amazon Music - https://music.amazon.com/podcasts/4263fd02-8c9b-495e-bd31-2e5aef21ff6b/leadership-in-action YouTube - https://youtu.be/J89WezoYzAE