This week, we’re joined by Christine McDannell to talk about how to prepare your business for sale. As founder of a boutique M&A firm, Christine has helped many business owners sell their businesses to the right partners. Even if you’ve never thought about selling your side hustle, the information she gives about what makes a business sellable can help you strengthen your side hustle for the long term.
Find Christine McDannell on LinkedIn and request a copy of her new book, Get Acquired.
Also listen to Ed Gandia’s episode from season 1, which also talks about prepping your business to sell even if you never plan to sell it.
Got questions or want to be featured on the podcast? Use the voice message button or link on the episode page or email jennifer@jennifer-roland.com.
Don’t forget to subscribe and download the episodes in your favorite podcast app so you won’t miss any of our future episodes with other side hustlers and experts to help you deal with some of those small and large issues that come up when you’re running a side hustle. I’d also love it if you could share this episode with any of your friends you think would be interested. Finally, please leave a review and a rating in your podcast app — this is huge for helping us find new listeners.
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Transcript
Jennifer Roland Cadiente
Hello and Welcome to Season Two, Episode Ten of the Grow your side hustle Podcast, the podcast to help women grow the business of their dreams, whether they want to run it as a long-term side hustle, or build it into their main hustle so they can control their time with their families, and control their money. I’m your host, Jennifer Roland Cadiente.
Jennifer Roland Cadiente
Today we’re joined by a really exciting guest,
Christine McDannell
. She’s a serial entrepreneur, author and speaker. Christine is the founder and principal business intermediary of the Magnolia firm, an m&a brokerage firm helping digital business owners achieve the perfect exit. She’s going to talk to us today about how to set up your business to sell it. And even if you never thought about selling your business, a lot of the principles behind setting your business up to be sellable, are actually really great for a business that you plan to keep forever. That’s something that we talked about earlier when Ed Gandia was on the podcast. So I’ll link back to his episode, too.
Jennifer Roland Cadiente
But without any further ado. Hello, and thanks for joining us, Christine.
Christine McDannell
Yes, of course, Jennifer, thanks for having me.
Jennifer Roland Cadiente
So I know a lot of the people listening to this podcast, you know, they’re starting a side hustle of a thing that they’re super passionate about. And so it may not really occur to them to sell it. But once you’ve been in business for a while, you might decide that selling is the right thing for you and your family. And I also have heard that it’s a really good idea. Even if you plan to never sell your business to try to set it up in certain ways. So that it’s it’s going to be a stronger business. So that’s why I’m really excited that you’re joining us today.
Christine McDannell
Yes, no, and happy to dive really deep in all those topics. I know a lot of your listeners, you know, they’re kind of building a side hustle and that’s or lifestyle business. And there’s nothing wrong with that. So she women, right? They want to be a stay at home mom and just want to build something small and they’re they’re more self employed. Right? And in order to do that, and then you’ve got people that are building out teams and eventually do want to exit. So But you’re exactly right, you should always build it, you know, with an extra in mind.
Jennifer Roland Cadiente
Yeah. And I mean, there’s nothing wrong with making your business as solid and strong as possible. Even if you think it’s, you know, it’s just the thing I’m doing on the side.
Christine McDannell
Exactly, yes. I mean, that makes life so much easier, right? Even if you’re doing on this side, because you might eventually it might not just be on the side anymore might grow to the point where it’s the main main hustle. Absolutely.
Jennifer Roland Cadiente
And I know that is a goal for a lot of our listeners too is, you know that they’re working, say a job that they don’t love. Which is why they’re wanting to build this passion project so that they don’t have to do the thing they don’t love anymore. Exactly. Yep. All right. So when you’re looking at going into a business and helping it get ready to sell, like what what are you what are you looking for people to have done already.
Christine McDannell
So mainly, so you do want to strip the business from out of off of you, right? If your name is all over the website, or your face all over the socials all over the website, which again, you could fix, you can take those down, even the socials, I’ve had people kind of hire, you know, like a spokesperson. That is I mean, maybe an influencer even write to somebody starts becoming the face of the social media posts. We’ve done those during transaction, right, it’s like they list and immediately we’re having to try to switch the owner off of everything. And just putting systems in place that someone else someone else can kind of step in and take that role. I think that’s important. I think growing profit making sure business is profitable, right? It’s hard to sell a business, you know, $100,000, $120,000 of annual profit seems to be this like magical number that people love to hear. Because a lot of times they can replace their salary by buying your business. So I think growing the net profits really important. And then the third would be reputation for sure, making sure you have like a stellar reputation.
Jennifer Roland Cadiente
Absolutely. And you know, you mentioned that removing the name of like the personality behind the business and that’s something that I helped with. You know, my main hustle is freelance writing. And so I helped with the freelance writers and I still do have done that for years. And when the founder of that was looking to sell it She realized that not that it was a mistake that she’d done this, but something that was making it hard to look at selling it was that it was Carol’s Freelance Writers Den and Carol’s Make a Living Writing blog. And so she really had to try to walk that back. Remove, she had a lot of illustrated characters of herself. And you know, move those away from the logos and go to a, you know, a logo that was just about the business, and change the socials. And things like that. And it was a lot of work. Yeah, I mean, not a bad idea to plan ahead for that.
Christine McDannell
No, and it’s so funny. So my very, very first business was, when I was 23 years old, I started a house cleaning company. And I named it Christine’s cleaning service, thinking, because I knew I wanted to grow, build a big company and have a team, I knew I wasn’t gonna be cleaning it. You know, I was just doing it in the beginning. Because, you know, it’s bootstrapping. Right. It’s Christine’s cleaning service. I still have the original for you knows, 20 years ago, almost. Exactly. It’ll be 20 years. And so I still a little peek flyer that you’ve put on people’s doors. But you know, two years into it. I’m like, What am I doing? Like, I’ll never sell this and it’s Christine’s cleaning service. And so change it to really cool name clean ology, and the branding was on point, new website, all that fun stuff. So yeah, I mean, the sooner people can do that, but then with that said, there’s some brands, obviously, where there’s, you know, it’s the original person’s name, you know, they’re just kind of carrying on that legacy, I guess like Burt’s Bees, Chapstick and all that. They’re supposed to be, I need to watch it. Somebody just tell me there’s like a documentary on it. Just kind of how they took over his brand. And I don’t know this. That’s a pretty crazy story. So there’s still those companies where it’s the owner’s name and brand because the brand was so strong. Yeah.
Jennifer Roland Cadiente
Yeah. And I can see scaling a cleaning business with just you would not really
Christine McDannell
be possible. Definitely not definitely not. Like there’s
Jennifer Roland Cadiente
only so many hours a day that you can you can be cleaning.
Christine McDannell
Yeah. And a year and a half of every single day was enough. Yes.
Jennifer Roland Cadiente
Yep. Okay, so, um, I really liked that idea of hiring an influencer, to come in and be the face of the brand. That’s not something I’d ever thought about before.
Christine McDannell
Or a team member. Yeah, even a team member? Yeah, yeah. So the buyer sometimes is like a funny story. So there was this subscription box business, and she had it for six years, and then we sold it, but the buyer is extremely shy, did not want to be the face of the company. And so she did she, she actually found one of the customers and did it on kind of a barter situation paid one of the top customers that just love the brand, tremendously. And so she was representing, you know, to this day, I still see posts of her so not the owner.
Jennifer Roland Cadiente
And that’s a great way to keep your costs down. Because an influencer is not free. And but if you’re bartering on, you know, providing your product or service that can really help, especially when you know when you first bought the business, because you might experience a dip. As you know, things change hands. So that’s, that’s pretty cool idea.
Christine McDannell
Yeah, sometimes that happens, but luckily, not usually the buyer. You know, they don’t want to fix what’s not broken, and we advise them do not go and do not rip things apart. You know, do it very, you know, maybe even give it six months usually don’t make any changes. So yeah, luckily, it goes pretty smooth on that transition.
Jennifer Roland Cadiente
So one thing that you mentioned also was hitting that $120,000 A year profit. Sounds like people need to be really, really good on their books.
Christine McDannell
Yes, books, clean books are important. Every but at the same time, every single myself included all of us entrepreneurs, you know, all the founders, the creatives, we don’t like doing finances, right? But then they come to us and they’re like, I’m so embarrassed, like my books are mess. I don’t know my numbers. And they’re genuinely like, super embarrassed. I’m like, This is literally every single founder I talk to says word for word, the same thing. Like don’t even worry about it. But I mean, go get go get a bookkeeper, you know, myself included right now we have an amazing one. So let me you know, if anybody wants to reach out on LinkedIn, I’m happy to share. He’s just really great. And he’s even cleaning our stuff that my last bookkeeper, you know, didn’t do exactly, they weren’t categorized correctly. And so just getting like a really clear picture. You know, having somebody do that using QuickBooks, again, a spreadsheet in the very, very beginning. It’s fine, you know, and a lot of people started that way. But then there comes a point where it needs to go into like a formal accounting software like Xero, QuickBooks, all of those.
Jennifer Roland Cadiente
Yeah. And, um, you know, if you’re looking for someone local, you can ask your friends who are also in business. If you’re part of any local business groups, and ask for recommendations. Everyone has a person that they love
Christine McDannell
Yeah, definitely. Yep.
Jennifer Roland Cadiente
So when people are listing for sale, what? What are some some pieces that they never thought about that, that you’re like, No, we got to do this, we cannot, we cannot put you up until we’ve figured this thing out.
Christine McDannell
My style is a lot different. I am ready fire aim, my team knows it, I’m jumping off a cliff, you know, building the parachute on the way down. That’s my been myself for 20 years. So like I’m in our clientele is younger. So I’m getting people Our youngest is like 20 or 21. That exited the oldest right now. 47. So it mid 30s people in their 30s exiting very young. They come to me and they’re like, I’m like, oh, when do you want to exit by it? They’re like yesterday, I’m like, Okay, let’s go. And we go live. And it’s just like I’m fixing things. We’re getting stuck together, as you know, as they’re listed. And then it’s kind of nice, because then the real time objections come through so that we can fix even more staff, you know, hey, they’re saying this, Hey, they’re saying the company is wrapped around each image. They’re saying, you know, that you need to visit that person. So we’re kind of fixing as we go. So I mean, what did they have to have in place before? I mean, we’re even fixing their books, I don’t even know I mean, a good reputation. We’re picky on who we take on. They have to have against, they got to have that property, they got to have spectacular reputation, a good team in place. Just a great business, right? They need to be good people. So yeah, that’s kind of all they need for me. Anybody else any other, you know, m&a, advisor broker, they’re gonna want everything so dialed and buttoned up. It’s gonna take a founder, like six months to do that, right. And right now, it’s a seller’s market. So I’m like, we got to go now. I know, I like doing all this stuff and then go into market when this when the tide shifts, which it will, right, I don’t. The moment is, I mean, I kept wondering when it’s going to but knock on wood that it hasn’t so not for profitable companies.
Jennifer Roland Cadiente
Yeah. So when you say reputation, what does that mean?
Christine McDannell
Great question. I will I do more due diligence, I swear to God than the buyers. So when I’m about to take a listing on I am going to, I mean, I don’t do background checks. I was just searching on the founder. I’m googling the founders name and looking at their history business. I’m looking at, you know, Yelp, Google, all the review sites. I’m looking as deep as the comments on their social media channels. Are people complaining? Does the owner address it? I’m looking at Glassdoor, which is a site where past employees and current employees, you know, right, you’re you as a owner, and as a founder, I’m on everything. I go crazy. Again, I don’t think the buyers do all this. But again, we vet they know that our listings are a plus, plus plus. And that’s where they sell quick. And, yeah, so so that’s what I do. Yeah,
Jennifer Roland Cadiente
glass door is huge. For people. I use it sometimes before I will start working with a new client, you know, just to make sure that, well, they pay on time. They’re pleasant to work with. Things like that. If their employees are not happy, chances are any contractors working with them are also not happy. So it’s a great resource.
Christine McDannell
I love that you do that I’ve used it’s the first time I’ve ever met someone that’s actually doing that. You’re right, you’re exactly right. If they’ve pissed off all their a bunch of employees, the relationships are gonna have with their vendors and their contractors, it’s going to be just as bad I’m sure. So and
Jennifer Roland Cadiente
like, you know, you’ll always get the one or two disgruntled, even if you are wonderful and stellar and treat everyone well. So I just look for the you know, the overwhelming feeling about Yes, about that. Yep. Okay. So if someone hasn’t set up their business yet, and they know now that you know, they want to sell, say, you know, five years into it, what should they be thinking about from day one?
Christine McDannell
So my big advice always is don’t say it’s funny kind of think in the back of your head think with the accent of mine. So this is kind of like interesting advice. Okay. So I see some people start run, like I’m gonna exit for $5,000,000.05 years. And that’s all they focus on. That’s all they care about. And it’s so freakin distracting. Like literally like I never have a date when I exit my own companies. I never have $1 amount. It’s just I concentrate every single day on building the most amazing company right? Because in the most great reputation and the best team and all the staff because then that that excellent will come naturally right? So then when it starts getting closer and I’m like, oh, like I’m getting ready to feel like you know, I’m just my time here is done. I’m ready to move on. Then I’m thinking of the plan of like, Okay, at this point, how much can I exit for is that enough? So I think in the very very beginning please don’t get distracted by this like these crazy numbers. It happens more in tech. No Knology than any service not so much. Let’s see what else when they’re setting it up. Yeah, kind of everything we already covered, you know, just a great reputation. Try not to have too much team turnover, keep your team happy. Don’t get bad Glassdoor reviews. Yeah.
Jennifer Roland Cadiente
Or if you do make sure it’s just it’s just one person who isn’t going to be happy anywhere. Yeah. And
Christine McDannell
you know, what we did is incentivize, you know, they’re not like, there’s not no rule against like, bright. Well, there’s a rule against bribing your employees to go write reviews. But we used to with my current team, because the current team can do it too, not just your previous employees. So like, our current team are like, hey, we’ll give you a gift card. If you could take the time. Just write an honest review on Glassdoor about working here. So that helps, right, because I think a lot of lot of employers don’t even think to do that. Right.
Jennifer Roland Cadiente
And they are anonymous. So your people can be as honest as they want to be.
Christine McDannell
Which is exactly, exactly.
Jennifer Roland Cadiente
Yeah. So how did you get from running a cleaning business that you bootstrapped to where you are now?
Christine McDannell
I have had so many, so I’m glad most your listeners you were telling me our service base, because most of my businesses were and I love, love, love service space. I love b2c. And so yeah, I mean, luxury car rental business, Christmas tree business, social media, firm, wellness spas so many in the last 20 years. Again, I like to build and I get bored, and then I want to go the next venture. And so and then just recently, two years ago, I started the firm, and I started because a couple of girlfriends were like, Christine, you’ve done all your own. So I was doing all my own transaction. So I use a broker on the very, very first one because I was in my 20s didn’t know how to sell company. And I was like, well, it is myself. And so I did all my own. And then my a couple of my girlfriends are exiting their companies a couple of years ago. Can you consult we’ll pay you I’m like, Yeah, sure. And just I loved it. So they were just like, you got to do this for real. Like I and I love doing it. I was like I was like my retirement plan down the road to like open a boutique m&a firm, but I’m like, Yeah, I should do it now is is fine. So yeah, I mean, that’s it’s so rewarding for me to literally be helping people with like the biggest sell of their life. Right? You know, most of these are more than a house they’ve sold is exiting their company. And it’s so rare to be a founder to successfully exit accompany like, tiny right percentage of people.
Jennifer Roland Cadiente
Yep. So how do you how do you know personally, when you’re done? Is it just just severe boredom? Or are there other things where you’re like, Okay, I’m starting to see the signs that it’s time for me to do something different.
Christine McDannell
Oh, this is an easy answer. So we’re publishing republishing our book called Get Acquired it comes out in December of this year. Super excited. But it’s literally a paragraph I wrote today, right? I’m I’m adding a little more final step to the book. For me, it’s a good fit, it’s very easy answer that. So again, for me, it’s not $1 amount that I’m shooting for. And it’s not a timeframe, it always ends up being about the five year mark. That’s about time that everything gets situated. So I love the creative part, the innovation to like chaos of a startup, which is rare. And then once about, it’s about at the three to five year mark, where you’ve got me I’ve got managers in place, I’ve got a great team and the reputation set and all the systems are in place. So really, they don’t need me anymore. So and then I, you know, I could tell, right, I’m like, Well, I’m getting bored, because they don’t need me anymore, right. And so, so that’s at the point, and you don’t want to do when you’re burned out. So it’s like it’s this gut feeling where oh my gosh, I’m kind of like in board. I still like I don’t hate the company, right? So because to go through the process of selling a company. It’s like you’re sprinting the last three miles of a marathon. That’s what I tell you that you’re putting the pedal to the metal as a founder, you got to keep growing it. The process of selling it, even though we take a lot off their plate. It’s still distracting. It almost feels like a startup. So yeah, you don’t want to be burned out. So yeah, but so Yeah, usually, it’s usually got feeling I always give it 30 days just to make sure internally, I go get it make sure I’m not in a mood or something word and then so after mine, I’m like, Okay, I’m ready. Let’s do it and start, you know, start the exit process. And, you know, I love my team, you know, those last exit at a recent one was my Wellness Spa. And it was 37 women, and we were super close. And it was like it was bittersweet because it’s like you have to tell them the day of clothes. And you know what I mean? And that was always so transparent. So waiting, you know, three months while it was an escrow, to knowing this thing that I sold the company and it’s about to close was was hard. So that part is probably the hardest.
Jennifer Roland Cadiente
Yeah. Yeah. When you’re selling your own company, do you put like rules in that say they can’t do anything for six months, or something like that, so that the staff can feel safe?
Christine McDannell
Yeah, I don’t think you’re even able I don’t even think that will hold up in court across the board. But But again, my you know, like when you’re meeting with them when you’re speaking with these potential buyers, like you just know and no to this day, and I exited that company almost exactly. It was 2017. So six years ago, is that no, Am I doing the math? Right? It’s been 20.
Jennifer Roland Cadiente
Okay. 2017 It’s six. Okay, perfect.
Christine McDannell
And literally almost to the day because I know where we’re filming this around Thanksgiving. And it was the day after Thanksgiving it close. And and to this day, the manager still even works there. You know, six years later, the same manager they didn’t do they didn’t let off any the team again, they knew don’t fix what’s not broken, things are working, were good. They then increase prices, you don’t want to jump in and increase prices overnight. You know, your clients, the clients from that what is going on? So yeah, I didn’t need to write I don’t need to write anything. Yeah.
Jennifer Roland Cadiente
And when you’re, when you’re the seller, what kind of red flags come up? When buyers are approaching you? What should you be on the lookout for?
Christine McDannell
Well, I personally have a no A-hole rule I’ve had for 20 years. So when we’re handling that a transaction, if somebody inquires, and again, we’re on the sell side. So we’re helping the sellers. Somebody calls in about the business, and they’re in a war on the phone and my team knows this my sellers even out I’m like, we’re not we’re not like we politely, you know, discouraged.
Jennifer Roland Cadiente
I think this is a fit
Christine McDannell
exactly. Our clients and all my companies, it’s so it’s seldom, it’s rare, but I’ve had to say, we’re not a fit, you can go to the spa, you know, I’ve had to do that. And it because I’m not going to deal with with nightmare people. Because if they’re rude in the beginning, then it’s gonna be a nightmare transaction, then why would you ever do that? And again, all my sellers care so much about their team, their customers, like they wouldn’t put them through having that owner. So red flag is going to be someone that’s rude. I’m like this red flag. I can think of I mean, that’s probably the only one on a potential buyer. Yeah.
Jennifer Roland Cadiente
Yeah, I know, it’s all so personal. Because your business that you’re looking to sell is, is so personal. And that why the buyers coming in is so personal, it’s going to be different every time. Yeah,
Christine McDannell
another red flag would be if they’re not business savvy at all. And if you’re just like in your gut, and I’ve had, we’ve had some situations because again, it’s their baby, like, you know, even though they’re getting money maker right up to the sunset, they still want to see it succeed no matter what. So we’ve had buyers, where I’m like, Oh, my God, they’re gonna run it into the ground. Like, they have no idea what they’re doing. And so my sellers, like, yeah, we just don’t want to sell we want to sell to someone that can can keep the success, you don’t even grow it. That would be another one. That’s rare. But I’ve seen that were like, Oh, my God, this person doesn’t know. What’s the industry? Have
Jennifer Roland Cadiente
you? Do you figure that out? Like, right at the beginning? Or have you gone? Like halfway through and been like, you know, what? Did he tell your seller, I don’t think this is the right buyer for you.
Christine McDannell
You know, we can suss that out pretty quickly on them meet on that first meeting. So we kind of get them through that we work with the potential buyer all the way through, you know, data room and answering questions. And so we’ll get them all the way to the point, even if we’re kind of leery on like, oh, is this a fit? But I’m like, Oh, let me make the seller make that decision. When we get on Zoom, you know, and have that initial conversation with all of us? That would be the point. But no, it’s not at like, you know, signed, signed offer. We’re in due diligence, and we’re like, oh my god, this guy’s not gonna work. It would be before the offer.
Jennifer Roland Cadiente
Great. So what is the process look like then? Once you once you do that initial meeting all the way to the going to escrow and then closing what is what is it like as a as a seller? Yeah.
Christine McDannell
And anybody listening again, find me. I’m easy to find on LinkedIn,
Christine McDannell
, because we’ll give you a free copy of the book, right? Get Acquired. It is literally every single step. You can take the book, you could sell your company on your own, because obviously we can’t — we’re boutique, we can’t help everybody. And I always feel bad, and especially even the little businesses. So that book will cover it. But on a high level. Yeah, it’s you’re putting ads out, you’re interviewing the prospective buyers are seeing the ads online, they’re contacting you, you’re not seeing the name of the business at all, until you speak with them. You get a you get them to sign an NDA, you give them more information. If they if everything looks good, you put them in a data room to see all your financials and all that fun stuff and then meeting with them on Zoom. And then they write an offer, which is a letter of intent, loi, and then you’re in escrow and they’re getting the funding together whichever way that is if it’s SBA loan or if they have the cash, and then purchase agreement is signed and then money’s wired into your account. I knew that sounds like isn’t it?
Jennifer Roland Cadiente
Yeah, well, I love that you have a book coming out. And we will definitely link to your LinkedIn profile in the show notes so people can find it easily is does the escrow process take the same amount of time whether someone has the cash on hand, or they’re looking to get a loan to buy the business? No,
Christine McDannell
I mean, if people have cash on hand, sometimes we don’t. And then the buyer and the seller trust each other enough, sometimes we don’t we use escrow because it’s a few grand and the nifty split fees. So or one of their attorneys can hold it in a trust account. That’s a great option, because that’s free. So if it’s cash buyer, I mean, I’ve had people buy business and one day fly, right? So they’re just like, wiring. I mean, that’s a smaller list, like a half billion dollar transaction. It’s like wire the end. Escrow time varies. So yeah, it depends on how long they’re getting the money together the money, you know, we’ll just we’ll it won’t even be in escrow. Really, what’s the only thing and there’s the earnest money deposit? So we’re kind of holding a deposit. It’s not all the funds because they’re still trying to get all the funds put together. And then SBA loan, you know, so on day a close the escrow money gets released, that’s usually like 10 grand, 20 grand, and then SBA releases, the rest are the bank. So yeah, that’s kind of so it varies. Yeah, we’ve had transactions in one day. I mean, if it’s SBA, it’s probably two month average. It seems to be right now. Yeah. Yeah.
Jennifer Roland Cadiente
It it’s never as fast as some people seem to want it to be when, when we’ve got a loan involved.
Christine McDannell
Yeah, but I’ll give SBA credit knock on wood. They’ve been quick these days. I’m blown away. Yeah, I’m so grateful. Mine got my deal. And 2017 was supposed to be done in the SBA was supposed to be done. Within 45 days, it took 92 days, it was the most stressful. Oh, my God kept getting pushed and pushed and pushed and pushed. I was like, Oh, gosh.
Jennifer Roland Cadiente
Yeah, it’s, you know, those same things happen. Like when you’re buying a house, and you’re like, Oh, what do you mean, we didn’t fill out that form?
Christine McDannell
I know, it’s very cool.
Jennifer Roland Cadiente
The longer, it takes them to process it. So it can be so stressful. So when, what types of businesses do you work with then?
Christine McDannell
Yeah, just strictly digital based businesses. Now there, it’s, you know, anything remote based, recurring revenue. You know, that’s really hot right now. Right. So, you know, somebody that’s buying remote based business can can work anywhere in the world. And you know, so our clients are across, you know, even international. So that’s in we need at least about $250,000 worth of net profit, to be listed with us as a transaction. But yeah, that’s, that’s pretty much kind of our wheelhouse, but I know, great. Other advisors. So if it’s somebody who has a different type of business, I’m happy to connect you to them.
Jennifer Roland Cadiente
Right. I mean, that’s the nice thing about being in a boutique firm that works. You know, that’s real specific about who you work with. It’s never it never hurts to send someone on to the to the person that’s right for them.
Christine McDannell
Exactly. Yeah. And I love doing that. Yeah.
Jennifer Roland Cadiente
So is there anything else that you think people need to think about? Just even if they’ve never thought about selling their side hustle?
Christine McDannell
I think that’s it. I mean, business in general is a lot of work. I know there’s this kind of like anti hustle culture that’s going on. And and again, you don’t you know, it could be the stay at home part time on, but I think what it’s doing to people is like, oh, that person is so successful. And why am I not that successful? But they never saw the years and years and years of crazy hustle. They’re just seeing that final product, and they’re like, Wow, it must have been so easy. Not easy. And again, I know all these I see people’s businesses from the inside out. I hear the stories that they slept on cots, right, that they had no money that they Taco Bell every day. So I see it. I just see the people exiting right now. And nobody
Jennifer Roland Cadiente
puts that on social media. That’s not the fun content.
Christine McDannell
It would not be the sexy stuff of me like scrubbing toilets, you know, because they see me now, right? Oh, she doesn’t look as bad. She just she gets to travel the world all the time goof around. But I’m like, but that was like 20 years in the making. Crazy hours.
Jennifer Roland Cadiente
Yeah. All right. Well, thank you so much for joining us today. And I think you’re going to really help people think about setting up a solid business. And then thinking about that exit date. You know, I said an exit date for when I wanted to leave my day job. But sometimes it’s good to have you have an exit plan for when it’s time to either shutter or sell your business.
Christine McDannell
I love that. And then for anybody listening that’s thinking about starting there is that that like you mentioned hasn’t started yet. At, and maybe still working corporate. I’m my mentor of like over a decade, Henry Evans wrote a great book you can find on Amazon. It’s called the hour a day entrepreneur. So he had two kids, and he has a wife, and he had a great corporate job, but he couldn’t like make the jump overnight to like start his own thing. So what he would do is he’d work like one hour a day and after the kids went to bed, and then he was able to leave his corporate job, and the book is great. It’s easy playbook for that. easy read. Yeah, it’s inspiring. Again, I tell again, I have a high risk tolerance, and I will jump off cliffs. But I would but I don’t have kids. So like, I wouldn’t do that. family to support. So So for most people, I do say, you know, I think that that’s a soft way to do it, especially in people acquiring a business that are in corporate, I actually tell because they’ll ask me, oh, should we quit and then buy the business? I’m like, Look, current owner is only working 10 hours a day or week sorry. And and like, why don’t you just dovetailing. Why don’t you just jump off the deep end cuz you got your benefits and all this stuff. And it’s gonna be nerve racking if you’re doing that. So my advice, you know, especially if they’re asking me to choose, you know, is, hey, just dovetailing again, you know, 10 hours a week on or 10 or 20. You know, the business you’re acquiring, and it’s still it’s got team like still going to run itself? Mostly. Right?
Jennifer Roland Cadiente
You already said it. Don’t change anything for six months. Exactly. Exactly. Yeah. Even even if you’re desperate to get that corporate job. We can all understand Oh, yeah. All right. Well, I’ll also share a link to that book, because it does sound like a really useful resource. And again, thank you, we’ll connect with you on LinkedIn. And I’m excited about your book coming out, too. I think that’s going to be a really great tool for people.
Christine McDannell
Yeah. So thanks for having me on. Jennifer. I really appreciate it.
Jennifer Roland Cadiente
Thank you.
Jennifer Roland Cadiente
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