Apr 24, 2020
This episode explores why people have a desire to become an entrepreneur later in life and what some of the steps might be to get started on exploring that path.
Rick's story is surprisingly similar to mine, in that he comes out of college (university), didn't really know what he wanted to do and ended up in Wealth Management, and then some 26-year latter owns a wealth management business, and a business advisory business. However, that latter being Epic Business Advisory is far more developed in his case.
What's interesting is the motivation to start this second business, which was as Rick calls it a "faceplant" moment, in which a lady approach him for help some 6 years ago, he was able to support her around the wealth management aspects but had no experience or network to help her with the late husband's business. The complexities of liquidity, supporting her income, management, family member involvement, how to exit it, etc, were all beyond his own capability or that of his network.
That painful experience was a call to action to pivot and learn about exit planning and value building for businesses. In my case, this "faceplant" moment happened with my parents and their once successful business that turned into a failure - despite the involvement of their bank and accountant.
Love Rick's advice about enjoying life's ride!
Rick can be contacted at https://www.epicsbiz.com/