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Speech Transcript

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L. Scott Ferguson: [00:00:00] Time to today, podcast varsity squad. This is Scott Ferguson, and I am super excited. I have a 2. 0 interview with my really good friend, Mike Malatesta. , he’s the author of the book owner shift, and also he has an awesome podcast, how did it happen, which I was blessed to be on there as well.

And he just rolled out his dream exit program. Which is absolutely fantastic. It’s for people that are either looking to sell their business and know that there’s life after the business And that is so important what people don’t realize they wait too long to sell their business And the next thing kind of time has passed them by so If you have a business that you’re possibly looking to sell or know somebody it is, please Share this with them because they might want to hear what mike has to say.

He’s fantastic. He’s built multi million dollar companies and Just is huge heart of service. So without further ado Break out your notebook sit back relax because here comes my really good friend mike malatesta. Let’s level up

Time to [00:01:00] shine today. Podcast Varsity Squad. This is Scott Ferguson. And I have a 2. 0 interview with somebody that I immensely respect. I’ve delved into his books. I listen to his podcasts all the time and all that will be in the show notes. You have to get down and ready to listen to my, my good friend here, Mike Malatesta, , he’s going to be, he’s super inspiring.

True entrepreneur with incredible journey of resilience and success. Just to kind of take you back to episode 335, , 1992, just seven months after being let go from a company he once envisioned leading Mike fearlessly embarked on his first business venture, little did he know the decision would set the stage for a remarkable 22 year journey.

Of growth and achievement through his leadership and dedication that startup flourished eventually being sold for. I’m not going to say it. I’ll let Mike tell you later for a huge sum of money that surpassed his wildest dreams, but his story doesn’t end there. He’s the creator of the renowned awesome book.

ownership and how did it happen podcast. He’s now deeply immersed in his second startup in so many other ventures, but [00:02:00] today we’re kind of going to dive into his new program, the dream exits, , and Mike reminds us that up to 75 percent of our entrepreneurs don’t do. Any exit planning and he says none and that every successful entrepreneur deserves a dream exit that maximizes the value of your business and your meaning in your post exit life.

And Mike, thank you so much for coming back on. Please introduce yourself. The time to shine today podcast. First you scribe at first, tell me maybe a superpower that you have that maybe no one really knows about.

Mike Malatesta: Ah, I think that no one knows about that. Until now, I’ll tell you what, I don’t know if it’s a superpower, but I really enjoy having conversations with people where I can, in a non manipulative way, just like a normal organic way, get them to be curious about themselves in a way that they weren’t curious.

[00:03:00] Before the conversation. I feel like when I’m doing, when I’m just having breakfast with someone or when I’m doing a podcast with someone, Scott, that I, if I can get there with somebody, I feel like I’ve really shown them that I’m present with them. And it’s, I feel like presence is such a gift that so few of us give one another anymore.

And it’s hard. I’m not saying it’s easy. It’s hard, but if I get there, I feel like. That’s a, that’s a gift for both of us. And I really, I feel like that’s at least a superpower that I would like to say that

L. Scott Ferguson: I have. No, I love it. To be curious. I mean, you have to be present, right? Like you just said. Yeah. And like so many people have a foot in the future, a foot in the past, and they pee all over the present, right?

And they don’t realize, like, the gift that a present, even in the word, is, right? They really have, and you are super curious. And I think if you and I met at a networking event, it would be not awkward, but it would be [00:04:00] like we would both be asking questions of each other, really getting to know the person that we would, you know, because my biggest compliment at a networking event, Mikey, is If I meet somebody, when I walk away from them, I want them to go, what the hell does that guy do?

 What I’m saying? Because I know everything about them. Then I’m the guy that tries to get a business card. I have a stack of thank you cards in my car and I write them out real quick. And I try to get a one to one, but so, but yeah, that’s just, that’s awesome. I knew it was going to have something.

To say with within the curiosity platform, because that is your superpower. 100 percent man, it’s written all through your book ownership. And even in your podcasts as well, even when you had me on, you were super curious about me. So again, I really, really appreciate your time brother coming on, but what else has been going on with you, man?

Well,

Mike Malatesta: You know, I’ve been a lot of a lot has happened for me, both from from an experience standpoint and a mindset standpoint after I wrote the book ownership, how getting selfish got me unstuck and you were [00:05:00] kind enough to get the book and have me on and talk about the book and 335, I think you said the episode was now I wrote that book for myself.

That was, , I was the primary audience for that book. Because. It had just been a goal of mine for so long that I’d been ignoring and kicking down the road. And I, I, so, so I finally well, COVID actually gave me the, the, not the opportunity. It gave me, it took away all the reasons for why I hadn’t done it before, because here I was all of us just like, what do I do with all this time?

But having written that book, it, it changed my life dramatically because yeah. , I shared things in that book that I had never shared before. So that’s one for me. It was like cathartic. I think I, I think I laid down some principles that mattered to people that people could engage with and see themselves in, in my shoes and those [00:06:00] in the stories, but it also opened.

It also opened up this curiosity of people who read it who would come to me and ask about coaching, whether I had ever done any coaching and I had not, not any formal coaching. I’d been , I’d been one of those people who helps out anybody who asked me for whatever it’s worth, but I had never thought about actually coaching.

And so that got me started on the, the, the, , thinking about Where can I be most beneficial to people? And that has kind of led me to where I am now. Like I was exploring it and I was thinking, I just don’t want to be a coach for people who think they need a coach. I want to be some, I want to be a coach or an advisor to people in a way that really wraps up all of my experiences and where I think I can make the biggest impact.

And that’s what’s led me to where I am now with this program that I call the dream exit Scott. Right. [00:07:00] And I feel like, like, , when you get to a point, whether it’s your jujitsu or whether it’s in your real estate business or, , keynoting a big stage Fergie where you’re like, this is. Exactly where I should be.

Right. And so that’s, so that’s where that’s, that, that’s where I am. Now with my focus. Is

it

L. Scott Ferguson: like a flow or what they say locked in with, with what you’re putting out to people to help them level up through your dream exit? Is it like a flow? What I’m saying? Like you don’t even think about it.

It’s kind of happening. It naturally just is coming off

Mike Malatesta: of you. Well, yeah, as I was exploring, , where could I have the most impact I kept going back to or what are the things I’m talking about all the time? What are the things that I’m curious about all the time? What are the things that people are coming to me to ask?

Me about because of they know my experience with with mergers and acquisitions with founding companies with selling companies with investing in companies. And [00:08:00] it kind of all came to me like like the convergence of all of that thinking about all of those things got me to this. Oh, okay. This is where I should be because there’s a big need.

And there aren’t very many people helping with this need. Love it. I

L. Scott Ferguson: love it. Yeah, it’s true. It kind of reminds me a little bit on a different scale of, , an athlete will come in to an organization, make a ton of money, but if he gets hurt. Or something like that. He doesn’t have a way that he’s to go like an exit strategy.

Right? And, , but to take it back to, , our kind of people like who would be the, the, the avatar, if you will, someone that would really need your, the dream exit strategy. And also, after you let us know that, can you kind of dive a little deeper into exactly what it is?

Mike Malatesta: I sure will. Yeah. So my program is targeted to [00:09:00] entrepreneurs and business owners with companies having revenues between five and a hundred million dollars.

I’ve operated those companies. I’ve started those companies. I’ve grown those companies. I’ve sold those companies. So that’s, that’s my, that’s my avatar. The And here’s the, here’s the deal. You mentioned that stats 75 percent don’t, don’t plan for their exit. Here’s another one that UBS came out with recently.

80, I think it was 81 percent of business owners, entrepreneurs who’ve sold their business say that they should have prepared to sell their business longer and they regret that they didn’t. I mean,

L. Scott Ferguson: longer ago, pardon me, like longer ago. Is that what you

Mike Malatesta: longer ago? Yes. Like, right. So and the two things converge there because most entrepreneurs that I know and whose businesses I have bought, don’t start thinking in a meaningful, intentional way about [00:10:00] how to exit in the, in the, how to have a dream exit.

Until someone comes along with an offer or they get so frustrated with the business that they’re like, I just got to get out of this thing and both of those situations are not optimal and likely won’t lead to what I call the dream exit. So what is the dream exit? Well, it’s 2 things. 1 is preparing your business to sell for its maximum value.

That’s number one. Two, it’s preparing yourself as the entrepreneur or the business owner for maximum meaning and purpose after you sell the business. The, so why do I think this is a need? Well, the stats that we talked about already reflect this, but my friends. The people that I’ve bought businesses from my friends who [00:11:00] run businesses.

This is the thing. If you put your life into a business and you sell it, and after you sell it, you are like regretful, you are pissed off about how the new owners running it, your. You don’t like that. You’re not needed anymore. And so that’s the business side and, or you get, , you think you get ripped off on the, on the escrow or the hold back or the earn out or all these things that people get themselves into.

So that’s on the business side. And then on the other side, kind of like the athlete that you talked about. You don’t do any preparation for what are you, what, what’s going to bring you purpose and meaning after you sell the business. And so you start to figure that out after you’ve sold the business.

And my opinion, that’s the worst time to start figuring that out. Or you think, well, once I have some money and I don’t have to work, [00:12:00] I’ll figure out, , what works for me. Or you think I’ll retire. And I just don’t like the negative connotation, at least for me of that word and the mindset that I think that puts people into.

So rather than saying, well, I’ve had this business for 25 years and there’s so much value that I have that I can offer other people after I get out of this, you think instead, well, this is all I know. And what am I possibly going to do? Because this is all I know. So, so my program. Is a three month program.

The initial program is three month program, Scott, where I helped the entrepreneur, the business owner, their team construct what I call the dream exit playbook and the dream exit playbook essentially takes them through 10 modules. This is one on one. It’s not an online course or anything. I mean, they’re getting me.

It’s 10 modules that take you, [00:13:00] take you from. The introduction of how this process is going to work all the way through preparing the business, preparing yourself, getting the right advisory team, asking yourself the right questions to, to increase the value of your business, finding the right. Yeah, finding the right team, , learning how to negotiate terms finding the right buyers.

It’s like soup to nuts on everything. And the, the output of this is a planning document that gets you set for the two things that I said a dream exit is, , selling your business, preparing your business to sell for maximum value, preparing yourself for maximum meaning. And that happens over a 90 day period.

And ideally. I want to be working with people a year, two years before they are thinking about selling, because what? You can’t get ready in 90 days when someone gives you an offer and you decide to accept it. [00:14:00] Sure. So two things that I really want people to, to, to get out of my program. One is I want to give everybody that comes through my program, the thinking tools and the advantage of having those, those thinking tools and having done the thinking.

Because when you come up against a sophisticated buyer, they normally have the advantage, Fergie, right? They, they, they know how to do this and they are not looking. To give you a dream exit. They’re looking to get their own dream purchase, right? And then the second thing is I want to really get people thinking about what life’s going to be like after you make this choice Gotcha

L. Scott Ferguson: And mike do you?

If they come to you and maybe you’re in a discovery period, right? Do you do they ask you? Hey, would you look at my books and let me know what you think or do you want them to come to you with? , hopefully it’s within that time and it’s not 90 days and it’s a couple of years out. I mean, [00:15:00] what I’m asking is how are you kind of really fishing or marketing or prospecting for the people?

Mike Malatesta: Yeah, what I’m, I mean, my real focus is on identifying people that have audiences of these kinds of entrepreneurs and business owners already. And and asking them if I can present to their, to their people, asking them if they will help me get this important information out in front of people, Fergie, that’s my number one.

Number two, I’ve got a. A column that I just started doing in the the, the business small biz. It’s not, it’s called biz times it’s based in Milwaukee, but it’s got more of a global reach. So I’m talking about it there. I’ve already had multiple people reach out to me from that one article. And and YPO or Vistage.

Or some of the other groups that I belong to, I’m trying to , talk to those people that where it makes sense, , just, Hey, [00:16:00] if somebody who’s in this situation, , me, , what I can do, , what I’ve been through you feel free to make an

L. Scott Ferguson: introduction, right?

Right. Is there a day that you woke up like in, I’m asking you to be transparent here and you’d be like, Oh, holy shit. I need a dream exit. So, what I’m saying? It’s like, did you learn it from something you went through? Cause a lot of my coaching, right. Comes from what I’ve. Actually experienced, right?

So I just

Mike Malatesta: curious. Yeah. So I’ll tell you in 2008, 2008 or 2009, we, in my first business, we went through a process. So that’s lingo for hiring an investment banker and basically shopping the business to recapitalize it. I had three partners or well, two main partners at the time and me, they were older than I was, and we were looking to.

Find a way to [00:17:00] recapitalize the business so that they could take their money and and I would stay. And that was a real eye opening process for me because I found out that I didn’t know what I didn’t know during that process. And the way it turned out at the end, we got multiple offers, but here was the thing.

The, the offers came and we had to, we had to take on all this debt to buy the, buy my partners out. And then here I was stuck repaying all this debt. Again, it was felt to me like I was starting over. Yeah. And because I went into it, not knowing what a recapitalization really was, not knowing where my position would be, if I stayed in, I learned a tremendous amount from that.

And so after that point, I started putting together in my mind, How this would have to work for me to be happy. And that’s always a great question to ask people that they don’t think about that often. , if we look back, if we take you out into the future, say a [00:18:00] year from now, and we look back over that time what has to happen for you to be happy?

Right. And when I started thinking about it that way, I started thinking, Oh, okay. I know I do want to buy out my partners. Eventually. I do want to have 100 percent of this business. I do want to grow the business tremendously during that period of time to all of those are sort of those ideas can clash together because it’s sometimes hard to grow a business when you want to take out.

Partners, because you don’t want the value to keep going up and stuff. So that’s that, that, that experience 2008, 2009, when we didn’t go through with it really changed my whole thinking about where I wanted to end up. And I’m, I’m not suggesting I sat down and wrote everything out at that point, but I wish at that time that I had had a playbook that I could

L. Scott Ferguson: use.

I love it. And so maybe you’re approaching some of these business owners. Not cold calling him. They read your article. You’re maybe [00:19:00] kind of talking to them. Is there any people on their staff that you might get pushback from? What I’m saying? Because they’re relying on jobs, right? That this, this entrepreneur, the people like you, me, , we’re providing for people, right?

Yes. Do you get any pushback from the underlings that are like, no, no, no. Don’t do that. And. , that’s just a question that kind of kind of came because when I go and I coach a company, , it’s, , the CEO, COO, somebody kind of brings me in and says, Hey man, this is what’s going on.

Awesome. And then I try myself to seek out the person that is going to give me the big, cause they’re like, Oh shit, it’s my job on the line, bringing this Ferguson guy in, what I’m saying? So you get any pushback from that,

Mike Malatesta: Mike? It’s a super great question and yes is, is the answer. Now, here’s how I deal with it.

One of the modules is you gotta get everybody on your team. They have to understand why you’re doing this and why it’s good for for them. That’s

L. Scott Ferguson: pulled the question from, from your module, that outline you sent me, Mikey, is phenomenal. Thank you for doing that. Oh, thank you. So I could [00:20:00] dig a little bit, but No, thank you.

Yeah. Appreciate that man.

Mike Malatesta: Yeah, I mean, everybody on the team has to know why this is good for them. They can’t just know why it’s good for the business owner or the entrepreneur. Yes. And here’s the thing. If we do the planning, right, it is going to be good for you because one, somebody is going to have to replace the business owner or that, right?

Almost always to the people who, who are there. You have to build the strongest team you can have today in order to get the best price. So the people that are involved in it have to know that this is about rising up, okay? This isn’t about getting cut. This is about rising up. So they have to know why it’s good for them.

And, , of course, I want to convince the business owner that… You have to pay people. You have to give them something to hang their hat on just to, to, to believe in this, to stay in it. And then they, they have to see a future that’s bigger [00:21:00] for them. Then the, then the one that they see now with you in charge, for example.

So definitely very, very important. And when you go to sell the business, if I’m the buyer, I need to see that you got a really solid team. Cause , a lot, there’s a lot of sort of fake lore that gets out there that, , the company’s going to buy and they’re going to cut everybody. That’s. Very rarely the case.

They don’t have people they want. They want great people. They just want to be sure that you are a great person, right? Do you see

L. Scott Ferguson: people from, , again, you’re, you’re, you’re too, , key. Things that really stand out. Prepare your business self for max value and prepare yourself for max meaning in the afterlife in purpose.

Right. What I’m saying that they have, do you run into any companies? I’d be like, listen, like that number two thing is something I’m really struggling with because I have other people that are going to step up and [00:22:00] run the business.

Mike Malatesta: Yeah. So here’s my reaction to that. Every single, every single entrepreneur who has sold their business that I have talked to about this have said that second part, there was nobody to help me with that.

Right. That second part is what I’m struggling with right now. Even if you can get them to be honest, which normally you can, , they look to the outside world. They look like this is great. Right. I got , whatever I’m playing golf when I want, I go to, I go to the beach, I do this, all this stuff that the retirement sort of complex creates in your mind, right?

They go, they go, , what, like. Nobody emails me anymore. Nobody calls me anymore. Yeah. I get up and I’m like, what am I doing? I mean, I find something to do, but they’re like, what am I doing? [00:23:00] And, and it, I mean, eventually they, they probably will figure out, figure it out. But why wouldn’t you want to have that figured out at least your starting point?

Why wouldn’t you want to have that figured out right away? And so that’s what I’m trying to convince people that you do it now. And you’re going to be way better off later because look, the worst thing that you can do for a lot of entrepreneurs is give them a bucket full of money and nothing to do.

L. Scott Ferguson: Yep.

It’s just trouble awaiting, , blow through it and just natural way. Yes. In living in South Florida where I live. Okay. It’s. , I’m in Jupiter, Florida, basically Palm Beach, right? And I see that every day, brother. Like, I, I go to certain places, like Limoncello, for example. , Ken Longone goes in there.

And he, he’s the one that funded frickin Home Depot, right? Billionaire, dude. And I, I’ve stricken up conversations with him. But he’s one of the guys that actually stays [00:24:00] busy, stays going, has stuff. But I also see other people in there. that have retired and a year later they’re dead. What I’m saying?

Or serving in the military, bro, like the lifers that come and got out. I’m like, Oh, , Fogalo’s out. Yeah. He died because he has no, he didn’t feel he had meaning. What I’m saying? And I love that you put that second part together. To this, because anybody can get, not anybody, but like a lot of people can sell their businesses, Mikey.

Right. But it’s like, what is next? That’s why I want to ask that.

Mike Malatesta: Yeah. Okay. So, so, so like I said, the playbook is like the first thing. And then I also, I also offer people. Me as an advocate when they decide that they do want to pursue an offer that they’ve gotten and I and and people say, well, why would you do that?

They have a lawyer at that point. They have an accountant. They have an investment banker business broker. Yeah. But what? They don’t have. They don’t have anyone who is 100 [00:25:00] percent their advocate. And when you go through a sale process, it’s it’s daunting. It’s. Yeah. daunting, frustrating, overwhelming, particularly if you haven’t done any planning.

And there’s a lot at stake and like 80%, 90%. It’s hard to get, it’s hard to get exact data on this, but a very high percentage of transactions don’t happen. They fail, they fail at the one I said, failed, , cause we didn’t want to do it at the end. When you go through something like this, And it doesn’t happen.

It’s can be devastating. I mean, it can be really hard. And so I’ve been there. And I want to make sure that people have somebody like me on their side, not to, , challenge their lawyer or do anything like that, but just [00:26:00] to help them execute their playbook if they have one. And if they don’t to be the person who says here’s how we’re going to handle this.

Let’s not you’re, , you’re not in the right state to respond to that right now. So let’s not do that. Let’s push back on this request because it’s a, it’s something they’re just feeling their way into and it’s not necessary. And there’s all kinds of those things. And I’m just the person that keeps propping you up.

And making sure that you get what you want.

L. Scott Ferguson: I love it. Like you’re that 100 percent advocate for, like you mentioned, for the person and you within the dream exit, are you helping them build a team around themselves of other strategic alliances that might work for that two step process?

Mike Malatesta: Yes, so we go through, , building the right team.

We go through building the right advisory team. So those are, those are definitely 2 things that we go through now. I [00:27:00] don’t do the work for them. We, we map it out. We identify it and. It’s part of the planning program. I

L. Scott Ferguson: love it. I love it. So maybe when you’re talking to the, you’ve kind of met with them, you’re in the discovery period, Mikey, is there any good question that you wish they would ask you, but never do?

Mike Malatesta: Yeah, I guess. I mean, not many people, not many people Here, well, here’s the thing. Here’s the toughest thing. Most entrepreneurs, I, let me know if this is your experience. They they don’t want to admit that they don’t know how to do something. And so you’ll bring something up and they’ll say, Oh yeah, I do that.

Oh, yeah, I’ve tried that. Oh, oh, yeah, I can handle that. Oh, I heard that that’s no good. So I don’t want to do that. , they, they do, they, they’ve been very, very [00:28:00] successful doing what they do. But this is a whole different thing. Like building a business is not like selling a business, right? It’s totally different.

And like Marshall Goldsmith has this book. The title is like, , what got you here won’t get you there. That’s what I like to, I wish more people would just say, admit that, Hey, I realize that what got me here, isn’t going to get me there. And the amount of money that I will spend with someone who can help get me there.

It’s so like the return on investment is like a hundred X if we do this right. And yet , this, this. Rugged individualist sort of tendency, right? Is, is in the way. And so I, I, I have to be working with people who are willing to at least explore putting that away. I can’t tell you not to have it because it’s part of who you are, but can you put it away for, for this purpose?

L. Scott Ferguson: [00:29:00] Yeah, it’s, I used to be that guy when I was, , even older where I had to be involved in the stuff and, , I do deep dives obviously in people of our history and, , when Henry Ford was like, listen, dude, the smartest man in the world hires somebody smarter than them to do stuff, what I’m saying?

So that’s where I really started letting go. , it took me a minute and it’s really helping out even with myself. So. Yeah, very smart. Yeah. Yeah. Yeah. So what, if I’m at a networking event, right. And I’m pressing some flash meeting some people like who would be, , the. The perfect person that I’d be talking to, I understand the numbers that you’re asking for with the, , 5 million to 100 million, but what would make me spark and say, Oh man, they need to talk to my dream Mexico guy, Mike Malatesta.

What other things might they

Mike Malatesta: say? I think there’s a couple of things that I would ask people and that is are you running your business? Like it’s for sale.[00:30:00] That’s a thing that I think, I think that’s why. So, or I might ask them when you, what do you see yourself being or doing after you sell your business?

And see, most people don’t want to talk about that because they think, well, I’m not going to sell my business. It’s not for sale. There’s very few you meet who are like, I started this business to sell it. And I love those people. Those people I’m not saying that that’s the approach that I took in my businesses, but I like that approach.

Right. So just something that gets them thinking about a period of time in the future that they’ve been kicking down the can on that down the road for, for many years.

L. Scott Ferguson: I love it. Okay. No, I mean, that’s why even with myself, you don’t see Scott Ferguson anywhere. People will be like free brand yourself.

I’m like, never because , like Stephen Covey, I think his fourth rule [00:31:00] was like, begin with the end in mind. Right. And it’s one of the first books I read in my early twenties and. Being 51 now, it’s like I know that one day like what i’m doing with time to shine today Which thank you so much for all the , the support I get out there squad, But like we’ve did a million dollars plus of referrals for people that we brought on to the time to shine today Podcast right and it’s just going to grow and grow and grow.

I want somebody really It’s going to take that in, in run with it in the next 15, 20 years, , when I’m done, when I’m in my seventies and doing my dream exit, , but it’s, it’s huge. And in the scene with you, you have ownership, you have how did it happen? It might be how did it happen with Mike Malatesta, right?

But it’s that you don’t attach your name, your brand, if you will. To it, but people know it’s straight up if they read between the lines. And I really appreciate that, man. So, okay. So we, we, we got the people that, , I, I love it. I love those two questions. , are you running your business? Like it’s for sale?

I do want to unpack that [00:32:00] one just a little bit. Sure. Okay. What did you mean by

Mike Malatesta: that? Okay. So I call it having a buyer’s lens. So when you look at your business. Are you running it the way that you would if you were a buyer are the things that I see you see when you look at it, the things that you would want to see when you were, if you were a buyer my opinion is that when you run your business, as if it’s for sale, you are going to be a better entrepreneur and you’re going to run a better business.

It’s just going to happen a hundred percent of the time, but most people, they say, well. This is my business. I do what I want. I hire my friends or my brothers on the payroll, but it doesn’t do anything. Or I run all my expenses through the business. And, , they do all of these things that they think, , work for them, but then.

When you go, what, now I want to sell this business. And then I make an offer predicated on what I think your business is. And I start [00:33:00] looking at stuff and I go, this is fricking amazing, dude. Why are, why are all of these like, what, what can I actually believe about this business? Because if you’re doing all of these things that don’t make sense to a buyer, then you have to convince the buyer that they make sense.

Right? So all this right away, you are on the wrong side of that. Buyer and so what all I’m trying to get people to look at is if you want to sell your business for maximum value, it has to look and present itself to a buyer with. It, it has to look and present itself favorably to a buyer. So if they’re looking for

L. Scott Ferguson: a deal too, and if they see, , your brother in law on the payroll, that’s just dead weight that you can offer maybe even less for the business, right?

Because you’re seeing that as that’s just a, excuse my language, bullshit, , Adam, what I mean?

Mike Malatesta: Okay. And once I see that, I’m going to dig into everything. Cause I’m going to, cause I’m like, well, wait a minute. If that’s [00:34:00] the way that is, or if. , you like you’re running, , BS expenses through your business or, or you’re, , keeping people like your brother, or you’re keeping other people around and just aren’t performing, or you have zero expectations for anyone, but thankfully the business is still doing okay.

Right. Those are things that you’re just leaving money. On the table and you’re inviting scrutiny that you shouldn’t. So when you, if you do the planning, right, you do your dream exit planning, right, you create your playbook. When you, when you do decide that you want to look at selling the business, you are going to be in control.

You’re going to know what you want. You’re going to be prepared for what people ask, and you are going to have slammed the door on skeletons in the closet. Trash that’s, , built up in your business that you’ve just been ignoring BS people on the payroll, all of the other stuff there’s and there’s hundreds of things so that you present like perfect.

[00:35:00] So if someone’s like buyers eyes on this, this is a great business. This is a business that I want.

L. Scott Ferguson: Yeah. This is amazing. Like that, that, that stands out to me more than what a lot of probably 80, 90 percent of what people have said on my podcast, man, and I’m going to start running my business as if it’s for sale, , because I know just from this couple of things you said, there’s dead weight on there and I’m thinking to myself, I’m trying to listen to you, but I’m also thinking things like that.

I’m like, okay, there is a person that I kind of keep on, but I can move that person to another business that isn’t as. As important as this business that I want to sell one day, man, that’s strong brother Thank you for sharing that man so any big challenges that you’ve came up with this right now that you’re looking to navigate that maybe Myself or someone that’s out there listening might be able to help you with I

Mike Malatesta: think yes, talking about it, giving me a platform to talk about it, I [00:36:00] think are two great gifts.

So thank

L. Scott Ferguson: you very much for both of those. I got about five podcasters in my mind right now.

Mike Malatesta: Yeah. I mean, this, this Dream Exit thing is…

Like you said, there’s a lot of, there’s, there’s people who do exit planning, but there are not people that I’ve found who one want to help you actually put this playbook together to, to accomplish the, what I call, , the, the actual dream exit goal, which are those two things and three to just give you the confidence.

That you need to get to enter into the most consequential financial and professional thing you will. More than likely ever do, right? Why would you want to go into that? Not being fully stacked and ready to go, right? Why would you want to do that?

L. Scott Ferguson: I love it. And one thing I [00:37:00] love about this conversation all goes back to episode 335 when your quote, I believe I’m kind of paraphrasing.

I don’t do this work to make a living. I do to make a difference, dude. Yeah, and you’re living it, bro. And I so appreciate. That you are also the one that said, we all know what we want, but we don’t want to talk ourselves. We don’t know how to talk ourselves into it. And Mike, I’ve probably given you at least 50 shout outs on stages because I say that every time I’m like, listen, a good friend of mine up in me, walk a Mike Malatesta says that in the every, and I add that everybody has that challenge inside them.

It shows the answer is there as well. And that’s what a great coach will help you. ? Yeah. So you’re right. You’re right. , Mike. How can we find the Dream Exit Program, brother?

Mike Malatesta: Well my website, which is my name. Yep. Mike Mala Testa. M a l a t e s t a.com. Mm-hmm. is the place to go to, to find it.

Program [00:38:00] is on there. How you contact me is on there. Everything you need to know about my history and why, , I’m the right person to be working with you on this is, is on there and then you just. Reach out. I love it.

L. Scott Ferguson: I love it. And , I would be remissed if I didn’t take you. I’ve added new questions to my leveling up lightning round that I got to get you through here.

And if you have time, you have time. Yeah, I got time. Go ahead. Awesome. And squad, we’re going to go through our leveling up lightning round 2. 0. Just as soon as we get back from thanking our sponsors and affiliates. Time to shine today. Podcast varsity squad. We are back in Mike. We’ve went through a couple of these questions before, and I’m not going to hold you to answer them like you did before, because it’s been over a year and a half since we’ve really talked, I believe, or maybe a year.

But so I’d just love to get your take on some of these questions. You’re ready to level up. Let’s do it. All right, let’s do it. Mike, what is the best leveling up advice you’ve ever received? Commit. Yeah, sure. What are your personal habits that contributes to your success? [00:39:00] Focus. Yeah. So, I’m walking down the street and man, Fergie looks like he’s in his doldrums a little bit.

Other than ownership, what book might you hand me to level

Mike Malatesta: me up? Hmm. I’m going to go back. I’m going to go to Think and Grow Rich.

L. Scott Ferguson: I love it. Napoleon Hill. Can’t go wrong. Can’t go wrong. Yeah. Your most commonly used emoji when you text?

Mike Malatesta: Smile at my face. Love it. I’m boring.

L. Scott Ferguson: Me too. Nicknames growing up.

Mallow. Mallow. Love it. Did you make any new year’s resolutions this year?

Mike Malatesta: I did not. I did not. I

L. Scott Ferguson: did not. I love here. And I did not, I mean, I made two every year, right? One. To make someone smile every day. And two, unless I’ve hurt you, disrespect you, owe you, or judged you, I could care less what you think about me.

Those are the only two that you have to, you have to have. Make someone smile and then just don’t really care what people think unless you’ve did something wrong. So chess checkers or

Mike Malatesta: monopoly? I am probably a [00:40:00] checkers. Me too.

L. Scott Ferguson: Headline for your life.

Mike Malatesta: He mattered. Yes.

L. Scott Ferguson: Any superstitions that you have?

Mike Malatesta: You know, I, I don’t, I’m not dogmatic about it, but that whole step on a crack, break your mother’s back.

I’m cognizant about that all the time. I love it.

L. Scott Ferguson: Yeah. That’s awesome. Go to ice cream flavor.

Mike Malatesta: Probably a chocolate

L. Scott Ferguson: guy. Love it. There’s a sandwich called the Mallow Wallow. Build that sandwich for me. What’s on that sandwich?

Mike Malatesta: Okay. So I would do a roast beef, Swiss cheese, tomato, maybe a little pesto.

And I would make sure the bread is toasted. Cause I can’t eat bread. That’s not toasted. Hell yeah. I

L. Scott Ferguson: love that. You can hang out anytime, man. So favorite charity and or organization you’d like to give your time or money to. Well there’s you can go on with this one a little bit.

Mike Malatesta: Yeah, there’s a few. So the most recent one we’re committing to is called made a house.

It’s a, it’s a Milwaukee group that [00:41:00] helps women with substance abuse or domestic abuse issues get cleaned up. Get righted, get safe and get productive.

L. Scott Ferguson: I love that. I love that you’re doing it for them. So been into any good

Mike Malatesta: concerts lately? Brandy Carlisle is the last concert I went to. I, I wouldn’t say that I was a fan going in, but I was a fan coming out.

She’s great.

L. Scott Ferguson: I love it. And Mike, I know that you said that that we can find you at Mike Malatesta and that’s M A L A T E S T A. com. Where else can we find your brother?

Mike Malatesta: Well, LinkedIn Mike Malatesta there. Mike Malatesta on Twitter. That’s, I’d say LinkedIn is where I’m most active, which it seems to be where my, where my, , people.

Yeah, you can find me. Yeah. Any, I mean, yeah, every, not that many people have my name, so it’s, it’s, it’s

L. Scott Ferguson: Chinese find. Yeah, it’s pretty unique. It’s kind of [00:42:00] cool how it flows. Mal at Testa it’s like how many vs. Are there mail kind of stuff? Like four val or four syllables in it? Yeah. Four syllables. Yeah.

Very good. Yeah, I’m doing like elementary school mail, Testa teaching.

Mike Malatesta: I would. You know what? I was doing the same thing with my fingers. So don’t worry. I wanted to be sure I did it. I said it right.

L. Scott Ferguson: I love it. Mike, give me one last favor and leave us with one last knowledge nugget. We can kind of take with us and turn the lies and take

Mike Malatesta: action on.

Yeah. So this is really for entrepreneurs, I would say, but if you do the dream exit, right, you’re going to have a life. That’s different than you’ve had your whole entrepreneurial career. And it’s going to come down to these words. It’s going to be a life of options instead of obligations. That’s

L. Scott Ferguson: another one I use on stage.

You said that you got to go back squat and listen to three 35. And, , I, I say it a lot, even with my. , what, what’s my definition of success I’m asked on podcasts. I’m [00:43:00] like, I have to tell my boy Eminem, , Mike Malatesta, , that live a life of options, not obligations. That’s huge.

Right. , that, that’s, that, that’s amazing. You’re just chock full of them squad. , if, if , a business owner out there, or you are one that’s, , that is not running it like it’s for sale, please let me make a warm introduction of Mike or just reach out to him directly. If you’ve seen the show notes, I mean, Mike is super curious.

, he wants you to be curious as well. His presence and being present is absolutely huge. He wants to know where he can be the most beneficial to people. And he would coach people and he wants you to have a coach that is going to be the biggest, make the biggest impact on you. And if you are an entrepreneur or a business owner of 5 million to 100 million in revenue, Please, again, and you don’t, you’re not running it like it’s for sale, then please, again, let me make a warm introduction to Mike, because he’ll put you on the right plan, right path, because he remembered, and he reminded us that failing to plan is planning to fail, period.

And, , in a lot of people should that [00:44:00] own run businesses, they should have been. Probably sold longer ago, at least really thought about selling it longer ago. And basically once a, , meaningful and intentional existence till someone comes along, gets an offer and if it’s frustrated, and that’s not the way to run it, run the business, , Mike will help you prepare your business to sell at max value and prepare yourself for max meaning and purpose after you sell.

, realist or retirement, , a lot of times has a negative connotation, at least to me, , his dream exit playbook that he’s going to start you on the 10 modules, how it works, prepare your business and yourself to exit the best way possible. I mean, really dig into this. So if you’re out pressing flesh with somebody and you hear people talk about, man, I’m really thinking about selling my business or, what, even ask them, what’s your exit strategy or business, that’s probably something that’s going to kind of come out of my mouth quite a bit.

 That, moving forward, , for me, especially so I can get, , business to my good friend, Mike here who levels up his [00:45:00] health. He levels up his wealth. He’s hungry yet humble. He’s an handsome devil. He’s earned his second varsity squad letter here at time to shine today. Thank you so much for coming on.

Mike. I absolutely love your guts, brother.

Mike Malatesta: Thanks Fergie. Hey, and you can also email me the dream exit at gmail. com. Put Fergie in the subject line or time to shine in the subject line and I’ll treat you really special. And Fergie, thanks for having me on. Thanks for wearing your abundant AFT shirt for those people who are, who are watching.

I’ve got just my abundance. We’re twins. We’re kind of twins here. I just really appreciate this opportunity to talk with you and your, and and your peeps.

L. Scott Ferguson: You bet brother. We’ll chat soon, my man.

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