Selling a business is something many entrepreneurs dream about. While some are content to own and operate their own business for the long-term, others set out with the goal to eventually sell or exit the business to pursue other interests. But just because you’re ready to sell your business doesn’t mean it’s the right move or that the process will be easy.
Josh Hall, the founder of Josh Hall Design, joins me today to talk about how he built and sold a design business, and the journey he took to get to this point in his career.
As with many web designers, Josh’s path was a seemingly unlikely one. He started out as a cabinet maker for custom tour busses while he was also pursuing a career as a musician. But when the financial crisis in 2008 hit, he was laid off from his job and started diving into design as a way to create his band’s merch.
Through word of mouth, Josh was getting freelance design gigs, which turned on a lightbulb for him: he could actually make money doing the design work he enjoyed so much. He started researching business concepts and marketing and his business took off.
Now that Josh has sold his design business, his focus is on creating courses and a community to help coach other web designers on how to create and run a profitable business.
In this episode, Josh and I talk about his perspective on selling a business, how to put the right barriers in place while building a business, and what to look for when you are thinking about changing paths.
“For anyone who's interested in selling a business, I heard this analogy a while back and I love it. They call it income vines. It's like you're swinging from vine to vine. And if you're going to leave this vine and jump over to this one, you want to make sure it's strong and you're not going to go plummeting to the ground.” ~ Josh Hall
Main Takeaways There’s no right path. Everyone does their job differently and everyone can create their own futures and carve out their own niche. Look for red flags that are telling you to change direction. There’s no rule that says you have to stay married to your business forever. When you sell something, it has to be able to work without you. If you’re building a business and it’s all about you, it will be hard to sell. Be cautious when you quit your 9-5 job for your personal business. If you don’t put barriers in place and schedule appropriately, you might end up working 24/7 instead. If you plan on selling your business or otherwise exiting, make sure the new “vine” you’re planning on swinging to is strong enough to meet your financial needs. Links and Important Mentions Josh Hall Josh Hall Web Design Courses Built to Sell: Creating a Business That Can Thrive Without You by Josh Warrillow Josh on Facebook Josh on YouTube Stay in Touch Follow Avani on Twitter Follow Avani on Instagram Follow Avani on LinkedIn