• The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  1. Join 40,000+ entrepreneurs
    who are kicking butt and
    winning their dream life.

    Unscripted™ Entrepreneurship:
    A Business That Pays More Than Money, It Pays Time.

    "Fastlane" is an entrepreneur discussion forum based on The Unscripted Entrepreneurial Framework (TUNEF) outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED™). From multimillionaires to digital nomads, the forum features real entrepreneurs creating real businesses.

    Download (Unscripted) Download (Millionaire Fastlane)  Register
    Registering for the forum removes this block!

Fastlane Exit ??? What do I do???

Discussion in 'Ideas, Needs, Concept Feedback' started by bizguy4life, Jul 19, 2018.

Do I sell it or Do I keep it???

  1. Sell it and go into the fastlane

    50.0%
  2. Keep it and cruise

    50.0%
  1. bizguy4life
    Offline

    bizguy4life Contributor

    Messages:
    12
    Likes Received:
    23
    Joined:
    Sep 9, 2015
    Gender:
    Male
    Location:
    Toronto Canada
    Rep Bank:
    $161
    Hello everyone,

    I am looking of some opinions and advice from those of you who have successfully fast-laned..
    First and foremost MJ your book is amazing and it was a very enjoyable read...

    I am 48 this year and I run a successful business in the service industry which generates close to 3 million per year...
    I am also a Real estate investor and have numerous rental properties (15)which are all cash flowing for the past 10 years...

    My Question is
    I have put my service business for sale to see if i would get any bites and I got 17 bites!!!
    out of 17 I would say 8 are just tire kickers and probably 6 have the resources and funds buy me out....

    I listed for 2.1 M I got this number by simply cashflow x 4x

    Do I sell ??? Or do I keep my 275k/mth flow ???????

    Thanks in advance.....
     
    Mattie, Roli, GSF and 4 others like this.
  2. Tom.V
    Online

    Tom.V Tom Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

    Messages:
    879
    Likes Received:
    1,721
    Joined:
    Feb 20, 2012
    Gender:
    Male
    Location:
    Raleigh
    Rep Bank:
    $9,020
    Congrats! Lots of unanswered questions come up in my mind though:

    • Can you continue growing the monthly revenue from your current position or have you squeezed the market for what it's worth?
    • Are you bored with the business or still in love with it?
    • Is the business passive or can it be made passive?
    • Is the business at any risk for losing marketshare to competitors over the next 5 years or potentially getting innovated out?
    IMO, if the risk of competition or innovation are on the horizon, it may be a good time to get out. If there is no real threat in that department and you can implement processes or employees to handle the day to day, why sell the money tree?

    Your situation is entirely unique to you. Only you can really know if it's the right choice given your circumstances. Best of luck either way!
     
    Mattie, Caroleen M, Roli and 3 others like this.
  3. Supercar
    Offline

    Supercar Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    218
    Likes Received:
    364
    Joined:
    Mar 14, 2012
    Gender:
    Male
    Location:
    Michigan, Arizona
    Rep Bank:
    $2,079
    I do not get it. Do you mean $12M? Because $3M x 4 = $12M .
     
    JScott, Dramolion, Roli and 1 other person like this.
  4. bizguy4life
    Offline

    bizguy4life Contributor

    Messages:
    12
    Likes Received:
    23
    Joined:
    Sep 9, 2015
    Gender:
    Male
    Location:
    Toronto Canada
    Rep Bank:
    $161
     
    Roli and Tom.V like this.
  5. bizguy4life
    Offline

    bizguy4life Contributor

    Messages:
    12
    Likes Received:
    23
    Joined:
    Sep 9, 2015
    Gender:
    Male
    Location:
    Toronto Canada
    Rep Bank:
    $161
    4 x cash flow not 4 x the gross
    I wish it was 12 million :)
     
    ZF Lee and Roli like this.
  6. Supercar
    Offline

    Supercar Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    218
    Likes Received:
    364
    Joined:
    Mar 14, 2012
    Gender:
    Male
    Location:
    Michigan, Arizona
    Rep Bank:
    $2,079
    Ok, them $275K/mo must also be the gross. Okay then.
     
  7. bizguy4life
    Offline

    bizguy4life Contributor

    Messages:
    12
    Likes Received:
    23
    Joined:
    Sep 9, 2015
    Gender:
    Male
    Location:
    Toronto Canada
    Rep Bank:
    $161
    So would you sell it or keep it?
     
  8. ZCP
    Online

    ZCP Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    1,942
    Likes Received:
    5,910
    Joined:
    Oct 22, 2010
    Gender:
    Male
    Location:
    Woodstock, GA
    Rep Bank:
    $21,675
    What would you do with the money?
    What would you do with the free time?
    What would you do to challenge yourself?
     
    Ninjakid, Roli and Tom.V like this.
  9. MJ DeMarco
    Online

    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    26,728
    Likes Received:
    83,481
    Joined:
    Jul 23, 2007
    Gender:
    Male
    Location:
    Phoenix, AZ
    Rep Bank:
    $352,842
    Admin Post
    Industry outlook? Growth?
    Is 4X a good multiple for the industry?
    How strong are the barriers to entry?
    Is there anything proprietary?
    Where do you want to be in 5 years?

    To be honest, the advice you get here will only be as good as the information you provide.

    I wouldn't be making decisions on what we say, or don't. We simply don't have enough data.
     
  10. MTF
    Offline

    MTF Never give up Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

    Messages:
    2,297
    Likes Received:
    10,421
    Joined:
    May 1, 2011
    Rep Bank:
    $70,183
  11. WJK
    Offline

    WJK Gold Contributor Speedway Pass

    Messages:
    583
    Likes Received:
    1,218
    Joined:
    Oct 9, 2017
    Gender:
    Female
    Location:
    Nikiski, Alaska
    Rep Bank:
    $7,817
    Why not sell now? You have your RE income. Federal taxes are low. You'll have a pile of cash and you can do something else.
     
    bizguy4life and MJ DeMarco like this.
  12. bizguy4life
    Offline

    bizguy4life Contributor

    Messages:
    12
    Likes Received:
    23
    Joined:
    Sep 9, 2015
    Gender:
    Male
    Location:
    Toronto Canada
    Rep Bank:
    $161
    Thank you MJ I am just looking for opinions
    I want to exit and increase my RE holdings my portfolio should be able to generate some serious monthly rental income with a few more multi unit additions Plus I enjoy the RE alot more
    Dealing with a staff of approx 100 is a real challenge.....

    Thank you for the input
     
    CROJosh likes this.
  13. bizguy4life
    Offline

    bizguy4life Contributor

    Messages:
    12
    Likes Received:
    23
    Joined:
    Sep 9, 2015
    Gender:
    Male
    Location:
    Toronto Canada
    Rep Bank:
    $161
    This was exactly my train of thought !!!
     
    WJK likes this.
  14. bizguy4life
    Offline

    bizguy4life Contributor

    Messages:
    12
    Likes Received:
    23
    Joined:
    Sep 9, 2015
    Gender:
    Male
    Location:
    Toronto Canada
    Rep Bank:
    $161
    @ MTF Thank you I will buy the book
     
  15. MJ DeMarco
    Online

    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    26,728
    Likes Received:
    83,481
    Joined:
    Jul 23, 2007
    Gender:
    Male
    Location:
    Phoenix, AZ
    Rep Bank:
    $352,842
    Admin Post
    I think you just answered your own question.
     
    BrooklynHustle, dougie and CROJosh like this.
  16. WJK
    Offline

    WJK Gold Contributor Speedway Pass

    Messages:
    583
    Likes Received:
    1,218
    Joined:
    Oct 9, 2017
    Gender:
    Female
    Location:
    Nikiski, Alaska
    Rep Bank:
    $7,817
    There's a season for everything. Building businesses is a young man's game. Passive income through something like RE is the reward for playing that game. Take your money and run like hell!
     
    lucasb and Dramolion like this.
  17. Wolfman
    Offline

    Wolfman Bronze Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

    Messages:
    157
    Likes Received:
    114
    Joined:
    Nov 12, 2017
    Gender:
    Male
    Location:
    Pittsfield, MA
    Rep Bank:
    $460
    Hiya Bizguy,
    Congrats on getting to where you are.Your kind of conundrum is a fun one. I agree w/ WJK. Take your money and run like hell up to Alaska and marry her! Then buy her a summer house and learn the Alaskan housing/recreation market and use your expertise to build a rental/timeshare business.
    Heck, it seems you like risk, roll those dice (whether it's Alaska or mansions on Mars.)
    Greg
     
    bizguy4life and WJK like this.
  18. WJK
    Offline

    WJK Gold Contributor Speedway Pass

    Messages:
    583
    Likes Received:
    1,218
    Joined:
    Oct 9, 2017
    Gender:
    Female
    Location:
    Nikiski, Alaska
    Rep Bank:
    $7,817
    Thanks for the suggest, but my husband would take execption to it. Bizguy's in a perfect position to take advantage of the work he's done. I sure wish him good luck and lots of happiness.
     
    bizguy4life likes this.
  19. BrooklynHustle
    Offline

    BrooklynHustle Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    704
    Likes Received:
    1,365
    Joined:
    Apr 3, 2014
    Gender:
    Male
    Location:
    DMV
    Rep Bank:
    $9,253
    That was my thought.

    Congrats, man!
     

Share This Page