In today’s episode, Ezra Firestone shares Big news on the (partial) sale of his multi-million dollar business, Boom By Cindy Joseph. Ezra talks with Molly Pittman and John Grimshaw about what has been going on behind the scenes, how he prepared the company for this deal, and what it all means moving forward. He’s candid about his thinking along the way, and you will benefit from his ‘lifestyle-over-money’ perspective and high-level insight.
Listen if you are unclear about the future of your brand or if you’re curious about buying and selling businesses as a Wealth Creation Strategy. There is so much ‘gold’ in this optimistic episode. Enjoy!
You will learn:
- What Ezra has figured out in his 17 years of Studying Wealth Creation.
- Factors that increase the value of a business.
- When it’s the right time (and reason) to sell your business.
- Why Ezra sold to the partners with a lower bid!
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0:00 Big News!
01:02 “I’m sitting here, a self-made multimillionaire. You know, who remembers times when the electricity went out, or the water went out or, you know, I didn’t have money for clothes or whatever, you know, couldn’t eat….” Ezra Firestone.
01:46 Ezra talks about the death of his business partner, Cindy Joseph.
02:22 The key to Wealth Creation.
4.00 “I don’t think there’s anything wrong with building cashflow vehicles. I think they’re really wonderful, but I’m also very focused on the creation of assets I can liquidate because I got sixty hippies to support!”. Ezra Firestone.
5:06 What you can do to increase the value of your business.
6.49 When to sell your business or part of it (and when not to)!
10:52 Why Ezra ultimately decided on selling part of Boom by Cindy Joseph.
12:18 The Private Equity model.
14:00 What Ezra was looking for in Partners.
18:28 The Deal.
24:08 “I knew that I wasn’t done. I knew that my story with this company wasn’t over. I could feel that I didn’t want just to walk away from it. I wanted to shepherd it through its next evolution”. Ezra Firestone.
27:10 How are the new partners bringing value to Boom by Cindy Joseph?
29:46 “I meet with them once a week, we talk strategy, we look at KPIs, they connect me to service providers when I need that. But it has been really amazing. It’s just worked out so freaking well. I feel so blessed to have found them, to have known that it was the right move to choose a much, much lower bid, but have the right partner, you know, lifestyle over money.” Ezra Firestone.
31:00 Where to start if you want to sell your business in the future.
32:11 “I would say begin the process two years before you want to sell. So you’ve got two calendar years to really dial in growing your valuation.” Ezra Firestone.
33:14 Ezra puts it all into a healthy perspective and reminds you what matters.
35:17 While Ezra’s strategy is a great one to adopt; It is not necessarily the right one for everybody.
35:57 Ezra tells the funny story of the first time he met his new partners, (for Tacos).
39:27 “So there’s a ton of money out there for essentially e-commerce and other digitally native brands who are going to have more people like me at the helm of them, who are not necessarily college-educated business, financial people.” Ezra Firestone.
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