183 | Selling Your Business with Mary Beth Storjohann, Workable Wealth

Hey friends! Today’s episode was actually recorded in March of 2020 and given the topic, we didn’t feel it was appropriate to air it when it was originally scheduled to be released. However, the story is really powerful and important so I wanted to share it with you and hope you gain the inspiration for how you can grow your business any way you want!

Thinking about selling your business? Even if you’re still in the early stages of entrepreneurship or if you’ve been at it for quite some time, it’s never a bad idea to at least consider the thought of one day selling your company. That’s why I invited on a past guest, Mary Beth Storjohann of Workable Wealth.

Mary Beth was on the podcast for episode 28 and we talked about money misconceptions and the importance of knowing your numbers in business… Well, that has all paid off for her and today we talked about what it was like to sell her business. She shares the nitty-gritty of the decision-making process, how she weighed out the pros and cons, concerns she had and what non-negotiables she made sure were included in the contract (like the ability to work remote and live in Italy for 3 months out of the year!)

We discussed how her definition of success has evolved from the early days of business to now. She shares how this process gave her a glimpse into who she was and what was most important to her and she ultimately shares her candid advice to those who may be thinking about selling their business one day (and why you absolutely need a lawyer to help you with the process).

ON TODAY’S EPISODE:

How Mary Beth defined success in the early days of her business
Mary Beth’s experience with being approached with inquiries of buying and merging
Her initial reaction to Abacus expressing interest in purchasing her business
The concerns that came up that made Mary Beth decline the merger
Being offered the role of the Chief Marketing Officer to revamp their marketing
Her fears and frustrations around letting go of Workable Wealth
Weighing each layer of her decision on whether or not to do the merger
The non-negotiables that Mary Beth insisted on having in the company merger
Planning her dream life and putting it all in her merger contract
Keeping her rights to be able to run Workable Wealth
Lessons that she’s learned about herself through this process
How Mary Beth defines success now
Her advice for something thinking about selling their own business

Download These Quotables to Save and Share

KEY TAKE AWAYS

“I think success for me looked like replacing that salary that I left behind, at that job that I transitioned out of.” - Mary Beth Storjohann

“Social media is not real life. My social media is not my real life. You don't see the struggles behind the scenes or that I miss time with my kids.” - Mary Beth Storjohann

“Do I want to build a huge financial planning firm? No. Do I want to impact a bunch of people around their finances? Yes. Then this was kind of the move that I had to make.” - Mary Beth Storjohann

“I want to be more present, and I want to impact more lives. And nowhere in there did I say, ‘I need to own a business.’” - Mary Beth Storjohann

“That was a big thing, I negotiated and I asked for more.” - Mary Beth Storjohann

“I feel like that gives you that comfort level of, okay, what I built is still there.” - Katie Hunt

“Switching from chasing dollars to chasing actually life kind of goals and experiences, and what I want life to look like.” - Mary Beth Storjohann

RESOURCES

028 | Money Misconceptions & Financial Accountability with Mary Beth Storjohann, Workable Wealth
Year of Yes: How to Dance It Out, Stand In the Sun and Be Your Own Person
How are brick & mortar shop owners navigating Covid-19? Interview Series

MEET MARY BETH:

Mary Beth Storjohann is a CERTIFIED FINANCIAL PLANNER(TM) and has been a partner and Chief Marketing Officer with Abacus since 2019, following the merger with her firm, Workable Wealth. With over 14 years of experience in the financial services industry, she works as an author, speaker, and financial coach to apply a fun, albeit no-nonsense approach in working with entrepreneurial women and couples in their 30s – 50s across the country, helping them make smart, educated choices with their money.

CONNECT WITH MARY BETH STORJOHANN

Website: abacuswealth.com | Facebook: @workablewealth | Instagram: @marybstorj
Blog: workablewealth.com/blog | Podcast: workablewealth.com/wywpodcast

Connect with Katie Hunt

Katie Hunt is a business strategist, podcaster, mentor and mama to four. She helps product based businesses build profitable, sustainable companies through her conferences, courses and coaching programs.

Website: prooftoproduct.com | Instagram: @prooftoproduct