While in college at the University of Wisconsin-Madison (Go Badgers!) I owned and operated a student transportation business with a good friend and business partner. We systematized the operations to the point where the business was able to run without our day-to-day involvement. The business generated over $40,000 per year in net income which was pretty nice for two college students who didn’t really have to “work” for the money. As we approached graduation we had a decision to make about the company’s fate. In financial terms, our decision turned out be a $1,000,000 mistake.
On this episode, I share the details of this extremely costly decision so you can learn from it. This is a decision that has implications for every entrepreneur and business owner. We discuss the financial implications of selling a business as well as the possibilities of keeping your business and “retiring in it”. Listen in and find out how to make millions from my million dollar mistake.