← Impact with Eddie Wilson
Impact with Eddie Wilson
54 - From King of Exits to Builder of Leaders | Why Legacy Matters More Than Liquidity
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Welcome to the Impact Podcast. I'm Eddie Wilson, here to help you visualize what others cannot see, create opportunities where others have failed, and push you to build empires where once there was empty space. Let's embark on this journey together and make a difference in this world. Welcome to the Impact Podcast with Eddie Wilson. I'm your host, Eddie Wilson. Excited to have you on the podcast today. Today I'm going to talk about a topic that I'm passionate about and that's exiting businesses. However, I'm going to take a hard left turn and tell you why I'm no longer the king of exits. Why am I no longer the king of exits? Let me go back just a few years. Probably 2019, I had the ability and privilege to exit quite a few companies. 2020, during COVID I exited a company, 2021, exited some companies. And during that time period I was doing a lot of teaching and training and was being invited out to speak about my experiences about exiting companies, growing companies, scaling companies, building companies, and a guy by the name of Nick Long who now runs a group called Founders. Great guy, does an amazing job helping people get to a place where they can exit, where they can build their company and exit. He actually gave me the title. He was introducing me one day and he said, let me introduce to you the king of exits. And it stuck. During a lot of the interviews during that time period, whether it was a Forbes interview or some, some different interviews that you've seen maybe on, on the news or whatever, there was this constant reference back to all the companies that I had sold and exited and, and for the longest time, that's what I've been known for. When somebody brings me to the stage, they'll say the king of exits. But recently I've really been thinking about my life and legacy and what I'm trying to put into my life and what I'm trying to be known for and what legacy of my life. As you grow older, you realize that your, your life is not. It's not another dollar, it's not another vacation, it's not another house, it's really not another business or it's not another brand you're building. What you realize is that your life is really the legacy. It's the story that's told, it's the, it's the impact that was made and it's the, it's the, the long lasting, you know, principles and impact that are adhered to or are used long after you're gone. So many amazing people through history have left legacy and they didn't do it because of just the accomplishments they had in their life. They did it with the accomplishments they had in their life and what that ultimately led to. And so, you know, the season of exiting the businesses and the season of growth that I experienced, I'm not necessarily shedding that. It was an amazing season of life. It's not the season of life I'm in. You know, that season was amazing. The wins, the scaling, the journey, even the nickname, you know, Nick giving me that and then being known for that and being asked about that. And I love it. I love buying businesses, I love selling businesses. I love growing businesses. And so, you know, I want to acknowledge that that is a part of my past, but so is the college days, and so are those days where I was grinding and I didn't have any money. So were the days that, you know, I was scared and wondering if I could make payroll. And, you know, that's very much a part of my journey, too. And so I never want to hyper focus on one singular outcome. And I think that, you know, this is more my attempt to help you truly understand who Eddie Wilson is. But not just that, to really understand your own life, your own journey, that your life and your journey are just that your entire life is a journey. It is highs, it is lows, it is a series of wins, a series of losses. But in the end, you don't want your life to be indicative of one moment in time, one segment of time, or one accomplishment in time. We're so much more than that, right? And so the realization is this is that when I began to speak about this, and obviously we've been traveling the nation and speaking and teaching and training, and the more I talk about the exits, or the more I talk about the business growth, or the more I talk about the companies that I was associated with, what I realized is the exits are really just events along that historical pathway, right? Like they're just on the timeline. They're just an event that happened. But there was so much more that happened just as. And oftentimes I'll go to ask about a dollar amount or a very specific company that I exited. And the fact of the matter is, is it's literally just a checkbox along that pathway. But there was so much more that led up to that one, that one moment. And that leadership is truly the legacy, right? Once the exit happens, it's done. It's a moment in time. It's a tally, right? And so people will ask me, how many companies have you sold and how Many companies have you exited from and how many companies have you put together? And the fact of the matter is, is each one of those are just individual tally points along this journey that I've been on, that's on this timeline that, you know, is. Is more important than one individual moment. But leadership and what I have left behind is continuous and ongoing on that timeline. The exit is a done. It's a check mark. It's a. It's a point, it's a reference point. But leadership is lasting. It exists beyond just that moment in time. And I also have realized that exits are events and leadership is legacy. I've realized that liquidity or financial liquidity or wealth is not the highest form of wealth, right? Like the amount of money in your bank account really doesn't prove if you're wealthy or not. Somebody has one standard of wealth, and maybe I have a standard of wealth and you have a standard of wealth. But the fact of the matter is, is you could exit, make money and still feel empty. You could exit and not make money and actually feel fulfilled. But watching somebody who is mentored and watching somebody grow is always a win. There's something about watching someone else succeed and you know that you've sowed something into their life is more gratifying than any one of those moments in time. The cash, the liquidity, it still brings emptiness. But watching somebody that you've mentored win, that compounds like that, that's an exponential value that continues to keep giving over time. The third thing that I realized is I really don't want to be the hero of the story. There's a lot of teaching and, you know, I know Donald Miller really, you know, coins a lot of this phrase phrasing. But it's like in every situation there's, you know, there is a hero, there's a villain, and there's a guide. And the fact of the matter is, is when you're the hero of the story, when you're. When you are being touted as the hero, you feel an emptiness and an isolation in every one of those business exits. It wasn't because of my work. It was because of the work of the employees and the people that. That got under the weight of what we were trying to accomplish. It was the amazing men and women that I, that I worked tireless countless hours beside. It was them, like they are, who made the company. I had the title, I had the position, I had the role. But in the end, like, they're the ones that made it happen. And so in that I don't want to be the hero. I'd rather be the guide. I'd rather be the person that helps a hero get where they want to go. I find so much more value. The king title that, you know, Nick gave me, while it's flattering, really centers on me, right? But the fact of the matter is, is I may, you know, have had all these exits along this pathway. It may have this. Be these business successes, but it's the individuals of every one of those businesses that made it possible. And so, you know, while I have the title, it's. It really centers on me. But real leadership decentralizes itself, right? Like the decentralization of Eddie Wilson is what I want, right? Like, I. I want to almost commoditize what things, these elements that I've created or I have. I have advantage. I have the advantage of being or having or possessing or learning that I spread them, that I share them. And so instead of a central figure, what I want is for you to understand that there are principles that. And there are people that led to every one of those successes. And for me to continue down that path of. Of. Of even claiming it seems disingenuous, right? And so I think the. The pivot that I'm making in my own personal life, I want you to understand, because I think it's a. It's a pivot that many of us need to make, right? And so I want you to understand that I'm not necessarily running away from the success, but I want you to understand the power of that success and the principles and the people that it took in order to get there. Because if the focus is there, then we all can win. There's so many lessons to be taught there. And so I want to make a pivot in my personal brand and my personal identity. Not necessarily shedding the past, but evolving, growing, and making sure that my legacy is more than just a selection of companies that were sold over time. So what do I want to be known for? Have you ever had this exercise in your life? You're like, what do I want to be known for? And you typically start with the inner circle around you, right? It's. It's my three sons. I've got three boys. I've got Skyler, Titus, and Maddox, and they are amazing young men. I could not ask God for anything more in my life than those three boys. Those three boys are everything to me. And you start with that little, you know, circle that's around you, and it's like, what do I want to be known for in their eyes. And I had to make lists of what do I want to be known for in their eyes. I had to be make lists for what I want to be known for in my family's eyes, I want to make list of what I want to be known for in my employees eyes. And then the greater circle of just the people that you influence and the people that are either casually or intently watching you and making sure that all of that is congruent. Because if not, what happens is you're given a title, you go down a path, you speak the language, but in the end it's not necessarily what you want to be known for, right? And so I wanted to get very intentional with that. And so what do I want to be known for? This is where I want to define the new frame, right? And I think that all of us need to go through this work in our life because instead of allowing everyone else to define you intentionally define yourself so that the outcome is what you want, it's what you plan. So here are a couple of things that I want to be known for and I'd like for you mentally to go through this, a similar exercise. Number one, I want to be known for developing leaders who do not need me. I think oftentimes as I look at either my sons or I look at employees or I look at the people around me, the easiest thing to do is to create co dependence, right? To, to give them something so that they have to keep coming back, right? It's, it's feeding them a little so that they'll continue to come back and we feel good when we're needed. The human experience is, is oftentimes tied to this internal desire and need to be needed, loved and wanted, you know, by other people. But I find that at the end of that road is emptiness, is that it's always a place of giving and really, truly never receiving. And even though you feel like you're receiving something, you feel like, well, you know, wow, I feel like I'm receiving this love and compassion from someone. It's not, it is a desire or need. What is a greater feeling, what is a greater accomplishment is to give them what they need and allow them to become what they're going to become without ever needing you in the process. I struggle with that, you know, as I raise my sons because you know, as a, as a dad, you know, I watched my first son Skyler build a company in college. And you know, I remember when he would call me and he rarely did, you know, call me about business, but when he Would. It was just like, I couldn't wait. If he asked me a business question, man, I was all in. I wanted so bad to just sow business acumen in his life, but to create dependency there creates a limitation in his own life. And so to allow him to explore on his own and to never insert myself and to only be there and ready when he's willing and to. To give little nuggets of truth and maybe some breadcrumbs along the way was the way that I chose to go about it. And I think watching him succeed on his own with a little push from me is so much more gratifying, because a lot of what he's doing, he learned through osmosis, by observing versus me, intentionally serving and pushing and prodding. And along the way, he. He did it himself. I guided, I. I contributed. But in the end, most of what he's learned was through osmosis. It was through observing. So I don't be known. I want to be known for developing leaders who don't need me. I want to be known for building systems that outlive me. You know, principles are things that exist outside of a timeline where they're only applicable in that period of time. I want to build principles and systems or systems built on principles so that these principles and systems can outlive. I think of, you know, in my book, the Titan Doctrine, I talk a lot about the Napoleonic Code and Napoleon. Well, Napoleon had a lot of his fair issues, and he, you know, had all kinds of issues with relationships, and he. He had issues with trust. He had issues with passing on his legacy. One thing that he did was he built a code. He built a system that even. A lot of our systems today are still built on the very foundations of the Napoleonic Code. So to me, I want to build systems that outlive me. Number three, I want to create impact beyond a balance sheet. Oftentimes, we look at our impact based on our net worth or the value of what we're building. Your balance sheet oftentimes represents the value of your company, right? Not just the profit and loss, but the true value. What is. What's the value? What do you possess? Right. And the balance sheet of both my business and my life should be tied to intrinsic things instead of. Instead of tangible things. So I want to create impact beyond my balance sheet. And fourth, I want to help founders mature, not just monetize. The question I get asked all the time is, you know, how do I get more out of my company? How do I get more out of my time? How do I get more out of what I'm doing? And typically they're talking about it from a monetary position. How do I go from 5 million to 10 million, 10 million to 20 million, 20 million to 100 million? How do I get to the 100 billion or the billion dollar? 100 million to a billion dollar company? And I want to take the next years of my life and teach people that, yes, money matters and money is important, and the monetary does create a scorecard, and the more monetary value that you gain, the more impact you can make. But I want them to not judge the success of their life by the monetary impacts, but ultimately to look at their life in a maturing process where they begin to decentralize themselves. Right? Like I want to decentralize myself and ultimately help founders and leaders begin to decentralize as well. So I'm trying to shift from transaction to transformation. I'm trying to shift from profit to multiplication. I'm trying to shift from exit to eternity. So in this new season, what changes, practically, right? So we were talking about all these kind of philosophical things. What changes, practically, what changes will you see in my life? What changes have I already committed to that maybe you're already seeing in my life? Number one, more mentorship. I want to sew into more people. If you heard what I just said, you should hear this passion and desire to build other people while diminishing myself, Right? I think that there is greatness all around me, and I think my legacy will be the greatness that I've allowed others or pushed others to achieve. You know, I love the Stoic philosophers, but I also love Socrates and Plato and oftentimes, you know, the names of Socrates and Plato because of the people that they built, the leaders that came out of the their teaching and their camp, Right? And for me, that's what I want, right? Like, I want to create principles and timeless principles that lead into systems that then build people, that then show the success is multiply. More mentorship, more leadership development. The more I. I want to teach and train and bring content to you, the more I want to develop your leadership and leadership ability. More focus on character. You know, character is that underlining role that all of us need to play and all of us need to get to success based on the character that we possess. Not by always playing in the gray, by spinning things, by being something we're not and then more spotlight on others. I think that you're going to see a very practical tactical shift where you're going to see me start to Promote a lot of other people. Even in the podcast, you know, in the days to come, the plans to bring additional people on, not necessarily just to help and guide and train you, but also to promote them. Right. Like, there are some amazing people that God has put in my pathway that have an abundance of wealth, of. Abundance of wealth of knowledge and wisdom that I want to bring to you. And so I want to spotlight other people. I don't want to be the king of exits. I want to be the man that helps kings rise. Kings and queens that need to step into their rightful place. And to me, that's what I think my practical step will be. I put already on a note that I've been looking at a lot, is that I don't want to be the king of exits. I want to be the man who helps the. The kings rise. In closing, I want to ask you this. What are you chasing? What is it that you desire? Right? Are you attaching your life to an outcome or are you attaching your life to the process and the maturity towards the outcome? Think about that timeline I talked about. Think about that 40 years of life that I lived, you know, before the exits, right? And, you know, I had some exits early on in life, but before I was really known for the exits that I had and all that I lived and all that I learned and all that I was exposed to, from my parents and grandparents to the businesses, to the wins, to the losses, to the people to the mentors that I had to the people that I looked up to all of that period of my life. I don't want to be then put and positioned into these moments of time that are these exits of business that all of us think, wow, that was amazing, or that was a great success. I think the true success will be what is my life in the next 25 years. So for you, are you attaching your success to outcomes or are you attaching your success to the. To the. To the journey along the way and the impact that you're making along that way? What will matter? What will matter in 25 years for you? What's going to matter for me in 25 years, I believe, are not the exits. Yes, they're powerful, but people, because people are eternal. And I want to choose the eternal. I hope you guys will go with me along this journey. I would love to hear some feedback on that. I'd love to hear what you guys are chasing. So through my social channels or through any way possible, I'd love to hear some feedback from you. You can follow me on any of the social channels, Instagram, LinkedIn, TikTok, Facebook, whatever it is that you typically go to. And I'd love to hear some feedback from you. I want to hear what you're chasing, and I hope that you're chasing not something that's temporal, something that's transactional, but something that's eternal. Thanks so much for being a part of the podcast and for listening today. Love to connect with you further. And you can connect with me on social media at Eddie Wilson official on any of the social media channels.