This week on P&L, I'm joined by Rick Larkin, the former president and co-founder of a transportation company. This episode dives into Rick's entrepreneurial journey, from bootstrapping a trucking company in 2011 to its strategic sale in late 2022. Rick shares his "numbers-first" approach to business, why he prioritized profit over top-line revenue, and the critical importance of surrounding himself with partners who were smarter than him in their respective fields. We also discuss the personal side of a major business transaction; the transition from being "Mr. Relevant" to finding a new purpose, and how prioritizing health and family has become his latest "profit center."

Tune in this week on P&L to learn how to build a business with the end in mind and successfully navigate the transition that follows.

"If we can't be a good business at 10 trucks...what makes us think we can be a good business at 100 million dollars?" - Rick Larkin

This week on Priorities & Lifestyle:

The Reality of Bootstrapping a Business from Scratch
Why Focusing on Profit Over Revenue is Key to Long-Term Success
The Strategy of Diversifying Revenue Streams within a Single Industry
Navigating the "Risk Side" and Knowing When it's Time to Sell
Life After the Sale: Finding New Purpose and Prioritizing Health

Our Favorite Quotes:

"Surround yourself with those that are way smarter than you are. Don't be the smartest person in the room." - Rick Larkin
"Selling and getting our affairs into order... I sleep better, everything about it today is better." - Rick Larkin
"Life after the sale is different... I struggle with not being relevant. The world does go on without you." - Rick Larkin

About Rob Schulz and P&L Priorities & LIfestyle Podcast

The P&L: Priorities & Lifestyle Podcast is a show for business owners. In each episode, host and financial planner Rob Schulz sits down with business owners and the professionals that serve them to talk about business building, life, money — and the all-important transition out of the business, which inevitably happens to everyone who has ever founded a company.

Email Rob at rob.schulz@schulzwealth.com with questions and comments, or to schedule a one-on-one conversation.

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*You're listening to P&L: Priorities & Lifestyle with your host Rob Schulz. Rob is the Founder and President of Schulz Wealth. All opinions expressed by Rob and his guests are solely their own opinions and do not reflect the opinions of Schulz Wealth. This podcast is for informational purposes only and should not be relied upon for investment decisions. Please refer to our website for more information: schulzwealth.com.

Life After the Sale, with Rick Larkin