Matt Michel joined me this week for a deep dive into the psychology of a business owner when selling their business. We spoke about the differences between owning a "job" and owning a "business", the importance of culture both within your business and your family, and the careful balance of passing down wealth. Matt shared the ways that selling a business results in a loss of identity, and the ways that business owners can cope with the "loss" that accompanies those sales. He also spoke about his books, and why it's so important to him to write these stories down for future generations.

Tune in this week on P&L to learn how to prepare for life after your business.

Contact Matt Michel at mattmichel@mail.com

"It's the biggest transaction of your life, right? This is not a DIY project." - Matt Michel

This week on Priorities Lifestyle:

How selling a business can result in a loss of identity and purpose
Preparing for the day after selling a business
Instilling a cultural approach to wealth management within your family
Why storytelling is so significant when passing down family legacies
Matt's upcoming book and what led to its creation

Our Favorite Quotes:

"Culture is everything. Strategy has to be executed to work. Culture is self-executing." - Matt Michel
"Man, could my children and grandchildren learn a lot from some of the mistakes I've made, right?" - Rob Schulz

"Most people own a job, not a business. It does not become a business until you can leave it for a month and it still operates without you." - Matt Michel

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.