Podcast Title: The Journey with Morgan DeBaun
Episode: Live Coaching with Morgan: Should Simbi Buy a Business? ft. Rewrite Your Rules Framework
Release Date: April 1, 2025
Introduction
In this insightful episode of The Journey with Morgan DeBaun, host Morgan DeBaun engages in a live coaching session with Simbi, a multifaceted individual balancing motherhood and entrepreneurship. The conversation centers around Simbi's dilemma: whether to acquire a digital marketing agency to enhance her income and freedom or to focus on expanding her existing ventures. Utilizing frameworks from Morgan's new book, "Rewrite Your Rules," the episode delves deep into decision-making processes tailored to personal aspirations and life circumstances.
Guest Background: Meet Simbi
Simbi is a wife, mother to a 13-month-old son, and an entrepreneur with a diverse professional background in marketing and corporate sectors. Having recently left her tech job to pursue entrepreneurship full-time, Simbi manages multiple income streams:
- Real Estate Investment Business: Owning two rental properties that provide cash flow.
- Film Business: Offering videography services on a retainer basis for her church.
- Personal Brand: Building her Instagram presence, though currently yielding limited partnerships.
Simbi is contemplating acquiring a digital marketing agency to stabilize and grow her income, seeking a balance between professional growth and personal freedom.
Main Discussion: To Acquire or to Grow
Morgan and Simbi explore the pros and cons of acquiring an existing digital marketing agency versus expanding Simbi's current businesses. The core focus is on maximizing time freedom, ensuring manageable workloads, and aligning business decisions with personal values and life goals.
Evaluating Current Businesses
- Real Estate: Self-managed properties, providing pure profit without intermediaries.
- Film Business: Transitioned from event videography to managing the church's social media presence, allowing Simbi to focus more on online tasks.
- Personal Brand: Limited monetization with potential plans to pause and reassess.
Considering Acquisition
Simbi identified digital marketing agencies as potential acquisition targets, attracted by their low overhead and high margins. However, Morgan challenges this approach by highlighting the inherent risks and questioning the need to purchase what Simbi already effectively manages through her current film business.
Key Insights and Strategies
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Focus on Existing Strengths:
- Quote: (03:37) Morgan asks, “How are you currently making decisions? Like, how are you and your husband really making decisions about what is the most important thing in the next three to five years?”
- Insight: Instead of purchasing a new business, Simbi should concentrate on scaling her existing ventures, particularly her film business, which already aligns with her skills and market.
-
Redefine Business as Main Hustle:
- Quote: (43:09) Simbi acknowledges, “That's my main. I mean, it's been my main hustle.”
- Insight: By recognizing her film business as her primary focus, Simbi can invest more resources into growing it organically, ensuring sustainability without the complexities of acquisitions.
-
Delegation and Trust:
- Quote: (16:55) Simbi asks about training and trust, “Maybe trust first.”
- Insight: Morgan emphasizes the importance of distinguishing between CEO tasks and operating tasks. Delegating non-core activities, such as laundry or shopping, frees up time for Simbi to focus on strategic business growth and personal well-being.
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Creating Time Freedom:
- Quote: (14:04) Morgan advises, “It's okay not to work all the time.”
- Insight: Simbi is encouraged to restructure her schedule to incorporate time for self-care and personal activities, which in turn enhances productivity and overall life satisfaction.
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Actionable Steps for Growth:
- Quote: (36:20) Morgan suggests, “So you can get home if you need to.”
- Insight: Breaking down large goals into manageable steps, such as utilizing her mother for childcare during specific hours, allows Simbi to gradually implement changes without feeling overwhelmed.
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Leveraging Existing Relationships:
- Quote: (42:23) Morgan states, “Find other Christian organizations that you want to support and want to help and have them as recurring clients as well.”
- Insight: Building upon her current client base within the church and expanding to similar organizations can create a stable and aligned clientele, reducing the risks associated with acquiring a new business.
Notable Quotes with Timestamps
-
Morgan on Rule-Breaking:
“So much of our lives have been designed by other people, by other people's expectations, by society's expectations... those rules, we need to throw them completely out the window and really get clear about what we want to do.”
(00:00) -
Simbi on Entrepreneurial Calling:
“I just knew I couldn't go back into an office and live that type of life anymore. I knew that there was more for me.”
(02:05) -
Morgan on Time Freedom:
“It's okay not to work all the time.”
(14:04) -
Simbi on Embracing Main Hustle:
“That's my main. I mean, it's been my main hustle.”
(43:09)
Conclusion and Next Steps
The episode concludes with Simbi gaining clarity on her business direction. Morgan encourages her to focus on expanding her existing film business, leveraging her relationships within the church community, and delegating non-essential tasks to regain time freedom. Simbi sets actionable goals for the upcoming months, including a couples trip and doubling her income by concentrating on her primary business endeavors.
Final Quote:
“That's my main hustle.”
(43:09) – Simbi encapsulates her resolved focus on growing her current business, acknowledging it as the cornerstone of her entrepreneurial journey.
This episode serves as a compelling guide for entrepreneurs navigating the complexities of balancing personal life and business growth. Through practical advice and empathetic coaching, Morgan DeBaun empowers listeners to rewrite their rules and make decisions that truly align with their desired lifestyles.