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Jessica Fialkovich on Selling Your Business Like A Pro Ep. 76
Episode 7629th June 2022 • Fascinating Entrepreneurs • Natasha Miller
00:00:00 00:32:30

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Jessica became a first-time entrepreneur at the age of 25 and since has been able to successfully establish, develop and sell multiple small businesses in a number of different industries.

In the last eight years, Jessica has been able to build her business brokerage firm from a two-person team to one of the top firms in the country. Under her leadership, the office has been the number one Transworld Business Advisors franchise location in the world for the last five years, has made the Inc 5000 list for the last three, and been recognized by the Financial Times, the Denver

Business Journal and others. Jessica is also the Founder of Exit Factor, which teaches business owners how to buy and sell businesses for the most profit in the least amount of time.

As an entrepreneur, Jessica is passionate about small businesses driving our economy. Because of this, she has committed to educating and supporting entrepreneurs and the small business community. She is active in Entrepreneurs’ Organization, currently serving as the President of the Colorado, and the founder of the Small Business Coalition, a non-profit giving small businesses support and a voice. Jessica is originally a Jersey Girl that now lives in Colorado with her husband and two dogs, Moose and Sailor. When she’s not working you can find her either enjoying the outdoors or attending a Bruce Springsteen concert.

Where to find Jessica Fialkovich

Book: Getting the Most for Selling Your Business

Website: jessicafialkovich.com

SPONSOR

This episode is sponsored by Entire Productions- Creating events (both in-person and virtual) that don't suck! and Entire Productions Marketing- carefully curated premium gifting and branded promo items. 

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Transcripts

Jessica Fialkovich:

Especially for entrepreneurs or type

Jessica Fialkovich:

A, like, we like control.

Jessica Fialkovich:

We like to control the process, but there's a lot that goes into this.

Jessica Fialkovich:

And I think too, having a ghostwriter or a partner in the process to help pull

Jessica Fialkovich:

the content out of you is super helpful.

Natasha Miller:

Welcome to FASCINATING ENTREPRENEURS.

Natasha Miller:

How do people end up becoming an entrepreneur?

Natasha Miller:

How do they scale and grow their businesses?

Natasha Miller:

How do they plan for profit?

Natasha Miller:

Are they in it for life or are they building to exit these and a myriad

Natasha Miller:

of other topics will be discussed to pull back the veil on the wizardry of

Natasha Miller:

successful and FASCINATING ENTREPRENEURS.

Natasha Miller:

My book RELENTLESS is now available.

Natasha Miller:

Everywhere books can be bought online, including Amazon and BarnesandNoble.com.

Natasha Miller:

Try your local indie bookstore too.

Natasha Miller:

And if they don't have it, they can order it just ask them, the reviews

Natasha Miller:

are streaming in and I'm so thankful for the positive feedback, as well

Natasha Miller:

as hearing from people that my memoir has impacted them positively.

Natasha Miller:

It is not enough to be resilient.

Natasha Miller:

You have to be relentless.

Natasha Miller:

You can go to TheRelentlessBook.com for more information.

Natasha Miller:

Thank you so much.

Natasha Miller:

Jessica Fialkovich is a business exit expert, helping business owners, prep

Natasha Miller:

for the sale of their businesses.

Natasha Miller:

She's also a number one best selling author of a new book, 4x Inc.

Natasha Miller:

5,000 Entrepreneur and Speaker.

Natasha Miller:

We talked about why she wrote the book, how she wrote the book, what was the

Natasha Miller:

process like, what our goals are and so much more now let's get right into it.

Jessica Fialkovich:

I mean, I've always had this dream right.

Jessica Fialkovich:

To write a book it's been on my bucket list or dream list.

Jessica Fialkovich:

Thank you.

Jessica Fialkovich:

There's my book.

Jessica Fialkovich:

It's always been on my dream list or bucket list since I was a little girl

Jessica Fialkovich:

and the pandemic just finally kicked my butt into gear, like why not now?

Natasha Miller:

And so how much of it did you write versus having editorial

Natasha Miller:

or ghost writing on the project?

Jessica Fialkovich:

Yeah, that's a great question.

Jessica Fialkovich:

I think this, we should definitely talk about the process of how you

Jessica Fialkovich:

can write a book, but I was super lucky if I'm an amazing ghost writer.

Jessica Fialkovich:

And so I built a program around the topic of my book.

Jessica Fialkovich:

So I gave her that program that was already written and she really

Jessica Fialkovich:

just turned it into book format.

Jessica Fialkovich:

So even though I created most of it, she did most of the writing and

Jessica Fialkovich:

then we bet went back in together and we added the color, the stories,

Jessica Fialkovich:

the clients, things like that.

Natasha Miller:

So did you do anything in writing form?

Natasha Miller:

As in like writing text outside of the program that you

Natasha Miller:

created, did she interview you?

Natasha Miller:

What was the process like in working with her?

Jessica Fialkovich:

Yeah, we did a little bit of everything.

Jessica Fialkovich:

I'm actually, I'm much better in like this type of format than writing, writings.

Jessica Fialkovich:

So we did a lot of zoom interviews.

Jessica Fialkovich:

So we did a lot of phone calls, a lot of zoom interviews where we

Jessica Fialkovich:

just talked through some questions, some scenarios and wrote it down.

Jessica Fialkovich:

The only part I sat down and actually wrote was the intro

Jessica Fialkovich:

and the intro was my story.

Jessica Fialkovich:

And it was about what inspired me to get into my business and everything like that.

Jessica Fialkovich:

So that was super personal for me.

Jessica Fialkovich:

And I had to, really kind of take a step back and revisit that part of my life.

Jessica Fialkovich:

And so I took some time away from my business away from our personal life,

Jessica Fialkovich:

like outta nature to go and think about it and try and meditate myself

Jessica Fialkovich:

back into that space and what I was thinking, feeling and going through.

Jessica Fialkovich:

So that part I hand wrote, but everything else we really did via a zoom.

Natasha Miller:

Yes.

Natasha Miller:

As you know, I'm a big proponent of entrepreneurs publishing books,

Natasha Miller:

and I have so many questions.

Natasha Miller:

I know the answer to some of them from my own experience, but I want the people

Natasha Miller:

listening to know what it's like the reality of you and your book process.

Natasha Miller:

So when you decided to write the book, not to the day, but about

Natasha Miller:

how long from the time you decided to the day it was published.

Jessica Fialkovich:

Yeah.

Jessica Fialkovich:

So, we'll do this in two parts.

Jessica Fialkovich:

So the day I decided to write the book to the time of it was publishers probably

Jessica Fialkovich:

about two years, but the day decided to get serious and get some help around it

Jessica Fialkovich:

to the day I turned it into the publisher was about five and a half months.

Jessica Fialkovich:

And I would say all the time between that two years and five months, there wasn't

Jessica Fialkovich:

a whole lot that got done on my own.

Jessica Fialkovich:

So I am busy.

Jessica Fialkovich:

I run companies and it was funny cuzI was taking on this project thinking

Jessica Fialkovich:

I need to do all of this myself.

Jessica Fialkovich:

Like it's my baby, this book, right.

Jessica Fialkovich:

And I never got any of it done.

Jessica Fialkovich:

And as soon as I engaged, help the process went so much faster.

Natasha Miller:

Yeah.

Natasha Miller:

It is amazing.

Natasha Miller:

It does take a small village.

Natasha Miller:

So how did you source and qualify the other person that

Natasha Miller:

helped you, co-write the book.

Jessica Fialkovich:

Well, so most people know or have listened to other talk.

Jessica Fialkovich:

We're an Entrepreneurs Organization together.

Jessica Fialkovich:

So I did a little bit of my network research was just asking around, asked

Jessica Fialkovich:

for referrals and recommendations and a part of a speaker's group through EO.

Jessica Fialkovich:

And one of my fellow speakers had recommended a speaking coach

Jessica Fialkovich:

who recommended a ghost writer.

Jessica Fialkovich:

And I only interviewed one other person besides Anne Mary, who was the ghost

Jessica Fialkovich:

writer in my co-author on my book.

Jessica Fialkovich:

And one like we're both, Southern New Jersey Delaware.

Jessica Fialkovich:

So we just connected on that.

Jessica Fialkovich:

But what I loved about Anne Mary is when I told her about the book,

Jessica Fialkovich:

she's like, I have this friend that owns a small business and they were

Jessica Fialkovich:

thinking about exiting and I'm gonna write the book for that person.

Jessica Fialkovich:

So I loved her approach where she was like, I'm gonna write this book for,

Jessica Fialkovich:

let's call this person, Susan, I'm gonna write this book for Susan and I'm talking

Jessica Fialkovich:

to susan when I'm writing that book.

Jessica Fialkovich:

And I was like, yes, that's exactly what I want.

Jessica Fialkovich:

I want to be talking to my avatar.

Jessica Fialkovich:

I wanna be talking to the person that I would be working with in the future.

Jessica Fialkovich:

So that's what really hooked me on her was I love that approach that she used.

Jessica Fialkovich:

And she does that for every book that she writes.

Jessica Fialkovich:

I hope I'm not like giving her away her secrets but she finds

Jessica Fialkovich:

somebody in her inner circle that fits her co-author's avatar.

Jessica Fialkovich:

And that's how she develops her writing process and her voice.

Natasha Miller:

That is so important to have the understanding.

Natasha Miller:

There's also a psychology to laying out a book, especially at a subject

Natasha Miller:

matter topic or how to book.

Natasha Miller:

And I don't have that skill yet.

Natasha Miller:

And if I were to write that kind of book, I would reach out to someone that

Natasha Miller:

had all of that information, because there's no point in people like us,

Natasha Miller:

the entrepreneurs that are doing.

Natasha Miller:

Other businesses to learn this fine tuned craft yeah.

Natasha Miller:

On our own.

Natasha Miller:

Right.

Natasha Miller:

Not necessary.

Natasha Miller:

And then as far as I think you have her as a, yes you have with, so is

Natasha Miller:

she credited in Amazon as a co-author?

Jessica Fialkovich:

Yep.

Jessica Fialkovich:

Anna Mary is my co-author in the book and we structured that one because I

Jessica Fialkovich:

felt so comfortable that she really knew the subject matter and she knew

Jessica Fialkovich:

my audience and she has experience in writing business books, right.

Jessica Fialkovich:

So beyond being a ghost writer and a co-author, she really

Jessica Fialkovich:

helped me with marketing strategy, how to work with the publisher.

Jessica Fialkovich:

Like she really was my partner along the entire process.

Natasha Miller:

Right.

Natasha Miller:

And for people listening, you may not know that when you list a

Natasha Miller:

co-author on Amazon, that when you look at one of that co-author's

Natasha Miller:

books also in her library, right.

Natasha Miller:

Are other books that she's written, so you're gonna come up.

Natasha Miller:

So it's really great for discovery now.

Natasha Miller:

This is a question that it can go either way, but you can compensate

Natasha Miller:

a co-author with royalties or they can be work for hire.

Natasha Miller:

I'll assume that it was a work for hire situation, but you can correct me.

Jessica Fialkovich:

We did, we did actually a blended one.

Jessica Fialkovich:

To reduce the upfront.

Jessica Fialkovich:

So we did a blended agreement, which we both felt pretty comfortable with.

Jessica Fialkovich:

And it also it's like, so my background in business, I own a business brokerage.

Jessica Fialkovich:

Most of my team is commission.

Jessica Fialkovich:

So pay for reformance.

Jessica Fialkovich:

So I love that model, right.

Jessica Fialkovich:

So I feel like the blend for me worked\, because it also hopefully inspires

Jessica Fialkovich:

her to continue to promote and help me promote the book in the future.

Natasha Miller:

So, right.

Natasha Miller:

Okay.

Natasha Miller:

So now we're gonna move on to publishing who was the publish.

Jessica Fialkovich:

Skyhorse, which I think you're familiar with.

Jessica Fialkovich:

Right?

Natasha Miller:

So there's four main different kinds of publishing

Natasha Miller:

there's traditional, which we all start out thinking is the holy grail.

Natasha Miller:

And then we quickly learn that it may not be hybrid, which is what Skyhorse is.

Natasha Miller:

No, actually Skyhorse is traditional, but it's not in the

Natasha Miller:

big four, then there's hybrid.

Natasha Miller:

There's professional.

Natasha Miller:

So that would be scribe or there's so many companies that do that.

Natasha Miller:

And then there's self-publishing right on KDP.

Natasha Miller:

What made you decide to go with a traditional publisher?

Natasha Miller:

And then what made you go with Skyhorse?

Jessica Fialkovich:

At first, when I was thinking about it, I was like, oh,

Jessica Fialkovich:

I'm gonna go self-publishing right.

Jessica Fialkovich:

I had come in with these notions and when I was going through the process, what

Jessica Fialkovich:

one of my coaches helped me think about was like, why am I writing this book?

Jessica Fialkovich:

And I think there's a few different reasons people write books, right?

Jessica Fialkovich:

You write books to be known as an expert in your industry and for marketing

Jessica Fialkovich:

purposes, some people write books, so it can become like a phenomenon of itself.

Jessica Fialkovich:

Like it's your story.

Jessica Fialkovich:

It could be a movie one day, that kind of thing.

Jessica Fialkovich:

And some just write it for like cathartic reasons, right.

Jessica Fialkovich:

Just to get it out.

Jessica Fialkovich:

My reason was the first, like I needed to establish myself as an expert and it was

Jessica Fialkovich:

for marketing purposes for my business.

Jessica Fialkovich:

When I did an analysis on the competition of the other books

Jessica Fialkovich:

that I was competing against.

Jessica Fialkovich:

On Amazon, the same topic, every single one of them was self-published.

Jessica Fialkovich:

And now look, there's a lot of great authors in my space preparing

Jessica Fialkovich:

to sell a business is not really some complex process, right?

Jessica Fialkovich:

So what I'm saying is not gonna be drastically different

Jessica Fialkovich:

than one of my competitors.

Jessica Fialkovich:

So when I was looking, how do I set myself apart?

Jessica Fialkovich:

The answer was to go traditional publishing now being a niche audience,

Jessica Fialkovich:

like I'm talking to small business owners who are preparing for sale,

Jessica Fialkovich:

like that's not a big audience.

Jessica Fialkovich:

So typically like a traditional publisher would not be really interested in that.

Jessica Fialkovich:

And especially not the big four, right.

Jessica Fialkovich:

And especially when it comes to them and saying, "oh, I'm not doing

Jessica Fialkovich:

this to like hit the New York times bestseller and sell millions of copies."

Jessica Fialkovich:

I just want that.

Jessica Fialkovich:

And most publishers will be like, well, that's what we want

Jessica Fialkovich:

outta this relationship Skyhorse, they have a really great.

Jessica Fialkovich:

Business division that has worked with a lot of business authors

Jessica Fialkovich:

and small business authors.

Jessica Fialkovich:

And they're familiar with this strategy and this reason of why for publishing.

Jessica Fialkovich:

So they're a lot more flexible to work with, I think, in these

Jessica Fialkovich:

smaller niche publications.

Jessica Fialkovich:

So that's why I went with them.

Jessica Fialkovich:

They weren't looking for like me to have like some million person audience on

Jessica Fialkovich:

Instagram and they weren't looking for me to buy 10,000 copies of my own book.

Jessica Fialkovich:

Right.

Jessica Fialkovich:

They really understood my strategy and they had done similar strategies

Jessica Fialkovich:

for other authors previously.

Natasha Miller:

So, do you have an estimate of what number they hope you

Natasha Miller:

sell, which is totally different from the number that you hope, but yeah.

Jessica Fialkovich:

Exactly, right.

Jessica Fialkovich:

I mean, so you probably heard this too Natasha, but I was shocked that most books

Jessica Fialkovich:

never even sell a thousand copies, right?

Natasha Miller:

Most books don't sell 250 in the lifetime of their book.

Jessica Fialkovich:

Oh, my God.

Jessica Fialkovich:

So they told me success in their book was in their book.

Jessica Fialkovich:

No pun intended was a thousand copies, right.

Jessica Fialkovich:

So if we can sell a thousand copies, which I think we did

Jessica Fialkovich:

more than that on our launch day.

Jessica Fialkovich:

So that was amazing.

Jessica Fialkovich:

But if we can sell a thousand copies, it was a success, obviously like

Jessica Fialkovich:

I came in visionary entrepreneur.

Jessica Fialkovich:

"I am."

Jessica Fialkovich:

And I'm like, "Why?

Jessica Fialkovich:

What?"

Jessica Fialkovich:

I think we can sell 50,000 copies right over the lifetime.

Jessica Fialkovich:

So yes, my number is drastically different, but that was

Jessica Fialkovich:

something that really shocked me.

Jessica Fialkovich:

And I didn't know, 250 copies.

Jessica Fialkovich:

Right.

Jessica Fialkovich:

So, it was kind of like a relief in a way is I thought they were gonna want me to

Jessica Fialkovich:

sell like 50,000 hundred thousand copies.

Jessica Fialkovich:

If you sell a thousand, will consider you a success.

Jessica Fialkovich:

And I was like, wow.

Jessica Fialkovich:

I can do that.

Natasha Miller:

So, I will not ask you specific numbers because we

Natasha Miller:

didn't talk about this before and I don't wanna spring it on you, but

Natasha Miller:

were you given in advance of any sort and then you get royalties later?

Jessica Fialkovich:

Yeah, but it was a really small advance.

Natasha Miller:

It's amazing that you got in advance for the expectation

Natasha Miller:

of a thousand books like that.

Natasha Miller:

Good for you, Tony, for doing that with authors.

Jessica Fialkovich:

Yeah.

Jessica Fialkovich:

It was a low advance and I used it a lot to offset some of the costs

Jessica Fialkovich:

that we had going on with the books, but I wasn't really focused on the

Jessica Fialkovich:

advance and it is funny, I think.

Jessica Fialkovich:

And you're more in the publishing industry than I am Natasha knowing what's going

Jessica Fialkovich:

on, but the advances are going away so fast that I was even seeing, I was

Jessica Fialkovich:

shocked that they even offered one at all.

Jessica Fialkovich:

But we do, yeah, we do have a royalty structure on the back end.

Natasha Miller:

And to get the attention of a Skyhorse publisher.

Natasha Miller:

It's not as difficult as some of the other publishers where you

Natasha Miller:

have to have a literary agent.

Natasha Miller:

You have to have spent 45 to $60,000 on a proposal, right.

Natasha Miller:

You have to prove to them that you can sell your book so that they can, like,

Natasha Miller:

it doesn't make any sense anymore.

Natasha Miller:

It's antiquated, but did you have a literary agent or someone that was

Natasha Miller:

a conduit between you and Skyhorse?

Jessica Fialkovich:

Yeah.

Jessica Fialkovich:

And I guess this goes back to our network with EO, right?

Jessica Fialkovich:

So the speaking coach I was working with knew someone at Skyhorse.

Jessica Fialkovich:

It was simple as picking up a phone.

Jessica Fialkovich:

I mean, honestly, the deal was done in, I think, less than two weeks,

Jessica Fialkovich:

but it goes to show that your network really can be super powerful in these

Jessica Fialkovich:

situations because I think it was a much.

Jessica Fialkovich:

Faster entry, even in just, it was like a Skyhorse for me than I ever expected.

Jessica Fialkovich:

Like I thought like, oh, I'm gonna have to a litera agent do

Jessica Fialkovich:

this proposal and everything.

Jessica Fialkovich:

And it ended up being like an introductory phone call and a one paragraph summary.

Jessica Fialkovich:

And they're like, cool, we're good to go.

Natasha Miller:

So, right.

Natasha Miller:

That's wonderful.

Natasha Miller:

So we talked a little bit about why you wrote the book and, but

Natasha Miller:

I wanna expand upon that a bit.

Natasha Miller:

What are the goals.

Natasha Miller:

Number of books.

Natasha Miller:

Let's just say it out loud.

Natasha Miller:

No, one's counting on money made from the book as revenue.

Natasha Miller:

There is some, but that should not be your focus.

Natasha Miller:

If you're writing a book as an entrepreneur, I think it really

Natasha Miller:

starts humming in fiction.

Natasha Miller:

If you're in liberty and the goals for speaking, maybe you're speaking fee.

Natasha Miller:

How many clients do you have some of those metrics that you set in place and do you

Natasha Miller:

think you're gonna make them and win?

Natasha Miller:

So that's so about seven questions for you to answer.

Jessica Fialkovich:

So I think I'll start with the goal of the actual book.

Jessica Fialkovich:

So my main business is called EXIT FACTOR and we run a mastermind and

Jessica Fialkovich:

online program about helping people get ready to sell their business.

Jessica Fialkovich:

And it's really about maximizing their business value.

Jessica Fialkovich:

So efficiency and profitability and when I was thinking about a lead

Jessica Fialkovich:

magnet or the top of the funnel, it's really hard to digest everything we

Jessica Fialkovich:

do in that one or two year program together into a two page PDF report.

Jessica Fialkovich:

Right?

Jessica Fialkovich:

So I'm thinking like, how can I not necessarily lead magnet, but how can I

Jessica Fialkovich:

have a top of the funnel thing that really demonstrates the results we can get for

Jessica Fialkovich:

our clients and the layout of the program?

Jessica Fialkovich:

And it just made sense.

Jessica Fialkovich:

We would do a book and I mean, you have a copy of the book.

Jessica Fialkovich:

It's only about like 150 pages.

Jessica Fialkovich:

It's not a long book, but that's why it made sense.

Jessica Fialkovich:

And that's how it fits into my entire marketing strategy.

Jessica Fialkovich:

Now, alongside that, I do have a workshop that I present.

Jessica Fialkovich:

So I do have some key metrics and audiences I wanna reach, but just like

Jessica Fialkovich:

the book, I'm not counting on making a ton of money from my speaking.

Jessica Fialkovich:

My speaking is all about top of the funnel.

Jessica Fialkovich:

So it's about how many more audiences can I hit and just covering

Jessica Fialkovich:

things like my travel costs and my incidentals in order to offset, but

Jessica Fialkovich:

not making a ton of money from that.

Jessica Fialkovich:

It's all about the funnel of coming down into our programming.

Jessica Fialkovich:

Right.

Jessica Fialkovich:

So from the book, from the speaking events, how many people can I convert

Jessica Fialkovich:

from those two avenues to come into our audience and then nurture our audience

Jessica Fialkovich:

into either our Exit Factor Membership or as our Exit Factor Flagship Program.

Jessica Fialkovich:

So I think, probably somewhere over a thousand.

Jessica Fialkovich:

I've gotten our recent metrics on our book sales, right since April,

Jessica Fialkovich:

but we've had from that in speaking, we've had about 2000 new audience

Jessica Fialkovich:

members come into our funnel.

Jessica Fialkovich:

So that's really the end goal.

Jessica Fialkovich:

So I don't have metrics yet about.

Jessica Fialkovich:

How many books do I wanna sell or how many speaking events, because we're so

Jessica Fialkovich:

new in this process, I'm trying to figure out what is actually the conversion.

Jessica Fialkovich:

So I'm all about where, like, I'll start at the bottom and I'll say,

Jessica Fialkovich:

all right, I got a client from this.

Jessica Fialkovich:

What was the conversion here?

Jessica Fialkovich:

And that gives me the top of the funnel metrics.

Jessica Fialkovich:

So I still think I'm about six months out to having those final answers,

Jessica Fialkovich:

but that's how I'm looking at the whole marketing funnel and how

Jessica Fialkovich:

the book and speaking fits in for.

Natasha Miller:

I like that you put out cemented metrics and then just

Natasha Miller:

beat your head against a wall to meet them, that you understood that you

Natasha Miller:

had to wait and measure to figure out what the right points are to look at.

Natasha Miller:

So I think that's a really great idea.

Natasha Miller:

So many questions.

Natasha Miller:

So you want people to come into your course, but you're

Natasha Miller:

still a business broker.

Natasha Miller:

So then those people can then continue down the pipeline of the funnel and you

Natasha Miller:

can help them sell or buy a business.

Natasha Miller:

Yeah.

Natasha Miller:

So it's a pretty long tail and it's education the whole way, which is

Natasha Miller:

really, I think just brilliant.

Natasha Miller:

Have you ever thought that you should write a book that you should write this?

Natasha Miller:

Story of her life to help other people learn from your experience.

Natasha Miller:

Please go to memoir, sherpa.com and learn how I can help you write, figure out your

Natasha Miller:

publishing path and market your story, your memoir, to a best seller status.

Natasha Miller:

There are some people that write books in order to start a business from.

Natasha Miller:

So, you are writing a book to help elevate and extend your offerings.

Natasha Miller:

Brilliant.

Jessica Fialkovich:

Yeah, I actually did it backwards.

Jessica Fialkovich:

Right.

Jessica Fialkovich:

But you hit the nail on the head, Natasha.

Jessica Fialkovich:

So I own a number of business brokerage offices that I'm now my

Jessica Fialkovich:

role is chair of the board, so I'm not involved in them anymore, right?

Jessica Fialkovich:

But through one of the other EO programs that were in together EMP a

Jessica Fialkovich:

couple years ago, we had Vern Harnish come in and another gentleman and we

Jessica Fialkovich:

talked about the X factor or what is the factor that's holding you back in

Jessica Fialkovich:

your business and I'm sitting there.

Jessica Fialkovich:

I'm like, well, mine's super simple.

Jessica Fialkovich:

It's a lead funnel, right?

Jessica Fialkovich:

Because from a business broker, you just have people that come to

Jessica Fialkovich:

you like the day they wanna sell or they're burnout in their business.

Jessica Fialkovich:

And my epiphany was what if I can get those people six months in advance,

Jessica Fialkovich:

a year in advance, could I then provide them more value where they

Jessica Fialkovich:

get more value for their company.

Jessica Fialkovich:

I get the lead earlier to establish for relationship.

Jessica Fialkovich:

So we kind of backed all the way into this.

Jessica Fialkovich:

So, starting in 2019, the spring of 2019, where my wheels got turning.

Jessica Fialkovich:

So I already had the end product, which is the business brokerage commissions, right.

Jessica Fialkovich:

And I just kept going further.

Jessica Fialkovich:

So then we did the program and then we did the speaking and then we did the

Jessica Fialkovich:

book and it's all about expanding the long tail and a long term pipeline.

Jessica Fialkovich:

And now we're actually, we've broken off the two companies.

Jessica Fialkovich:

So now Exit Factor is a nurturing company for other business brokers too.

Jessica Fialkovich:

So not only are we providing leads down the pipeline for my offices, but

Jessica Fialkovich:

we're providing it to about another 150 offices across the country.

Natasha Miller:

Wow.

Natasha Miller:

As you know, I refer you to anybody that is talking about

Natasha Miller:

selling or buying a business.

Natasha Miller:

And I think when I make that recommendation before you had

Natasha Miller:

the book, it was solid as a rock.

Natasha Miller:

And I believed in it.

Natasha Miller:

And I think the people reaching out to you could look at your website

Natasha Miller:

and your credentials and also believe in you, but now you have a book.

Natasha Miller:

Yeah.

Natasha Miller:

And it really just exponentially elevates you.

Natasha Miller:

Sometimes a person doesn't even have to read it just that you have it is there.

Natasha Miller:

Now, let me ask you this.

Natasha Miller:

I'm holding a hard bound book.

Natasha Miller:

why did you publish hardbound instead of just paperback or just Kindle?

Natasha Miller:

And do you have an audible version?

Jessica Fialkovich:

Yeah, so we do have a Kindle version.

Jessica Fialkovich:

It was important to me that we had an actual hold book like this book, the

Jessica Fialkovich:

first five chapters is all content.

Jessica Fialkovich:

And then the last five chapters is lists.

Jessica Fialkovich:

List like one of the top 10 things you need to know about

Jessica Fialkovich:

SBA financing and things.

Jessica Fialkovich:

So I really just like how I speak is all about workshopping and lots of tactical.

Jessica Fialkovich:

I wanted my book to be a guide that's used over time.

Jessica Fialkovich:

So I use my program to help get my businesses ready for sale.

Jessica Fialkovich:

Right?

Jessica Fialkovich:

So even my personal copy, I have notes and post-its and everything

Jessica Fialkovich:

in there of different ideas and highlights of how I can increase

Jessica Fialkovich:

the value of my personal businesses.

Jessica Fialkovich:

And I wanted that I wanted it to be a user manual for business owners.

Jessica Fialkovich:

And so to answer your question about the hardbound is I find when I

Jessica Fialkovich:

really use a book, if it's not a hard back, it gets destroyed over time.

Jessica Fialkovich:

Sometimes it's by my dog.

Jessica Fialkovich:

Sometimes it's by my son.

Jessica Fialkovich:

Sometimes it's just by me cuz I'm throwing it everywhere.

Jessica Fialkovich:

So I find that the hard covers they hold up better over time.

Jessica Fialkovich:

You can't do things like if I'm on the beach are like, and

Jessica Fialkovich:

I'm reading a fiction book.

Jessica Fialkovich:

I like to fold it back and things like that.

Jessica Fialkovich:

But for me, that was a different purpose in this.

Jessica Fialkovich:

And I was like, I want this to be a durable manual.

Jessica Fialkovich:

That business owners are gonna refer back to not just over weeks

Jessica Fialkovich:

or months, but years down the road.

Natasha Miller:

It's likely to stay on my bookshelf.

Natasha Miller:

Also as a reference, as I'm talking with other entrepreneurs, I can pull it right

Natasha Miller:

off and quite honestly, if it was only available in paperback, it may make its

Natasha Miller:

way to the bookshelf for somewhere else.

Natasha Miller:

Okay.

Natasha Miller:

Let's see what else I wanna know.

Natasha Miller:

I wanna know so many things.

Natasha Miller:

How are you?

Jessica Fialkovich:

Oh, when you asked about audible too, and audible

Jessica Fialkovich:

is in the plan, but it wasn't because of the, how I want it to be used.

Jessica Fialkovich:

It wasn't one of the things I wanted to launch with.

Jessica Fialkovich:

So it's in the plan and we're thinking about it, but it's not honestly

Jessica Fialkovich:

a top priority for me right now.

Jessica Fialkovich:

And I know there's a lot of entrepreneurs that are like,

Jessica Fialkovich:

oh, I wish it was on audible.

Natasha Miller:

I know.

Natasha Miller:

Jessica Fialkovich: But, yeah, and I, but I-

Natasha Miller:

Is it some people are buying my book or they're given my book

Natasha Miller:

and then they're getting the audible cuz they're like, I'm not gonna read it.

Jessica Fialkovich:

Yeah.

Jessica Fialkovich:

And I go back and forth because, so I know the audible books that I listen to that

Jessica Fialkovich:

I'm like, oh my God, this is something I can really implement on my business.

Jessica Fialkovich:

I end up ordering the hardcover version anyway.

Jessica Fialkovich:

So I'm going back and forth.

Natasha Miller:

It is an expense, but I think long term, especially for

Natasha Miller:

how people consume and especially how entrepreneurs consume, it might be a

Natasha Miller:

good idea, but I did do some research a couple years ago and more people

Natasha Miller:

actually buy books than listen to them.

Natasha Miller:

So that was good to know.

Natasha Miller:

Okay.

Natasha Miller:

Yeah.

Natasha Miller:

Marketing.

Natasha Miller:

So your book has very specific purposes, so you're not gonna market it like other

Natasha Miller:

books, like fiction books, or like mine, a memoir, but what did you do and what

Natasha Miller:

did you wish you did and what worked?

Jessica Fialkovich:

So I did already start with an audience, right from my companies.

Jessica Fialkovich:

We had a fairly large database and social following.

Jessica Fialkovich:

So we leveraged that and we funneled everybody similar to what you did.

Jessica Fialkovich:

We funneled everybody to a launch date.

Jessica Fialkovich:

We wanted everybody to buy same time, same place, so we could achieve

Jessica Fialkovich:

the metrics that we wanted to hit.

Jessica Fialkovich:

So we did that.

Jessica Fialkovich:

The one thing that I did, that's probably unique and different than most

Jessica Fialkovich:

people that I wish I would've done.

Jessica Fialkovich:

Further ahead of time is I use my influencer and my affiliate

Jessica Fialkovich:

list to help promote the book.

Jessica Fialkovich:

So my influencer and affiliate list are business brokers across the country.

Jessica Fialkovich:

I have a network of about 600 of them across the country,

Jessica Fialkovich:

and I love business brokers.

Jessica Fialkovich:

I love sales people.

Jessica Fialkovich:

I love my people, but you have to like that met, metric and marketing

Jessica Fialkovich:

was like, you have to say something 18 times for people to listen to you.

Jessica Fialkovich:

Well, with sales people, it's like 38 times.

Jessica Fialkovich:

So-

Natasha Miller:

And you can't say it, you have to email it.

Natasha Miller:

They have to see a postcard.

Natasha Miller:

They have to see a video.

Natasha Miller:

You have to beat them over the head, any person to get them to act.

Natasha Miller:

So,

Jessica Fialkovich:

Yeah, so, and because we all came from the same

Jessica Fialkovich:

background in industry, they really wanted to read the book and vet it

Jessica Fialkovich:

before they became an ambassador of it.

Jessica Fialkovich:

So my thought process was I'm gonna have the books land in their

Jessica Fialkovich:

mailboxes, the week of launch.

Jessica Fialkovich:

So they're reminded of it.

Jessica Fialkovich:

It sits on their.

Jessica Fialkovich:

And what I wish I would've done differently is actually sent

Jessica Fialkovich:

out much earlier in the process.

Jessica Fialkovich:

When I got my advanced author copies and touched them more and more, I had some

Jessica Fialkovich:

people that were great proponents of it when we did the launch, but I've had

Jessica Fialkovich:

a lot more people since then come back and say, "Oh, Hey, I finally read it.

Jessica Fialkovich:

What can I do to help now?"

Jessica Fialkovich:

Which is still great, but like for the launch, it would've

Jessica Fialkovich:

been much more helpful.

Jessica Fialkovich:

So their big performance of the book, they also are able to buy

Jessica Fialkovich:

bulk orders that they can supply to their clients and things like that.

Jessica Fialkovich:

So that's a little bit different, I think, than maybe some other authors

Jessica Fialkovich:

that we were able to leverage.

Natasha Miller:

I mean, could we all just have that network of people?

Natasha Miller:

It reminds me a little bit of the EOS traction books by gen Wickman.

Natasha Miller:

Like you can't step foot in an event at EO without being handed one of those books.

Natasha Miller:

And it is a very.

Natasha Miller:

We see it all the time, but it is a very powerful marketing tool.

Natasha Miller:

And this book seems like it could end up being similar to

Natasha Miller:

that with all these brokers.

Natasha Miller:

It's not their name on it, but it's their business.

Natasha Miller:

Right.

Natasha Miller:

And it can be their lead magnet, their business card.

Natasha Miller:

If they're not doing this already, they should stamp inside their information.

Jessica Fialkovich:

Yes, they should.

Jessica Fialkovich:

And we did little things for them too.

Jessica Fialkovich:

Like there's little bookmarks that they can put like a sticker on

Jessica Fialkovich:

or something, but yeah, so it is, that's probably gonna be long term.

Jessica Fialkovich:

That's the marketing strategy that I'm gonna nurture the most

Jessica Fialkovich:

versus continuing to rely on.

Jessica Fialkovich:

I don't wanna hit our database or social channels too hard.

Jessica Fialkovich:

So that's but the broker network is one that we're gonna continue to leverage.

Natasha Miller:

Right.

Natasha Miller:

And then I think this is out of order.

Natasha Miller:

It doesn't matter.

Natasha Miller:

I just have so many things and I wanna get this snappy.

Natasha Miller:

So people like will stay on.

Natasha Miller:

Will you write another book?

Natasha Miller:

Were you daunted by this?

Natasha Miller:

Are you done?

Natasha Miller:

No.

Jessica Fialkovich:

It's funny because like, honestly now that I know the

Jessica Fialkovich:

process, it's not that daunting.

Jessica Fialkovich:

Like I feel a bit empowered.

Jessica Fialkovich:

So I do wanna write a book on the buy side, like how to buy a business.

Jessica Fialkovich:

I'm in this space right now where I'm having a lot of negative reactions

Jessica Fialkovich:

to the types of buying a business books that are out there right now.

Jessica Fialkovich:

There's a lot of books that I would refer to as snake oil salesman.

Jessica Fialkovich:

And this goes into the courses too, of buying a business where people are like,

Jessica Fialkovich:

you can buy a business for no money down and be an instant millionaire.

Natasha Miller:

Okay, wait, I just have to stop you there because this is

Natasha Miller:

not my space, but the two names that come up to me in this space of the buy

Natasha Miller:

is Roland, Fraser and Cody Sanchez.

Natasha Miller:

Have I hit the like big two?

Jessica Fialkovich:

Yes.

Natasha Miller:

Or- okay.

Jessica Fialkovich:

You've hit the big two and we'll just leave your names there.

Natasha Miller:

Yeah.

Natasha Miller:

With I'm not, yeah.

Natasha Miller:

I'm not saying that they belong in that category that you just described, but

Natasha Miller:

those are the two names that come up.

Natasha Miller:

They've got their social media, their messaging, their marketing

Natasha Miller:

down, and they couldn't be more different from each other.

Jessica Fialkovich:

Right.

Jessica Fialkovich:

Yeah, totally.

Jessica Fialkovich:

From a personality standpoint.

Jessica Fialkovich:

Yeah.

Jessica Fialkovich:

So, yeah, so that's where I struggle a little bit right now is because

Jessica Fialkovich:

there's a lot of information out there.

Jessica Fialkovich:

That's not accurate.

Jessica Fialkovich:

There's a lot of information that's based on what individual

Jessica Fialkovich:

entrepreneurs have done in their deals.

Jessica Fialkovich:

Versus our experience of selling thousands of businesses of what

Jessica Fialkovich:

actually happens in the marketplace.

Jessica Fialkovich:

And we talk about this with sellers too.

Jessica Fialkovich:

It's like a lot of the information out there is about these unicorn transactions.

Jessica Fialkovich:

That rarely happened versus what happens day to day.

Jessica Fialkovich:

So, my view's always been realistic right now.

Jessica Fialkovich:

I'm not sure if my view and my message is going to cut through the noise of

Jessica Fialkovich:

the perfect unicorn transaction that to be quite Frank does not exist.

Natasha Miller:

Yeah.

Natasha Miller:

You have to be like, these people are saying this, but this is, and

Natasha Miller:

that's a tough line to cross, right?

Jessica Fialkovich:

So, part of it is timing and there's a lot of

Jessica Fialkovich:

voices and noise out there in the buying the business space right now.

Jessica Fialkovich:

And I don't think timing is on my side and like, look, I just released my last book.

Jessica Fialkovich:

We've got a lot of work too.

Natasha Miller:

I know too soon.

Jessica Fialkovich:

Too soon, I've got a seven month old at home.

Jessica Fialkovich:

Right.

Jessica Fialkovich:

So there's a lot of reasons where the timing is not right right now, but it

Jessica Fialkovich:

is going to be released in the future.

Jessica Fialkovich:

I'm just not sure when.

Natasha Miller:

That's great to hear.

Natasha Miller:

What are the obstacles for other writers that you should warn them

Natasha Miller:

to be wary of that you experienced?

Jessica Fialkovich:

I mean, we talked about a little bit,

Jessica Fialkovich:

but like doing it on your own.

Jessica Fialkovich:

I see a lot of people do this.

Jessica Fialkovich:

I have a really close friend and mentor that if he listens to this, he'll

Jessica Fialkovich:

know exactly who I'm talking about when he was working in his book for

Jessica Fialkovich:

years and finally pulled the trigger with a ghost writer and had it done

Jessica Fialkovich:

within like two or three months.

Jessica Fialkovich:

So I think that's a hurdle and it's like, look, some of us,

Jessica Fialkovich:

especially for entrepreneurs or type A, like, we like control.

Jessica Fialkovich:

We like to control the process, but there's a lot that goes into this.

Jessica Fialkovich:

And I think too, having a ghostwriter or a partner in the process to help pull

Jessica Fialkovich:

the content out of you is super helpful.

Natasha Miller:

So that's, like's like someone showing

Natasha Miller:

you your blind spot, right?

Natasha Miller:

And also reflecting.

Natasha Miller:

Like you may not realize that some of this information and your tone and your voice

Natasha Miller:

is so important for other people to know.

Natasha Miller:

And if somebody else is working with you, they can say, you know what,

Natasha Miller:

Jessica, you are amazing at this.

Natasha Miller:

You probably don't know it, but your readers need to hear this.

Natasha Miller:

And you can't get that when you're looking at.

Natasha Miller:

No, you're sharing all the voices of like, "not enough", "not enough", "not enough".

Natasha Miller:

Right?

Jessica Fialkovich:

You need somebody to be like, "no, this is really good".

Jessica Fialkovich:

I just,

Natasha Miller:

Oh, go ahead.

Jessica Fialkovich:

No, I was gonna think that other big hurdles just budget, right?

Jessica Fialkovich:

Like, you know, you can do write a book super cheap.

Jessica Fialkovich:

You can publish it on Amazon super cheap.

Jessica Fialkovich:

But I think about this as like, if you're only gonna publish one or two books in

Jessica Fialkovich:

your lifetime, it's part of your legacy.

Jessica Fialkovich:

Do it well and give yourself the time and budget to do that, well.

Natasha Miller:

Agree.

Natasha Miller:

So the book is getting the most for selling your business, how to get

Natasha Miller:

top dollar for the company you've nurtured for years, I have a business

Natasha Miller:

that I've nurtured for years, and I'd love to touch on the two things I

Natasha Miller:

discovered at that course that you and I went to because I think it would be

Natasha Miller:

really good learning for listeners.

Natasha Miller:

They are understanding maybe the value of their business.

Natasha Miller:

If they're learning the basics.

Natasha Miller:

Right?

Natasha Miller:

I think you remember what I learned.

Natasha Miller:

Can you talk about the discovery that I had at our MIT course and

Natasha Miller:

point people to looking at that kind of thing in their businesses?

Jessica Fialkovich:

Yes.

Jessica Fialkovich:

So when we look at business valuation, if you look on the super conservative side,

Jessica Fialkovich:

people will say like, well, your business is worth the stuff that's in the business.

Jessica Fialkovich:

Like the assets that's in the business.

Jessica Fialkovich:

And oftentimes, and in the industry, we call this Goodwill or Blue Sky.

Jessica Fialkovich:

What a business is really worth is all of the intangible things that you've built.

Jessica Fialkovich:

I call it the qualitative factors in your business, and really to increase

Jessica Fialkovich:

the valuation of that company.

Jessica Fialkovich:

You have to maximize that intangible factor.

Jessica Fialkovich:

So there's things that you discovered in a lot of people discover that are really

Jessica Fialkovich:

sitting on our desktops on our laptops.

Jessica Fialkovich:

And one of the big things is the databases, right?

Jessica Fialkovich:

Data is so big right now.

Jessica Fialkovich:

If you have built a really great, and we've been talking about this

Jessica Fialkovich:

audience network database, there's so much value to unlock there.

Jessica Fialkovich:

People just miss out on it.

Jessica Fialkovich:

And there's other things like that.

Jessica Fialkovich:

But I feel like that's the biggest piece that people

Jessica Fialkovich:

forget about in their business.

Natasha Miller:

And not to ask how you monetize it, but it is something

Natasha Miller:

that you can as a business broker, first of all, help an entrepreneur

Natasha Miller:

discover in their own business, but also attach a value to correct.

Jessica Fialkovich:

Correct.

Jessica Fialkovich:

Yeah.

Jessica Fialkovich:

So an Exit Factor, the coaching, the work we do is a lot about how do you

Jessica Fialkovich:

discover that and how do you implement at least a test to get started, right?

Jessica Fialkovich:

And then when you move into the brokerage side, the broker is like, that's about

Jessica Fialkovich:

monetizing that like that's about really pitching it the best that you

Jessica Fialkovich:

possibly can as a broker and finding the.

Jessica Fialkovich:

Buyer, that's going to value that piece of the business or the business

Jessica Fialkovich:

as a whole, the highest amount.

Jessica Fialkovich:

Right.

Jessica Fialkovich:

So that's the whole game, but yeah, that's a lot of what we do in exit factors

Jessica Fialkovich:

is like, where are you, value drivers?

Jessica Fialkovich:

Where can you really increase and double down on this business and return

Jessica Fialkovich:

an exponential exit for yourself.

Jessica Fialkovich:

For more information, go to the show notes where you're listening to this podcast.

Jessica Fialkovich:

Wanna know more about me go to my website, OfficialNatashaMiller.com.

Jessica Fialkovich:

Thank you so much for listening.

Jessica Fialkovich:

I hope you loved the show.

Jessica Fialkovich:

If you did, please subscribe also, if you haven't done so yet,

Jessica Fialkovich:

please leave a review where you're listening to this podcast now.

Jessica Fialkovich:

I'm Natasha Miller and you've been listening to FASCINATING ENTREPRENEURS.

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