16. Tina Sue Moser's Passion for Growth and Opportunity: Empowering Entrepreneurs
EPISODE 16
In this episode of the Figure Eight podcast, Julie converses with Tina Sue Moser, a former entrepreneur who sold her business and now partners at Cultivate Advisors.
Tina recounts her journey from starting her business for flexibility as a mother, through the challenges of entrepreneurship, to successfully selling her company. She emphasizes the importance of strategic planning, financial literacy, and data-driven decision-making.
Tina also discusses her role in advising other business owners, highlighting the emotional and strategic complexities of entrepreneurship and the fulfillment she finds in helping others grow their businesses.
Catch the Conversation
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Business Growth Strategist, Certified Exit Planning Advisor and Life Coach
Tina Sue's incredible journey started over 20 years ago with a leap into entrepreneurship after saying goodbye to the corporate world when she became a mother. Despite having no prior business experience or mentors, she continuously pushed her boundaries, introducing new services, making strategic acquisitions, and forging valuable relationships until becoming a top producer in the industry and successfully selling her business at top dollar.
Through her remarkable journey, Tina Sue uncovered her true passion - nurturing businesses into self-sustaining entities that could flourish independently of their owners. This revelation led her to a new mission: helping fellow business owners achieve the same level of success and financial independence. To expand this mission, she joined the team of Cultivate Advisors, the fastest growing Business Advisory firm in the United States, over 7 years ago. She is currently a Partner, Growth Advisor and Director of Finance for Cultivate. With her desire to help as many women entrepreneurs as possible, Tina Sue also hosts a podcast (Women Choosing Growth) to share her expertise and the expertise of other successful women. Her motto for this community of women helping women is “We are Better Together”.
What sets Tina Sue apart is her multifaceted approach. Beyond her business acumen, she recognizes the emotional rollercoaster that comes with building and leading businesses. Drawing from her life coaching experience, Tina Sue offers a comprehensive support system that addresses both the tactical and emotional challenges of entrepreneurship. Her empathetic guidance provides the foundation for sustainable growth and personal well-being while maximizing the health and value of the business.
Tina Sue's dynamic presentations inspire audiences to navigate their entrepreneurial journeys with confidence, sharing her story of resilience and persistence and leaving them with actionable goals to get the most out of their business and personal life. Prepare for a transformative journey that will reshape your approach to business growth, self-discovery, and success.
You can connect with Women Choosing Growth through their Instagram page, Website, and Podcast, or connect with Tina through her LinkedIn.
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Julie and Tina Sue discuss...
Becoming an entrepreneur (00:01:20)
Tina Sue's decision to become an entrepreneur after a life-changing event, her experience as a new entrepreneur, and pushing boundaries to grow her business.
Selling the business (00:09:06)
Tina Sue's decision to sell her business, the unexpected nature of the sale, and the challenges of deciding what's next.
Transition to advisor role (00:13:38)
Tina Sue's transition to becoming an advisor and finding her passion for helping others. As an advisor Tina Sue focuses on financial education and growth by acquisition, and explains the importance of understanding business metrics.
Coaching through acquisition (00:20:29)
Tina Sue shares her experience of coaching people through acquisition. She reflects on the challenges and pitfalls of acquisitions. Furthermore, she unpacks the emotional process of letting go after selling her business.
What to do after selling a business (00:28:10)
The discussion revolves around different options after selling a business. Tina Sue shares her experience of transitioning from a solo entrepreneur to joining Cultivate Advisors as a partner, emphasizing the importance of peer support.
Balancing personal needs (00:32:12)
Tina Sue discusses the importance of fulfilling personal needs and finding satisfaction in different aspects of life, including work and hobbies. Tina Sue shares her dedication to continuing the growth of Cultivate Advisors and her openness to future opportunities, reflecting the entrepreneurial spirit.
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Julie (00:00:04) - Welcome to Figure Eight, where we feature inspiring stories of women entrepreneurs who have grown their businesses to seven and eight figures revenue. If you are in the mix of growing a bigger business, these stories are for you. Join us as we explore where the tough spots are, how to overcome them, and how to prepare yourself for the next portion of the climb. I'm your host, Julie Ellis. I'm an author, entrepreneur, and a growth in leadership coach who co-founded, grew, and exited an eight figure business. This led me to exploring why some women achieve great things. And that led to my book, Big Gorgeous Goals. Let's explore the systems, processes, and people that help us grow our businesses to new heights. If you're interested in growing your business, this podcast will help. Now let's get going. Hello and welcome to this episode of Figure Eight. Today I am very excited to welcome Tina Moser to the show, and Tina Sue started her incredible journey over 20 years ago when she became an entrepreneur and said goodbye to the corporate world.
Julie (00:01:20) - Like many of us, she had a life event, becoming a mother that caused her to take stock and want to do something different in her life. And despite the fact that she had no previous experience in entrepreneurship and she didn't have any mentors, she decided to go for it and she continuously pushed boundaries. She introduced new services, she made strategic acquisitions, and she forged some really valuable relationships until she successfully sold her business at Top Dollar. And then she discovered that she wasn't so sure she wanted to do it over again. But she discovered she has a passion for nurturing other people as they grow their businesses, and she therefore joined the team at Cultivate Advisors. And I'm really interested to talk to you today, because I think that it's that how we figure out after we do the first big thing, what the next big thing is, that can be the hardest part on the journey. So welcome to the show, Tina.
Tina (00:02:25) - Oh thank you. I'm so excited to share my all of my learnings with with all of you.
Julie (00:02:30) - Yeah, I'm really excited and I'm so interested because I feel, a great affinity with you in the journey that you've had in terms of, you know, what happens after that first big sale event. So let's rewind a little bit to the start of that company. So as you became a mother, you took stock of life, which I think those big events are real crossroads for us in terms of examining what we want.
Tina (00:02:56) - Yes, yes, so much so, so many women have the same kind of life event, like you mentioned, of getting pregnant or or their mom for a little while and just, you know, being a mom changes our world. It's not the only reason to, you know, make big decisions in life. But for me, that just the way that I grew up, both my parents were, blue collar, couldn't attend. We couldn't do sports because they were, you know, working all the time. And so it was just like, granted, I loved my childhood and I love who I am.
Tina (00:03:27) - Everything happens for a reason. But I wanted to be a different kind of mom and the, corporate world that I was in, which I loved my job. I was making great money. I was in finance and HR. this was in 1999. They didn't have flexible work schedules like you. literally, you know, came to work and you worked your 40 some hours and and so when I got pregnant, I did ask if I could have some flexibility. And the answer was just no. So knowing what I wanted to be have that flexibility for my unborn child. This I was doing all this decision making while I was pregnant with my first, and so it was, it was, it was an interesting time because I did not have any mentors. Our whole family is blue collar Midwest, you know? so I was like, who am I to think that I can go start a business?
Julie (00:04:17) - Right. Oh, and so it must have felt kind of lonely when you got started and you were, you know, traveling that path by yourself, trying to figure out what you wanted to really do.
Tina (00:04:29) - Yeah. It was it's a scary move. Regardless of where you're at in your life. Right. Going from a secure I was making 50% of our income and our household. We had just, built a house, so our mortgage was tripling. We're having this baby, and I'm like, hey, you know what? I, I want to quit my job and go start something that I may or may not make money on for a few years. So.
Julie (00:04:51) - I'm making a big change.
Tina (00:04:53) - Yeah. By the way, let's do this. sounds crazy, I know, but it might work out in the long run, right? so. Yes. Very lonely, very scary. I know those that first year. So there was a couple nights I cried myself to sleep. Like, what in the world were you doing? Like, who do you think you are? So a lot of that mind game. in the beginning. But I just always focused on, like, why I'm doing this and being able to, you know, I have an infant at home, so I wouldn't have been able to do those things.
Tina (00:05:21) - So I just kept going back to like, my. Why?
Julie (00:05:23) - Yeah. Yeah. And so tell me about that business and how it grew. What were you doing?
Tina (00:05:30) - everything that I possibly could. So, you know, it was a lot of is a 24 hour business, which also is a challenge. So there was no off. it was in-home care. So we had to hire, you know, people to go in and take care of people who needed assistance. So there was no like there was no downtown don't downtime. So a lot of just trying to be flexible. I did work part time from home and then went into the office a while to fast forward things. I just kept grinding and doing what I could to get to the next level. my whole goal and, you know, looking back on things, was to be able to have this company run without me so that when we had the snow day or the sick child at home or the school event, that I didn't have to be there.
Tina (00:06:17) - So that was really what I was pushing for and building for. I called myself the SOP and the policy Queen because, like, I don't want you to ask me the same question twice. I will write it down and then I can reference you can go reference that document. So, you know, when I look back, it's like, okay, that was pretty smart because I was able to build that and not be so needed in the business so that I could go be the mom.
Julie (00:06:42) - Right. And I think that is really interesting because I think a lot of people get caught up in the. But I'm irreplaceable, sort of like I have to be the one. And so I think it's interesting that you were there from the very beginning thinking, how do I get myself out of here? How do I how do I, you know, bring the people who will, you know, learn and do this better than me so that I can, you know, spend time with my family and have the balance that I want to have.
Tina (00:07:07) - Absolutely. In hindsight, you know, now I coach people on that of like, get yourself out of business because of enterprise value, because the day that you do go to sell, that's huge. But back then I was just being selfish of what my personal needs were. Right. So. But it worked out. so I continued to build the business. and again, in hindsight, man, if we could go back, you know, go in the future and then know what we know now, like things would be so much interesting. But every couple of years I would I smoothed out whatever I was working on. Right. And then I would buy, I added additional services. Then I opened a second location, like a couple of years after that. I acquired my competition. A couple of years after that, I would love to say it was all strategic and it was part of my grandiose plan, but it was really because I love that challenge. I need that that build that, solve a problem like next level.
Tina (00:08:03) - I didn't know it at the time, but like when I go back and look at the the timeline, it was every couple of years I was doing something big to build the brand and continue to grow. so we can fast forward. You know, I won awards and was on the top performing of of that company. It was a franchise. So of of all the franchises. And then I got a knock on the door in 2015 and like, hey, we would like to buy your franchises and like, oh, let me think about that. So I wasn't I was I wasn't mentally prepared to sell. But I knew to like I remember always having the challenge, like, do I want to pay taxes on all that profit, or do I want my books to show that so that when I do go to sell, I have that strong, you know, financial history. So I must have chose the right path to like, pay more taxes than I wanted to. during those growth years. But then I did sell at the top of the industry and and got a fair offer.
Julie (00:09:06) - That's great. And I think it's so interesting that parallel our parallel lives, because 2015 is also when we got the call and sold our business. And it is that thing of like, okay, well, I've been wondering what's next. And you know, we've been talking about it, but, you know, we certainly did not have a for sale sign out on the business. And so, you know, it's kind of an interesting and unexpected when it comes in unexpectedly like that.
Tina (00:09:32) - Yes, for sure. And I had because my, that business, the home health was running by itself. I had another business in Florida, so I was traveling down there for one week out of the month and was starting to build some other brands just because, again, I needed something to challenge me. so yeah, it was like, oh, what's next? And, you know, working with so many people on their exits now, and in my last, you know, decade or so, that's one of the hardest parts is mentally what is next, especially if you're not if you didn't put that for sale, sign out right.
Tina (00:10:04) - Like someone comes to you. You've got to make a financial decision, a personal decision, and then like, what are you going to do with your time?
Julie (00:10:11) - Yeah. Well, and I mean, the truth is, if you have a successful business, there comes a time where it makes sense to take some of your money off the table.
Tina (00:10:19) - Absolutely. You know.
Julie (00:10:19) - You've invested everything you have. It is your retirement. It is your family security and your future. You know, ability to have any money to live from comes from the value of your business. Really?
Tina (00:10:33) - Yes, absolutely. And you know, there's I mean, we don't need to go into it, but when you're looking to sell, there's your life, you know, your life cycle. Where are you at, like you said. And then there's also the industry. Like where is the industry going? Because you don't want to try and sell. If your industry is changing, you know, back to the blockbuster Netflix story.
Tina (00:10:53) - Like you don't want to make a decision like that where, no, no, we're good. We we're so cool we don't need to sell. And then the industry changes somehow. So you just have to be really mindful of both of those. Yeah.
Julie (00:11:04) - Yeah. And so what was it like for you. So you were, you said you'd already started something else down in Florida. And so you were going back and forth to Florida and working on that and cultivating that a little bit. So it kind of that, that was a bit of an ad before you subtracted.
Tina (00:11:19) - It was a bit of an ad before I subtracted. But I, that was so there's, there's good franchises and there's bad. And that was, not, not a good one. So we'll just leave it at that. That, structure did not work. It's not in existence anymore. Like the whole franchise system doesn't exist. Yeah. so which is really great for me helping other business owners now because I know what to look for.
Julie (00:11:45) - Yeah, you've seen success and you've seen more challenges come when the setup isn't quite right and things aren't working properly.
Tina (00:11:52) - Yep. And that was a lot to do with an industry shift in that business that they did not see coming. I didn't see coming. And it happened like six months after I opened the doors. So yeah, a big challenge there. although that was still running, I did, run that for a couple of years trying to get out of the franchise agreement, but I still needed something local because I had kids here in Wisconsin still. So I immediately went into like, how can I build something else in the senior world? I knew that I built a memory care unit. My grandparents, both my grandmothers have dementia. So I was like, I really was passionate about that. So I built a memory care home and then, you know, got that running without needing me within a few months. And then I just realized, like, I'm not even excited to go to work, right?
Julie (00:12:42) - Right.
Tina (00:12:42) - I was burnt out on that industry and I wanted a different challenge. And it was funny because my daughter at the time, so she would have been 16. She said, mom, why don't you do something different? I was like, no, this is what I know. So my 16 year old was smarter. Be like, give yourself something new to do. I was like, no, no, I invite you to listen to her. So since I had free time, I started helping other business owners. I started volunteering a lot through Score and just helping other people that I knew in my network with their business and came home so energized. My other half was like, oh my God, you come home like a totally different person after your with one hour, you know, with these other business owners, I'm like, I know, I Absolutely. I feel like they're my business. So I'm really helping to grow, you know, ten, 15, 20 other businesses. And then a colleague of mine that was at call at Cultivate Advisors, like, called on me because he knew I was a business owner.
Tina (00:13:38) - And he's like, what do you do? And I'm like, oh, well, I sold. What are you doing? I'm advising. He goes, no, no, you need to come work with us. And I said, no, no, I don't, I'm good. So I had a call with cultivate and just an amazing team that I wanted to surround myself with, and that is how I became part of cultivate back at the end of 2017. And then was a full time advisor of every industry, all kinds of different businesses, just really helping them grow, just like, like I did.
Julie (00:14:05) - And that's so thrilling. I totally agree with you. I love helping people navigate their own challenges as they work to grow their businesses like it really is. So I find it endlessly fascinating the reasons the needs people see in the world, the reasons they start businesses. And it's endlessly fascinating to me.
Tina (00:14:27) - It is. And I think the other thing you know, that we talk about is like no business in general, like there's certain things that are consistent regardless of your industry as far as like how growth and things like that.
Tina (00:14:39) - But the challenges, the people, the personalities, like that's what makes it I love variety. and that's why you can't just go read a book or, you know, there is no silver bullet on how to get a business to the next level because there are so many different components that play into that. so that's why I just absolutely love being part of that. And it's so it's key to have someone on your team that has that outside look.
Julie (00:15:06) - It totally is. And they bring that like, but what about this? Or why is it like that? Or, you know, it's just those questions where all of a sudden you're like, why are we doing it like that? Wait a minute. I think it could be a lot easier. And so, you know, because I think you get caught in your own little echo chamber for sure. So yeah, I know for me it was a real, mix of books, expertise, mentoring, you know, having the right advisors around that could, you know, kind of poke holes at the things we thought would be amazing.
Julie (00:15:41) - And all of that was a really valuable kind of, mélange of stuff for us as we really, you know, picked out how we were going to move forward because I think, you know, it's hard to say no to opportunities that are in front of you, but you really have to. You've got to narrow in to the things you think are your best opportunities, and that can be very difficult. But you see, you know, the businesses where they're trying to do so much and they're they're struggling to get any traction or forward movement because it's just no one thing is, is grabbing enough hold.
Tina (00:16:17) - Yes, that's where that plan comes in. And then, like you said, some mentors, some outside resources say like, those are all great things. Let's focus on three.
Julie (00:16:27) - Yeah, yeah. And and and it's hard to like kill your darlings and and you know, say no. I'm only focusing on these three. And I remember always having we'd have these ideas and be like, why has that been in the parking lot for two years? And it's like, because it's never in the top three.
Tina (00:16:44) - Right? It's a great idea, but not something that's going to move the business as fast as these other three. Yeah, yeah, yeah.
Julie (00:16:52) - So interesting. And so what is what is life like now for you as an advisor? What is your path with Cultivate Advisors look like.
Tina (00:17:01) - Yeah. So a couple of years of full time advising. And I miss being in that strategic role, that being able to help make decisions for the company as a whole. So I moved into a partner role and helping just the whole executive team in the company grow. Most of my life, the last few years has been growth by acquisition for cultivate. So we've acquired two different brands underneath our cultivate brands. So a lot of that acquisition making sure that the partners would be great. I still have a handful of clients still from back in the back in the day that I still work with. and that's amazing because then I still get to satisfy that need. but yeah, it's really a lot of education on finances and how a business has to really be strong in there.
Tina (00:17:49) - You can't make a business decision. You can't hire someone. You can't decide to spend advertising if you don't understand your financials. And that is one of the biggest things we see with business owners that, you know, like you said, there's like all these shiny balls and like, oh, well, there's a new thing. I'm going to go on YouTube, I'm going to go do this, I'm going to go buy another truck for delivery. But it's like, well, what is that? What is the ROI on that? How does that affect our financials? How does that affect your big term goal of to sell someday, or how does that affect your cash flow. So a lot of education to our clients and to our advisors, on the the clients that they're working with. So just a lot of, a lot of things to keep me busy.
Julie (00:18:31) - Definitely. I agree with you that I think the financials piece is, the hardest for a lot of people to get their head around.
Tina (00:18:40) - It is.
Julie (00:18:41) - And and, I mean, you know, some people like it. I happen to be one of those. but I also know that not everybody does, and but it's a big risk. You've got to watch risk in in the financial realm, for sure, in terms of fraud and other bad things that can happen. And also you want to understand how the business works so you know what levers you've got to pull to to make things happen.
Tina (00:19:08) - You just hit the nail on the head that it's really you know, a lot of people are like, oh, I don't do math, I don't I you know, I, I've always struggled math. That's fine. Like you're not doing math at all. There's no math in finances at all. I don't like math either. And I'm director of finance. Like it is about the data. It is really data. And it's backwards looking data. It's your financial history, but it's those levers like what was out of whack this month. Why did why did we not make a profit? Oh, it's because we did this.
Tina (00:19:37) - And like okay, that was part of our strategy or oh we need to look for that. It's all data. And then it's those 3 or 4 little numbers that you're looking for on your panel to, to make those slight little changes gross margin, tiny little tweak can go right to the bottom line. If you don't understand those things, then you're just living in the past and going like, okay, my bank account has X number of dollars. We're good, you know, and especially when we're working with six, seven, eight figure businesses like their cash flow is usually well, but it could be so much better if they just dialed in some of these little metrics. So that's where it's like even when businesses are doing really well and the cash flow is fine, like we can still get really good about tweaking some of those things to impact growth, which impact your enterprise value when you sell.
Julie (00:20:29) - Right, yes. Because if you can put more money to the bottom line, it will increase the value somebody's willing to pay for your business.
Tina (00:20:36) - Absolutely. It's one of the calculations. Yeah.
Julie (00:20:38) - And so what's it like coaching people through acquisition?
Tina (00:20:42) - it's exciting, right? But I've gone through it a couple times. I didn't mention, but there it was in that first struggle bus years. I think it was maybe year five. I was like, okay, I was, I was it was 24 hours. I still was doing a lot of like, I missed a Christmas morning because I had to go, you know, someone called in sick type of thing. So I went to sell my business somewhere in the early stages, and I would have made, you know, tiny, tiny little bit of money. But I was like, well, I'll go get a job. It's fine. Even though that was the last thing I wanted. the powers that be, whatever those are. For those listening, had my back because the deal fell through the night before.
Julie (00:21:23) - Oh, wow.
Tina (00:21:23) - Like, not what I wanted before. Literally, like, we had already done all the lawyer meetings and all the things, all the due diligence.
Tina (00:21:31) - and they decided that at the ninth hour that they were not signing in the morning. And so I was already mentally checked out. I had to put my big girl panties on and like, okay, well, this was not meant to sell. I'm going to have to take this thing and build something of it. And that was one of those pivotal moments where I got my head back in the game and said, like, no, you're not going to fail, you're going to build this. But because I've been through that, and, and weirdly enough, even before I started, the, the finance and HR that I was doing in my 20s at a corporate before I got pregnant, we were acquiring companies like crazy. That was what I was doing back then. So it's like my life went full circle. Started that right out of college yourself. But like exactly. I've done it for myself a couple of times. I've sold. I acquired my competition midway, so I was on the other side of that table.
Tina (00:22:22) - And then I've helped several clients through acquisition as well.
Julie (00:22:26) - Well, and I would think that when you were working corporate HR and finance, seeing those acquisitions and seeing some of the great things and some of the pitfalls and the bumps in the road that can come with acquisition, would have given you a really great viewpoint for when you landed in it as an entrepreneur.
Tina (00:22:45) - One of the reasons I went into HR back then, because I started out in finance and that company was that was how they were growing. We were acquiring, like 3 or 4 small companies in all over the United States and merging them into us. But it was a it was a product business, so we didn't need a lot of the people. And that was the part where we're acquiring this company five states away. We tell them nothing's going to change when that's not the truth. You know, it's just not going to change for a while. And then these their employees were kind of just like left with no one. And we didn't have an HR department at the time.
Tina (00:23:20) - So that's when I went back to school night school while I was pregnant, to get my HR degree, bachelor's degree in HR because I was like these. That's great that our finances, you know, that we bought the products and that we're growing, but these people are just kind of hung out there and they're like in limbo land. So I, I felt that compassion to help the people on the other side of the acquisition. So that's what I did a few years help with the acquisition and then went out and talk to the staff and like helped that culture merge. because that was so huge. You can't just. It's not a transaction.
Julie (00:23:57) - No, no. And it's often. Yeah. And I mean often, you know, lofty promises are made in the courting stage of, trying to win a deal that, you know, hopefully are genuine, but sometimes they are genuine and then they can't actually come true. Yeah. And so things never unfold exactly as you envision in the after of any acquisition.
Tina (00:24:21) - Right, right. And I think, you know, back even farther, I think, I think companies are so much better at that now and being transparent. But, you know, this is 30 years ago that there was the unknown. So people it's even like even if everything that the company acquiring your company says is going to be true, it's It's it's the unknown. Like, is that really going to happen? Because that promise they made isn't on the docket for a year. Like, what am I going to do in the meantime? So just that fear of like what is going to happen? And as an entrepreneur, like, okay, you buy my company, are you going to continue to even if you're out 100%? Like, I didn't have additional equity when I sold my main business, but it's your baby, man. I. I miss Christmases to build that thing. Like I want you to to love it as much as I did. And so there's even, like, that emotional piece of, are you going to treat this like I did going forward? Are you going to build it and make a name, continue the name or continue the legacy? So all kinds of pieces between the employees and the owners of both sides of the acquisitions.
Julie (00:25:29) - Yeah, Yeah. And are you going to. Is it going to going to be something that you, you know, here someone had an experience with that care and, and that you can still feel proud.
Tina (00:25:40) - Exactly. Yeah. My name was on it for years. Like I would still like, you know, like, oh, you're the owner now. Actually sold five years ago. so somehow your name still stays on things.
Julie (00:25:50) - People know, right? But. And so there's also that like letting go process though I think of being like I no longer have that say. And so what happens is going to happen. And I'd like you have to be okay with that.
Tina (00:26:05) - Yes, it is definitely an emotional roller coaster because I know they did struggle. the company that bought my main one afterwards and I had a little bit of like like I did it better, to be honest. But then I was like, are oh, like, okay, but now like pick it up and take it back to where it was.
Tina (00:26:22) - Right? So definitely. And I remember laughing at myself like, Tina, that's not nice like that. You know, I did it a little better job. And then they had to figure it out. So it was it's definitely like, do you want them to be better? Do you do you not do you, do you want them to just like pick up the ball and run, make it look easy. So I had all of those emotions.
Julie (00:26:42) - Yeah. And when they bought from you, did you leave right away or did. No, sir.
Tina (00:26:48) - so they bought several franchises and they wanted them all to operate like my two. So then I consulted for them for a year and with the other ones, and we did all the people stuff and the culture.
Julie (00:27:00) - The way they wanted and that sort of thing.
Tina (00:27:02) - Yep, yep. So I consulted for for them for about a year.
Julie (00:27:05) - That sounds like a good way, though. A good sort of one foot in, one foot out way of of exiting gracefully to do the consulting piece.
Tina (00:27:13) - Yeah. And I, I've definitely worked with other owners actually. One of my clients just sold like three months ago. And same thing, like continuing like got what he wanted for, you know, as a, as an exit plan and then is just staying on, for what he wanted going forward. And it always helps the, the new owners and, you know, and it helps you with that mental transition. So it definitely is a very common option. Yeah.
Julie (00:27:43) - Yeah. No, I think it's it's a good it's hard to find the right way to stay or to go. And so it's always, you know, is there is there an earn out. Do you have to stay. Is there like what are the different sort of mechanisms that happen? And you know, how you kind of make your way if you're going to go and then and then certainly some entrepreneurs sell and stay with their business for a really long time afterwards.
Tina (00:28:10) - Yeah. And there's also the option to like sell for bigger.
Tina (00:28:14) - Right. So you might sell portion of it. Stay on still have some equity with the play of selling again in five years. Now that you've had, you know, this this bigger partner. So that's been pretty common to that. You're not taking all your chips off the table. You're bringing in people that are maybe smarter than you and can help take your business to the next level, that then you can sell again. So you can have multiple exits in the same business. It's a good strategy for some industries and some people.
Julie (00:28:42) - Yeah, especially if you're in an industry where you really need people with deep and long term experience in that industry to come in and really grow the business to that next level that, you know, retaining 10 or 20% can be a really great way of cashing out. you know, twice and hopefully at a more lucrative amount the next time.
Tina (00:29:04) - Yep. Yeah.
Julie (00:29:04) - Exactly.
Tina (00:29:05) - Yeah. It's a good strategy. Good.
Julie (00:29:07) - And so what was it like now? So you were a solo entrepreneur for a long time.
Julie (00:29:13) - And what was it like when you went and, decided to join Cultivate Advisors? Just so different. You know, you're joining as a partner. I mean, obviously you work there for a couple of years. So you knew there was a fit and you knew you could, add value at the leadership table. Yeah. so that's a good baseline.
Tina (00:29:34) - Yes, yes, I, Entrepreneur and solopreneur is a lonely world, as you know. And that's where the first few years I was, I wouldn't say struggling because, you know, I was growing every year. But it was when I joined a performance group and this before cultivate, when I joined a performance group and got that peer support. So I don't feel like I was alone anymore and I was able to share financials. I was we were we kept each other accountable. we had written goals that I would never miss because I don't like to disappoint people. Right. So I was like, oh, okay, you're gonna make me do this by the time we meet again.
Tina (00:30:11) - So that was huge. That was a pivotal moment in my career. and then after I sold, I was alone again and building this, you know, memory care and doing like one on one advising. So it was a wonderful and very refreshing to have other brilliant people, in my world, that we were doing zoom before, it was cool because I did work from home. Our main office is in Chicago. but I could pick up the phone or, you know, get on a zoom meeting and see all of my, my peers at the time that we're all all entrepreneurs. So it's like like people, all of the all of our advisors are entrepreneurs. Our founders are obviously entrepreneurs. So it was it was it was great. And then, like you said, I knew that I could provide more. So join the leadership team. And now our team has grown. We probably had ten, maybe 12 people when I joined and we now with acquisition were over 100 and some employees, 150 using.
Tina (00:31:10) - Yeah, exactly. So I don't even know. I haven't even met everyone in person.
Julie (00:31:14) - Right. But so that's where like, I think, you know, the journey of growth really like for you. Like it's not the just a business that's growing. It's also you're having to grow your skills and level up and do all of the things that come with, you know, being part of a bigger business.
Tina (00:31:31) - Yeah. And that's actually what I needed. That was the piece that I need. I can only push myself so far with, you know, one business in my backyard type of thing. So it does satisfy that personal need for me. And then, you know, as you know, I have podcasts as well. And, and that was because I am not advising as much as I was before. So I needed to still have that feeling that I was helping as many women as my who I love working with women entrepreneurs, so I am doing that as well, just to again, like I'm very in tune with what I need to be happy.
Tina (00:32:09) - so I'm checking those boxes in my life.
Julie (00:32:12) - That's a really great point, because I think that, figuring out, you know, what you need and how to make it happen in a way that it's not only necessarily coming from one place, right? Like it's not, you know, you're not deciding that the job isn't the right job. You need something because probably not everything will come from one place.
Tina (00:32:32) - So yeah, I mean, that's why we have hobbies, right? Yeah, exactly.
Julie (00:32:38) - Oh, that's so good. Good. And so what's next now? What's next for you?
Tina (00:32:44) - That's a good question. you know, I am I am dedicated, dedicated to cultivate and, you know, continue to acquire and grow our business. so, I don't know, I, you know, I'm getting closer to the age that I said I would be when I retired, which I used to say I was to retire at 55. So that's creeping up. But I know I could never retire in the traditional sense of retire, So that is really, just kind of keeping that, you know, out there.
Tina (00:33:16) - And I am the type of person who, again, like, I will feel the pull and and I will. So I'm not worried about it. Like I will just I'll, I'll know what my next step is when when it's presented.
Julie (00:33:31) - Right. And right now you feel happy and content to be growing, still growing, always growing, always growing. Definitely an idea of an entrepreneur, isn't it? Yeah.
Tina (00:33:41) - That's just it. You know the idea back in the day when I was in my 20s, like, oh, I don't want to be 60 something when I retire, you know, I want to be I want to do that early. But the thought of just, I mean, I would be happy to sit on a beach for a few hours every day, but I can't have my my brain would go to mush if I wasn't solving problems and building something. So, Yeah, there's, I'm not sure I will come back on the show in a few years to love it.
Julie (00:34:10) - I would love to continue that conversation and and see where we both are and what we've both, tackled and accomplished.
Julie (00:34:18) - Yeah, yeah. Oh, it's so good. Well, thank you so much for joining me today. It's been really great chatting with you, and I'm wishing you all the best as you continue to grow and map your path.
Tina (00:34:30) - Yeah. Same back to you. Thanks.
Julie (00:34:32) - Thank you. I hope you enjoyed today's episode. Please remember to hit subscribe on your favorite podcast platform so you won't miss any episodes. Figure Eight isn't just a podcast, it's a way of seeing the big, gorgeous goals of women entrepreneurs coming to life. If you're interested in learning more, you can find my book, Big Gorgeous Goals on Amazon anywhere you might live. For more about my growth and leadership training programs, visit JulieEllis.ca to see how we might work together. Read my blog or sign up to get your free diagnostic. Are you ready for growth? Once again, that's. JulieEllis.ca. When we work together, we all win. See you again soon for another episode of Figure Eight.