“Figure out — What is the business that you want to run? What's the level of involvement that you want to have? Make sure that your business model matches your psychological desire for your involvement with the business.” — Tim Geoffrion This...
“Figure out — What is the business that you want to run? What's the level of involvement that you want to have? Make sure that your business model matches your psychological desire for your involvement with the business.”
— Tim Geoffrion
This week Sachit (@sachitgupta) chats with Blake La Grange (@blakelagrange) and Tim Geoffrion (@this.walking.life).
Tim Geoffrion is an investor, consultant, and an executive leadership coach to small business leaders. Since starting his practice in 2020, Tim has partnered with the founders of over 20 start-ups to work through both the practical and interpersonal challenges of starting and scaling a new business. His work has included helping founders: determine initial equity splits, communicate more effectively with lawyers and bankers, mediate long standing conflicts, part ways with key employees, implement strategic planning processes, create long-term hiring plans, set-up financial tracking systems, negotiate license agreements, and prepare companies to sell themselves or raise venture capital funding.
Blake, graduated high school early (16), started a self study through music, theology, real estate, and business. He became a record producer for a decade, then built an online mixing and mastering business which pivoted into the premiere online education business in the music industry. He scaled that business to a point where he was able to sell it. Through that journey, launched other successful offers online using other peoples experiences and expertise. He now works as a "record label" in the company Kollege, by finding underground talent and applying lessons learned from the info-product world to help create offers that help creators get paid to do what they love.
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(0:00) - Introduction
(01:00) - Where was Blake, in terms of business, when he reached out to Tim?
(02:59) - Tim’s first thoughts when he saw Blake and his business
(07:55) - How can people perceive business fundamentals correctly?
(11:42) - How does Blake look at a business in hindsight?
(17:08) - What levers a creator should be looking at to grow exponentially later on
(19:36) - Why did Blake decide on sharing profits with his teammates?
(29:20) - How Tim looks at things from an IFS perspective
(34:51) - Decisions that entrepreneurs should make through a psychological lens
(44:30) - Context on the partnership between Tim and Blake
(51:06) - Things co-founders should do during a partnership and while integrating teams
(1:03:33) - Different elements one should consider before selling a business
(1:05:42) - Specific changes that Blake made when selling his business
(1:12:11) - Different ways people can make money as a creator
(1:14:58) - Is there an idealized business structure that is best to sell?
(1:22:06) - Did Blake feel off while letting go of his business?
(1:27:11) - Psychological changes one goes through while selling their business
(1:30:56) - How the process can be made easier for them
(1:33:25) - Blake’s experience of letting go of his business
(1:40:48) - The difference between income and wealth
(1:47:07) - Tim’s advice on where to invest money after selling the company
(1:48:43) - 5 Fast Questions with Tim and Blake