Interested in starting your own entrepreneurial journey in business development but unsure what to expect? Then read up on our interview with Jared Maneggio, c0-founder of ExitLabs, located in New York City, NY, US.
What's your business, and who are your customers?
Through ExitLabs, we run accelerator programs designed to educate small business owners who are looking to prepare their businesses for sale or to acquire other businesses. The programs consist of a combination of monthly subscription boxes, digital courses, software, sample deal documents, virtual networking events, and expert coaching. My co-founder and I are business brokers and Certified Exit Planning Advisors. Through our experiences, we know that the majority of exit planning and business brokerage services are tailored toward large and complex businesses with significant budgets. As a result, exit planning and M&A services are usually not accessible to most small business owners and e-commerce entrepreneurs. We are looking to change that by taking the exit planning and brokerage processes and breaking them into monthly segments that are easy to afford and easy to absorb while allowing our members to gain access to the same expert advisors that the larger businesses hire.
Tell us about yourself
I was a government employee for just over ten years before resigning to run my business full-time. I actually had my “dream job,” but it collided with my other dream of business ownership. While working for the government, I spent thousands of hours listening to business audiobooks and podcasts while commuting, on breaks, and after work. I started a bunch of different side hustles while building my business education. Over time, my business ideas improved, but with that, they became more time-consuming. The growth of one of my businesses, a monthly subscription box, led to my decision to leave my job and pursue entrepreneurship full-time.
When the business grew to the level of a potential sale, I had no idea where to begin. I immersed myself in business brokerage and M&A education to get a better understanding of the process. The most important thing I learned from the experience was that I should have started planning way earlier. The scrappiness that comes with juggling full-time employment with a rapidly growing side hustle can lead to early mistakes and poor record-keeping that are difficult to correct later on. My own exit planning experience inspired me to become a business broker and exit planning advisor and ultimately led to the creation of ExitLabs. There are so many things that a small business owner can do now to prepare their business for a future exit better. With ExitLabs, we are able to bring this education and expert consulting to businesses of all sizes.
What's your biggest accomplishment as a business owner?
Building a business that allowed me to become self-sufficient and leave my job, and being able to help other business owners do the same.
What's one of the hardest things that comes with being a business owner?
Risk. Risk and uncertainty are always at the forefront of a business owner’s mind. Questions like:
- “Is the idea going to work?”
- “Do I have enough money to fund this?”
- “Will I be able to afford health insurance if I leave my job?”
- “Will I be able to get another job if the business fails?”
These are usually the thoughts that prevent people from ever moving forward with their business idea.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
- Test your concept and make a business plan before going all in.
- Build a substantial personal emergency fund in addition to the working capital of the business. This will help you cope with the uncertainty that comes with business ownership.
- Start thinking about potential exit plans early on. The things you do to make a business transferable also make really strong, scalable, and stable businesses.
Where can people find you and your business?
Website: https://www.exitlabs.us/
Facebook: https://www.facebook.com/Exitlabs-103079195977136
LinkedIn: https://www.linkedin.com/in/jared-maneggio/
If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.
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