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Each week on “I’m a Millionaire, So Now What?”, Colleen O’Connell-Campbell, Wealth Advisor at RBC Dominion Securities, delivers inspirational stories and practical advice to self-made millionaires and wealthy families. With a focus on financial planning and wealth management strategies, Colleen and her guests cover the critical issues that truly matter to you, including succession strategies, family business governance tips, how to cope with fundraiser fatigue, finding your purpose after losing your family business, and much more.

May 12, 2020

It’s that time of the week again – on today’s episode of “I'm a Millionaire! So Now What?” I chat with Eric Haggar, President & CEO of Axxel Inc.

 

A text-book example of what it means to be a member of the Self-Made Nation, he knew he would be an entrepreneur someday – and watching his father start, grow, and sell multiple businesses, in multiple fields was his inspiration!

 

So, in 2010, when his dad was about to sell his latest venture, Eric decided to buy it himself. Cue one very happy dad.

 

Since then, he’s pivoted, rebranded, and successfully grown that company into one that helps entrepreneurs in all facets of their business.

 

I hope you enjoy Eric’s story as much as I did!

 

He really gets personal too. Running a business is tough. And running a family business is tougher – especially when a personal loss occurs. Eric talks about how much his dad’s passing impacted him when he was selling part of the business. And the steps he took to remain in a neutral place and keep emotions at bay during negotiations.

 

As he says, “I've seen so many cases where entrepreneurs believe they can save a couple of bucks by not hiring an advisor, or try to sell their businesses themselves, and are studies…that show emotions eat up a lot of the value you could have gotten. So, I stayed totally impartial. I stayed out of it. I let somebody else negotiate. I drew the big lines of the musts and the non- negotiable items, and I let them run with it. And you know what? Usually a transaction takes anywhere between six to eight months, [but] we finished in (almost) less than three months. So, it was really a profitable decision I made at the time.”

 

There’s a lot of takeaway in this episode. I hope you like it.

 

I would also LOVE to share YOUR story. If you’re interested, drop me a line.