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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.

Oct 6, 2020

I’m SO excited for October this year, because we’re now less than a month away from Double to Sell, Canada's premier workshop for business owners (Nov 4 and 5)! 🌟🍾🌟

 

You’ll learn from the CEO Whisperer Cameron Herold, and from peers who’ve already grabbed a cash-rich exit! 💵 💵 💵

 

Today on “I’m a Millionaire. So now what?” meet one of them - Eric Haggar, President of Axxel Inc.

 

A born entrepreneur he watched his Dad launch and sell multiple businesses!

 

He bought Dad’s last business and grew it into one that helps entrepreneurs in all areas of their business. But, he also sold off bits and pieces of it. Which is never easy. 😭

 

There are good lessons here. Enjoy.

 

And see you in November! 💰🎉🤯💰

 

 

Eric’s a text-book example of what it means to be a member of the Self-Made Nation. While he studied engineering, and built a successful career with Bell Canada, he always knew his endgame would be to shift gears eventually and become an entrepreneur. And he’s not afraid to get personal. 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.