Richard Walsh – Author of “Escape the Owner Prison: The Contractors new way to scale, regain control and fast track growth while loving life”

Breaking Free: The Roadmap to Escaping the Owner’s Prison with Richard Walsh

Mike interviews Richard Walsh.

Imagine this: you’re sitting in a coffee shop, sipping on a latte, and out of the blue, you check your bank account. You see a number so large it takes a second for your brain to catch up. Millions. You’ve sold your business, and life is about to change as you know it. No stress. No chaos. Just freedom and options. That’s the dream, right? But let’s get real – how many of us build our businesses with that dream in mind?

In this episode of Million Dollar Stories, Richard Walsh, author of Escape the Owner Prison: The Contractor’s New Way to Scale, Regain Control, and Fast Track Growth While Loving Life, breaks down how to achieve that dream. If you’re an entrepreneur, especially in the contracting world, you know the grind all too well. The long hours, the firefighting, the constant struggle to keep your head above water. But what if there’s a way to survive and thrive in this game?

SUMMARY

Richard drops a bombshell out of the gate: “The best time to start with an exit strategy is before you launch your business. The second best time is right now.”

Most entrepreneurs, especially those in the contracting business, don’t think about their exit strategy until they’re burnt out, frustrated, and ready to throw in the towel. But here’s the deal – if you’re not thinking about your exit from day one, you’re already behind. Why? Because having that exit strategy isn’t just about getting out. It’s about building a business that’s actually worth something.

Richard breaks it down simply: “How long do you want to do this? When do you want to get out? How much do you want to get out of it?” These are the critical questions you need to be asking yourself. Too many entrepreneurs are grinding away, thinking everything will fall into place if they just hustle a little more challenging. Spoiler alert: it won’t. You’ve got to be strategic, and that starts with knowing your endgame.

Let’s talk numbers. Say you want to sell your business in 10 years for $10 million. Sounds nice, right? But how do you get there? Richard suggests reverse engineering your success. What must you do on day one to start moving toward that goal?

Here’s the kicker: you can’t just focus on active income – the salary you’re pulling from your business. Sure, it’s great to be making seven figures a year, but what happens when you sell the business? You lose that income stream. That’s why Richard emphasizes the importance of acquiring assets that generate passive income. Real estate, Bitcoin, whatever floats your boat – just ensure you build a financial safety net that doesn’t disappear when you cash out.

“By the time you hit year 10, you want $83,000 monthly from your assets. That way, when you sell the business for $10 million, you’re not just sitting on a pile of cash – you’ve still got that monthly income rolling in.”

One of the most powerful takeaways from this conversation was using your exit strategy as a filter for every business decision. Richard calls it the “ultimate business filter.”

You know how it goes – you’re finally getting some traction, and suddenly, everyone wants to pitch you the next big thing. A new opportunity, a side hustle, a partnership that seems too good to pass up. But here’s the question you need to ask: “Does this get me closer to my exit, or does it pull me further away?”

If the answer is the latter, it’s a hard no. This is where most entrepreneurs get sidetracked. They chase shiny objects, thinking they’re making progress, but in reality, they’re just moving further away from their goals. Stay focused. Stick to the plan. Your future self will thank you.

Richard and I agree on one crucial point: even if you do not intend to sell your business, you should still build it to sell. Why? Because a sellable business is a well-oiled machine. It’s systemized, scalable, and doesn’t rely on you to function.

“If you’re working 80 hours a week, putting out fires, and micromanaging every detail, you don’t have a business – you have a job,” Richard says. And let’s be honest, that’s not why you became an entrepreneur in the first place.

Mike Fallat and Richard Walsh talk about the book Escape the Owner Prison: The Contractors new way to scale, regain control and fast track growth while loving life.

By building your business with the end in mind, you create something that can stand independently. Something that can grow without you. And when the time comes, whether in five years or 25, you can step away with the confidence that you’ve built something precious.

Richard’s advice isn’t just for contractors – it’s for any entrepreneur serious about creating a business that survives and thrives. It’s about getting off the hamster wheel and building something that gives you the freedom and financial security you’ve been chasing.

So, take a page out of Richard Walsh’s book. Start with your exit in mind, reverse engineer your success, and build your business to sell – even if you never do. Because at the end of the day, a company that can run without you is the ultimate freedom. And isn’t that why we started this journey in the first place?

Remember, a million-dollar book will lead to a million-dollar life. Let’s escape the owner’s prison together.

Get his book here:

About Mike Fallat

Mike Fallat, aka The BookMan, is the owner of Dreamstarters Publishing and the Million Dollar Book Agency. They have helped 300+ entrepreneurs become bestselling authors. His goal is to help 1,000 entrepreneurs publish books and teach them how to use their books as a gateway to generating 7-figures.

Visit website for more information: https://www.milliondollarbookagency.com/

About Dreamstarters Publishing


Dreamstarters Publishing offers ghostwriting, cover design, and everything that is required to take an idea to a finished book (kindle, paperback, hardcover, and audiobook).


The Million Dollar Book Agency is the ultimate marketing CRM system for author-preneurs. Services include automated funnels, lead generation campaigns, book fulfillment, podcast management, press releases, virtual assistants, course development, and more.

Mike also hosts a podcast known as Million Dollar Stories and runs a membership-based site known as Million Dollar Circle. In addition to owning the book business, he invests in self storage real estate.

https://dreamstarterspublishing.com/

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