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Before the Exit: Thought Experiments for Entrepreneurs
In the entrepreneurial world, it's rarely questioned that “exiting” is the end goal of a smartly built business and a prestigious waypoint in a successful career.
Since building and selling a business can take years - or even decades - you can't exactly “practice” exiting your business. The best you can do is learn from others.
In 2015, Dan Andrews and Ian Schoen sold their product business, which they built over the course of seven years and which employed 15 people, for multi-seven figures. While they don't regret selling the business, there are many mistakes they made that were avoidable.
Whether you are still in the early stages of building a business or thinking of selling, this book is designed to help you build with the future in mind.
This book presents a series of five thought experiments
The Lifestyle Ladder The Mock Tax Rebate featuring the Mediocre CEO Test The Hidden Upsides The Cash Conundrum The Dirty Secret It turns out there are patterns and predictable challenges coming your way when you prepare to exit your business. Knowing about them in advance is fun and potentially very profitable.
The five thought experiments that you'll read about in this book are designed to give you clarity and confidence as you think through what it might mean to sell your business.
Since building and selling a business can take years - or even decades - you can't exactly “practice” exiting your business. The best you can do is learn from others.
In 2015, Dan Andrews and Ian Schoen sold their product business, which they built over the course of seven years and which employed 15 people, for multi-seven figures. While they don't regret selling the business, there are many mistakes they made that were avoidable.
Whether you are still in the early stages of building a business or thinking of selling, this book is designed to help you build with the future in mind.
This book presents a series of five thought experiments
The Lifestyle Ladder The Mock Tax Rebate featuring the Mediocre CEO Test The Hidden Upsides The Cash Conundrum The Dirty Secret It turns out there are patterns and predictable challenges coming your way when you prepare to exit your business. Knowing about them in advance is fun and potentially very profitable.
The five thought experiments that you'll read about in this book are designed to give you clarity and confidence as you think through what it might mean to sell your business.
Audible Audio
First published March 29, 2018
84 people are currently reading
444 people want to read
About the author
Dan Andrews
1 book16 followersDan Andrews has published a weekly business podcast since 2009. You can subscribe to the podcast on iTunes (or your favorite podcast app) by searching for “Tropical MBA.”
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Displaying 1 - 21 of 21 reviews
April 17, 2020
Interesting thought experiments
Exit at the face of it is a good thing, it makes your account look nicer and you part with the stress of running a business... but is it?
What would you do with the cash?
Was the exit based on needs or wants?
Weren’t there other alternatives to exit?
Read the book before thinking of exit ... it’s worth it!
Exit at the face of it is a good thing, it makes your account look nicer and you part with the stress of running a business... but is it?
What would you do with the cash?
Was the exit based on needs or wants?
Weren’t there other alternatives to exit?
Read the book before thinking of exit ... it’s worth it!
July 27, 2018
It's an excellent short read in a field that isn't written about much: how business owners think about their exits. Dan shares, warts and all, his experiences selling his business (Part 2 of the book) after he spends Part 1 of the book walking us through various exercises to consider, "Do I really want to sell my business?" The concept of the lifestyle ladder, whether you entirely accept the premises or not, is worth the price of admission alone.
April 29, 2018
Fabulous counterpoint to common entrepreneurial advice
Dan's candid story telling of his exit gives a very different (and very needed) perspective on what exiting a business can look like.
I highly recommend this quick read.
Dan's candid story telling of his exit gives a very different (and very needed) perspective on what exiting a business can look like.
I highly recommend this quick read.
May 28, 2018
The book proposes some interesting thought exercises about if and when you should sell your business.
April 9, 2018
It's a quick read about what we don't talk much about - how to exit business you've built. There's no need to be in a process of planning to sell one or even having anything to sell. This is just a refreshing way to look into life of the entrepreneur. There's plenty written on how to get started and how to grow, but what happens afterwards, when one gets bored or ready to move to the next big thing, is a bit foggy land. So, read this if you care to see the full picture.
And one of the starting thoughts is beautiful: "we are wealthier in this moment them we'll ever be in the future" (Felix Dennis)
And one of the starting thoughts is beautiful: "we are wealthier in this moment them we'll ever be in the future" (Felix Dennis)
May 5, 2018
I’ve read this book twice already—it’s a brilliant short read that will change your perspective in a way you’ve never encountered from a business book.
Inside Before the Exit, author Dan Andrews takes a unique look at what it means to sell your business and covers what the practical steps are for ensuring you make the right decision — I’ll give you a quick rundown from a reader perspective:
It’s extremely applicable (much more so than your average business-orientated book), Dan runs the reader through thought-experiments and sets up “what if” scenarios for the reader to put themselves in that in reality—very few business owners fully consider when it comes to not only exiting a business, but even starting one.
But what if you’re nowhere near ready to sell a business?
This book is important for every stage entrepreneur. I’m nowhere near ready to sell my business, but I still got so much out of it. For example, Dan covers an important concept called the “lifestyle ladder” (pg 10) — which changed the way I thought about money, how much of it I needed, and what I could do with it.
And if you’re considering exiting a business then this is a must read. Because the truth is, more than half of entrepreneurs who have sold their business report being unhappy after the sale! Please, don’t be one of them!Spend an hour with this refreshingly honest entrepreneur who candidly shares his firsthand experience selling his business without considering all the options — so you can.
The book made me think about not only exit and end game for my business but what I wanted for my life.
Before the Exit has no fluff, won’t take much time—about an hour to read. Definitely check it out.
Inside Before the Exit, author Dan Andrews takes a unique look at what it means to sell your business and covers what the practical steps are for ensuring you make the right decision — I’ll give you a quick rundown from a reader perspective:
It’s extremely applicable (much more so than your average business-orientated book), Dan runs the reader through thought-experiments and sets up “what if” scenarios for the reader to put themselves in that in reality—very few business owners fully consider when it comes to not only exiting a business, but even starting one.
But what if you’re nowhere near ready to sell a business?
This book is important for every stage entrepreneur. I’m nowhere near ready to sell my business, but I still got so much out of it. For example, Dan covers an important concept called the “lifestyle ladder” (pg 10) — which changed the way I thought about money, how much of it I needed, and what I could do with it.
And if you’re considering exiting a business then this is a must read. Because the truth is, more than half of entrepreneurs who have sold their business report being unhappy after the sale! Please, don’t be one of them!Spend an hour with this refreshingly honest entrepreneur who candidly shares his firsthand experience selling his business without considering all the options — so you can.
The book made me think about not only exit and end game for my business but what I wanted for my life.
Before the Exit has no fluff, won’t take much time—about an hour to read. Definitely check it out.
April 23, 2018
Short & sweet.
What I like most about this book is that it asks the "non-obvious" questions that you will not often hear asked in mainstream media or in public circles. All exits/acquisitions/mergers are lauded, but the details are rarely completely known nor is the full "cost" ever considered.
This is the kind of book that I wish I had read before I sold out of WooThemes in 2013. Many of Dan's questions would've helped me go into that decision with greater awareness. It may not have changed my mind and ultimate decision, but I suspect that it would've helped me cope better in the months thereafter.
What I like most about this book is that it asks the "non-obvious" questions that you will not often hear asked in mainstream media or in public circles. All exits/acquisitions/mergers are lauded, but the details are rarely completely known nor is the full "cost" ever considered.
This is the kind of book that I wish I had read before I sold out of WooThemes in 2013. Many of Dan's questions would've helped me go into that decision with greater awareness. It may not have changed my mind and ultimate decision, but I suspect that it would've helped me cope better in the months thereafter.
Read
January 26, 2019Selling a business is one of the biggest decisions an entrepreneur can make in their life, yet there is precious little guidance on why (or why not) to do it. This is a quick read with some helpful thought experiments for anyone thinking of selling their business.
October 29, 2023
This is one of the best books about exit plans written by an entrepreneur for entrepreneurs looking to take an exit.
Why this book is unique is the approach it takes towards exits.
Entrepreneurs build startups as their babies, they invest time money sweat blood, and love into building these babies and getting them to graduate college.
But when it comes to selling your babies, or sending away your baby out of your home and into another, it becomes extremely difficult.
The psychology and the biases of the founders is something that no book in the market deals with. At the end of the day selling away your product, or service, or you company for an acquihire or any other deal which means that giving up a life style that you have created for your self working hard over one or two decades is extremely painful.
This book actually talks about many thought experiments that a founder/ceo has to visualize before they actually decide to sell away the company.
I am extremely happy that I read this book, because it is the most relevant book in the market for someone who wishes to take an exit.
Why this book is unique is the approach it takes towards exits.
Entrepreneurs build startups as their babies, they invest time money sweat blood, and love into building these babies and getting them to graduate college.
But when it comes to selling your babies, or sending away your baby out of your home and into another, it becomes extremely difficult.
The psychology and the biases of the founders is something that no book in the market deals with. At the end of the day selling away your product, or service, or you company for an acquihire or any other deal which means that giving up a life style that you have created for your self working hard over one or two decades is extremely painful.
This book actually talks about many thought experiments that a founder/ceo has to visualize before they actually decide to sell away the company.
I am extremely happy that I read this book, because it is the most relevant book in the market for someone who wishes to take an exit.
July 3, 2021
I met Dan and Ian through the DC almost a decade ago and had a successful exit at the start of that journey. I’ve been mulling over a second exit for the past 3 years for my other business and was recommend this book by a broker this year - it’s short but perfect.
It asks a LOT of soul searching questions, some that I’ve been asking myself already but also a LOT of new ones.
It also contains a LOT of interesting ideas to do instead of exiting. Like hiring a general manager and going completely hands off so you can focus on other things whilst living on cash flow.
Reading this book has helped me identify what it is I really want out of my business and given me a few interesting directions to head in to get there.
It asks a LOT of soul searching questions, some that I’ve been asking myself already but also a LOT of new ones.
It also contains a LOT of interesting ideas to do instead of exiting. Like hiring a general manager and going completely hands off so you can focus on other things whilst living on cash flow.
Reading this book has helped me identify what it is I really want out of my business and given me a few interesting directions to head in to get there.
March 4, 2019
This is a short but sweet book (especially if you are listening on audiobook) which throws up a lot of ideas for those who run a business. I read it on the recommendation of my partner who is unsure of whether he will look to keep or sell his business in the longer term. This book offers some great thought experiments which gave us some more clarity on his best options.
Andrews makes a great point about the levels of finance we can have and what impact they have on our lives:
Being in debt
Being broke
Having $20-40k in the bank
Having $100-250k in the bank
I would recommend this book to any entrepreneur who may be thinking about selling their business.
Andrews makes a great point about the levels of finance we can have and what impact they have on our lives:
Being in debt
Being broke
Having $20-40k in the bank
Having $100-250k in the bank
I would recommend this book to any entrepreneur who may be thinking about selling their business.
December 30, 2022
Fantastic book. But the “selling your business”-part is just a cover story. The book is really about how to ask the right questions about what is important in your life and what level of financial freedom you need to reach your goals.
Selling your business might be the right answer to the wrong question.
Selling your business might be the right answer to the wrong question.
November 15, 2023
Muy corto! Y muy superficial!
El libro fue muy corto y muy superficial sobre el tema. Hubiera incluido más aspectos, tal vez estadísticas, tal vez más ejemplos, tal vez estudios. Pero fue con un blog post realmente. Tal vez si hubiera podido hablar más de emprendedores de serie. Tal vez más consideraciones de tu empresa (que pasa si tiene capital de riesgo?).
El libro fue muy corto y muy superficial sobre el tema. Hubiera incluido más aspectos, tal vez estadísticas, tal vez más ejemplos, tal vez estudios. Pero fue con un blog post realmente. Tal vez si hubiera podido hablar más de emprendedores de serie. Tal vez más consideraciones de tu empresa (que pasa si tiene capital de riesgo?).
November 15, 2018
Short book, quite interesting topics to think about.
December 9, 2018
really great book. walks you through all the things you don't ever think about before you sell your business.
January 1, 2019
Excellent audiobook version. An insightful read. Thank you!
April 11, 2021
Good thought experiments for any entrepreneur at any stage
October 23, 2023
Great little book that took me just under an hour to read on a flight that gave me some things to think about as I consider a business exit.
September 25, 2025
Kort bok om ett företag som såldes och vad ägarna önskar att de visste innan. Bra att lyssna på när stunden kommer
April 14, 2025
EXIT STRATEGY. The book effectively argues that an exit is often overrated. It challenges whether selling your business or stepping away truly elevates your lifestyle to the next level. Consider where you are on your personal "lifestyle ladder" - whether you’re in debt, broke but earning, somewhat comfortable, or financially free - and evaluate whether an exit would genuinely help you ascend to the next level or leave you stuck. For example, if you already have a significant cushion (e.g., $50k-$100k), doubling it may not change much, while reaching a million could. Keep in mind that a business exit typically pays around three years of income plus inventory, which might feel underwhelming compared to the effort invested.
LIFESTYLE AND VALUE. Think critically about what matters to you financially. The author highlights that for many, the difference between $0 and $X in savings is life-changing, but the difference between $X and $2X often feels less impactful. Ask yourself honestly if the payout from selling your business (calculated as 20x your annual income) is worth giving up the stability and potential growth of an income-generating business.
ALTERNATIVES TO EXITING. Hiring a "mediocre CEO" to run your company might initially seem unappealing, but it can be surprisingly freeing. Even if the CEO performs at an average level, it can buy you years to pursue new projects or interests without sacrificing your business's stability. The lesson is about delegation and freeing up your time rather than defaulting to an exit.
REALITY CHECK. Selling a business might look great on a resumé, but in the real world, "nobody gives a f***." If you’ve been deeply involved in your company for years, it’s easy to imagine an exciting world of possibilities post-exit. However, you might not be as in touch with the world as you think. Before making a big decision, consider taking a proper break (3 months?!) to map out what you truly want to do next in life. Reflect on whether the world has shifted since you last explored it and whether there’s genuinely something you’re passionate about pursuing outside your current business.
LIFESTYLE AND VALUE. Think critically about what matters to you financially. The author highlights that for many, the difference between $0 and $X in savings is life-changing, but the difference between $X and $2X often feels less impactful. Ask yourself honestly if the payout from selling your business (calculated as 20x your annual income) is worth giving up the stability and potential growth of an income-generating business.
ALTERNATIVES TO EXITING. Hiring a "mediocre CEO" to run your company might initially seem unappealing, but it can be surprisingly freeing. Even if the CEO performs at an average level, it can buy you years to pursue new projects or interests without sacrificing your business's stability. The lesson is about delegation and freeing up your time rather than defaulting to an exit.
REALITY CHECK. Selling a business might look great on a resumé, but in the real world, "nobody gives a f***." If you’ve been deeply involved in your company for years, it’s easy to imagine an exciting world of possibilities post-exit. However, you might not be as in touch with the world as you think. Before making a big decision, consider taking a proper break (3 months?!) to map out what you truly want to do next in life. Reflect on whether the world has shifted since you last explored it and whether there’s genuinely something you’re passionate about pursuing outside your current business.
May 21, 2025
In the top 3 best books about selling a business.
Displaying 1 - 21 of 21 reviews