Tony Dehnke took his love and passion for car audio and eventually built a well-known car audio retail location in British Columbia, Canada. After spending eight years creating and running his store, he eventually decided to sell it and pursue other interests, including world travel.
In this episode we discuss various topics such as building a company based on a lifelong passion, marketing and selling a successful retail store, the importance of having a professional network to lean on for advice, and what life is like after selling your company.
Listen to the episode below.
- 1:00 – Computers, BBS systems, and the love of technology
- 4:27 – Reminiscing about the birth of the internet
- 5:00 – Migrating from the love of audio into car audio
- 8:50 – The appeal of starting your own business
- 14:20 – Self-financing your own business
- 16:05 – The importance of budgeting your startup funds properly
- 19:30 – Pros and cons of having a business partner
- 22:04 – How to unwind a partnership that isn’t fulfilling its potential
- 24:40 – Why you need a partnership or shareholder agreement in business
- 29:10 – Running a business vs selling a business
- 31:15 – The process of selling a business
- 32:10 – Making sure you have an outside network of trusted individuals to bounce ideas off of
- 34:20 – What closing day for the sale of a company looks like
- 39:05 – Making sure everyone is happy after the lawyers and accountants are long gone
- 40:00 – Finding purpose after your company is sold
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