Description

In this episode of The Freedom Experience® Podcast, I sit down with Ryan Tansom, founder of Independence by Design, to explore his journey of turning around his family business and creating his ownership framework. Ryan opens up about the gut-wrenching experience of "eating glass" during the five years he spent turning around a $21 million business, navigating the emotional toll of payroll struggles, and managing cash flow. He also discusses the pivotal moment when they sold the company to a competitor and how that '10-year therapy session' reshaped his understanding of business and life.

Through his experiences, Ryan created the Independence by Design framework to help other business owners avoid the same pitfalls. His mission is to teach business owners how to shift from a CEO mindset to an owner mindset, regain control over their time, and build a business that serves their personal and financial goals.

Watch this conversation on YouTube. And SUBSCRIBE!

Key Takeaways:

1. The Emotional Rollercoaster of a Business Turnaround: Ryan describes the intense pressure of managing a family business, the fear of missing payroll, and the mental toll it took on him.
2. The Importance of Shifting from CEO to Owner: Ryan emphasizes that true freedom for business owners comes from shifting their mindset from being an operator to being a true owner, which allows them to regain control over their time.
3. Cash Flow vs. Equity: Ryan explains the critical trade-offs between focusing on immediate cash flow and building long-term equity, and why business owners must find a balance that works for them.
4. Building an Ownership Team: Ryan advocates for assembling a team of experts, much like private equity firms do, to help navigate complex business decisions and drive sustainable growth.
5. The Reality of Selling a Business: Ryan shares the difficult decision to sell the family business to a competitor and the emotional impact of watching something he helped build get dismantled.

Sound Bites:

• "I was just like, I'm young, I'm eating glass. This is all going to be valuable at some point in my life."
• "Freedom means independence over my time."
• "We were running a $21 million business, but it felt like a noose around our necks."
• "I felt just unbelievably trapped, and my dad felt trapped too."
• "It’s all about understanding the game of ownership."

Chapters:

00:00 – Introduction and Background
03:00 – The Shift from CEO to Owner
06:35 – Balancing Cash Flow and Equity
09:24 – Managing Payroll and Cash Flow
19:28 – Feeling Trapped in the Family Business
28:03 – The Challenges of Financing
38:39 – Selling the Business
41:24 – Post-Exit Reflections and Lessons Learned
44:41 – Ryan’s Mission to Help Business Owners
49:45 – The Game of Ownership
52:16 – Choosing the Right Game for Your Business
56:10 – Finding Joy and Purpose After the Exit

Resources:

• Connect with Ryan Tansom on LinkedIn.
• Learn more about Independence by Design at ryantansom.com.