Why Every Entrepreneur Needs an Exit Plan First on It’s A Profitable Life with Michael Cole
Every entrepreneur reaches a breaking point—the moment when drive meets exhaustion and you realize your business can’t depend on you forever.
In this episode, Michael Cole shares how he went from Navy veteran to first-time barbershop owner to financial planner for beauty professionals—and what he learned about building a business that works for you, not the other way around.
Michael’s story is about leadership, structure, and freedom: creating a culture where people stay, systems that sustain, and financial strategies that secure your future. Whether you’re behind the chair or leading a team, this conversation will change the way you think about ownership, wealth, and balance.
In This Episode:
0:00 - Intro
2:10 - The power of people over profit
6:00 - Lessons from opening a barbershop with zero experience
10:20 - Building culture: hire slow, fire fast
14:00 - Retention as the real measure of success
18:00 - The fear of pricing and learning confidence in value
22:30 - From operator to owner: letting go to grow
27:00 - Designing a business you can step away from
31:00 - Why every entrepreneur must plan their exit early
36:00 - Creating a strategic cash reserve for stability
40:00 - Preparing your family and business for the future
45:00 - You can look rich or be rich—but not both
48:00 - Final reflections
Key Takeaways:
About Michael Cole:
Michael Cole is a Certified Financial Planner, founder of Cole Wealth Management, and owner of a Charleston-based barbershop that has operated successfully for over a decade. His work focuses on helping beauty, salon, and wellness entrepreneurs create wealth, protect their futures, and design businesses that thrive without constant oversight.
Website: https://michaelcole.nm.com
Instagram: https://www.instagram.com/j.michaelcole
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