The Stages of Entrepreneurship with James Sellers

James Sellers is the Founder and CEO of the Sellmark Corporation, a company dedicated to building "Brands That Sell" in the shooting and outdoor industry by developing, acquiring, manufacturing, marketing, and distributing products in various outdoor categories (such as night vision, laser sights, tactical scopes, camping kits, and first aid kits.) James' decades of experience in the art of selling have allowed him to specialize in branding strategy, product development, sales management, public speaking, and strategic planning. James is also a Founding Board Member of the Southwest MERIT Association, a non-profit organization of business leaders that focuses on promoting industrial competitiveness and innovation.

In this episode, James shares the different stages of being an entrepreneur, from coming up with a product to sell, to leaving a legacy when you retire or sell the company. He describes how Sellmark was founded and what the first years were like, especially during 9/11 and the Crash of 2008. He explains what his college mentality is and how it helped him better manage his finances. He discusses the difference between financial advisors and bankers and why you have to strike a balance when listening to their advice. James also shares how business owners can prepare for retirement and how to let go of the business effectively.

"When you're in a business that has high growth potential, it changes things dramatically." - James Sellers

This week on Priorities Lifestyle:

• What it feels like to be heavily involved in the community
• What inspired James to start Sellmark
• The focus of James' book idea and how he plans to write it
• What drives James to produce new ideas and great products
• Why James kept his college student mentality and how it allowed him to manage his finances
• James' thoughts on social media, information overload, and how to get your head above water
• What James focused on when he first started the business
• What the first few years were like for the company
• How financial advisors can help entrepreneurs manage their company's finances
• What James believes business owners should focus on when it comes to financial planning
• James' thoughts on managing your personal finances for your legacy
• The mistakes entrepreneurs make when it comes to letting go of their business

Our Favorite Quotes:

• "Financial advisors will help you find ways to take cash and invest it to make it available for even more opportunities in the future." - James Sellers
• "When you decide to transition out of the business, it's not easy. You have to decide what type of transition you are going to do." - Rob Schulz
• "The more successful you are, sometimes, the more complicated things get." - Rob Schulz

Connect with James Sellers:

• Sellmark Corporation
• Southwest MERIT Association
• LinkedIn

About Rob Schulz and P&L Podcast

The P&L Podcast is a show for business owners. In each episode, host and financial planner Rob Schulz sits down with business owners and the professionals that serve them to talk about business building, life, money — and the all-important transition out of the business, which inevitably happens to everyone who has ever founded a company.

Email Rob at rob.schulz@schulzwealth.com with questions, comments, and to schedule a one-on-one conversation.

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