Latest / Beyond Fulfillment Podcast / She Built a Business by Accident (Then Sold It) with Sarah Jeanneault
Transcript
- 0:06All right, Sarah Genot, welcome to Beyond Fulfillment.
- 0:10Thanks, Dave.
- 0:11I'm so excited to be here.
- 0:12Yes, excited to chat with you.
- 0:14So, Sarah, you've been an entrepreneur in the fintech space for quite a while and you had a very interesting way that you got started.
- 0:24Just to set the stage for our listeners.
- 0:26Can you talk about how and why you became an entrepreneur?
- 0:30Yeah.
- 0:30So way back when I was a teacher, I never thought that this, I was about to embark on this journey and I was, I had started teaching for a little bit and then to be honest, my best childhood
- 0:44friend died of cancer really suddenly.
- 0:47And it kind of hit me that I was like, what am I doing?
- 0:50Is this career that I picked for myself a career that I should be proud of?
- 0:54You know that you're, you're your parents.
- 0:56My parents at the time are like, this is good.
- 0:58You have a pension, you have the stability, you have the full time job.
- 1:01This is what everyone aspires to, right?
- 1:03And I remember thinking, I don't think this is for me and I think I need to pivot.
- 1:08And so I decided that I originally was going to learn how to trade for myself.
- 1:14So trading like stocks, and at the time I was trading futures, never thought again that I was going to build my own business.
- 1:20I was just like, I'm going to leave this other thing, I'm going to just trade for myself and that's going to be my career journey.
- 1:27So I at the time was like, okay, still teaching, what can I do?
- 1:31So I start trading like really early in the morning.
- 1:34So if you know the ES contract, the futures contract, it trades 24 hours, which is great for someone who wants to do that as a side hustle because you can get up at like 4 or 5 in the
- 1:43morning eastern and trade and then go to work.
- 1:45So I started doing that.
- 1:47And along that journey of trading, I started blogging how I was learning to trade.
- 1:54And I also started for fun, a trading tip comic strip.
- 1:58And I know that sounds like, what is that?
- 2:00It's so visual and like, what does that and how is that a business?
- 2:03And I, when I started it, to be honest, I had no idea I was sitting on something.
- 2:08And just out of sheer curiosity was just sharing some of my insights, I guess, if you will.
- 2:14I was an influencer before influencers were cool and just started really getting into it.
- 2:20And then what happened, and I hope that other entrepreneurs are going through this as well, is people started reaching out and people started asking me more questions and people were starting to say, how can I make some of
- 2:30this available, how can I learn?
- 2:32I like what you're talking about here.
- 2:34And that's where it hit me.
- 2:36And I realized, wow, there's an opportunity here.
- 2:39I have an educational lens of how to learn and teach.
- 2:42I have a master's of education in adult learning, and I'm blogging over here, and people are pretty interested.
- 2:49And then I was like, well, how do I pull this all together?
- 2:52And maybe there's something here.
- 2:54And that's how it started.
- 2:56Wow.
- 2:57So that's fascinating.
- 2:58So you go and you get your master's of education.
- 3:00You're a teacher.
- 3:01You kind of follow the, you know, like, what your parents wanted.
- 3:04They're proud of you, but you're not happy.
- 3:06You're not fulfilled.
- 3:07Your childhood friend dying suddenly really kind of jolts you, and that.
- 3:11That sparks this whole inner conversation of what am I really doing here?
- 3:16And while I.
- 3:17That's.
- 3:17That's a pretty wild 180 to go from being a teacher to attempting to be like a day trader, you know?
- 3:24And so you start trading early mornings before work, right.
- 3:27As a side hustle to get it going, you start blogging.
- 3:30And what.
- 3:30What year is all this?
- 3:32For context?
- 3:32Oh, goodness.
- 3:33I'm not sure I want to date myself, but this is like 20 years ago.
- 3:37Okay, okay.
- 3:39So.
- 3:39So the early 2000, mid.
- 3:40Early to mid 2000s, let's say.
- 3:42Right?
- 3:43And so you're blogging.
- 3:45Your blog is getting some traction.
- 3:47And then you also start the trading tip comic strip.
- 3:51So what.
- 3:52What is it just like what it sounds?
- 3:54It's like a comic strip that teaches you about trading.
- 3:57Is that what it was?
- 3:59Exactly.
- 4:00That was the root of it.
- 4:00Like, we're talking what the foundation was, and that.
- 4:03That absolutely was.
- 4:04The foundation was.
- 4:05I just took one key, learning of something.
- 4:07I was picking up a pattern I was seeing, and I turned it into this little visual cue, like a lesson or a tip or a reminder or something.
- 4:17And at the time, I was leveraging what was then Twitter, and this was when Twitter was just starting out, or not just starting out.
- 4:25It had been around, but it was becoming a popular place for people to be tweeting.
- 4:29And so would start putting these things, and I'd start seeing all the followers in the same light.
- 4:34Like, if I.
- 4:35If I talk to an entrepreneur today who's creating, let's say, video content shorts, and they're up on TikTok or Instagram, it's the same kind of idea.
- 4:43We're talking about a different media.
- 4:45But the concept of how to grow in here is still the same.
- 4:49And started recognizing that I was getting followers.
- 4:52People were retweeting me at the time, and it was getting a lot of interest.
- 4:58And now I also have to say, can you imagine the conversation with your parents?
- 5:04And for anybody who is younger out here and starting things, and you're like, mom, dad, this isn't for me.
- 5:10Can you imagine their horror of thinking, what are you doing?
- 5:16Hey, let me tell you about Max Capital Hub.
- 5:20If you're an entrepreneur trying to get funding, but your credit's holding you back, these are the people to call.
- 5:26They do business loans, business funding, and they'll actually help you clean up your credit so you qualify for more.
- 5:34They're not just handing you paperwork.
- 5:36Their team builds an actual strategy around your business.
- 5:40So if you've been stuck or the bank has told you no, give Max Capital Hub a call or book a free consultation@maxcapitalhub.com tell them I sent you.
- 5:53Yeah.
- 5:54And so.
- 5:55So talk about that conversation.
- 5:58Right?
- 5:58Can you imagine?
- 6:00Yeah.
- 6:00So I'm like, talking to them.
- 6:01I'm like, look, like, this is what I think I want to do.
- 6:04But remember, at the time, I didn't know I was starting a business.
- 6:07To me, I was thinking I was just going to trade for myself.
- 6:10And my mindset was, well, I can look on television and see all these people doing this.
- 6:16Why can't I do this myself?
- 6:18Now, maybe I'm showcasing a bit of my own stubbornness here.
- 6:21I'm not going to admit to any of that.
- 6:24But, you know, it was.
- 6:25It was just at the time, like, how do I do this?
- 6:27But when I stumbled on the Twitter part and recognizing the interest here is where I was like, well, maybe I'm curious about this, and maybe this is something I need to figure out, how to monetize and not monetize
- 6:41in a way, you know, like, that I wanted to be real.
- 6:45And in fact, a lot of the tweets at the very beginning of all of this, the ones, the trades that didn't work, where I showcased something that was not.
- 6:53Was truly authentic, those were actually the most powerful tweets or hooks at the time that I think are so important.
- 7:03So when I talk to entrepreneurs about when you're getting started and you don't know what your product is, you don't really know how you're going to build your revenue, I always ask them, one, what do you think you're.
- 7:13You're doing?
- 7:14Like, what is the goal you're trying to get to and what you're trying to do?
- 7:17But two, where are people asking you the most questions?
- 7:20Where is the most interesting when someone's asking you what you what do you do?
- 7:25What is it that you do?
- 7:26And then when you say what it is, then they start asking why?
- 7:29And those questions.
- 7:30And that's what an entrepreneur is to be paying attention to, because that's where the opportunity is.
- 7:35And what you think you might be starting and what you end up finishing could be completely different, because you want to listen to where the market is and what's being like, what's responding to it.
- 7:45So as we scaled, as we scaled from the trading comic strip, it started being evident to me.
- 7:52This was like the next layer.
- 7:54It's like, okay, people like it when I'm authentic about trading and sharing the goods, the bads, the uglies, all the learning.
- 8:00So then started recognizing, well, maybe there's an opportunity for a community here, and let's get other people together.
- 8:06And it's not just about me anymore.
- 8:07Let's create this great learning space for everyone.
- 8:10And that's what eventually we evolved in.
- 8:12And my first idea flopped.
- 8:14And that's important to also talk about.
- 8:17I started this idea originally thinking I was going to help women how to trade.
- 8:22Great concept, right?
- 8:23A lot of women, I think, should have a better understanding of their finances and wealth and how to deal with it.
- 8:28And at the time, I was like, everybody's going to come.
- 8:30Everyone's going to flock.
- 8:31This is going to be great.
- 8:33Quickly realized, as much as I, and this is 20 years ago, as much as I wanted women to come to these events and webinars or reaching out, they weren't there.
- 8:44So my original icp, my original target, who I was really going after when I first started the business, I actually had to pivot and realize that it was more men.
- 8:54And the more focused I made it on women, the more I was actually ostracizing men.
- 9:00And so without realizing it, when I first started the business, I had actually, in my mind, created entirely different audience and had to pivot.
- 9:09And that's another thing I talk to entrepreneurs about too.
- 9:11Right?
- 9:11Like, you have to be flexible with recognizing who your customer is and being able to identify who that is and is the customer you're actually after, the one that actually can make you the money that you're looking for.
- 9:24Wow.
- 9:24So that's such an important insight.
- 9:27Several important things you mentioned there.
- 9:29So you had no idea you're starting a business, right?
- 9:33You wanted to build this community, so you start putting it together.
- 9:36And you want to target women.
- 9:38Very noble.
- 9:38And you quickly realize that wasn't going to work for you.
- 9:42So how, like, what did that pivot look like where it was just that there wasn't people coming, the webinars were empty, and then you realized you had to basically redirect that and, you know, drop the women only or
- 9:54just offer it to everyone type of thing.
- 9:56Yeah, pretty much.
- 9:57Or was recognizing that it was.
- 10:00Even though I was trying to really target women, you know, doing all the.
- 10:04I mean, I feel a little silly saying it, but it's true.
- 10:07Pink flowers, she can trade.
- 10:09Like all, you know, pro women.
- 10:11And then realizing, but wait a minute, it's.
- 10:14Those aren't the ones asking me the question.
- 10:17And so even though to this day I still love speaking to women about wealth, it wasn't something that, especially when you're at the beginning of your stage of an entrepreneur, you have to figure out where your profit is
- 10:29and where your.
- 10:30Where your revenue can be in order to build and scale.
- 10:33So you had to make.
- 10:34I had to make a pivot, and I did.
- 10:35And then what I ended up doing is actually staying quite neutral and then recognizing that by being at my true, authentic self, by offering something of incredible value and by allowing people to come together, that you can have
- 10:48this incredible business model for everybody to be able to enjoy.
- 10:52And it was.
- 10:53It was great.
- 10:54We.
- 10:54And then from there, I leveraged from B2B into B2C, and we grew in scale and.
- 10:59And began doing all sorts of courses for various brokerages and even the exchanges.
- 11:04We were doing quite a bit of educational content behind the scenes.
- 11:08It was.
- 11:09It was so empowering to.
- 11:10To feel like I was making a real impact in an industry.
- 11:13So now let's talk about, like, what.
- 11:15What the scaling looked like, because you were basically a teacher that decided she didn't want to teach anymore.
- 11:22So you had the educational background and you got into trading and making these courses and kind of just like on your own.
- 11:30And then eventually you turn and you didn't even know you were starting a business.
- 11:34And then eventually you package that into offering educational content to the brokerages.
- 11:41Yeah, I know.
- 11:42Crazy.
- 11:43I know.
- 11:43When you put it together, like, wait a minute.
- 11:44Yes, how did I do this?
- 11:46But that's how it started.
- 11:47But at the beginning, it started with just one.
- 11:50But then it started realizing that there was opportunity here that I could take.
- 11:54My biggest strength.
- 11:55My biggest strength is taking something super complicated and making it step by step.
- 12:01And I do that still to this day in the business that I work in now.
- 12:05And I just took that same thing Changed the content, subject matter, and then created a business with that space.
- 12:10And that's what I think is so critical.
- 12:13People who are an entrepreneur are already going to be a risk taker.
- 12:16You're already going to have a business plan, you're already into something.
- 12:20But being able to say, what are my strengths?
- 12:23And then making sure that my strengths are, are the forefront of whatever the businesses that I'm building and growing is essential.
- 12:30Sometimes I think people get distracted and they start thinking kind of squirrel like, oh, the opportunity is here.
- 12:36Oh, the opportunity is here.
- 12:37And they don't pick a lane.
- 12:38You do need to pick a lane, and then from the lane you can grow it.
- 12:42So once I started doing different events for myself, then I started pitching brokers.
- 12:47I started, I just, I was just doing my own sales.
- 12:49I was like, I can do this for you too.
- 12:51And they all started saying, okay, this sounds great.
- 12:54And then I was building webinars and courses and contents and community.
- 12:58We were doing all sorts of great things for other organizations.
- 13:00So this was me kind of behind the scenes, white labeling things for them.
- 13:05And then from there built it out and said, well, after the bank, the bank needs to go back to the exchanges.
- 13:11So then now I'm going to pitch the exchanges.
- 13:13And I just kept building and building the customer base with a similar product, but tailored to what each one of those levels or the needs were at the time.
- 13:21And yeah, now that I think about it, which I eventually ended up exiting both of those.
- 13:25It was pretty cool to think that it started and I can even still remember some of the first few.
- 13:30I can't share with you the image in my head, but I'm sure many of you entrepreneurs have that moment, that first point moment where it was your first offering or the first something that was leveraged.
- 13:41Like, I can still remember the room I was in, what it looked like.
- 13:44It's still crazy to me that that little period of time built and grew to where it did.
- 13:51So now let me ask you too, because again, you went through traditional, you know, education system, you got a master's degree in adult education and you were a teacher, right?
- 14:00And once you got into this, you didn't realize you're starting a business.
- 14:03And as you start to build this product out and you just start getting out there, you start getting people asking you more questions, more and more followers, and eventually it turns into a business.
- 14:14How did you navigate all these different areas you have to manage in terms of the sales, the marketing, you know, managing your cost expenses, employees, I'm sure, and Everything else, as you kind of just put this together on
- 14:30the fly, it seems like, how did you manage all these different departments that you have to understand as a business owner?
- 14:38So all of that stuff, I feel is sometimes unfair to an entrepreneur.
- 14:43Because on the front, on your day to day, you have to show like you've got it all together.
- 14:48But on the inside, it can feel like a bit of chaos, especially at the beginning, because you are managing all those things.
- 14:54And I didn't know any of that stuff.
- 14:57I didn't know taxes, I didn't know managing my monthly.
- 15:01It's like all of the stuff I am learning at the same pace of which a business is growing.
- 15:06I can tell you I didn't get a lot of sleep, that's for sure.
- 15:09I was up a lot and I was just as fast learning how to run the business and online as I was creating and growing the business.
- 15:17So it definitely felt very, very busy.
- 15:20But I felt like I needed to.
- 15:23I had a pressure at the beginning that I'm like, I have to get it all perfect.
- 15:27And I had to learn that what made the original business, I think the most successful was that I was out there online being my authentic self and showing the good and the bad.
- 15:40And then realized on the business side of it, I kind of needed to do the same thing.
- 15:44So I started to need to leverage other people.
- 15:47So using a lot of freelancers or using various websites that you could get people to kind of help you with the skill sets that you needed only based on the hours that you needed.
- 15:57So at the beginning I had a lot of those to help support me with the behind the scenes because I just, I couldn't do it all.
- 16:05And you can't do it all.
- 16:07You have to decide what you can do and what you can do really well.
- 16:11And then in terms of risk, how much risk is it for you to take on this other part that you're not very good at versus just paying a contractor or some kind of consultant to help you as you
- 16:22build.
- 16:23You have to grow though, at the same time.
- 16:26So I leveraged various organizations.
- 16:29Like I joined a lot of networks.
- 16:31I did find that really helpful.
- 16:33But I think you have to know who you are.
- 16:35And I say that now, almost 20 years later.
- 16:38And then I don't think I knew who I was, but I was always willing to go and try.
- 16:43And so I would go to these random networking events where you'd go and have coffee with other entrepreneurs or I did a lot of those things.
- 16:51And then from there I felt like asked Questions like, what works for you?
- 16:54How is this working?
- 16:55And I don't know, don't you find, like, people are generally really helpful if you talk to another entrepreneur?
- 17:01They're.
- 17:02They understand the struggle is real.
- 17:04And if you sit over coffee, they are just as willing to help you if you can help them.
- 17:09100%.
- 17:09Yeah.
- 17:10I was just having that conversation yesterday on a podcast I was a guest on, and we were talking about how, you know, an entrepreneur is never going to judge you for trying something or starting something, or if anything,
- 17:21they're going to be rooting for you and say, absolutely, give it a shot, you know, and so, yeah, 100%.
- 17:26I find that all the time that all the other entrepreneurs I talk to are very helpful and willing to give advice and share what's worked for them.
- 17:34And from that, I'll tell you another story.
- 17:37When I began to work in the enterprise, so this is once we sold and I was working in a large enterprise at this point, I had a great job there.
- 17:45I thought my greatest strength when I went into it was my entrepreneurial spirit.
- 17:49And I was guns a blazing in that thing.
- 17:52Because entrepreneurs, we know how to get it done, we need to get it done.
- 17:55We know how to prioritize.
- 17:57And when you move into a larger organization, they don't always value those same skill sets as different skill sets.
- 18:03And that was also a tough lesson for me to learn that I had to learn to pivot.
- 18:08And I think it's only now that I've circled back around to it to recognize that the entrepreneurial skill is actually one of my biggest strengths, where I think there was a period of my career where I tried to
- 18:19hide that.
- 18:20And so I think it's really important to kind of own your voice and to own the network of being an entrepreneur and to be really proud of that.
- 18:27There's a lot of people that won't try this.
- 18:29And if you are in this space, you should be so proud of yourself for pushing yourself to do this, because it's incredible.
- 18:37Yeah, well said.
- 18:38So now let's talk about how the exit came about.
- 18:41And when you formed the company, when you realized you're actually starting a business, what was the company called?
- 18:48You can trade.
- 18:49You can trade.
- 18:50Okay.
- 18:50All right.
- 18:51And then how did the exit come about?
- 18:53So that was just built off of some of the partnerships that I had developed over the years.
- 18:59And that's again, why I think it's so key to.
- 19:01To build those relationships.
- 19:03Have those coffees.
- 19:04Because at the time when I first originally started talking to them, I It wasn't like I went to them and said, buy my business.
- 19:10It was, I was working for them, I would do work for them.
- 19:14And, and they were seeing success there.
- 19:17And it was many years of doing that.
- 19:19It wasn't an overnight thing.
- 19:21And then we kind of had this conversation about it, like, what would that look like?
- 19:24And I was, I guess we kind of, I don't know if flirting is the right word with the idea of it like on both sides, just to kind of recognize, is this something you want to do?
- 19:34Is this something you want to do?
- 19:35And then just made that decision that, okay, yeah, I, I do want to do this, but I don't want to glamorize that too.
- 19:43And I know that, you know every.
- 19:44A lot of entrepreneurs, some people don't, but a lot of people do want that exit at the end.
- 19:49Right.
- 19:49You want to be able to hand that off.
- 19:50Whether you retire or you're moving the business, someone else or you're going to sell the business, you want some kind of exit strategy.
- 19:57And one thing that I had to learn, that took me a long time, that business was my baby.
- 20:03I built that thing from scratch.
- 20:05And when you, even though you get money for it, you hand it over and they're all super well intended, great people, like, nothing wrong to say about them.
- 20:13But to go through the process of handing over something and you think they're going to take care of that in the exact same way you did and then realize it's not the same, it is a different priority.
- 20:25Who is Sarah now?
- 20:27That Sarah is no longer an entrepreneur is a very, at least for me, was a really hard thing to go through.
- 20:33I lost a bit of my identity in the whole thing.
- 20:36Wow, okay, very, very interesting.
- 20:38And how like clear, you, you didn't see that coming at the time and like how, how'd you handle that once you realized that?
- 20:45Wow, it's, it's like you said, you lost part of your identity.
- 20:50Yeah, well, again, I think entrepreneurs, somehow you, you push through every day.
- 20:54You keep it going on the outside, but on the inside it was hard.
- 20:58It was, it was a struggle for me to really figure that out.
- 21:02Like, especially when you, it was more of like a social thing.
- 21:06Like I'd go and meet new people and I'd be like, hi, Sarah.
- 21:08And they'd be like, what do you do?
- 21:10And you know how, who you.
- 21:12When you're an entrepreneur, like, you are your business, like that is.
- 21:16Or at least that was for me.
- 21:17And when you no longer are that.
- 21:19I remember handshaking People and then being like, I'm just Sarah, what am I now?
- 21:26Who I thought I was always going to be this.
- 21:29But now, now who am I?
- 21:30And I think, had I planned, I didn't plan for that.
- 21:33I didn't expect that.
- 21:35And for anyone who's going through that part, that phase of your business, it's wonderful.
- 21:39I want you to celebrate and be really happy, but be prepared for what?
- 21:43What is your 90 day plan after you do exit?
- 21:47What, What.
- 21:48Who are you then?
- 21:50I think if I mentored someone today with that, I would ask them to really think that through.
- 21:57And I don't know if it's right or wrong to separate yourself from your business.
- 22:00I don't know that you can be really successful if you're not super attached.
- 22:04But you, you can be more than your business.
- 22:06And I had to learn that.
- 22:08Okay.
- 22:09All right.
- 22:09And Sarah, when you look back, your whole journey, right from making that decision to leave teaching to figuring it out how to start this business, growing it, scaling it and exiting it the way you did, and then dealing
- 22:22with, like you said, the identity crisis thereafter, and continuing to press on afterwards, looking at the whole journey, what's been the best part of it for you?
- 22:33I think that's a good question.
- 22:36Building a bit of a voice in it all, I think, is a big part of it.
- 22:41You.
- 22:41You learn that you have a.
- 22:43You have a perspective.
- 22:45So I had a teaching perspective.
- 22:46Everyone knows that I was a teacher and then I moved into this and I was an entrepreneur, and then I moved into enterprise and I was like kind of an executive and.
- 22:54And then I moved roles again.
- 22:56And in each one of them, I struggled with what my voice was, who is my identity, which we already mentioned as an entrepreneur.
- 23:02But I've come back around to recognize that each one of those experiences, and each one of the experiences for any entrepreneur that is in this today, you own.
- 23:11Own your voice.
- 23:12In each one of those, you have made yourself into whatever room you've got yourself in, and you should be really proud of that.
- 23:20That is really hard work, and that is work that is not taught in a textbook.
- 23:25No one is ever sharing with you how to get into those rooms, or at least I never heard them, but you had the willingness to try to get in there.
- 23:32And sometimes the voice can get hurt because you have, you know, you're doing sales calls and you're getting yeses, but then you're getting no's and you're having pivots and you don't have real vacation like everybody else does.
- 23:45So there can be burnout.
- 23:46So I do think it's recognizing what your voice is.
- 23:49Are you resenting what you're doing?
- 23:50Are you owning your voice?
- 23:51Are you feeling happy about what you're doing?
- 23:53Checking in with that is really important to make sure that you do have that long term abilities to sustain yourself and through the goods and the bads of being an entrepreneur.
- 24:02Okay.
- 24:03Love that.
- 24:03All right.
- 24:04And Sarah, if people want to reach out and learn more or find you online, what's the best way people can do that?
- 24:10Yeah, you can check out my website, Sarah Potter.com and I also have a cool podcast called why to the Way, where we explore many of the changes that people go through in terms of their leadership and career as
- 24:20your life evolves.
- 24:22Okay.
- 24:23All right.
- 24:23And we will link all that in the show notes for everyone.
- 24:25All right.
- 24:25Well, Sarah, thank you so much for taking time to be here and sharing all this incredible wisdom with from your journey with our listeners.
- 24:32We greatly appreciate it.
- 24:34Thanks for having me, Dave.