Nov 04 2024 29 mins 2
In this episode of Ditch the Suits, Steve Campbell and Travis Maus discuss the mistakes people make when selling a house or a business.
They highlight the concept of anchoring bias, where individuals become fixated on a specific number and are unwilling to consider other options.
They provide examples of how this bias can lead to financial losses and missed opportunities. The conversation covers the importance of considering the broader context, such as taxes, terms of the deal, and opportunity costs.
Together, they emphasize the need for a comprehensive understanding of the numbers and the value they represent.
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Thanks to our sponsor, S.E.E.D. Planning Group! S.E.E.D. is a fee-only financial planning firm with a fiduciary obligation to put your best interest first. Schedule your free discovery meeting at www.seedpg.com
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About Your Co-Hosts:
Travis Maus has been in financial services for over fifteen years. He is a Senior Wealth Manager and Chief Executive Officer at S.E.E.D. Planning Group. Travis also hosts the Unleashing Leadership Podcast, where he dissects some of his favorite books on leadership and how you can apply it to your business or life.
Steve Campbell has over a decade of industry experience and is the Chief Brand Officer at S.E.E.D. Planning Group. Steve also hosts the One Big Thing Podcast, an interview-style show meant to inspire and encourage 30 and 40-year-olds going through difficult seasons of navigating marriage, raising kids, and growing personally.
Chapters
00:00 - Introduction: Mistakes in Selling Homes and Businesses
01:30 - Anchoring Bias and the Struggle with Fixed Numbers
04:15 - The Cost of Inflexibility: Spending More to Get Less
05:49 - The Value of Money: Considering the Broader Context
09:21 - The Difficulty of Valuing and Selling Businesses
14:32 - Understanding the Meaning of the Numbers
19:48 - Lack of Understanding and Unintended Consequences
20:18 - The Opportunity Cost of Holding Out for a Higher Price
23:25 - Overcoming Anchoring Bias and Making Better Decisions
27:06 - Understanding the Value Beyond the Numbers
