“We were acquired!”

A hidden opportunity might have been right in front of you this whole time…  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ Issue #44 | June 27th, 2023 Hey, it’s Pat! 👋 Last week, I was surprised and excited to wake up to the following message on Slack: “We were acquired!” No, SPI was not acquired. The founder of a company that I advise reached out to me to share the good news — as an advisor and small shareholder of that company, this also means a nice payday for me as well. I can’t yet announce the name of the company that was acquired (there’s still a lot of paperwork and legal things to be done). But as an advisor to over a dozen companies, two of which now have been acquired, I wanted to fill you in on how this advisorship stuff works, and help you find revenue (and impact) opportunities that may be closer than you think. Let’s talk about advisorship, and let’s get unstuck. QUOTE OF THE WEEK “The best help you can get is someone who genuinely cares and knows how to help you get what you don’t even know you want.” ― Richie Norton THE STORY I never thought a person like me could become an “advisor” to a company. It seemed so formal and I had zero training. Plus, I thought it was sort of like a consultation that a company paid for, and I definitely didn’t consider myself a consultant in that way. The truth is, I was wrong about what an advisor role actually entails, and I was definitely wrong about what I could potentially offer a company. Consultants are usually hired for specific expertise or to help solve a specific problem, while advisors are usually brought on board to help influence the long-term trajectory of a company and even predict problems before they arise. They’re there across several stages of the business — through the ups and the downs — and they offer a trusted voice the company can lean on across all kinds of topics. Advisors aren’t usually paid a fee for their advice and recommendations. Instead, they’re given a share of the company. Typically it’s in the one percent or less range, and although that may seem small, when a company is purchased for eight or even nine figures, one percent can still mean a whole lot of money. For what, though? I already mentioned “influencing the long-term trajectory” and “predicting problems before they happen,” but in my experience the most valuable thing you can offer a company as an advisor is: Truth from an outside lens. And introductions to important people and relationships — that’s important too — but really it’s outside perspective that, in my experience at least, seems to matter the most. One company I advise, [ConvertKit](=) [affiliate link], founded by Nathan Barry, utilizes my experience as a super user of the product to help advise what ideas and innovations might work, and which ones might not. I can offer front-line perspective and real-time reactions to plans and ideas the company has, and these have proven to be instrumental over time. Another company I co-advise with my partner, Matt Gartland, is [Circle]( [affiliate link]. Matt and I have played a significant role in the direction of this new startup, especially as we at SPI have implemented Circle into the ecosystem of our own business. So much so that our communities (using Circle) have become our primary product. As a result, both companies have grown together. The two most important parts of the company-to-advisor relationship are: - Listening - Honesty Although not every piece of advice I give is taken, it’s important to lay everything on the table, all of the options, and address any and all concerns. One undiscussed aspect could mean the difference between things going well and things going poorly. Yes, one of the primary goals is an exit — that’s when I, as an advisor, get paid — but actually there’s more. Because the companies I advise create tools I use, love, and enjoy supporting, if I can help make the company better, that helps everyone in the end (even if an acquisition never happens). I want these companies to succeed, and I want all their users to enjoy the products, too. In a way, a little piece of me has a role in making an even bigger impact than I could without these advisorship relationships, and that’s really cool. CALL TO ACTION It’s now been a decade since I started advising companies. The first couple reached out to me, but most of the others have occurred simply through proactively seeking conversations. And that’s where I recommend you start — with a conversation. Perhaps there are companies you are an affiliate for, or software that you use, or even people who you support, who you want to see succeed and want to play a bigger role in making that happen. Your unique perspective, your voice, and your expertise is valuable. To a company, it could be exactly what they need, so try it — reach out to a company and just see what might be possible. Start a conversation. I had no idea what I was doing at the start either. But I knew if a company could see just how much I wanted them to succeed, and I could support them in doing so, then there could be something more formal we could do together. You never know unless you try. And yes, this isn’t just for people who are teaching about money or entrepreneurship online. In fact, two companies have reached out to me to start a conversation about advisorship in the Pokémon and collectible space. How crazy is that?! The opportunities are out there, sometimes you just need someone to show you what’s possible, and I hope I was able to do that for you a bit today. You got this! SPONSORED BY CONVERTKIT Unlock the Potential of Your Business: Sponsor the Unstuck Newsletter Are you looking to reach a motivated audience of entrepreneurs and business owners? Look no further than the Unstuck newsletter, the trusted learning and development ecosystem for online entrepreneurs. With over 124,000 subscribers and an average open rate of 37%, your message is sure to be seen and heard by a highly-engaged community. As a sponsor of Unstuck, you’ll have the opportunity to showcase your brand and products to a targeted audience looking to take their business to the next level. Whether you’re a startup looking to generate buzz, or an established brand seeking to increase sales, Unstuck provides a unique platform to connect with an engaged community of entrepreneurs. With a variety of sponsorship opportunities available, from banner ads to sponsored content, Unstuck can help you tailor your message to meet your specific goals. And with the credibility and trust that comes with being associated with the Smart Passive Income brand, you can be sure your message will resonate with this community of online entrepreneurs. Don’t miss out on this opportunity to unlock the potential of your business. [SPONSOR THIS NEWSLETTER]() SPI NEWS AND EVENTS We work hard at SPI to remain unstuck and consistently provide you with the best ways to support your business. Check it out: If your business doesn't bring in enough cash, you can't help your clients, employees… or anyone. So how do you reverse engineer a big economic objective and build a profitable company around it? [Listen in on this can’t-miss chat with Donald Miller](), bestselling author of Building a StoryBrand, to learn the vital aspects that determine the growth of your brand. Affiliate marketing is the easiest way to generate income online. You don't need to create your own products (which takes a ton of time), and you don't even need to really sell anything. All you need to know how to do is to recommend something, and if you've ever recommended anything to anyone before, then you already know how to do this. [Check out this step-by-step guide]( on how to get started with affiliate marketing. Podcasting is one of the greatest ways to regularly reach and influence your audience, but it can be time-consuming. [Read on]( to learn how the best podcasters do their work faster. DAD JOKE OF THE WEEK Why are elevator jokes so good? They work on many levels. Did a cool person forward you this email? [Sign up here for free](. Want to reach over 125,000 entrepreneurs? [Become a sponsor](. [Link to SPI's Website](=) [Link to SPI's Twitter Account]( [Link to SPI's LinkedIn Account]( [Link to Pat Flynn's YouTube Account]() You are receiving this because you signed up for Pat Flynn’s newsletter at [smartpassiveincome.com](=). If you'd like to adjust which emails you receive or update your name and email address, click here: . If you'd like to stop receiving all emails from SPI, click here: . No hard feelings. 10531 4S Commons Drive, Suite 524, San Diego, CA 92127