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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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.

Steve Campbell has over a decade of experience in the industry and serves as Chief Brand Officer at S.E.E.D. Planning Group.

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