Intentional Growth

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In this episode, we dive into the transformative journey of implementing the Profit First system. This system, renowned for its simplicity and effectiveness, has significantly altered their business landscape, fostering financial stability and growth. As Jason and Chris tell their Entrepreneur stories, they share practical insights and the impact of financial discipline and strategic planning in navigating the complexities of entrepreneurship.

THREE BIG IDEAS FROM THE INTERVIEW:1. Profit First as a Game-Changer: Jason shares his transformative experience with the Profit First system, highlighting its role in overcoming financial turbulence. His story underscores the system's simplicity and actionable steps, which dramatically improved his business's financial health. 2. Entrepreneurial Journey and Growth: Chris's narrative as a serial entrepreneur provides a rich backdrop to the discussion. His transition from a Motorola salesman to a successful entrepreneur and the role of strategic frameworks like EOS in business growth offer valuable lessons on innovation, resilience, and the importance of adaptable systems in entrepreneurship. 3. Strategic Financial Management: The conversation emphasizes the critical role of financial management in business sustainability. Through their implementation of the Profit First system, both speakers illustrate how disciplined financial planning and understanding cash flow are essential for navigating business challenges and ensuring long-term success.

ABOUT CHRIS:Chris is a 7X entrepreneur with over 15 years as a business coach. He co-founded Ninety.io, software for companies running on EOS, Ascend POS for Trek Bicycle Company, System & Soul business framework, and S2 Sync software.

ABOUT JASON:Jason is a Certified Profit First Professional, Founder/Owner of Up-Rev (tech company), and Managing Partner of uGreenit (Profit First Professional coaching).

REST OF SHOW NOTES:Jason and Chris are entrepreneurs who share their journeys and how they integrated the Profit First system into their businesses. Their experiences, filled with valuable lessons from their time in the business world, pave the way for a discussion on financial strategies capable of transforming businesses.

Jason's Transformation

Jason's transition from engineer to business owner showcases the myriad challenges entrepreneurs often face, including unpredictable cash flows and the difficulties of managing growth. Discovering the Profit First system was a pivotal moment for him, providing a straightforward yet revolutionary method for managing finances. By applying this system, Jason not only stabilized his business finances but also gained new insights into financial management, particularly the significance of prioritizing profit allocation over expenses.

Chris's Strategic Approach

Chris, with a background in launching successful ventures, offers a complementary view. His journey emphasizes the importance of strategic frameworks in achieving business success. Through his exploration of the EOS system and the development of related tools, Chris demonstrates the effectiveness of streamlining business processes. His collaboration with Jason to implement the Profit First system highlights the powerful combination of operational and financial strategies.

Deep Dive into Profit First

Understanding the System

The hosts and their guests delve into the Profit First system's intricacies, exploring its principles and how to implement them. The system's methodology of setting up separate accounts for profits, taxes, and operating expenses introduces a disciplined financial management approach. This setup compels businesses to adjust their expenditures based on actual income, promoting a more sustainable financial strategy.

Psychological Shift in Prioritizing Profit

A critical insight from the episode is the psychological transformation entrepreneurs undergo when they prioritize profit. The Profit First method encourages business owners to critically assess every expense and seek ways to enhance profitability. The discussion covers the initial hurdles of adapting to the system, including the challenge of resisting the urge to tap into designated funds during financial shortfalls, and the need for discipline in adhering to the system's guidelines.

The Broader Impact of Profit First

Strategic Financial Management

Adopting a structured financial system like Profit First has far-reaching implications. It extends beyond merely stabilizing a company's finances; it fosters a deeper understanding of the business's core economic activities, leading to more informed decision-making. Such strategic insight is essential for guiding growth, navigating downturns, and ensuring sustainability.

Operational Excellence and Financial Discipline

Jason and Chris highlight the transformative impact of merging operational excellence with disciplined financial management. Their narratives illustrate that business success transcends having outstanding products or services—it's equally about prudent resource management. Profit First emerges as a vital tool not just for weathering financial storms but for achieving enduring prosperity.

Reflections and Future Perspectives

Evolving Financial Management for Small Businesses

The episode concludes with reflections on the future of financial management for small enterprises and the potential of methodologies like Profit First to democratize financial success. The dialogue underlines the critical role of financial literacy and strategic planning in the entrepreneurial voyage, providing listeners with practical insights and motivation.

FINAL THOUGHTS:This podcast episode offers an exhaustive exploration of the Profit First system, viewed through the experiences of two entrepreneurs who have effectively applied its principles. Their stories validate the system's capacity to revolutionize businesses, serving as a guide for those aiming for financial stability and growth.

RESOURCES:Profit Pro

PODCAST INTERVIEW QUOTES:13:47 - “I think you do get caught up in that vanity of a nice space, more people, bigger, you know, everything and, you know, deep down, you're just, you know, it's like a duck, right? Your feet are moving a million miles an hour but you try to be cool and calm at the surface.” - Jason

15:55 - “You do the best work in the worst times and the worst work in the best times because if everything on the income statements going up You don't have to look at your cash flow.” - Ryan

18:11 - “The genius behind what Gino did, right, is, is, you know, he, he, he took scaling up and evolved it, right? And he kept it simple.” - Chris

26:47 - “The beauty of the system is you're gonna make incremental changes over time.” - Jason

39:30 - “We just want to make it fun and easy to do business with Profit Pro and, to Jason's point, the Profit Pro methodology is simple, practical, and it works.” - Chris

INTENTIONAL GROWTH™ RESOURCES:* Intentional Growth™ Podcast Archives: Archive of 367+ episodes and counting. Get access to the entire library HERE. We'll be adding a searchable tagging feature later on this year. * IG Financial Scorecard: Get your Intentional Growth™ Score that grades you on how well you are viewing - and running your business like a financial asset. Get your results and 5 case study videos HERE.

Intentional Growth™ Academy: 71 Videos, 9.5 hours of content, 20+ exercises. $995 for subscribers [normally $1,495] HERE

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In today's rapidly evolving business landscape, navigating the complexities of business banking is a crucial aspect that can significantly influence a company’s growth trajectory. In this podcast episode, we dive into the nuanced business banking world with insights from Jeff Campbell, a seasoned banking professional. As we navigate the complexities of economic shifts and the evolving banking industry, Jeff shares invaluable advice for business owners looking to adapt and thrive. From the importance of choosing the right banking partner to strategic financial management, this episode is a comprehensive guide for business owners seeking to navigate the financial challenges of today's market. Join us in our conversation about the keys to successful business banking relationships in an ever-changing economic environment.

THREE BIG IDEAS FROM THE INTERVIEW:1. Challenges Facing the Business Banking Industry: The business banking industry's significant issues include navigating the complexities of economic shifts, such as changes in interest rates and investment patterns, the transformation from relationship-based to transactional banking models, and the challenges of providing strategic support and tailored financial products to businesses. These issues matter because they directly affect the ability of companies to secure financing, manage financial risks, and achieve growth, highlighting the need for banks to adapt and for businesses to choose banking partners that align with their strategic needs and objectives. 2. Proactive Financial Management: Proactive financial management is critical for business owners to optimize their banking relationships, as it enables them to anticipate and adapt to economic and banking changes, communicate effectively with their bank for tailored solutions, and manage financial risks efficiently. This approach ensures businesses can leverage banking resources for growth, maintain a dynamic banking partnership, and navigate financial challenges effectively, contributing to long-term success. 3. Choosing the Right Banking Partner and Understanding Financial Products: Understanding the banking business model and financial products is crucial when selecting the right banking partner because it enables businesses to align their banking needs with the bank's services and expertise. A deep comprehension of how banks operate, their approach to risk, and the range of financial products available helps businesses identify a partner that can offer strategic support, customized financial solutions, and adaptability to their unique needs. This knowledge ensures the selection of a bank that not only meets immediate financial needs but also supports long-term growth and success.

ABOUT JEFF:As Scale Bank's Senior Vice President, Jeff Campbell collaborates with business owners, leveraging two decades of experience to propel their success. Jeff is known for providing next level service, assisting clients in achieving their unique business goals. If a business owner is looking for a resource or connection to a particular expert, Jeff has a referral ready. Whether it is a manufacturing client looking to boost their production or a construction firm managing seasonal cash flow, Jeff’s extensive transaction history brings strategic insights and creative solutions to the conversation.

RESOURCES:Scale Bank

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In today’s episode, we dive into the nuanced perspective of private equity (PE) on value creation, featuring Dan Cremons, a seasoned PE expert turned CEO and advisor. Dan shares his extensive experience in fostering "people-powered performance" in PE-backed companies, emphasizing the strategic importance of aligning human capital with business objectives. The discussion navigates through the core principles of PE value creation, actionable strategies for operational excellence, and the pivotal role of leadership and culture in driving sustainable growth. Whether you're a business owner, investor, or enthusiast, this conversation sheds light on the intentional, proactive approaches essential for outperforming in the current "Value Creation Era" of private equity.

THREE BIG IDEAS FROM THE INTERVIEW:1. Strategic Alignment and Operational Excellence: Dan highlights the criticality of aligning leadership teams and operational strategies with the broader goals of equity value creation. He shares insights on how Private Equity firms assess potential investments and the systematic approach to enhancing operational efficiencies, driving revenue growth, and optimizing cost structures. 2. Human Capital as a Pillar of Value Creation:A significant part of the discussion is dedicated to understanding the impact of "people-powered performance," and how it relates to value creation. Dan discusses how cultivating a robust leadership team and fostering a culture of excellence can accelerate value creation, emphasizing the need for strategic talent management and development within PE-backed companies. 3. Adapting PE Principles for Broader Application: The conversation also explores how the principles of Private Equity value creation can be applied to non-Private Equity-backed companies aiming for accelerated value growth. Dan shares his "6 questions model" for intentional growth, offering listeners a framework to align their teams and strategies towards achieving sustainable success.

ABOUT DAN:After starting his career in operations management and wealth management, Dan Cremons—an author who detests writing about himself in the third person, but will try to make you think that someone else wrote this—landed in the private equity space in 2007 thanks to a few strokes of luck and a little elbow grease. Since the early days (the first month of which he spent trying to figure out what EBITDA stood for), Dan has led investments, served on numerous boards, built out portfolio operations and human-capital capabilities, and led within several private equity-backed companies as a CEO and CXO.

Perhaps most notably, he was the proud champion of his previous firm’s 2011 and 2012 cornhole tournaments (though he has since lost his touch) and took first prize in its 2015 plank competition.

Along the way, Dan realized that although there were investors far better than him at the deal-making part of private equity investing, his greatest contributions came, as he puts it, “after the wires cleared”—during the value creation phase.

Recognizing this, Dan launched Accelera Partners to help ambitious private equity firms accelerate what he calls “people-powered performance” in their portfolio companies. Dan helps portfolio companies’ leadership teams define their winning future, get clear on the stepping-stones in that direction, and ensure they have the right team and culture in place to get there.

When he’s not serving awesome private equity clients and their leadership teams, Dan enjoys endurance sports, kicking back on the nearest body of water, reading any non-fiction he can get his hands on, attempting to homebrew, and spending time with his amazing wife Courtney, their fun and happy little guy Ollie, and their sweet but lazy adopted (dog)son Wally.

RESOURCES:Winning Moves

Get “Winning Moves” on Amazon!

Connect with Dan on LinkedIn!

“Buffett: The Making of an American Capitalist” by Roger Lowenstein

“The Snowball: Warren Buffett and the Business of Life” by Alice Schroeder

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Daniel Goldstein's interview is an intriguing blend of his extensive expertise in Employee Stock Ownership Plans (ESOPs) and his impressive track record as the former CEO of Folience, an ESOP-owned holding company. With his deep insights into how ESOPs can revolutionize company culture and employee engagement and his experience leading significant business growth and diversification through acquisitions, Goldstein offers a unique perspective on employee ownership's role in wealth distribution, business sustainability, and economic impact. His success in enhancing ESOP share value and winning awards underlines his proficiency in ESOPs and leadership. This interview is a must-listen for those interested in innovative business strategies, leadership excellence, and the broader implications of employee-centric business models.

THREE BIG IDEAS FROM THE INTERVIEW:1. The Transformational Role of ESOPs in Business Growth and Diversification: Daniel Goldstein shares his firsthand experience in leading Folience, a company that thrived under his stewardship as an ESOP. He emphasizes how ESOPs can catalyze significant business growth and diversification, as evidenced by Folience's successful acquisitions and expansion under his leadership. 2. ESOPs in Enhancing Company Culture and Employee Engagement: Goldstein delves into how ESOPs can revolutionize company culture and boost employee engagement. He discusses the importance of fostering a sense of ownership among employees, leading to increased motivation, dedication, and a shared sense of purpose within the company. 3. Broader Economic and Social Implications of ESOPs: The interview highlights Goldstein's insights into the broader economic and social impact of ESOPs. He discusses how ESOPs contribute to wealth distribution, business sustainability, and the overall financial system, offering a unique perspective on how employee-centric business models can reshape the landscape of American capitalism and business ethics.

ABOUT DANIEL GOLDSTEIN:Daniel Goldstein is a seasoned executive leader and experienced Board member with 25+ years of managing and advising employee-owned and family-owned companies, family offices, foundations, and trusts on complex issues, including business strategy, acquisitions, direct investments, structuring, portfolio design, real estate, building teams, culture, family dynamics, and philanthropy--spanning several continents, many jurisdictions, and multiple languages.

Daniel’s experience includes founding and managing companies, negotiating acquisitions, leading direct private investments, structuring capital and corporate entities, creating joint ventures and strategic alliances, leading executive development, designing and implementing investment strategies across asset classes, overseeing confidential family issues, and forming and directing philanthropic foundations. Daniel is a frequent speaker at global conclaves and conferences, and has presented at, chaired, and moderated hundreds of events on five continents. He has also guest lectured at universities across the US and beyond.

RESOURCES:goesopllc@gmail.com

Connect with Daniel!

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In this episode, Jonathan, an entrepreneur and author of "The Least Likely Millionaire," shares his journey of overcoming adversity and achieving remarkable success. He delves into his personal challenges, including mental health struggles and skepticism from others, and how he channeled these experiences into driving his business forward.

THREE BIG IDEAS FROM THE INTERVIEW:1. Overcoming Adversity: Jonathan's story is a testament to the power of resilience and determination. Despite facing numerous challenges, including mental health issues and negative expectations from others, he managed to turn his life around and create a successful business. 2. Healthy Obsession as a Catalyst: Jonathan introduces the concept of "healthy obsession," where he harnessed his anxiety and stress into something productive. This approach played a crucial role in scaling his e-commerce business, Single Swag, and achieving significant growth. 1. Importance of Self-Reliance and Learning: A key factor in Jonathan's success was his willingness to learn and adapt. He taught himself digital advertising and managed his business's growth without external investors, emphasizing the importance of self-reliance and continuous learning in entrepreneurship.

ABOUT JONATHAN BESKIN:With an engaged audience of 1.2 million followers across Instagram, Facebook, and TikTok, SinglesSwag is one of the pandemic’s biggest success stories. As a single dad in 2016, Jonathan Beskin had a crazy idea that would disrupt the subscription box industry almost overnight.

In just three years, he was spending more than $15,000 per day on Facebook ads to keep up with the demand that SinglesSwag created, securing him a #181 spot of Inc. 5000 Magazine's Fastest Growing Company List (2020).

During the pandemic, when many companies went under or took huge losses, Jonathan took SinglesSwag to a height of $60+ million in revenue through the creation of 30+ in-house brands, out-of-the-box thinking, and perseverance. He also acquired Paradise Delivered in 2020, scaling the company from a few hundred boxes shipped per month to 10k+ boxes shipped per month in under a year.

Today, SinglesSwag has shipped over 2 million boxes to 60+ countries and has been featured in publications such as the TODAY Show, Fast Company, NBC News, USA Today, Business Insider, and InStyle.

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Tom Reber shares his rich experience and visionary approach towards transforming the trades industry. With a background deeply rooted in contracting, Tom passionately discusses the need to elevate the perception of trades from a fallback option to a respected and lucrative career choice.

THREE BIG IDEAS FROM THE INTERVIEW:1. Mission and Passion: Tom is dedicated to changing the narrative around trades. He believes in eradicating mediocrity in personal and professional life, emphasizing that trades should not be seen as a fallback but a worthy career choice. 2. Value of Trades: Tom discusses the financial aspects of the trades. He highlights the importance of understanding business finance, advocating for contractors to recognize their worth and charge appropriately. 3. Mental Battle: The episode delves into the psychological challenges in the contracting world, addressing issues like self-doubt and the significance of positive self-perception in professional success.

ABOUT TOM:Tom Reber is a performance coach, HGTV host, and the founder of The Contractor Fight, a global organization that has transformed the lives and businesses of hundreds of thousands of home improvement contractors worldwide. With over 11 years of experience in the industry, Tom is a trusted advisor and mentor for business owners, CEOs, and sales teams, empowering them to sell unafraid, build stronger teams, and skyrocket profits.

Tom's impact goes beyond the stage. He delivers electrifying keynotes, transformative workshops, and game-changing boot camps that leave audiences in awe. His message is relevant, powerful, and authentic, blending hard-hitting reality with practical, boots-on-the-ground advice. Tom is also a proud United States Marine Corps veteran, a tequila connoisseur, and a kettlebell enthusiast. He lives in the beautiful city of Colorado Springs, CO, where he continues to ignite the flames of success for individuals and organizations worldwide.

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Have you ever wondered why products and companies fail? Doug Howarth has dedicated his life to answering this question. An innovative thinker in economics, he is the founder of Hypernomics.

Doug's journey is driven by a deep fascination with why certain products fail, why people decide to buy, and how companies succeed. Fueled by this newfound clarity, he founded Hypernomics Inc., creating innovative software that analyzes markets in four or more dimensions, going beyond the traditional two dimensions of supply and demand. This approach attracted the attention of industry giants like NASA, Virgin Galactic, and Lockheed Martin.

Hypernomics is a new economic paradigm that challenges traditional views by considering market phenomena in four or more dimensions. Doug delves into his journey of discovery, practical applications, and the potential of Hypernomics to revolutionize decision-making in business and beyond.

THREE BIG IDEAS FROM THE INTERVIEW:1. Hypernomics: A New Way of Thinking About Markets: Doug introduces Hypernomics as a multi-dimensional approach to understanding economic phenomena, moving beyond the traditional two-dimensional supply and demand model. This new approach offers a more nuanced understanding of market behaviors, consumer decisions, and the ability to predict the success of a product or service. 2. Real-World Examples on Why the Old Way Doesn't Work: Doug discusses real-life examples of how companies succeed and fail, such as electric cars and business jets, to demonstrate how Hypernomics can be applied to predict market trends and make informed business decisions. 3. Future Implications: Doug shares his vision for Hypernomics as a tool for businesses to predict the success of future products and services and reduce the failure rate of new ventures.

ABOUT DOUG:At age 14, Doug Howarth sensed the plotting systems created by René Descartes were inadequate for many tasks. Decades later, he made a series of startling discoveries. He found the economy self-organizes in recognizable opposing patterns and devised ways to portray markets in four, five, or any number of dimensions. Doug named this new field Hypernomics. In 2011, he formed a company, Hypernomics, Inc., which shows their customers how to take advantage of Hypernomics. Hypernomics. Inc. has worked for NASA, United Technologies, Lockheed Martin, and Raytheon, among others. Along with two of his Hypernomics colleagues, he was awarded US Patent Number 10,402,838 for Multivariable Regression Analysis, the world's first software designed to deconstruct markets into their 4D structures.

Doug has written 13 peer-reviewed publications across four continents. They've been issued by the Institute of Electrical and Electronics Engineers (IEEE), the American Institute of Aeronautics and Astronautics (AIAA), the Society of Automotive Engineers (SAE), and the International Council of the Aeronautical Sciences (ICAS), among others. NASA has requested that he speak to them three times. He has spoken to the Royal Aeronautical Society (RAeS) in London four times, and they have also published his peer-reviewed work. A sought-after speaker, he has addressed international conferences in Albuquerque, Amsterdam, Belo Horizonte (Brazil), Big Sky (Montana), Brussels, Denver, Houston, Montreal, Melbourne (Australia), New York, New Orleans, Phoenix, St. Louis, St. Petersburg (Russia), Seattle, and Tampa. He presented his paper entitled “A 7D Trade” in Brazil in September 2018.

In 2018, he won a second Best Paper Award. International Cost Estimating and Analysis Association gave it to him for a paper entitled, “Demand, Recurring Costs, and Profitability.”

INTENTIONAL GROWTH™ RESOURCES:* Intentional Growth™ Podcast Archives: Archive of 367+ episodes and counting. Get access to the entire library HERE. We'll be adding a searchable tagging feature later this year. * IG Financial Scorecard: Get your Intentional Growth™ Score that grades you on how well you view and run your business like a financial asset. Get your results and 5 case study videos HERE. * Intentional Growth™ Academy: 71 Videos, 9.5 hours of content, 20+ exercises. $995 for subscribers [normally $1,495] HERE

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Do you ever think about how Entrepreneurship is just like building a fort when you were 10? It's a process that starts with a vision, survives through resilience, and flourishes with adaptability and passion. This podcast with Chris Heivly revolves around personal experiences, practical strategies, and the mindset required for building a successful business, drawing upon the metaphor of 'building a fort'.

THREE BIG IDEAS FROM THE INTERVIEW:1. Embracing Adaptability: The conversation highlights the significance of adaptability in entrepreneurship. Success often requires pivoting and adjusting strategies based on market feedback and changing circumstances. 2. Passion as a Driving Force: Chris emphasizes that genuine passion is crucial for enduring the challenges of entrepreneurship. This passion fuels persistence and innovation. 3. Learning from Experience: A recurring theme is the importance of learning from both successes and failures. Chris shares insights on using past experiences to make better decisions and grow.

ABOUT CHRIS HEIVLY:Chris Heivly is a Serial entrepreneur (MapQuest co-founder) and early-stage investor with company-building experience from $0 to $25M. Interest in startups, venture-backed companies, and venture capital organizations in and around software technology.

He is a frequent blogger at www.heivly.com, Contributing Writer for INC.com, Best Selling author of the Build The Fort series about how to start anything, and the field guide for startup community builders. Chris is a public speaker (400+ events) about startups, corporate innovation, and startup communities specifically entrepreneurial ecosystem development.

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Robb Green is a corporate refugee turned experienced e-commerce entrepreneur, as he unveils the art of scaling an online business. From his start in drop shipping to building and selling multiple brands, Robb focuses on the crucial aspects of operational efficiency and brand strategy. Tune into this insightful podcast to learn how these elements drive success in the competitive e-commerce world and gain actionable insights to elevate your own business journey.

THREE BIG IDEAS FROM THE INTERVIEW:Start with Efficiency and Scalability: Rob highlights the significance of operational efficiency in scaling an e-commerce business. His shift from traditional sales to online dropshipping began a journey toward creating a more scalable and efficient business model.

Building and Leveraging Brands: For Rob, transitioning from reselling products to developing private labels and original products was an essential strategy. He emphasizes the importance of creating and nurturing brands that resonate with customers rather than just competing on price.

Adapting to Market Changes: Rob's journey underscores the need to adjust to market dynamics continuously. From recognizing opportunities in dropshipping to exploring new platforms like TikTok shops, staying agile and responsive to market trends is crucial.

ABOUT ROBB GREEN:Robb Green has successfully launched 17 brands online and has sold multiple e-commerce companies. He is also the host of the I’m the One Podcast, which can be found on all the major podcast hosting apps. Robb knew from a young age that he didn’t want to work for anyone else. He needed to be his own boss. After business school, he founded a dropship company with a business partner, which launched his entrepreneurial career.

RESOURCES:I’m the One with Robb Green (Podcast)

INTENTIONAL GROWTH™ RESOURCES:* Intentional Growth™ Podcast Archives: Archive of 356+ episodes and counting. Get access to the entire library HERE. We'll be adding a searchable tagging feature later on this year. * IG Financial Scorecard: Get your Intentional Growth™ Score that grades you on how well you are viewing - and running your business like a financial asset. Get your results and 5 case study videos HERE. * Intentional Growth™ Academy: 71 Videos, 9.5 hours of content, 20+ exercises. $995 for subscribers [normally $1,495] HERE * Q4 Nov. 2024 Intentional Growth™ Boot Camp: Two-day workshop with 25 other owners on November 8th and 9th in Minnesota at Bethel University. Learn more HERE. * Minnesota CEO Exchange: Content + Panel, Networking, and Happy Hour with 100 Entrepreneurs. Mark your calendar, it's September 20th. Topic and location TBD. We'll keep you posted and let you know mid July.

Q3 2023 Economic and M&A Update: with ITR Economics, ButcherJoseph, and the National Center for the Middle Market HERE

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Atif Rafiq is a former Silicon Valley executive and the author of "Decision Sprint". In this episode, Atif shares his journey from finance to technology, highlighting his experiences at companies like Yahoo, Amazon, and his pivotal role as McDonald's first Chief Digital Officer. The discussion dives into the core ideas from his book, focusing on transforming business strategies into effective execution, managing change, and the importance of a systematic approach in decision-making within organizations.

THREE BIG IDEAS FROM THE INTERVIEW:1. **The Importance of Systematic Decision-Making: Atif emphasizes the significance of a structured approach to decision-making in organizations to overcome red tape and conquer the unknown. He introduces the concept of 'Decision Sprint', a methodology that helps businesses transition from ideas to execution effectively. This process involves stages like exploration, alignment, and decision-making, ensuring that every step is thoughtfully considered and contributes to the overall goal.* 2. *Exploration Before Execution: A key insight from Atif is the need for purposeful exploration before rushing to conclusions by dividing meetings into “input” and “output” meetings. He advocates for a process where significant problems are thoroughly explored to understand all aspects before making decisions. This approach helps in avoiding common pitfalls like acting on incomplete information or being too cautious due to fear. 3. Cultivating a Collaborative Culture: Atif stresses the importance of creating an environment that fosters open communication and collaboration. He discusses the idea of input and output meetings, emphasizing that understanding and resolving unknowns are crucial for successful execution. A culture where team members can freely contribute ideas and insights leads to more effective problem-solving and innovation.

RESOURCES:Ritual

Decision sprint

Connect with Atif on LinkedIn!

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In this episode I talk with Richard Wilson, who's had the unique opportunity to interview numerous billionaires, sheds light on what really sets these individuals apart. It's not just about having groundbreaking ideas or exceptional skills; it's about their mindset and approach to life and business.

THREE BIG IDEAS FROM THE INTERVIEW:The Significance of Family Offices in Wealth Management: Richard discusses how family offices have evolved and become crucial in managing the wealth of the ultra-rich. He emphasizes the importance of understanding what a family office is and how it operates to effectively manage significant wealth.

The Power of Networking and Learning: Richard highlights the value of consistently learning from high achievers like billionaires. His journey of interviewing and learning from billionaires offers unique insights into their thought processes and success strategies.

Balancing Wealth and Health: An intriguing part of the conversation revolves around the idea of not just being wealthy but also being healthy. Richard stresses the importance of maintaining a balance between accumulating wealth and taking care of one's health and well-being.

RESOURCES:Family Offices

Investor Club

Text Richard at 305-333-1155

Billionaires.com

PODCAST INTERVIEW QUOTES:06:40 - “So it seems like every time I've had success, I've taken the same approach of really de -risking the situation by taking tons of actions and trying different combinations of approaches.” - Richard C. Wilson

11:34 - “I have this theory that if you have the most fun year of your life… you know yourself well enough to know what you enjoy and what you're great at. If you focus on having the most fun year of your life, you're a better example to those around you… So the combination of those two things is very important.” - Richard C. Wilson

18:53 - “If you have a strong consistent work ethic combined with focus, like you will run circles around other people.” - Richard C. Wilson

30:40 - “If you can't say it in a simple way over email then you really don't know what you're doing.” - Richard C. Wilson

34:08 - “Likely you're doing five to 12 different things in your business and you should only be doing maybe it. 20 % of what you're doing now.” - Richard C. Wilson

47:22 - “Do some real work on how you get into an ideal peak state of mind, correct yourself when you go off the rails and something gets you off your ideal state of mind.” - Richard C. Wilson

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In this insightful episode of the podcast, we delve into the complexities of the current economic landscape with a focus on the forecast for 2024, the implications of a mild recession, and strategies for businesses to navigate these challenging times. The discussion also covers the evolving dynamics of wholesale trade, financial market volatility, and the impact of geopolitical events on global economies.

THREE BIG IDEAS FROM THE INTERVIEW:1. Mild Recession in 2024 and Opportunities It Presents: The episode discusses the anticipated mild downturn in 2024. Despite this, there are opportunities for entrepreneurs to capitalize on, particularly as the U.S. economy is expected to rise in the second half of 2025 and beyond. 2. Economic Volatility and Its Implications: The podcast highlights the elevated volatility in financial markets and other sectors like oil, emphasizing the need for businesses to be prepared for rapid changes and unexpected developments. 3. Impact of Geopolitical Events and Changing Global Dynamics: The conversation sheds light on how geopolitical events, such as the evolving relationship between China and the United States, are influencing global economic trends and supply chains.

ABOUT BRIAN BEAULIEU:Brian Beaulieu has served as CEO and Chief Economist of ITR Economics since 1987, where he researches the use of business cycle analysis and economic forecasting as tools for improving profitability. Brian has shared his highly valued research results via presentations, workshops, and seminars in numerous countries to hundreds of thousands of business owners and executives for the last 40 years. He is coauthor of Prosperity in the Age of Decline, a powerful look at how to make the most of the US and global trends over the next 20 years, as well as Make Your Move, a practical and insightful guide to increasing profits through inevitable business cycle changes. Brian also coauthored But I Want It!, ITR Economics’ first children’s book. Brian serves on the board of directors for the Ariens Company, a leading global manufacturer of outdoor power equipment, as an advisor to Ackerberg Investors Fund III, as well as the board for Bellwether Wealth, an investment management and strategic wealth planning firm based in Lincoln, NE.

Brian has shared his expertise through various media outlets, including: USA Today, Knight Ridder, The Atlanta Journal-Constitution, The Wall Street Journal, Barron’s, The Washington Post, Kudlow and Friends, First on Fox, and numerous other outlets.

Resources:ITR Economics

Facebook

Twitter/X

Instagram

REST OF SHOW NOTES:In a world where economic predictions often seem as uncertain as the weather, the podcast episode provides a beacon of insight, navigating through the fog of economic forecasts and global market dynamics. The episode, featuring expert perspectives, offers a deep dive into what businesses can expect in the coming years, particularly focusing on the forecast for 2024.

The Anticipated Mild Recession of 2024:

As we sail into 2024, a mild recession looms on the horizon. However, unlike the catastrophic downturns of the past, this upcoming recession presents a unique set of opportunities. Businesses that are agile and strategic can leverage this period to strengthen their position. The discussion emphasizes the importance of being proactive and seizing the moment to gain a competitive edge.

Navigating Through Economic Volatility:

The podcast doesn't shy away from addressing the elephant in the room – the heightened economic volatility. From whipsawing financial markets to fluctuating oil prices, the episode lays out a roadmap for businesses to navigate these turbulent waters. The key takeaway is clear: adaptability and a keen eye on global trends are crucial for survival and success.

The Geopolitical Chessboard:

In an increasingly interconnected world, geopolitical events have far-reaching impacts on the global economy. The episode delves into the shifting dynamics between major global players like the United States and China. It underscores how these changes are reshaping supply chains and influencing business strategies. The conversation encourages listeners to consider the broader picture, understanding how international developments can affect local markets and business decisions.

The Role of Wholesale Trade and Consumer Behavior:

A significant part of the discussion revolves around the changing landscape of wholesale trade and consumer behavior. As we approach 2024, these shifts become crucial indicators for businesses to watch. The podcast provides valuable insights into how these trends can be used to forecast demand and adjust business strategies accordingly.

Financial Market Insights:

One of the highlights of the episode is the deep dive into financial markets. With an emphasis on volatility and its impact on investments and business growth, the conversation provides practical advice on how to approach financial planning and risk management in uncertain times.

Preparing for the Future:

As the episode concludes, it leaves listeners with a sense of preparedness for the upcoming economic challenges. The discussion not only highlights the potential hurdles but also illuminates the path forward for businesses to thrive in a post-2024 landscape.

FINAL THOUGHTS:This podcast episode stands as a testament to the importance of understanding economic trends and being prepared for the future. In a world where change is the only constant, the insights shared in this episode are invaluable for businesses looking to navigate the complexities of the global economy with confidence and clarity.

PODCAST INTERVIEW QUOTES:04:30 - “In the second half of '25 and '26 and following years, we see the US economy rising. So keep your eye on the price, take advantage of the opportunities during the week and next thing you know, ‘Bob’s your uncle.’” - Brian Beaulieu

07:47 - “We're seeing excess inventories up there now. And that's the more dangerous spot. And that's what makes the trend for us anyways in wholesale trade all the more worrisome.” - Brian Beaulieu

12:41 - “That credit won't loosen up for at least another year. So the conditions that we're currently faced with, the ones that we have to deal with for at least a year.” - Brian Beaulieu

Intentional Growth™ Academy: 71 Videos, 9.5 hours of content, 20+ exercises. $995 for subscribers [normally $1,495] HERE

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In an era where entrepreneurship is booming, financial literacy becomes a cornerstone for success. This podcast, I talk to Ami Kassar, an expert in business financing, who shares invaluable insights into the world of debt markets, particularly focusing on SBA (Small Business Administration) loans, and the crucial role of financial literacy in entrepreneurial ventures.

THREE BIG IDEAS FROM THE INTERVIEW:1. **Understanding Different Debt Options: It's crucial for business owners to understand their financial stories and needs. Ami emphasizes the importance of knowing the debt markets and selecting appropriate financing options, such as SBA loans, to retain control and avoid equity dilution.* 2. Financial Literacy and Forecasting:* The podcast highlights the lack of financial literacy among many entrepreneurs. A key takeaway is the need for a well-thought-out financial forecast and projection, allowing business owners to make informed decisions about their cash needs and financing options. 3. The Right Use of Debt and Equity: The discussion sheds light on the appropriate use of lines of credit (for emergencies and operational needs) versus term debt (for investments in growth). Additionally, the conversation stresses the importance of understanding the differences between equity and debt, especially in terms of control and decision-making in the business.**

PODCAST INTERVIEW QUOTES:04:14 - “We work with business owners and entrepreneurs to try and understand their stories, to try and frame and get a clearer concept of what's going on and what their needs are to achieve their goals.” - Ami Kassar

07:17 - “SBA lending as a whole has a branding problem..” - Ami Kassar

14:28 - “Our whole mantra or culture or values here, or treat an entrepreneur like we want to be treated. I had my lights turned off a couple of times building my company. I don't want that to happen to anybody else if they can possibly help it.” - Ami Kassar

18:54 - “What I always say to people is slow that down. Slow down. Take a breath. What are we trying to fulfill here? What are we trying to accomplish?” - Ami Kassar

37:37 - “My credit in my opinion is like an insurance policy. I don't care if you never touch it. It's fine with me if you never touch it but it should be there.” - Ami Kassar

38:33 - “You never will be in a situation, if you can possibly help it, where a lender smells blood and desperation.” - Ami Kassar

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Today I break down the intricacies of annual planning, focusing on how to effectively use an operating systems like EOS© (Entrepreneurial Operating System) by integrating budgeting, forecasting, and projecting company value. I emphasize the importance of tying your short and long-term goals (e.g., your V/TO) to a target equity valuation, understanding financial constraints, and making informed decisions for investment and growth. I also cover the budgeting processes and how to align financial strategies with overall business objectives, offering valuable tips for business owners aiming for stress-free planning and clear future visibility.

3 Key Takeaways:

1. Target Equity Valuation as a Central Goal: One of the key points highlighted is the significance of setting a target equity valuation for the company. By reverse-engineering this goal using the three financial statements (income statement, balance sheet, cash flow statement), business owners can better understand the trade-offs and decisions required for growth while creating sustainable, predictable, and transferable cash flow..

2. Strategic Use of Budgeting and Forecasting: The podcast dives into the strategic use of budgeting and forecasting, emphasizing the need for a realistic and achievable plan that aligns with the owner’s financial goals and targets. I highlight the importance of understanding the future cash position and the impact of various financial decisions on the company's trajectory.

3. Integrating Financial Statements into Planning: I stress the importance of integrating all three financial statements into the planning and forecasting process. This integration allows for a comprehensive view of the company's financial health, aiding in making more informed decisions regarding investments, distributions, and growth strategies.

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Today we start the two part series with a conversation around effective annual planning strategies with CEO Nexus owner (a CEO Peer Group), Steve Quello. Our discussion highlights the importance of integrating the financials - and a target equity valuation - into structured frameworks like EOS©, which aids in scaling and managing businesses through vision, data, process, and traction. We break down the role of financial literacy, and the power budgeting and forecasting bring to decision-making, particularly aiming for normalized EBITDA over arbitrary revenue targets. Additionally, we discuss the value of peer groups and people who can hold you accountable, while also enhancing the planning and budgeting process.

THREE BIG IDEAS FROM THE INTERVIEW:1.The Importance of Structured Frameworks in Business Growth: These frameworks (e.g. EOXS©) provide a disciplined approach to managing and scaling businesses, focusing on vision, data, process, and traction.

2. Integrate the Financials into EOS© and/or Your Long-Term Plan: By understanding and aligning the income statement, balance sheet, and cash flow statement, you can integrate your budgeting process right into your annual planning. This will allow you to make more informed decisions that are aligned with your long-term financial goals, particularly focusing on normalized EBITDA, future cash flow, and a target equity valuation, rather than arbitrary revenue targets.

3. Utilizing Peer Groups and Regular Review for Effective Planning: Steve highlights the value of peer groups, such as CEO Nexus, in providing support and external insights for better decision-making and accountability.

ABOUT STEVE QUELLO:A career, like any journey, is subject to chance encounters and events that influence the choices and ultimate course of that journey. It was such an encounter that changed the career path for Steve Quello when he met Edward Lowe, an entrepreneur’s entrepreneur — the inventor of Kitty Litter, Tidy Cat and a host of other successful business ventures. The introduction to Lowe and subsequent working relationship gave Quello a deep understanding of exactly what it takes for entrepreneurs to start, grow and scale a business. This understanding is what ultimately led Quello to his current position as president of CEO Nexus, a consulting business dedicated to providing the resources and networks leaders of second-stage businesses need to sustain and scale a company.

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Adam Coffey is on the show to talk about his new book, "Empire Builder," which serves as a guide for businesses aiming to scale from zero to a billion dollars in revenue. The book emphasizes the importance of understanding and mastering unit-level economics, achieving specific financial metrics (as outlined in the "30-20-10 rule"), and transitioning from a hands-on role to a more strategic, overseeing role as the business grows.

It also highlights the significance of thinking like an investor, prioritizing cash flow growth, and understanding the role of private equity in business scaling. Throughout, the book stresses the importance of a comprehensive understanding of business growth, strategic planning, people management, and financial literacy for entrepreneurs aiming for significant business success.

THREE BIG IDEAS FROM THE INTERVIEW:1. The 30-20-10 Rule for Business Growth: Adam introduces a key concept for scaling businesses, the "30-20-10 rule." This emphasizes that businesses should aim for a 30% gross margin, keep SG&A expenses below 20%, and have a minimum net profit of 10%.

2. The Importance of Financial Literacy and Role Evolution: As businesses scale, there's a prevalent gap in financial understanding among entrepreneurs. They need to grasp unit-level economics, understand business valuations based on earnings (not just revenue), and manage finances for long-term value. Additionally, as businesses grow, entrepreneurs need to transition from hands-on roles to overseeing broader operations, akin to moving from playing every instrument to conducting the orchestra.

3. Adopting an Investor Mindset and Understanding Private Equity: Entrepreneurs should think like investors, focusing on cash flow growth and understanding their equity positions and growth strategies. The article also highlights the significance of private equity in scaling businesses, introducing the concept of the "P.E. pyramid," which shows that as companies grow in size, they become more valuable, allowing them to sell at higher multiples and create wealth.

ABOUT ADAM COFFEY:Empire builder, CEO coach, in-demand speaker, and three-time #1 bestselling author Adam Coffey builds high-performance cultures that drive transformative exponential growth. A CEO for more than two decades, he led three national private equity-backed service companies for nine PE sponsors, completing 58 acquisitions and realizing billions of dollars in successful exits. Coffey is a founding partner of CEO Advisory Guru, serving as management consultant and independent director to PE portfolio companies, family offices, and elite executives. His specialties include growth strategy, mergers and acquisitions, new business development, and exits. A proud US Army veteran, Coffey lives in Texas with his family.

PODCAST INTERVIEW QUOTES:07:35 - “There's 33 million small businesses in America today. And of those 33 million, only 7% ever get to a million dollars of revenue.” - Adam Coffey

13:00 - “Invest in what you know.” - Adam Coffey

13:46 - “Invest in what people need or build a company around needs. - Adam Coffey

45:33 - “First I'll tell you they have almost no understanding of their own finances.” - Adam Coffey

45:42 - “I consider the income statement. It's a set of stairs and I'm walking down the stairs.” - Adam Coffey

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In this episode with John Corcoran, we dove deep into the power of podcasting for B2B growth. John shares his journey from blogging to podcasting and how it's reshaped networking and business relationships. Together, we explore podcasting's multifaceted benefits for businesses beyond just audience engagement and content production. We discussed how podcasting can serve as a means to boost internal training, enhance client interaction, and even facilitate market research. A critical takeaway from our conversation was the need to ensure that podcasting initiatives are in sync with a business's overarching goals. John also highlighted how his services are particularly geared towards B2B enterprises with substantial client lifetime values, emphasizing that a clear understanding of the target audience and product line is essential to make a podcast truly successful.

THREE BIG IDEAS FROM THE INTERVIEW:1. The Evolution and Value of Podcasting for Networking and Business Growth: John emphasizes podcasting as a unique medium for deep conversations and networking. Through genuine interactions, businesses can access hard to reach contacts, foster stronger relationships, making podcasting a powerful tool for connection before in-person meetings. Especially for businesses with high client lifetime values, podcasting offers multifaceted benefits ranging from professional development to strategic partnerships.

2. The Future of Podcasting and Overcoming Perceived Barriers: John envisions the integration of AI in podcasting, enhancing content accessibility and interactivity. While potential podcasters often face perceived barriers such as equipment or content concerns, these challenges are surmountable. Emphasizing the possibility for every unique person and company to have a voice, John encourages diving into podcasting despite the crowded landscape, likening its growth potential to the early days of web development.

3. Podcasting as a Strategic Business Tool and Content Marketing Strategy: Podcasting serves dual roles in personal development and as a potent content marketing strategy for the business. John's journey illustrates how converting passion into content creation can lead to robust brand building and audience engagement. It's crucial for both B2B and B2C businesses to align podcasting endeavors with their client acquisition cost and strategy. .

PODCAST INTERVIEW QUOTES:11:14 - “A podcast is like an online tool that helps you strengthen offline relationships.” - John Corcoran

11:43 - “I wouldn't have been doing this every single week for almost eight years if I didn't think it was worth it.” - Ryan Tansom

17:05 - “Again used the podcast each time in order to build more relationships.” - John Corcoran

33:03 - “That was why I did it [podcasting], I needed leverage.” - Ryan Tansom

42:30 - “Who cares if you get 100 downloads or 100,000 downloads?” - John Corcoran

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Brian Will's decision-making framework revolves around personal experiences, lessons from failures, and an emphasis on preserving lifestyle over chasing momentary gains. He underlines the significance of not risking assets when investing, relying instead on stable income for significant ventures.

Drawing from past setbacks, he adopts a protective approach, ensuring his investments don't jeopardize his overall lifestyle. Influenced by insights from Terry Pendleton about athletes' financial misjudgments, Brian adopts a conservative stance, valuing secure investments like T-bills. Introducing the "McDonald's safety net" principle, he highlights that security lies in maintaining one's lifestyle, even if everything else falls apart.

THREE BIG IDEAS FROM THE INTERVIEW:1. The Importance of Self-awareness and Personal Motivation in Business: Understanding and continually reevaluating one's motivations is vital in both business and personal life. 2. Challenges, Risks, and Adaptability in Entrepreneurship: His principle of not risking assets while being willing to invest income and the "McDonald's safety net" concept stress the need for financial prudence and the importance of maintaining a security baseline. 3. Understand Your Role in Business: It's crucial for business owners to understand their strengths, delegate where needed, and structure their business in a way that promotes growth without being consumed by day-to-day operations.

PODCAST INTERVIEW QUOTES:13:50 - “We start businesses and entrepreneurs and we build them because we think we're going to create a lifestyle.” - Brian Will

14:00 - “The problem is entrepreneurs start doing this and they sacrifice the very thing that they were building the business for in the first place.” - Brian Will

23:24 - “Human beings can think either emotionally or intellectually, but they can never think both of those at the same time.” - Brian Will

42:38 - “Venture capital is a game and it is not a game of making profit. It is a game of flipping companies and dumping them, dumping them off on the next highest bidder.” - Brian Will

56:56 - “I had no financial assets to back me up when my business took a hit.” - Brian Will

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In this episode featuring Bakari Akil, we explore the remarkable journey of an entrepreneur who discovered the transformative power of Entrepreneurship Through Acquisition (EtA) using Leveraged Buyouts (LBOs) through a YouTube video, leading him to acquire a handbag company doing $30M in revenue, even though he started with only $1,000 in his bank account.

Bakari's story, from humble beginnings to successful acquisitions, highlights the importance of maintaining a consistent deal flow, building trust, and the convergence of wealth and societal impact. His journey serves as an inspirational roadmap for aspiring entrepreneurs, demonstrating how strategic knowledge and unwavering determination can pave the way for success in the world of business acquisitions.

THREE BIG IDEAS FROM THE INTERVIEW:1. The Power of Leveraged Buyouts (LBOs) for Acquisition Entrepreneurs: Bakari Akil's journey into the world of acquisitions showcases the potential of LBOs as a path to entrepreneurship. He discovered the concept of LBOs through a YouTube video and pursued it through education and networking. This approach allows individuals like Bakari to acquire existing, well-run businesses without immediately making drastic changes (like the $30M handbag company he bought), offering a clear and concise path to business ownership and success.

2. Accessing Capital and Building Trust: Bakari's story highlights the importance of trust and transparency in the world of business acquisitions. Despite having only $1,000 in his checking account, Bakari recognized the potential for acquiring profitable businesses and attracting investors who trust his leadership. He established a significant network, the "Alternative Investments Club of New York," to connect with potential investors. This demonstrates the significance of trust in securing capital for acquisitions and growing one's venture.

*3. Changing Perceptions of Wealth and Impact: Bakari's evolving perception of wealth and its role in making a positive impact on society is another key takeaway. He initially viewed wealth differently but realized the power of capital in effecting change. The interview underscores the idea that individuals can generate wealth while simultaneously making a positive impact, challenging the notion that one must choose between being a capitalist or an activist.*

ABOUT BAKARI AKIL:As Director of Corporate Development for TriMech Solutions, Bakari Akil buys companies- sourcing and executing lower middle-market engineering software acquisitions. Bakari is backed by Sentinel Capital Partners & The Halifax Group. He acquires companies for hispersonal family office. In 2023, hisportfolio grew to include a $30M burlap bag manufacturing company he acquired where he sits on the board of directors.

RESOURCES:Graveshallcap.com

bakari@graveshallcap.com

Nomad Noir (YouTube)

PODCAST INTERVIEW QUOTES:08:57 - “I was aware that there were big pools of capital but I didn’t know how to get access to that.” - Bakari Akil

15:27 - “If you're a smart person, you come in, you take over a business like that and you don't make any major changes. You just let it rock.” - Bakari Akil

16:08 - “I just needed to find a good business and a good growing industry.” - Bakari Akil

40:45 - “Depending on the type of job you get, now you've delayed poverty, right?” - Bakari Akil

50:22 - “The business is generating a profit level of somewhere between like $100 and $400,000 in annual profits. It'll generally trade for something like two or three times that number, right?” - Bakari Akil

INTENTIONAL GROWTH™ RESOURCES:Intentional Growth™ Podcast Archives: Archive of 356+ episodes and counting. Get access to the entire library HERE. We'll be adding a searchable tagging feature later on this year.

IG Financial Scorecard: Get your Intentional Growth™ Score that grades you on how well you are viewing - and running your business like a financial asset. Get your results and 5 case study videos HERE.

Intentional Growth™ Academy: 71 Videos, 9.5 hours of content, 20+ exercises. $995 for subscribers [normally $1,495] HERE

Q4 Nov. 2024 Intentional Growth™ Boot Camp: Two-day workshop with 25 other owners on November 8th and 9th in Minnesota at Bethel University. Learn more HERE.

Minnesota CEO Exchange: Content + Panel, Networking, and Happy Hour with 100 Entrepreneurs. Mark your calendar, it's September 20th. Topic and location TBD. We'll keep you posted and let you know mid July.

Q3 2023 Economic and M&A Update: with ITR Economics, ButcherJoseph, and the National Center for the Middle Market HERE

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If you’ve ever sat in your leadership seat and struggled with the question, “What is this all for?”, then you’ll relate to this episode. I met Eric Reiger, the Founder and CEO of WEBIT, in the 10 Disciplines Coaching program led by Gino Wickman and Rob Dube. I was immediately drawn to his depth of reflection and the thoughtfulness behind his decisions. Eric truly elevated our conversation today.

Eric Rieger's interview underscores the profound role of a genuine "why" in guiding our decisions as leaders and entrepreneurs. This "why" is different from the one Simon Sinek became famous for. It's deeper. It's the original source behind the motivation and decision-making of the founder, leader, or owner.

Key Takeaways:

The Power of "Why" in Business Decisions: Eric's journey highlights the pivotal role of a genuine "why" in guiding entrepreneurial choices. Ensuring decisions are rooted in authentic motivations ensures a meaningful and purposeful business path.
The Transformative Potential of Employee Ownership (ESOPs): Eric's move to introduce an ESOP underscores the value of placing employees at a business's core. Such structures can counteract rising private equity influences, emphasizing the balance between profit and people.
Personal Growth and Vulnerability in Authentic Leadership: Eric's openness about personal challenges and beliefs showcases the human element in leadership. Embracing vulnerability and introspection fosters authenticity and deeper connections in the entrepreneurial journey.

RESOURCES:WEBIT Services

Reach out to Eric on Linkedin!

Eric’s phone: 630-870-1088

PODCAST INTERVIEW QUOTES:15:31 - “Open book management led me to ESOP.” - Eric Rieger

17:57 - “Well, as a child, I was one of those annoying, why, why?” - Eric Rieger

25:08 - “We could go three months with income being completely shut off and still be able to pay our bills. Most companies are three weeks or less.” - Eric Rieger

33:27 - “Being inquisitive has been the catalyst that's brought me to the right people.” - Eric Rieger

43:00 - “If you start poking at their why, they're chasing somebody else's dream.” - Eric Rieger

45:39 - “If you're doing the right things for the right reasons for the right people, the cash will come, right?” - Eric Rieger

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Launching and sustaining a successful business transcends merely mastering the financial and operational dimensions. It's an expedition into understanding the heartbeats of both customers and employees, as people form the cornerstone of any enterprise.

My enlightening conversation with Tom Walter illuminates this journey, showcasing his extensive business wisdom accrued over time.

In this episode, I delve into Tom's compelling narratives about the intrinsic tether between a robust company culture and the thriving pulse of business success.

INTERVIEW QUOTES:07:48 - “I had a passionate hatred for bosses.” - Tom Walter

21:15 - “He pulled a card out of his pocket and handed it to me. It was the core values of the company. He said, ‘This is what makes us different and unique.’ And he said, ‘This is why I want to work here.’” - Tom Walter

36:15 - “Employee engagement is the emotional commitment an employee has to its organization's values, vision, and mission.” - Tom Walter

37:47 - “The biggest enemy for discretionary thoughts (from an employee and employee engagement) is disruptors.” - Tom Walter

39:05 - “I never [heard you] talk about the rules you set up, just the outcomes.” - Tom Walter

45:05 - “I don’t think most employees want an ESOP. I think what most employees want is the privilege of being an owner. And that means money.” - Tom Walter

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In this interview with Walker Deibel and Nick Bradley we break down complex topics like business valuations, private equity, and exit strategies into digestible segments, providing valuable insights and practical advice for aspiring entrepreneurs and investors in navigating the intricate landscape of M&A. Through shared experiences and thoughtful analysis, this podcast conversation aims to demystify the realm of M&A and highlight the potential opportunities for owners to create wealth, enjoy work, and make an impact, to truly make owning a company worth it.

Key Takeaways1. Valuation and Viewing Companies as Assets: The episode emphasizes the importance of accurately valuing companies and viewing them as leverageable assets for wealth and fulfillment. Entrepreneurs are provided with insights to understand intrinsic financial value and avoid common valuation pitfalls.

2. Acquisition Entrepreneurship and Private Equity Dynamics: Walker Deibel highlights acquisition entrepreneurship as a rewarding strategy, and the dynamics of private equity are explored, revealing strategies for negotiations with sophisticated buyers. The discussions shed light on the pressures and incentives for PE firms and their focus on higher success rates.

3. Exit Strategies and True Value of Exits: The podcast offers a comparison between IPOs and private equity exits, exploring the constraints and appeals of each. It elucidates that the real value of exits may not always be wealth accumulation but the strategic advantages brought by the new proprietor.

// Sign up for the Intentional Growth™ Starter Kit: the kit has intro videos on each of the 5 Intentional Growth™ Principles, the Intentional Growth™ Financial Scorecard along with videos reviewing a case study on how to project out the value of your company, and the entire Intentional Growth™ Podcast Library.

//WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

Interview Quotes:23:04 - “There’s a figure that your business is worth now, and a figure that your business could be worth.” - Nick Bradley

23:31 - “If your objective is to build a unicorn, you know, a business that's valued over a billion dollars, that's a pretty stupid objective.” - Nick Bradley

34:29 - “Like there's this little lie that's going on out there, which is like, hey, I know you've never bought a business before. However, everything that you've done in your life up until right now has prepared you to buy a business right now.” - Walker Deibel

59:39 - “It's not uncommon for a firm partner to be close to taking home a million bucks a year.” - Nick Bradley

1:01:00 - “We lost out to a private equity firm in Germany was a 36 times on EBITDA.” - Nick Bradley

RESOURCES:AcquisitionLab

BuyThenBuild

ScaleUp with Nick Bradley

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In today's fast-paced business world, successful partnerships are not merely a meeting of skills but a collaboration and alignment of visions among visionaries, investors, and operators. Whether it's between two entrepreneurial spirits, the intricate relationship between founder and investor, or ownership and leadership, ensuring alignment in both short and long-term goals can determine the success of the venture. It is also necessary to understand the constraints of our short-term decisions and how they impact our long-term goals.

While written agreements lay a foundation, it's the essence of these alliances, the unwritten spirit of cooperation, that truly steers the ship. Often, major challenges arise out of situations that change the original spirit of the venture, and there is no written document on how to handle the new situation and its impact on the business and everyone's goals. It becomes even more emotionally charged when the different parties have varying degrees of education on topics like investing, capital, operations, taxes, valuations, etc. This podcast interview and accompanying show notes dive into the weeds of achieving alignment in business partnerships, emphasizing the importance of separating roles, upholding fairness, and intentionally preparing for both anticipated and unexpected challenges.

//WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

Key Takeaways:

1. The "People" Pillar underscores the CEO's essential role in leadership, emphasizing that success is achieved not just through tasks but through effectively managing and engaging individuals. CEOs must balance the interests of diverse stakeholders, from employees to shareholders, ensuring alignment toward the company's overarching goals. By understanding individual behavioral tendencies and fostering effective communication, CEOs can harmonize team dynamics, leading to organizational success and growth. In essence, effective people management is the linchpin of sustainable business growth and value creation.

2. The “Execution” Pillar is crucial for a CEO because it involves turning the company's vision into tangible results. Joel emphasizes that it's not enough to merely set goals or outline visions; a CEO must ensure that organizational strategies, resources, and actions align perfectly with these desired outcomes. Furthermore, the CEO role involves understanding and balancing internal organizational tensions to optimize performance. In essence, execution ensures that the day-to-day operations and long-term strategies of the business are in harmony, which is key to achieving organizational success and growth.

3. The “You” (self-management) Pillar is pivotal for a CEO because it addresses the often solitary nature of the role, emphasizing the importance of personal well-being and ego check. Recognizing the need for constant learning and seeking external support ensures that CEOs make objective decisions and remain adaptable in a changing business environment. In essence, while other pillars focus on external interactions and goals, self-management ensures the CEO's internal stability, enabling sustainable and effective leadership.

Interview Quotes:14:05 - “The only way I've found to build a sustainable, thriving business is to provide value to employees, provide value to customers and provide value to shareholders all at the same time.” - Joel Trammell

21:13 - “By asking people to predict how likely they are to achieve the goal, you're really finding out whether they really have expertise in that area.” - Joel Trammell

21:58 - “I found there are three stages that a CEO goes through.” - Joel Trammell

22:25 - “Somewhere between 20 employees and about 100 employees, things rise to a level of complexity that you have to distribute not only the workload, but the management and leadership of that workload to be effective.” - Joel Trammell

50:45 - I would ask your team, do they trust you? - Joel Trammell

54:00 - “One year is too far to really see the future, but not far enough to really make long-term vision decisions.” - Joel Trammell

56:00 - I can't really decide on the people until I know where I'm going. - Joel Tramell

Links and Resources:https://ceosys.co/

Chief Executive Operating System (Book)

Connect with Joel on Twitter

Reach out to Joel on LinkedIn

Intentional Growth™ Vision Board

Intentional Growth™ Online Training

Reach out to me if you have questions about the Intentional Growth™ Training or Fractional CFO services

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(8:57) ITR Economics: Contrasting Economic Landscapes of China, India, and the U.S. Amid Global Monetary Shifts with Brian Beaulieu: Brian highlighted China's demographic and economic challenges, contrasted by India's promising rise in manufacturing, while also shedding light on evolving monetary dynamics within the BRICS nations. As we dive into the U.S. economic landscape, discussions ranged from the resurgence in housing to concerns surrounding rapid interest rate adjustments and potential debt crises. Brian's analyses underscore the complexities of today's global economic environment, emphasizing the need for well-informed data, planning, and objective perspectives.

(37:20) National Center for the Middle Market: Exploring the Resilient Growth of 1,000 Executives with Doug Farren: Doug Farren, an expert on the U.S. middle market, dives into the 2023 Middle Market Indicator report's insights. Highlighting the middle market's pivotal role in the U.S. economy, the report showed a promising 12% revenue growth and 10% employment growth, though concerns about inflation's impact and talent acquisition remain. The discussion also touched on pressing issues like Intellectual Property in Chat GPT environments, global events' influence, and the importance of strategic advisory in navigating challenges. Farren's insights emphasize the sector's resilience and growth, even amidst challenges.

(1:04:30) ButcherJoseph: The Impact of Rising Interest Rates and Economic Uncertainties on 2023-2024 Valuations, Transaction Volumes, Lending, Deal-Making and More with Jeff Buettner: The world of M&A is being reshaped by shifting interest rates, cautious lending, and economic conditions. Despite a tightening landscape, founder-led businesses have a unique opportunity to capitalize on this shift, if they're equipped with the right knowledge and strategic flexibility.

(1:27:49) AiCommerce on eMarketer’s US Ecommerce Forecast 2023: I talk to Jeff Campbell, about the ever-evolving world of retail and e-commerce. Drawing from his 20 years of experience and insights from eMarketer's 2023 U.S. e-commerce forecast, Campbell underscored the continued dominance of physical stores, the rising influence of Gen Z, and the imperative for brands to diversify their online presence. Tune in for a comprehensive exploration of current trends and strategies for staying ahead in this dynamic market.

//WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

PODCAST INTERVIEW QUOTES:18:18 - “We think of the economy as a train.” - Brian Beaulieu

19:27 - “There's light at the end of the tunnel and it's not another train coming at us. It’s the sunrise that we’ve all been anticipating.” - Brian Beaulieu

41:07 - “Performance continues to chug along.” - Doug Farren

42:13 - “We also see that there are some significant expansionary activity going on as well, in terms of producing new products and services, entering new markets, building new facilities, so those activities indicate there is an appetite for growth.” - Doug Farren

01:13:57 - “We get that you're coming off peak earnings, but what we don't get is how far below peak earnings you're going to go.” - Jeff Buettner

1:40:56 - “I do think lifetime value, loyalty measurement's important.” - Jeff Campbell

INTENTIONAL GROWTH™ RESOURCES:* Intentional Growth™ Podcast Archives: Archive of 356+ episodes and counting. Get access to the entire library HERE. We'll be adding a searchable tagging feature later on this year. * IG Financial Scorecard: Get your Intentional Growth™ Score that grades you on how well you are viewing - and running your business like a financial asset. Get your results and 5 case study videos HERE. * Intentional Growth™ Academy: 71 Videos, 9.5 hours of content, 20+ exercises. $995 for subscribers [normally $1,495] HERE * Q4 Nov. 2024 Intentional Growth™ Boot Camp: Two-day workshop with 25 other owners on November 8th and 9th in Minnesota at Bethel University. Learn more HERE. * Minnesota CEO Exchange: Content + Panel, Networking, and Happy Hour with 100 Entrepreneurs. Mark your calendar, it's September 20th. Topic and location TBD. We'll keep you posted and let you know mid July. * Q1 2023 Economic and M&A Update: with ITR Economics, ButcherJoseph, and the National Center for the Middle Market HERE

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In today's new episode of the podcast, Corey Rosen, the founder of the National Center for Employee Ownership and author of "Reinventing Capitalism," unpacks the current opacity of business ownership in America where equity is largely held by big corporations and large institutional investors. Corey explains the transformative power of Employee Stock Ownership Plans (ESOPs) and how they can be used as an antidote to some of the issues we face today. We have covered ESOPs extensively over the years. This episode is special because I was honored to have one of the founding pioneers of employee ownership share his journey and perspective.

//WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

Key Takeaways:1.Employee Ownership is Bipartisan: Believe it or not, employee ownership is a rare bipartisan issue that offers incredible tax advantages for both business owners and employees. With benefits like deferred taxes for sellers and equity for employees funded by the company's cash flow, it's a win-win situation that's not just smart business, but also smart policy.

2.Employee Ownership Benefits all Stakeholders: Employee ownership isn't just an ethical move; it's a financial game-changer that creates a win-win for everyone from employees to sellers. By giving workers a stake in the company, we're not only addressing societal issues like wealth inequality but also empowering business owners to cash in on their life's work without dismantling their legacy.

3.Employee Ownership Fosters Personal Growth: Employee ownership fosters productive, self-confident, curious learners, and entrepreneurs—qualities crucial for maintaining the entrepreneurial and innovative spirit of our country.

Bio:Corey Rosen is the founder of the National Center for Employee Ownership, a private, nonprofit membership, information, and research organization. He cofounded the NCEO in 1981 after working five years as a professional staff member in the U.S. Senate, where he helped draft legislation on employee ownership plans. Prior to that, he taught political science at Ripon College. He is the author or co-author of over 100 articles and numerous books on employee ownership, including (with John Case), Ownership: Reinventing Companies, Capitalism, and Who Owns What (Berrett-Kohler, 2022). He has a Ph.D. in Political Science from Cornell University.

Interview Quotes:12:37 - “One way we could change is by making the corporation itself a more democratic organization. I don't mean that the employees are electing the board and running the company, but that they have voice and that somebody will listen to them about their ideas.” - Corey Rosen

20:21 - "So you have a system, highly concentrated wealth and very short-term focus." - Corey Rosen

23:00 - “Well, it's bad for their health to feel that economically insecure." - Corey Rosen

30:50 - "It's about creating opportunities for the ownership of future wealth. It's not taking anybody's wealth away." - Corey Rosen

34:00 - "I realized that if I shared ownership with the people I was working with, they would help me grow the company and I would own a smaller piece of a much bigger pie." - Corey Rosen

01:06:37 - “Companies with ESOPs grow about 2 and 1 1% per year faster than would have been expected.” - Corey Rosen

01:23:35 - “If you go to our conferences you'll see a lot of excited people who will just like leading employee ownership companies a whole lot better it's more fun than leading a conventional company.” - Corey Rosen

Links and Resources:“Ownership: Reinventing Companies, Capitalism, and Who Owns What” by Corey Rosen

The National Center for Employee Ownership web site

What is employee ownership?

Connect with Corey!

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I loved my conversation today because it highlights the interconnected nature of Intellectual Property (IP), entrepreneurial vision, and the evolving dynamics of business valuations.

Today, I sat down with Robert Cote, founder and CEO of Cote Capital, who is an expert in the value of intellectual property (IP). Robert, with his vast experience, highlighted how IP protection is crucial for businesses and introduced the concept of 'IP capital'. We delved into the challenges businesses face, particularly in hardware, and discussed new investment models that prioritize IP. Robert also emphasized the importance of a clear vision in business and the potential of sustainable technologies. Our conversation spanned various topics, but the core takeaway was the transformative role of IP in today's business landscape.

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Key Takeaways: 1. The Significance of Intellectual Property (IP):

IP as a Core Asset: the importance of intellectual property (IP) in driving business value. IP protection has been crucial for companies to prosper and introduces the notion of 'IP capital' which allows businesses to leverage their intellectual assets multiple times.

IP Valuation and Protection: beyond legal tools such as patents, the real essence of IP lies in the technology it embodies. Companies should adopt global protection strategies and focus on sustainable future cash flows from IP. Robert also discusses challenges in the IP space, such as “efficient infringement” where smaller innovators are at a disadvantage against larger corporations.

2. The Shift in Venture Capital and Business Valuation:

Transition from Hardware to Software: the shift in venture capital from hardware-oriented investments to software, and the distinct capital requirements of each. This discussion introduces the concept of 'IP capital' as a growth model.

Novel Investment and Valuation Models: Robert shares his novel investment model, emphasizing the importance of valuing IP, sharing revenues, and avoiding the dilution of entrepreneurs' stakes. Robert discusses the essence of IP in business valuations, drawing comparisons to real estate and emphasizing the creation of diverse revenue streams.

3. Entrepreneurship, Innovation, and Growth:

Visionary Leadership: the power of creative vision in guiding business trajectories is highlighted with figures like Andrew Carnegie and Napoleon Hill,

Embracing Challenges and Growth: Robert sees it as a divine pursuit requiring faith, courage, and understanding life in hindsight. They also delve into the potent

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In today's podcast interview, I sat down with serial entrepreneur and author of "Further Faster," Bill Flynn. Bill took us on a journey, diving deep into various aspects of business growth, moving beyond just numbers. We discussed the importance of how effective teams work together, the balance between strategic planning and execution, and what cash flow really tells us about a business. He introduced the "jobs to be done" theory, underscoring the importance of understanding customer needs at a functional, emotional, and social level. Bill stresses that seeing things from a new angle is essential for driving growth and innovation, with true leadership rooted in a clear vision and strategic alignment.

Bill reminds us that it's more than just about numbers; it's about striking a balance between team dynamics, strategy/execution, and cash.

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Key Takeaways: * The Interdependence of Team Dynamics, Strategy, and Execution: Bill Flynn emphasizes the importance of aligning every team member with the company's broader strategy. Understanding and harnessing team dynamics ensures that the right players are positioned correctly, allowing for effective execution. It's not just about hiring but about aligning everyone to a cohesive growth strategy.

The Power of Perspective and Visionary Leadership: Perspective plays a crucial role in how business strategies are framed and executed. By shifting narratives and viewpoints, businesses can drive impressive growth and innovation. Both Bill and Ryan agree that true leadership revolves around having a clear vision, ensuring alignment with strategy, and empowering teams.
Understanding and Meeting Customer Needs: The discussion underscores the value of truly understanding customers. Bill introduces the "jobs to be done" theory, explaining that customers choose products or services based on specific tasks, underpinned by functional, emotional, and social needs. Recognizing these needs is paramount for a business's success.

Bio: Bill embodies his core purpose - simplified servanthood - by spending each working moment to help create a compassionately productive society by enabling enlightened leaders to focus on the few things that truly matter to their teams and key stakeholders.

He has worked for and advised hundreds of companies, including startups, where he has a long track record of success spanning multiple industries. Bill has been a VP of Sales eight times, twice a CMO and once a GM of a division of a $100MM IT services company before he pivoted to becoming a business growth coach in 2015. Prior to, he had five successful outcomes, two IPOs, and seven acquisitions, including a turnaround during the 2008 financial crisis.

As a coach, in addition to being connected with MG 100, Women’s Business Collaborative, MassMEP, Small Giants, and EforAll, B

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Brian Roers of Roers Companies shares his inspiring entrepreneurial journey in a recent podcast. Born into a family of entrepreneurs and with a foundation in accounting, Brian and his brother Kent transitioned into real estate, amassing a $2.2 billion portfolio. They raised—and continue to raise—funds by prioritizing personal relationships and catering to the “everyday investor” over traditional institutional funding. However, it hasn't all been smooth sailing. Through challenges like the 2009 financial crisis and the COVID-19 pandemic, Brian shares compelling stories of resilience, emphasizing the importance of trust, transparency, and a robust corporate culture that prioritizes family orientation, competition, and clear goal-setting. As Brian aptly puts it: "You can never imagine what you're gonna accomplish unless you push on it."

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Main Takeaways: 1. Be Flexible & Open to Change: Brian Roers went through an evolution in his professional life, starting with an early immersion in business due to his parents, to majoring in accounting and management, and eventually owning a CPA firm. His journey then took another significant pivot when he chose to move into real estate, partnering with his brother, Kent, where they have now invested Billions of dollars for their investors. Brian’s story emphasizes the importance of being adaptable and open to new opportunities that align with one's skills, interests, and values.

2. Relationships and Investment Philosophy: Brian and his partner Kent's approach to raising funds was notable. Instead of traditional institutional funding, they relied on personal relationships, raising significant amounts from friends and family. This speaks to the power of personal connections in the business realm and the importance of seeing investors as partners. By offering direct real estate investment opportunities and being transparent about numbers, they've successfully developed over $2.2 billion, aiming for even loftier goals in the future

3. Trust, Transparency, and Corporate Culture: A significant portion of the conversation revolved around trust. Brian placed considerable trust in his team, exemplified by his story about Shane LaFave. He believes that the success of their real estate venture is rooted in the trust their investors place in them. Furthermore, their transparent approach to dealing with investors, even in unfavorable situations, has strengthened the bond with their investor base. Lastly, the emphasis on defining and upholding a corporate culture that is family-oriented, competitive, and goal-driven is pivotal in fostering a conducive work environment and setting clear expectations for new hires.

Bio: Brian is a co-founder and owner of Roers Companies. He started his career in real estate more than 15 years ago, purchasing single-family homes, duplexes, and student housing around the University of Minnesota. After gaining his CPA license in 20

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Have you ever wondered how successful companies manage to scale their businesses by creating and leveraging high-performing sales teams? Today's interview is with Jon Lacasse, an entrepreneur who is an expert in scaling companies by building such teams.

Jon shares his unique career path, which took him from concrete work to building a team of over 100 people within a division of Citigroup. He also discusses his decision to break free from the Citigroup umbrella to launch a healthcare brokerage firm. While helping owners with their health insurance, Jon and his team had an eye opening experience to the lack of proactive advanced tax planning for business owners. This realization led to the inception of his company, Lifetime Advisors.

Jon emphasizes his success is rooted in understanding - and aligning - the motivations of each stakeholder—client, sales rep, and the company delivering the services. He explains the importance of education, and the role of delivering repeatable solutions using scalable systems and processes, and highlights the need for an insane discipline of tracking results.

We wrap up with a discussion on the changing landscape of the business advisory sector and how Lifetime Advisors offers a unique business model that's designed to take advantage of emerging opportunities, disrupt an old industry, and enhance the advice and service business owners receive.

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Three Big Takeaways:

Building and Managing Effective Teams: A major theme is Jon Lacasse's philosophy of creating sales teams that are effective and efficient. He believes that leaders should understand and help clarify each team member's motivations, assist in building plans to achieve their financial goals, and educate them on complex subjects such as insurance, mutual funds, and mortgages, so they can make it simple for the client. He stresses the importance of accountability and meticulous tracking to refine the sales process.
The Opportunity in Proactive Tax Planning: Jon's discovery of the potential of offering proactive tax planning, which started with Research and Development (R&D) tax credits. He found that many businesses were eligible but unaware of these credits due to a lack of specialized knowledge among, or too busy, CPAs. This led him to creating Lifetime Advisors with a few other partners, dedicated to helping business owners save money via proactive tax planning, going beyond immediate planning to cover a comprehensive set of products and services, including R&D tax credits, capital gains strategies, advanced estate planning, and exit strategies. Jon views this unique business model as a response to industry changes and a means to capitalize on the emerging opportunities.
The Business Model of Lifetime Advisors: Jon's current business, Lifetime Advisors, uses a unique business model in which they take over operational tasks and allow their Field Consultants (the sales people) to focus on building relationships and setting up appointments. Th

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In my interview today with Casey Cavell, we explore his journey transitioning from a professional poker player into a successful entrepreneur, real estate investor, and podcast host of the Dugout CEO podcast. He took a $9,000 investment and effectively used his poker skills to enter the real estate market, later launching baseball and softball academies and expanding them to five locations in Atlanta, and grossing over $40M between all his ventures. Casey faced significant challenges when he started to get burnt out. He was not living in his unique ability and was struggling with managing all the operations. Casey shares key lessons he learned on delegation, personal clarity, and aligning business goals with personal life. After reaching his personal and financial goals, he navigated the complex process of selling his stake in the ownership, transitioning from his W2 job, and most importantly, detaching his identity from the business. His story provides crucial insights into balancing perfection with acknowledging limitations, redefining self-worth, and drawing parallels between poker and business.

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Three Big Ideas From the Interview: 1. The Parallels Between Poker and Entrepreneurship: Casey's journey into entrepreneurship started at the poker table. The skills and strategies he honed in poker, such as understanding rules, money management, and self-assessment, were directly applicable to running a business. His initial investment of $9,000 into a six-unit apartment complex, made with poker earnings, demonstrated this overlap. It's a powerful reminder that often unconventional beginnings can provide unique, transferable skills that can be leveraged in entrepreneurship.

2. The Importance of Delegation and Focusing on Strengths: Despite his initial success, Casey learned the hard way that running a business was far more complex than he anticipated, leading to burnout. However, an investor's decision to help with managerial responsibilities allowed Casey to focus on his strengths, namely, creating efficient systems and scaling the business. This highlights the crucial nature of delegation, understanding personal strengths, and the need for effective partnerships in entrepreneurship.

3. Redefining Success Beyond Financial Prosperity: The story of Casey is also a tale of personal transformation. After battling feelings of inadequacy and a need to constantly prove his worth, he found contentment through his Christian faith. He then redefined his measure of success to include being a good father and husband, not just a successful businessman. This personal transformation underscores the importance of defining success beyond financial prosperity and the role of personal growth in entrepreneurship. His advocacy for clear goal setting, the use of an accountability coach, and living intentionally echo this sentiment, reiterating that business success involves having a clear vision for one's life and business.

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In this week’s episode of the podcast, I had the privilege of chatting with an old friend, Loren Horsager, a seasoned tech entrepreneur who has literally been talking about artificial intelligence (AI) since the '90s. Loren became a lifelong tech enthusiast after he helped automate the accounting tasks he was responsible for in the commodities trading business he was working for in the '90s. Loren was first on the podcast over six years ago (ep. #84), talking about how companies can embrace technology and software to increase their multiple, and potentially even the valuation method. I couldn't think of a better person to have on the show. With the entrance of AI onto the scene, the stakes and rate of change are even higher.

Today, Loren unraveled the significant strides that AI has made, along with its practical implications on businesses, particularly privately-held ones. We dove into how AI, when properly understood and integrated, could bring about a transformation as impactful as the launch of Netscape in the internet era. Join us as we explore this fascinating topic, in what I hope is a very practical and actionable conversation, while also shedding light on the importance of the bigger conversations we need to be paying attention to as the world of AI evolves.

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Key Takeaways: 1. Transformative Potential of AI for Private Middle Market Businesses: Firstly, we acknowledged the transformative potential of AI for businesses. Loren predicted a significant evolution in the world of AI over the next 12 to 18 months, likening it to the revolution caused by Netscape during the internet's early days. As a business owner, I see this as an alert that now is the time to start considering how AI can fit into our business strategies to gain a competitive edge.

2. Data Protection and Custom AI Solutions: Secondly, we discussed the crucial importance of data protection and the value of custom AI solutions. I was quite alarmed by the number of businesses that aren't giving data protection the attention it deserves, given the importance of data in training machine learning models. Moreover, Loren made a compelling argument for the creation of custom AI tools that are tailored to tackle specific business problems. I see this as a great opportunity to utilize AI for enhancing efficiency and solving problems in a targeted manner.

3. AI in Boosting Productivity, not Replacing Teams: Lastly, we emphasized the idea that AI is here to augment, not replace, our teams. It's crucial to remember that AI can be used to boost productivity, streamline operations, and minimize costs - but it's not a replacement for human intellect and creativity. Loren's vision of bots that understand job roles and work alongside humans has got me thinking about the future of team structures. It's an exciting time for us as business owners, and understanding these aspects of AI can help us navigate the changin

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Family business, succession planning, exit planning, goal setting, working with advisors... these concepts tend to be emotionally charged and come with a lot of opinions. If you want to know how to hear some real stories of things gone sideways and ways to avoid some heartburn, you're in for a treat.

I was super excited to get John Rodriguez on the podcast after we met. I was introduced to him a while back, and at first, I thought he was just another "exit planner". After doing some recon, I realized he might be the only person I have come across with a journey eerily similar to mine. He grew up in a family business, tried to avoid it, eventually got involved, faced plenty of challenges, exited, and is now trying to help people avoid what he went through.

Today's podcast interview, along with the blog, highlight the confusion and dysfunction that can occur within family businesses, advisors, goal setting, and planning. I hope you can take a few items away from today's material and use them to create a clearer path forward for yourself and avoid some of the things that John and I have experienced.

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5 Key Takeaways * Communication: The generational transition in a family business can present significant challenges, such as role ambiguities and outdated financial practices, underscoring the complexities of family business management. Even when it's tough, communication remains key. * Financial Alignment with Business and Personal Goals: Despite an appearance of success, businesses must pay careful attention to financial management, especially in aligning operational decisions with their financial outcomes. * Plan for the Worst: The complexity of managing diverse divisions in a family business, especially following the loss of key leaders, highlights the importance of understanding all aspects of the business ownership. * Clear Up What Exit Planning Means: Exit planning should be well-defined (if possible), and considered as an ongoing process for the family ownership group and its advisors. It's not a one-off event and its importance goes beyond tax strategies and estate planning, thus the need for continual education and resources. * Goal Setting: Business goals, derived from the family's financial goals, should guide management decisions. This underscores the need for clarity in setting these goals in order to enable intentional and effective decision making with little conflict as possible.

Bio: He grew up in the one started by his immigrant Father. A Mexican restaurant that would go on to become one of the largest independent restaurants in the Midwest. Like most family businesses, it was his Father’s hope to see John and his sister become second generation owners. Eventually, they did. &

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It’s hard to know if you're winning when you're in the middle of something. Every journey has its ups and downs, but hopefully, the ride is worth it in the end.

Our guests today, Rob and Collin Reilly, are true entrepreneurs who have experienced the highest highs (selling over $250M in real estate) and the lowest lows (going broke) of the business world. They've tackled these challenges with grit, determination, and what they call an "eternal perspective".

The brothers started their journey by buying, running, and selling a profitable truck accessories company. Then, they decided to take a risk and dabble in the golf cart market, and to their surprise, they earned a massive profit.

But their adventure didn't stop there. They ventured into real estate with HomeVestors, and even though they started with no prior knowledge, they hustled, learned, and ended up selling an astounding $250 million in properties. However, life threw them a curveball with the 2008 financial crisis, and they lost it all.

But here's where their story gets even more inspiring. They didn't let this setback stop them. Instead, they found an opportunity with a tax incentive for electric vehicles, returned to the golf cart market, and generated an impressive $75 million in just 45 days!

The Reilly brothers' journey is not just a fascinating tale of entrepreneurship, it's a testament to resilience, creativity, and family values.

Check out the full conversation, it’s worth every minute!

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What You Will Learn

How far a strong entrepreneurial spirit can take you
Robin and Colin’s reliance on their resilience and adaptability on their journey
The importance of recognizing and seizing opportunities
How you can emphasize living intentionally
Their unique financial planning and investment strategies

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In today’s podcast, I interview Sindhu Srivastava and she shared her amazing journey as an entrepreneur, immigrant, and woman of color. She walks us through her upbringing in a mixed-faith family, the transformative power of education, and her relentless pursuit of excellence. The interview highlights Sindhu's academic success, her migration to the US to escape societal norms, her career path in data analytics and entrepreneurship, and the challenges she faced along the way. It also emphasizes the importance of resilience, adaptability, determination, and authenticity in navigating personal and professional challenges. Overall, Sindhu's story serves as an inspiration and offers insights into data analytics, acquisition entrepreneurship, and leadership.

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5 Key Takeaways * The transformative power of education: Sindhu Srivastava's journey emphasizes the importance of education in empowering individuals to overcome societal constraints and achieve success. * Embracing authenticity and vulnerability: Sindhu highlights the significance of being true to oneself, embracing vulnerability, and accepting imperfections as crucial elements of personal growth and success. * The challenges of societal norms and gender-based prejudices: Sindhu discusses the obstacles she faced as a woman of color in the corporate world and the need to navigate societal norms and biases to attain leadership positions. * The entrepreneurial journey: Sindhu's experiences as an acquisition entrepreneur demonstrate her ability to identify market gaps, leverage her skills, and create value through her ventures. * The evolving definition of success: Sindhu's perspective on success evolves throughout her journey, encompassing personal goals, making a positive impact, and continuously striving for growth and authenticity.

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Bio: Sindhu Srivastava is the CEO of We Crush Events, a mid-market company that organizes world-class events. She is also the CEO of Meaningful Data, a strategic data and analytics services company that works with organizations that want to maximize ROIC and/or Free Cash Flow. We Crush Events' exponential growth will come from the data-driven business decisions Meaningful Data will provide.

She is also a Silicon Valley data executive with nearly two decades of analytics experience. She has led analytics teams at all of her startups, all of which went IPO, in addition to leading analytics teams at large tech companies. Sindhu also has an MBA from The Wharton School, an MS in Engineering from The Ohio State University, and a B.Tech from IIT Madras.

Interview Quotes: 13:14 - “I was a fighter. I just wasn’t there to give up.” - Sindhu Srivastava

20:21 - “I think, as a human race, we tend to prioritize being nice over being truthful and over being authentic.” - Sindhu Srivastava

20:45 - “And I find that a lot of people kind of wish them away... Without actually taking a deep look at themselves and

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Harnessing the Business of Life: Matt Altman's Enlightening Journey

Today I interviewed Matt Altman, co-founder and CEO of the lifestyle apparel company, Sportiqe. We dive into the deep connections between business, personal growth, and emotional wellbeing. I loved this conversation and could have kept going for hours. Matt introduced a concept I love, "business of life".

The Journey from Professional Sports to Entrepreneurship

Altman recounts his transition from professional sports to entrepreneurship, a path filled with struggles including bouts of anxiety and depression. This journey sparked his realization that businesses can make a significant positive impact by fostering a culture that caters to fundamental human needs. This transformative epiphany became the cornerstone of his approach towards life and business.

Cultivating Inner Peace: An Essential Foundation

In his quest for better life quality, Altman adopted a multifaceted approach to inner peace. This strategy involved counseling, therapy, introspective writing, and deep questioning, ultimately honing his intuition and gut instinct. According to Altman, the richness of life springs more from feelings than thoughts or material possessions. His journey of self-discovery spanned several years, leading him to master the art of meditation and the ability to consistently connect with his inner self.

Profit versus Revenue: A New Paradigm in Business Success

Altman draws an intriguing parallel between personal experiences and business outcomes. He equates life's external accomplishments, such as earning money or acquiring possessions, to business revenue, while internal experiences like happiness, gratitude, and emotional well-being represent profit. This enlightening perspective suggests that true success encompasses not only wealth accumulation but also the cultivation of happiness and inner peace.

Embedding Core Values into Business: The Sportiqe Way

Sportiqe's corporate values 'Evolve' and 'Teamwork' embody a culture of growth and continuous learning, as well as the necessity for social interaction and mutual reliance. Altman expounds on Conscious Capitalism, a principle he encountered in 2016-17 that further solidified Sportiqe's ethos. He calls for businesses to create win-win scenarios for all stakeholders, criticizing companies that prioritize stock prices over people.

Navigating Life with A+DEF, times C squared

Altman introduces his unique life formula: A+DEF, times C squared. 'A' represents awareness, 'D' desire, 'E' effort, 'F' focus, and 'C' choice. Together, these components contribute to personal and professional growth, helping to align individuals with common desires, efforts, and focus, and enabling informed decision-making.

Resilience Amidst the Pandemic: The Sportiqe Story

Amid the global pandemic, Altman highlights how Sportiqe's values and 'can-do' attitude fostered connectivity, mindfulness, and proactive initiatives. One notable example was the creation of a 'together we win' t-shirt, the proceeds of which benefited frontline healthcare workers in Arizona.

The 3Hs Principle: An Integral Part of a Fulfilling Life

Delving deeper into spirituality, Altman introduces his "3Hs" principle, which stands for Head, Heart, and Hands. These components represent mindfulness, passion, and action respectively, which together form the key to a fulfilling life. According to Altman, external experiences are reflections of our inner thoughts and beliefs, implying that personal transformation can instigate significant change.

The Future of Sportiqe and the Business World

Altman envisions expanding Sporti

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Camille is the former president and CEO of Gongos, Inc., a company focused on empowering organizations through human insights. Today, Camille will be sharing her insights on 'Navigating the Complex World of Succession Planning with a Human-centric Approach.' We’re going to be diving into how Camille managed to transition her leadership into the CEO role - while buying the company - after the sudden demise of the company’s co-founder, John Gongos, and how she ensured the company not only survived but thrived in the ever-changing business landscape.

Further, Camille Nicita and host Ryan Tansom dissect the complexities and challenges of succession planning in professional services companies, drawing contrasts with product-based firms. She details the meticulous process of entertaining acquisition offers, ensuring alignment of values, and the ultimate decision of selling to Insights Consulting. Camille’s insights into regular company valuations, and her focus on relationships and the human aspect during negotiations, are valuable takeaways for entrepreneurs and business leaders. If you’re looking to gain a deeper understanding of leadership, business transformation, and the nuanced art of succession planning with a human touch, this is an episode you don’t want to miss.

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What You Will Learn 1. Human-Centric Approach: Gongos, Inc., under Camille Nicita's lead, adopted a human-centric business model that promoted organizational changes, product innovations, and effective communication strategies based on deep customer understanding. 2. Resilient Leadership: After co-founder John Ganges' sudden demise, Nicita's purpose-driven leadership, focusing on passion for the business, team, and clients, played a critical role in stabilizing the company during a pivotal transition. 3. Embracing Diversification: Nicita initiated several transformations within Gongos, such as expanding into data analytics and strategic consulting, to create a diverse service portfolio while emphasizing employee upskilling and talent recruitment. 4. Complexities of Succession Planning: Nicita highlighted the importance of distinguishing between ownership and positional leadership in succession planning, aligning the leadership team's interests with company growth via tools like a phantom stock plan. 5. Navigating Acquisition with Intention: The COVID-19 pandemic prompted Nicita to strategically plan Gongos' sale, where she prioritized values and vision alignment when selecting the right buyer, leading to Insights Consulting's successful acquisition.

// HOW WELL ARE YOU RUNNING YOUR COMPANY LIKE A FINANCIAL ASSET? Take the Intentional Growth Financial Scorecard

Interview Quotes: 08:12 - “Human understanding translated into really meaningful, positive impact for the businesses we work for.” - Camille Nicita

10:43 - “Do right by your people and you’ll feel good as a human too.” - Camille Nicita

10:39 - “The money will come if you do the right thing.” - Camille Nicita

24:07 - “Stabilizing the business, to me, means making sure everyone is good.” - C

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Today, we have a super fun episode! I met our guest, Jason Weimer, over 5 years ago and had the privilege of getting to know him and his big idea. Jason was in the early stages of founding a PE Firm that was people-centric and that also provided the double-digit returns typical of private equity.

The challenge? Jason came from a working-class family that didn’t have a pile of capital for him to “play around with.” Therefore, Jason had to spend tons of time educating himself about investments, risk, and different asset classes. Jason shares how he started Gratus Capital and managed to convince his parents to invest a modest amount of capital with him. Jason treated them as typical investors from day one.

Jason walked us through his whole journey, offering us a masterclass on risk, return, and how to generate double-digit returns through buying, growing, and selling private companies.

You will hear how Jason switched gears from real estate and venture capital, finding his true calling in private equity. He believed in it and proved it could deliver returns that would make even Warren Buffet nod in approval. Jason's story of buying Espresso Partners and navigating a sea of challenges to scale it from 15 employees to 55, and then selling it for a whopping eight figures is worth the listen.

And here's why this episode is close to my heart - I've known Jason for years, and I've seen him prove that thinking and treating your company as a financial asset from day one can make a world of difference. His insights on decision-making in the business context are pure gold for anyone trying to create long-term value. I hope you enjoy this episode!

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What You Will Learn * How to think about risk vs. return as it relates to private equity, real estate, and venture capital. * How managing your business as a financial asset impacts operational decision making. * The significance of a people-centric leadership style and focusing on service. * How to weather unforeseen challenges, like loosing your largest customer, while keeping the business afloat. * Insights into executing an effective exit strategy that not only rewards you but also takes care of your employees.

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Bio: Jason is the founder and managing partner of Gratūs Funds.

Jason’s early inspiration to pursue a career in investments came from his grandparents. Having been through the Great Depression they knew and communicated the value of a dollar. While never achieving “accredited status,” when they eventually passed it was discovered that on a single income of no more than 17k a year that supported a family of six, they were able to pass on a meaningful financial legacy through a disciplined spend

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THREE SEGMENTS IN TODAY'S QUARTERLY ECONOMIC AND M&A UPDATE: 1. UNDERSTANDING & NAVIGATING ECONOMIC CYCLES WITH BRIAN BEAULIEU: We need to understand and navigate the ebbs and flows of economic cycles. From dissecting sector-specific challenges in banking and real estate, to understanding the economic cycle and its impacts, to providing actionable strategies for economic highs and lows, the discussion emphasizes the importance of a forward-looking approach, early forecasting, and strategic planning in ensuring business success in fluctuating economic conditions.

2. NAVIGATING SHIFTING M&A CURRENTS WITH JEFF BUETTNER: The world of M&A is being reshaped by shifting interest rates, cautious lending, and economic conditions. Despite a tightening landscape, founder-led businesses have a unique opportunity to capitalize on this shift, if they're equipped with the right knowledge and strategic flexibility.

3. UNPACKING THE NEW LANDSCAPE OF SBA LENDING WITH JOHN THWING: The changes in SBA lending practices are creating a new world of possibilities for business owners. From allowing partial buy-ins to slashing the standby period for seller financing, these transformations offer innovative financing, growth, and exit strategies.

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View Section: ButcherJoseph, Jeff Buettner // 08:18

ITR Economics, Brian Beaulieu // 40:57

Live Oak Bank, John Thwig // 1:08:31

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Interview Quotes: 09:58 - “In the last three months or so, it has been a bit of a slower pace of progression. Obviously there is continuing interest in what the FEDs will do going forward. At this point it has given the universe of buyers an opportunity to recalibrate and rethink of the way they are approaching value.” - Jeff Buettner

13:40 - “You’re going to be talking about prices for the particular asset coming down.” - Jeff Buettner

22:00 - “Not only have a competitive type of scenario with private equity and strategics if you're selling to an ESOP, but it actually might be the more lucrative route to pursue.” - Jeff Buettner

41:59 - “We had three banks fail now and all three of them had something in common, and that is they were very focused in terms of who they lent money to.” - Brian Beaulieu

49:14 - “Office space amounts to about 14% of total private commercial, so it’s not like it’s the lion’s share of it. So I recite those numbers to myself at night when I start to hyperventilate.” - Brian Beaulieu

1:06:19 - “We thought that maybe, because the country went into so much more debt, we thought that would change the timeline, but no it doesn’t. As long as you win the ugly dog contest, you can get away with it.” - Brian Beaulieu

1:15:15 - “Now some of the changes that are going on in SBA SOP (standard operating procedures) are going to liberalize a little bit of that so SBA might be a fit more often than it was previously.” - John Thwig

1:15:33 - “Unless it’s an ESOP, w

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"What would you do if your revenue dropped 75%? Would you give up or pivot and double down?

Today, we have an awesome conversation with Mike Spack, the founder of SPAC Solutions, a company renowned for its technologies aimed at reducing traffic congestion and fatalities. Despite growing SPAC Solutions into a multimillion-dollar global business, a 75% pandemic-induced revenue drop forced him to make challenging cuts, focusing on the company's most scalable aspects.

In this episode, Mike and I discuss how his strategic and thoughtful decision-making process was crucial for his company's survival, a seven-figure EBITDA, and eventual exit. His approach towards planning involved signing up with the Intentional Growth Academy™ and participating in 1-on-1 coaching calls. During these sessions, Mike really dug into his growth strategies and exit options before choosing a path forward.

Mike ultimately sold his business to an acquisition entrepreneur just a few months ago. He shares with us his play-by-play thought process, and why he made the choices he did along his anything-but-straight-line path to his exit.

Spack's story underlines the power of intentional growth and deliberate decision-making in the face of uncertainty. His story is incredibly valuable for anyone navigating unpredictable business landscapes and wondering what questions they should be asking to eventually achieve their goals and make owning and running the business 'worth it'."

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What You Will Learn* How Mike started his business off of a 20,000+ follower blog he created - “Mike on Traffic” - while working full time. * How Mike pivoted after a 75% revenue drop during the pandemic. * How Mike focused on the most scalable part of his business to recover and grow. * How Mike was able to create a 7-figure EBITDA business with a few team members and 10 hours a week. * How intentional decision making produced exponential growth for Mike’s business. * How taking the Intentional Growth™ Academy helped Mike become more focused on where he wanted to take his company after the pandemic. * Why Mike believes it’s so important to align your vision, financial targets and potential exit routes when planning for the future of the business. * Mike’s decision making process when considering selling his business even though it was doing really well. * Why Mike felt a little bit of urgency to sell his business. * Why Mike sold his company to an acquisition Entrepreneur.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio:Mike Spack founded Spack Consulting, Traffic Data Inc, CountingCars.com and Spack Academy. In 2019 Mike combined elements of these companies to create Spack Solutions, where he focused on providing safe, accurate, cost-effective transportation data to public agencies (and their contractors/consultants) around the world to help them tame congestion and eliminate traffic fatalities.

Before going to work for himself, he worked in a couple of consulting firms and also served as the staff traffic engineer for the city of Maple Grove, Minnesota. He’s taught in the civil engineering department at the University of Minnesota and is a past president of the North Central Section of the Institute of Transportation Engineers.

Mike is a licensed civil engineer in the State of Minnesota (a PE). He was a certified professional transportation operations engineer, but decided to let the certification lapse and go inactive. Mike passed the exam and still has all of the knowledge in his head. He’s also a fellow of the Institute of Transportation Engineers.

Interview Quotes:24:48 - “We looked like a much bigger company because we were leveraging all of these tools to make the system as seamless and as automated as possible.” - Mike Spack

39:41 - “The sheer amount of people I see that tie their identity to their business…” - Ryan Tansom

41:49 - “I would rather shift my identity in my 50s when I still have energy.” - Mike Spack

48:14 - “eCommerce companies are a totally different game in buying and selling.” - Mike Spack

59:02 - “He had investors behind him and kept wanting to renegotiate after the LOI so I kicked him.” - Mike Spack

1:08:33 - “I think I want to go back to school and be a math teacher.” - Mike Spack

Links and Resources:Connect with Mike on LinkedIn!

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In this episode, I dive into the weeds of M&A integration with Kison Patel, an experienced M&A advisor and CEO of M&A Science. Kison shares his extensive knowledge from a decade of experience in the M&A space, having been involved in over 40 deals worth more than $1.5 billion. In 2012, he started Deal Room, a project management software that aims to modernize the M&A process through technology.

Kison highlights the Agile methodology used in M&A, which focuses on rapid execution and iteration to achieve a clear goal. Kison further elaborates on the often-underestimated challenge of integrating a company post-acquisition, not just from a financial perspective, but also considering the people and operations involved.

A common theme you will notice is the necessity of having a clear vision of the end result of the combined operations early in the due diligence and transaction process. Such a proactive approach can ensure that expectations align with reality, resulting in financial returns that make the deal worthwhile.

The importance of this approach is underscored by the statistic that about 80% of acquisitions don't yield returns above their cost of capital or borrowing costs, primarily due to integration challenges. I am super excited because this episode brings to light the potential for more successful outcomes and happier buyers and sellers.

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What You Will Learn* Gain a comprehensive understanding of M&A integration, its importance, and the steps involved in the process. * Learn from Kison Patel's decade-long experience in the M&A space, where he has successfully managed over 40 deals amounting to more than $1.5 billion. * Discover the role of Deal Room, a project management software founded by Patel in 2012, which aims to modernize the M&A process with the help of technology. * Understand the Agile methodology's pivotal role in M&A processes, focusing on rapid execution, iterative development, and the pursuit of clear objectives. * Grasp the complexities involved in M&A integration, which goes beyond just financial investment to involve people and operational management. * Appreciate the need for a clear vision of the combined operations' end state early in the due diligence and transaction process. * Learn how a proactive approach to M&A integration can result in a higher alignment between expectations and reality, leading to financial returns that make the deal worthwhile. * Realize the significant challenges in M&A integration, evidenced by the fact that about 80% of acquisitions don't yield returns above their cost of capital or borrowing costs. * Become familiar with Kison Patel's mission to make the M&A process more efficient and improve overall outcomes. * Understand that a streamlined and effective M&A process could lead to more successful outcomes and happier buyers and sellers.

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Bio:With a decade of experience as an M&A advisor, Kison devotes his time to building solutions for more innovative, efficient, and people-driven M&A. Through developing technology, educational content, and industry training, Kison aims to bring better project management to an industry with growing market pressures, transaction values, and competition.

Interview Quotes:10:15 - “Integration is the activities you need to achieve the value you’re looking to extract out of your acquisition.” - Kison Patel

10:49 - “[Integration is…] buying a company and making it work.” - Ryan Tansom

13:33 - “80 of 90 percent of deals don’t get the return they expected.” - Ryan Tansom

35:30 - “The better you can collect your diligence information, the more you can retain.” - Kison Patel

37:18 - “When you look at a deal and everything is organized, you get excited about it.” - Kison Patel

41:23 - “Once that LOI is signed, it means it’s game time. Culture isn’t going to get in the way.” - Kison Patel

50:10 - “Good leadership is the key to all of this.” - Kison Patel

53:09 - “I think starting off with a small deal is your best bet.” - Kison Patel

Links and Resources:M&A Science

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Ep.#5 [THEME NINE]

In this podcast episode, I interview Anthony Taylor, an entrepreneur and founder of SME Strategy Consulting, who shares his expertise on the critical importance of strategic planning in achieving alignment between ownership and leadership. Drawing from his experience in entrepreneurship and insights from his book "I Wish I Knew," Anthony discusses how a well-designed, realistic strategic plan can serve as the foundation for aligning ownership and leadership objectives, ultimately leading to team alignment and business growth.

I love this conversation because we dive into setting ambitious goals while taking into account ownership requirements, funding distribution, and available resources to achieve target equity valuations. The discussion aims to assist businesses in comprehending the costs and timelines linked to their investment strategies, as well as the effect of these factors on their progress towards meeting equity targets. Emphasizing the need for a clear and achievable strategic plan, the episode offers valuable insights to help entrepreneurs and business leaders create a roadmap that caters to both ownership and leadership goals.

This conversation with Anthony underscores the significance of fostering alignment between ownership and leadership to drive business growth and achieve long-term success. Through the exploration of strategic planning and goal setting, listeners are encouraged to develop a comprehensive understanding of the necessary steps to effectively bridge the gap between ownership's needs and leadership's aspirations.

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What You Will Learn* The importance of ownership and leadership alignment in a business venture, drawing from Anthony's personal experiences. * How anticipating obstacles can support business growth and strategic planning. * Anthony's perspective on strategic planning, offering a raw and comprehensive definition of the term. * The importance of setting a long-term vision, with a particular focus on the value of a 3-year goal in strategic planning. * How goals and strategic planning differ and why understanding this distinction is crucial. * The importance of understanding the types of people you work with as a business owner. * The balance between staying focused on present tasks and planning for the future. * Anthony's views on the AI boom and why it doesn't concern him. * Insights from Anthony's quotes, including the importance of effective risk management, implementation, and resource allocation in achieving business success. * A glimpse into Anthony's entrepreneurial journey, his contributions to Global Entrepreneurship Week, and the success of SME Strategy.

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Bio:Anthony Taylor is the CEO a senior strategic planning facilitator at SME Strategy. He holds a degree in business administration (BBA) as well as his Certified Associate in Project Management (CAPM) from the Project Management Institute.

Anthony has an entrepreneurial background, with more than 10 years of experience running his own small businesses in various industries. In his book I Wish I Knew, he shares his best tips for being an entrepreneur.

In 2016, Anthony was chosen as a Global Entrepreneurship Week Ambassador for Canada, and SME Strategy was awarded the Palme Blue for "Microenterprise of the Year" from the French Chamber of Commerce.

Interview Quotes:09:49 - “I decided that I’m going to have freedom so that when I have a kid I can spend time with them on my terms and I can spend time with my wife.” - Anthony Taylor

13:10 - “Trust but verify is just so important.” - Anthony Taylor

18:30 - “Let’s look at the word strategic. Strategic is just about choices. What are you doing and what are you not doing? That’s it.” - Anthony Taylor.

21:07 - “I think people are the biggest gap to implementation.” - Anthony Taylor

21:58 - “Optimism is not going to get you where you want to go.” - Anthony Taylor

30:40 - “The decision accuracy is not going to hold you back, it’s the execution.” - Anthony Taylor

39:06 - “You just need to make sure you’ve got the right people, in the right seats, at the right time, to get you to where you want to go.” - Anthony Taylor

43:30 - The biggest way to kill your teams motivation is to not give them the resources they need to be successful.” - Anthony Taylor

Links and Resources:Strategy and Leadership Podcast

SME Strategy

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Ep. #4 [THEME NINE]

Someone once told me that you could identify a true leader when their team would do anything to avoid disappointing them. There was no need for a heavy hand because there was a huge amount of respect and trust in the shared vision and team.

I believe that statement to be true, and today I could see that quality in my guest.

Today, I have Charlie Merrill and Billy Amberg joining me. Charlie is the CEO of Kontek, who turned a near-bankrupt company into a thriving $20 million business with 40% gross margins through the power of servant leadership. Charlie's people-centric approach and dramatic pivots across industries enabled Kontek to rise from the ashes, transforming from a supplier of concrete foundations for cell towers to a provider of innovative security solutions that protect organizations from terrorist attacks.

In this awesome conversation with Charlie and his friend and client, Billy Amberg from Bloomberg Capital, you'll hear about the real impact of servant leadership in creating a fun and trust-filled work environment, all while driving virtually zero turnover and impressive financial returns. Charlie's wisdom, backed by his mentor and grandfather's teachings, demonstrates the incredible potential of what real servant leadership can do.

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10 Key Takeaways:1. Learn how servant leadership transformed a near-bankrupt company into a thriving business with $20 million in revenue and 40% gross margins. 2. Discover how Charlie Merrill's people-centric approach and dramatic pivots across industries enabled Kontek to rise from the brink of bankruptcy. 3. Understand the importance of asking for opinions and ideas rather than pushing your own when managing people. 4. Explore the benefits of offering high wages and big performance bonuses to create a team atmosphere and encourage self-management. 5. Learn about Kontek's journey from supplying concrete foundations for cell towers to protecting organizations from terrorist attacks. 6. Hear inspiring stories about Charlie's mentor and grandfather, who instilled in him the values of servant leadership. 7. Realize the true impact of servant leadership on fostering a positive work environment with virtually zero turnover and impressive financial returns. 8. Find out how Charlie's approach to leadership led him to consider selling his company to an ESOP. 9. Discover the Intentional Growth Financial Scorecard, a valuable tool that helps you evaluate how well you're running your company as a financial asset. 10. Understand the transformative potential of servant leadership in the world of business and its ability to drive growth and success.

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Bio:Charlie Merill is the CEO of Kontek Industries. Charlie led the growth on Kontek from going almost bankrupt to $20 Million in revenue and 40% margin.

Billy Amberg is a managing director of Corporate Finance Associates (CFA), an international investment banking firm specializing in the middle market, as well as owner of Bloomwood Capital, which provides highly differentiated land conservation investment services. He has embraced the entrepreneurial spirit throughout his career, making an impact at elite wall-street firms as a principal in venture capital and private equity, and starting and running several successful businesses. Billy has also successfully performed in the three key roles for any transaction: owner, investor and banker.

Interview Quotes:09:33 - “We’re here to serve. We look for outstanding employees and we treat them outstandingly well.” - Charlie Merrill

14:28 - “It’s okay to have people working for you that are smarter than you.” - Charlie Merrill

15:36 - “Never do that. Because the moment you say.’I think [blank],’ everyone quits thinking and agrees with you.” - Charlie Merrill

15:59 - “If you have the right people sitting around you, each one should know more about their area than you know. So the trick is to pull out their knowledge and make a soup that everyone wants to eat.” - Charlie Merrill

20:24 - “The trick in life is to figure out how to get a good outcome with your idea.” - Charlie Merrill

20:42 - “You’re way more likely to go from LOI to term sheet with the same terms if the deal was the buyer’s idea. If the terms were the buyer’s idea.” - Billy Amberg

30:30 - “Very little of what Entrepreneurs do makes sense.” - Charlie Merrill

36:51 - “My dream was to not be needed as the CEO.” - Charlie Merrill

40:36 - “If you’re at the center of the wheel and you turn just a very small amount, the people on the edge of the wheel are turning at a ridiculously fast rate. Be really careful that you’re not overturning that wheel.” - Charlie Merrill

50:00 - “The best players produce 2-3x the output of everyone else.” - Charlie Merrill

Links and Resources:Episode #262: Accessing Capital: Funding Your Company’s Growth Using Non-Control Capital with Billy Amberg

Bloomwood Capital

Kontek Industries

Reach out to Charlie: cbmerrill4@sbcglobal.net

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Ep.#3 [THEME NINE]

Would you marry someone after only going on a couple of dates with them? Of course not, you would spend plenty of time ensuring you are in alignment (hopefully) for a successful long-term relationship.

So far, in this mini-series, we've been discussing how to achieve ownership and leadership alignment. In this episode, we're taking it a step further and breaking down how to achieve that alignment in the rarest of cases—through three rounds of Private Equity.

In this episode, we're excited to have Drew Bisbing (CEO) and Warner Cruz (VP of Corporate Development) from BluSky, a fast-growing property restoration business with an impressive M&A track record, and an even more impressive ability to maintain an employee-centric culture along the way.

Drew started at BluSky when it was founder-owned and had fewer than 100 employees. In our conversation, he shares how they scaled the company through three private equity firm buyouts and expanded to over 1,300 employees, all while preserving their people-centric culture and vision.

Warner Cruz, who sold his business to BluSky in 2021, bought out his parents' restoration business and grew it to over 100 employees and $30 million in revenue. Warner shares his growth story, his decision-making process during his exit, and how BluSky's hyper-focus on cultural integration during and after the acquisition process won him over.

Drew and Warner explain how BluSky maintains alignment between private equity firms, leadership, and employees, even through complex structures and multiple acquisitions. This inspiring conversation demonstrates that it's possible to achieve alignment, change people's lives, and make a significant profit.

Enjoy!

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What You Will Learn* What led Drew and Warner to join the private equity space * What led Warren to sell his restoration company. * Why Drew believes a company's attributes and story is so important when trying to partner with other business owners. * How leadership style influences a deal flow * Drew and Warners definition of culture * Why BlueSky encourages owners to think about their people in an exit * Final thoughts: why Drew and Warner recommend not rushing the deal process

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio:Warner Cruz:

Warner became a proud member of the BluSky family in December 2021 and is currently senior vice president of corporate development and a member of the executive leadership team. His passion is working with restoration owners interested in merging their organizations with BluSky and cultivating an atmosphere of valuable benefits, increased opportunities, winning spirit and culture.

As the former president & CEO of J.C. Restoration in Rolling Meadows, IL, Warner has worked in the industry for over 30 years and has pursued extensive education courses including Restoration Industry Association (RIA)’s advanced designation of Certified Restorer in 2004 and Contents Loss Specialist in 2019. He has over 100 completed large commercial losses under his belt ranging from famous Chicago high-rises such as the Willis Tower to hospitals, food manufacturing plants and multi-unit apartments all over the country. Warner has engaged in countless consulting opportunities, industry conference presentations, and expert witness testimony.

Warner has a Bachelor of Arts degree in International Business/Finance with a minor in Japanese from Augustana College in Rock Island, IL. He is an active Knights of Columbus and Lions Club member in his hometown. Warner is happily married to his wife, Chiara and has 3 children: Jaeda, Marcello, and Gianpaolo.

Drew Bisping

As BluSky Chief Executive Officer, Drew is responsible for sales, operations, mergers, and acquisitions. He is also a significant driver of employee culture and the BluSky customer experience.

Drew began his career in the construction industry more than 20 years ago with a bachelor’s degree in construction management from the University of Wisconsin Stout. He joined BluSky in 2007 and has been leading the company’s operations since 2011. He managed the opening of all BluSky’s national locations and is currently heavily involved in the integration of acquisitions and new service offerings.

Drew holds multiple certifications that are specific to the restoration industry, including the Certified Restorer designation (CR #583). He is also the primary license qualifier for BluSky. Drew holds licenses in more than 35 states for general contracting, roofing, asbestos abatement, and mold remediation.

In addition to the day-to-day operations of BluSky, Drew has engaged in public speaking and consulting opportunities including contract negotiations, construction defects, and expert witness testimony.

Interview Quotes:17:24 - “Some of those initial challenges that came from the couple of equity groups that we talked to, we had to step back and say, ‘Hey, we’ve gotta get our ducks in a row.’” - Drew Bisping

21:35 - “Imagine if you had a friend or a son or a daughter that said, ‘Hey, I’ve been on two dates and now I’m going to go get married.’ That is the PE structure.” - Drew Bisping

31:03 - “Integration of an acquisition becomes the differentiator between success (often) and failure. - Drew Bisping

22:41 - “After every acquisition we get together and talk about what went wrong and how we can make it better.” - Warner Cruz

36:24 - “We always had a strategy: this is our plan, this is our growth plan.” - Drew Bisping

38:16 - “Being willing to be transparent and honest as much as possible at that table will get you to the right partner and will get you to the right conversation.” - Drew Bisping

41:38 - “My people are extremely important because the only reason that I was at the table and people were interested in my company was because of what my people had done for me and my company over the years.” - Warner Cruz

45:51 - “[BlueSky] was created with the opportunity for employee ownership.” Warner Cruz

59:42 - “It’s when you make business decisions that are short-term or reactive and don’t have culture in mind, that’s when you get some of those negatives.” - Drew Bisping

01:06:07 - “I’m not protecting or caring about the production of this one individual, I’m protecting my family.” - Drew Bisping

Links and Resources:warner.cruz@gobluesky.com

drew.bisping@gobluesky.com

Goblusky.com

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Ep.#2 [THEME NINE]

Are you thinking like an owner or an operator?

Many entrepreneurs—even billionaires—can find it difficult to wear the "ownership" hat due to their involvement in operations, lack of knowledge about valuations, or because the boardroom doubles as the family kitchen table.

In this episode, join us as we explore the art of thinking like an owner with our special guest, and dear friend of mine, Brandon Henry, Founder of Mosaic Advisors. With extensive experience in managing over $3.5 billion in wealth for 25 families, Brandon has unique insights into the challenges and opportunities that come with wearing the "ownership" hat.

Discover how thinking like an owner can help you set clear goals, determine target equity valuations, and decide on income distributions. Learn how to align with partners, investors, and leadership teams to create a unified vision and work together effectively to achieve your business objectives.

Our conversation reveals that private businesses, regardless of size or resources, face similar challenges, and emphasizes the importance of clarity and goal-setting for successful alignment.

By adopting an owner's mindset, you can gain a deeper understanding of how your present decisions influence alignment with partners, contribute to long-term goals, and ensure that ownership objectives are effectively aligned with the leadership team's resources and capabilities. This is the essence of true alignment in a business.

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What You Will Learn* What it means to “think like an owner”. * Why so many business owners - even the ultra wealthy - feel like they are not wealthy. * How a good Board should work and why you should have one. * Why so many entrepreneurs are “allergic” to a liquidity event (cash). * The difference between an estate plan and a long-term wealth plan. * Achieving ownership and leadership alignment is crucial for business success, and this can be done by setting a target equity valuation and determining income distributions. * As an owner, you need to align with yourself, your partners, and investors, and ensure this alignment is communicated effectively to the leadership team. * Clarity of goals and effective communication can help prevent conflicts and tensions arising from misalignment. * Family-owned businesses face similar challenges to other businesses, but often have more dynamics and tension, which can make it a deterrent for A-Player executives if there is not a clear ownership strategy.

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Bio:Brandon is a founding partner at Mosaic. Prior to forming Mosaic, he was employed by some of the largest financial services firms in the country. This experience provided Brandon with the opportunity to work with hundreds of business owners, their families, and their professional advisory teams and, in turn, helped hone his skills in the areas of business, tax, charitable, and asset protection planning. He utilizes his intimate knowledge of the challenges facing successful families to help our clients deal with the myriad of issues and complications that come with success.

Born in Southern California, Brandon relocated to Houston in 2006 after completing his studies at California State University, San Bernardino. He has continued his professional development by participating in industry study groups, regularly attending technical conferences and earning multiple professional designations. In addition, Brandon has taught courses in business succession planning at Southern Methodist University & estate planning at the University of Houston. He also serves as a business mentor for the SURE™ Program – a non-profit sponsored by the University of Houston.

When not in the office or at the gym, Brandon is likely looking for his next action-packed adventure in a remote part of the world.

Interview Quotes:15:19 - “As the philosopher Biggie Smalls said, ‘Mo money, mo problems.’” - Brandon Henry

19:09 - I’m always surprised how in-depth their [clients] questions are when transitioning into a family business. - Brandon Henry

23:54 - “When you wrap the legacy and the identity issues into the business, It becomes very difficult to analyze this like you would any investment.” - Brandon Henry

27:20 - “We’re getting really high value because we’re focusing on the outcomes, we’re not focused on all of the trappings of the board.” - Brandon Henry

29:54 - “To accomplish our goals, we need this much cash showing up as income.” - Brandon Henry

32:08 - “So build a good business–and then have choices.” - Brandon Henry and Ryan Tansom

33:08 - “Our average client has an allergy to cash.” - Brandon Henry

49:20 - “Our job is to help them narrow down the universe of unlimited options so they can make yes or no decisions and be actionable instead of becoming experts themselves.” - Brandon Henry

56:03 - “Make an effort to disentangle your ownership, board and CEO roles.” - Brandon Henry

1:11:09 - “All the tax and legal stuff, all the finance and business stuff is simple compared to the human dynamic in the family and amongst the executive crew.” - Brandon Henry

1:11:15 - “Acknowledging emotional dynamics is a good first step [when estate planning].” - Brandon Henry

Links and Resources:Mosaic Advisors

brandon@mosaicadvisors.com

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[THEME 9] Ep. #1

It's super easy to get on the same page with your partner(s) and leadership team, right!?

I don't think anyone argues how important it is to get ownership and leadership alignment. This topic is discussed a ton in entrepreneurial circles. EOS© / Traction even has their "same page meeting" baked into the system. However, if it is so important, and there are systems devoted to helping people achieve this alignment, why is it SO difficult to actually accomplish?

In this mini-series, I propose that one of the biggest reasons there is still so much conflict between partners, ownership groups, and leadership is a lack of clarity on the long-term equity valuation goal, the desired cash flow owners want along the way, and how to handle leadership roles and responsibilities.

Kicking off the mini-series today is Dan Grimsrud, a seasoned M&A Attorney with a background in accounting and finance. Dan does dozens of M&A transactions a year - and sees behind the curtain of all the conflict that we all know exists - and is willing to share what he sees works and doesn't work.

In our conversation, we cover the importance of operating agreements in creating ownership alignment and providing a roadmap for a company's governance, economics, exit strategies, and crisis response plans.

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What You Will Learn* Operating agreements are crucial for establishing ownership alignment between parties and provide a roadmap for governance, economics, exit strategies, and crisis response plans. * The four key elements to address in an operating agreement are governance, economics, exit, and crisis response plan. * Involving tax advisors is essential to ensure proper handling of tax implications and make the agreement fair and legally sound. * Focus on the core elements of an operating agreement and have open conversations about priorities and concerns. * Regularly revisit and update operating agreements to ensure they remain relevant and useful. * Clearly define expectations, roles, and compensation structures in business partnerships, especially when one partner contributes capital and the other contributes expertise or labor. * Have separate agreements for ownership and management roles in a partnership. * Consider different tranches of compensation to balance the needs of both partners as the business evolves. * Establish voting rights, employment agreements, and bonus structures to create alignment between owners and key executives. * Different businesses require different approaches for buyouts and valuations, depending on their stage in the life cycle. * Plan for various exit scenarios, including external sales, the death of an owner, and voluntary departures. * Set parameters for determining valuation and be prepared to revisit and revise agreements as needed. * Insurance, specifically life insurance, can provide a funding mechanism for buyouts in the event of an owner's death. * Hire an attorney who listens to your concerns, asks the right questions, and helps you think through potential scenarios. * Regularly review and update operating agreements to ensure they remain relevant and effective.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio:Dan Grimsrud serves as an advisor to privately held companies and tax exempt organizations of all shapes and sizes. In his role as outside general counsel and in quarterbacking M&A transactions, Dan offers a holistic point of view together with thoughtful and practical advice on the variety of issues our clients face, including structure and governance, contract and regulatory matters, tax, and transition and transaction planning and execution.

Interview Quotes:10:32 - “The messes are sometimes where you learn the most.” - Dan Grimsrud

14:15 - “[An operating agreement] is really just setting the rules of the road.” - Dan Grimsrud

15:10 - “You tell me first what you really care about here. What are the core elements of this business and this partnership?” - Dan Grimsrud

32:13 - “If you’ve never had a conversation about leadership vs ownership you’ll run into problems.” - Dan Grimsrud

32:47 - “Nobody ever wants to fight over a carcass.” - Dan Grimsrud

40:56 - “Don’t create a situation where the time where you have the biggest problems is when you have a successful business.” - Dan Grimsrud

48:14 - “If you and I are going into business together (and there are going to be exceptions to this but) there are going to be things that we should have unanimity around.” - Dan Grimsrud

52:00 - “The this or that is all about alignment.” - Dan Grimsrud

57:56 - “I don’t like mandatory buy-outs absent some kind of funding mechanism.” - Dan Grimsrud

Links and Resources:Ep #161: The Role of an M&A Attorney, Due Diligence, and How to Maximize Your Sale Price with Dan Grimsrud

Best & Flanagan

Dan Grimsrud

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Have you ever wondered how a business model impacts the scalability and valuation of a company?

Throughout my personal entrepreneurial journey, I have run businesses in distribution, traditional professional services, technology-enabled services, and software. Each business model requires different operational models that impact every aspect of the business.

How does a business model impact scalability and valuation?

Today, I interviewed Linda Rose, an entrepreneur who had three businesses, each with a different business model. Linda tells us her story of starting, growing, and selling each business and how they were each different. The revenue per employee in one of her businesses was over double that of the other successful business, and it achieved a massive valuation at the exit.

Linda is currently an M&A advisor in the technology sector and the author of Exit Your Company. She is going to walk us through how she grew and sold her companies and how she shifted her mindset to view the company through the eyes of a buyer.

Linda shares the importance of focusing on the right aspects of business, sustainable cash flow, realistic projections, and valuing businesses. Linda also shares her transformative experiences from a challenging hike that led to personal and professional growth and her current work as an M&A advisor and author.

Enjoy!

// WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

What You Will Learn* Linda's career journey included public accounting, technology, and starting three businesses. * After facing challenges during the 2008-2009 recession, Linda focused on her hosting company and the importance of building recurring revenue streams. * A backpacking trip inspired Linda to write a book and become a sell-side M&A advisor. * Concentrating on recurring revenue streams and efficiency can lead to greater financial rewards. * Sustainable, predictable cash flow is critical for a business's value. * Entrepreneurs should think as buyers, focusing on the sustainability and future growth of their company. * CPAs tend to focus on past numbers rather than forward thinking; entrepreneurs should seek forward-thinking strategies and plans. * Linda sold her three businesses with varying valuations and deal structures, emphasizing the importance of having multiple offers to compare. * When selling a business, consider priorities such as company culture and employee well-being. * Building relationships with potential buyers is crucial before selling a business. * Different types of businesses have different valuations, with recurring revenue being a significant value-add. * Linda realized during a challenging hike that she was her own glass ceiling, which led to personal and professional growth. * Life-threatening experiences can provide a new perspective on overcoming obstacles and pushing past self-imposed limitations. * Entrepreneurs can prioritize building recurring revenue streams, automating processes, and focusing on efficiency to maximize profitability and long-term success. * Business owners should work with their CPAs to develop more forward-thinking strategies and plans for their businesses.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio:Linda Rose, a leading authority on creating, growing and selling technology service companies with sustainable success, and women’s leadership topics, is an engaging, sought-after, dynamic speaker. Linda's most-recommended presentations are ideal for technology conference sessions, workshops, off-sites, leadership retreats, webinars, and women’s network events.

By sharing her personal stories as a solo women backpacker as well as practical tools and tips for breaking your own glass ceiling and creating lasting change, Linda inspires and empowers others through her powerful talks. Linda has been a featured speaker at Microsoft, Channelnomics, IAMCP, SDSU School of Business and many other prominent organizations.

Interview Quotes:13:21 - “Coming out of the back end of this hike, I realized I needed to write a book and discuss and talk about all the places that I left money ont he table when I was selling three companies. Because how many people are going to get three chances at getting this right?” - Linda Rose

15:47 - “If you truly focus on the right things, the growth happens so much quicker.” - Linda Rose

16:13 - “Focus on what the end goal should look like and you’ll get there so much quicker.” - Linda Rose

17:03 - “Bigger is not always better.” - Linda Rose

17:43 - “Get something where you’re making money while you sleep.” - Linda Rose

21:54 - “A buyer looks at how well you’ve done in the past as an indication of how well you might do in the future… address the sustainability of the company.” - Linda Rose

25:15 - “You never want to be comonotized.” - Linda Rose

27:48 - “Marketing is the new sales. People spend more money on marketing than they do sales because people self-serve on the marketing side before they ever call you up on the phone.” - Linda Rose

40:44 - “You can anchor all you want on these guys but you can’t work the deal if you don’t have a competing offer.” - Linda Rose

50:00 - “It wasn’t a culture thing for me. It was all about ‘What’s going to end up in my pocket?’ and “Will these people have opportunities?’” - Linda Rose

54:53 - “Infrastructure doesn’t stop working. It’s a 24/7 thing.” - Linda Rose

1:03:45 - “Your entire identity is wrapped up in that business.” - Linda Rose

Links and Resources:RoseBiz.com

Linda’s book: Get Acquired For Millions

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How do you find purpose and ignite your curiosity after your financial needs are met?

On today's show, I welcome Matt Paulson, founder of MarketBeat, small business investor, and passionate philanthropist in Sioux Falls, South Dakota. You might be wondering, "How can he be active in so many areas?"

I am thrilled to share this interview with you because Matt has an inspiring message about fulfilling your purpose beyond your core business. He firmly believes in doing things for the right reasons and making a positive impact on the community around you.

In this engaging conversation, Matt discusses how he continues to immerse himself in the game of business out of pure interest, even though MarketBeat has already satisfied his financial needs. He shares his journey into real estate, his outlook on the future of the market, and why he is so committed to supporting the small business startup industry. Matt also reveals his ambitious plans for the future of Sioux Falls, including an exciting aquarium project.

Many business owners struggle to separate themselves from their core business because it's their pride and joy. But what if that core business is all you know? What if there's a whole world of opportunities outside of your business where you can leverage your skillset and elevate your purpose to new heights?

Tune in to Episode #348 and discover how Matt Paulson has found the perfect balance between having fun, creating wealth, and making an impact while enjoying the journey. Don't miss out on this captivating conversation that could change the way you view your own purpose and potential!

// WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

What You Will Learn* Matt's secret to building an online community without algorithm dependence. * The art of separating oneself from the business: Matt's perspective. * Matt's rationale for pursuing passion projects beyond MarketBeat. * The hidden rewards of venturing outside your core business. * The driving force behind Matt's "it's worth it" mentality. * Staying grounded as an entrepreneur: Matt's non-business activities for balance. * Forecasting the future: Matt's investment predictions based on economic trends.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio:Matt Paulson is the founder of MarketBeat, an active angel investor, and a champion for startup businesses. As CEO of MarketBeat, Matt makes sure the train runs on time. He leads the team, monitors major initiatives, and is responsible for the company’s overall growth and progress. He takes pride in having built a unique company culture that allows their team to love their job, do their best work, be fully engaged with their families and give back to their communities. Matt’s career stemmed from his degrees in computer science, information systems, and Christian leadership. Prior to MarketBeat, he did web software development work for a marketing agency.

Interview Quotes:19:44 - “People click on Google Ads and that’s fine, but it’s obviously very dependant on stuff that I can’t control. Over the years I’ve tried to build audiences on platforms that aren’t owned by any one company.” - Matt Paulson

22:04 - “I couldn’t find any local groups, so I got into a lot of online communities.” - Matt Paulson

25:40 - “Trying to get non-entrepreneurial people to think entrepreneurially can be difficult.” - Matt Paulson

27:08 - “The community stuff didn’t work. You can have all these events but people aren’t going to start businesses. The stuff that does work is the accelerated program stuff and venture capital.” - Matt Paulson

28:27 - “There seems to be a disconnect between our technology community and our startup community.” - Matt Paulson

31:16 - “I’ve always wanted to do a lot of different things at once.” - Matt Paulson

32:46 - “You can’t be everything to everybody and if you try, you’re going to make yourself miserable.” - Matt Paulson

38:38 - “I would like to see Sioux Falls get an aquarium.” - Matt Paulson

49:57 - “Developers typically run the town and I wanted to be part of that game.” - Matt Paulson

55:02 - “A real estate deal is not going to make sense if you gotta pay 7% interest.” - Matt Paulson

Links and Resources:Matt Paulson

MarketBeat

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Pricing on your mind? It sure seems like it's all anyone can talk about, from the local server to the CEO. Everyone is trying to figure out how inflation, supply chain issues, labor increases, and interest rates impact pricing today and where things are going to be in the future so they can plan their next move.

Today I dive deep into the world of pricing strategies, value-based pricing, and price optimization with my guest, Casey Brown. Casey is the founder of Boost Pricing and has been a pricing geek for decades. Her past experience in engineering, Six Sigma, and working on pricing strategy for multiple Fortune 500 companies prior to Boost Pricing has equipped her with unique insights into pricing and its impact on businesses.

Casey and I covered a ton of ground–we explored the importance of confidence, transparency, and strategic decision-making in pricing, price optimization, and dynamic pricing. This conversation will leave you with some very important concepts that can help you not only navigate the next few years, but allow you to pull ahead of your industry.

What I love about this interview is that we explore the super interesting intersection of art and science, people and process, and data and psychology in the realm of pricing and price psychology.

I learned A TON and I am sure you will too.

// WATCH THE INTERVIEW ON YOUTUBE: https://www.youtube.com/playlist?list=PL5-NSSElJYC8ZSLljxhixU8NFNjFglugR

What You Will Learn* Avoid underpricing and use promotional pricing cautiously to protect your brand's perceived value. * Focus on delivering value and transparency to build trust with customers. * Exercise pricing power before selling a business to maximize its value. * Utilize data in a strategic and thoughtful way to inform pricing decisions and better understand your market. * Address the mindset, emotions, and self-limiting beliefs of sellers to directly impact profit margins. * Recognize the importance of investing in improvements and asking for more to avoid getting trapped in a downward spiral by focusing on the top line. * Develop a clear understanding of your costs, market trends, and competitors to better position your products or services in the market. * Overcome fear by using exposure therapy and analyzing specific outcomes and risks associated with raising prices or losing volume.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: Casey is on a mission to help organizations be paid well for their excellence. She leads a team of experts who help organizations discover their true pricing power—and watch their profits rise as a result.

With degrees in Chemical Engineering, Spanish and Business and career experience in engineering, Six Sigma and pricing strategy for multiple Fortune 500 companies, Casey brings unmatched expertise to help clients.

Casey’s decades-long reputation as a pricing expert arose from pioneering innovative pricing content, formulating and executing pricing strategies, and coaching and training teams to drive culture change and dramatic, sustainable results. Now she leads the team at Boost to help organizations price from confidence, negotiate with courage, and make better pricing decisions.

Casey is a prominent keynote speaker around the world, and she delivered a TEDx talk in 2015 with over 5 million views to date across multiple platforms.

Interview Quotes:07:28 - “Anybody in the selling seat, most of those decisions are made from fear, not confidence. So they’re pricing not to lose, rather than pricing to win.” - Casey Brown

08:56 - “Pricing is mysterious. There’s a lot of bluffing, it’s more like poker. It’s a sexy discipline to make a lot more money.” - Casey Brown

10:39 - “It’s time to close the spreadsheet and belly up to the conversation to ask for your value.” - Casey Brown

14:22 - “I am motivated by the mission to help people who are great at what they do, get paid like they’re great.” - Casey Brown

15:26 - “It’s [pricing] truly about making it worth it for the Entrepreneur who is taking all the risk.” - Ryan Tansom

16:15 - “It is the human condition to try to hold on to our resources.” - Casey Brown

20:58 - “Dogs and prospects can smell fear.” - Casey Brown

29:20 - “Price doesn’t depend on anything else but value. And so if we aren’t clear on the value that we provide, we will always be underpaid.” - Casey Brown

32:50 - “My belief is that pricing is the funding engine for growth .” - Casey Brown

33:59 - “Revenue is for vanity. Profit is for sanity.” - Casey Brown

38:54 - “Customers only care about the value they’re getting.

56:55 - “You can also do promotional pricing which doesn’t cause the same harm as starting out of the gate at too low of a price.” - Casey Brown

58:49 - “I don’t think anybody is fooled by gifts.” - Casey Brown

Links and Resources:Casey Brown, LinkedIn

Boost Pricing

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Go big or go home, right!? That’s exactly what my guest today thought when the pandemic started and traditional business buyers disappeared from the scene of his industry and he had an opportunity to become the market maker.

Today my guest is Jonathan Jay. Jonathan has been an entrepreneur since dropping out of university at age 19. Now 50 years old, he has built businesses in publishing, digital marketing, adult education and coaching, as well as preschool education and has sold each of them. During the pandemic, he made 48 business acquisitions to create the fourth largest group in his sector in under three years.

Some of Jonathan’s deals were wildly successful, like the $4 million in revenue digital marketing company he bought for $1 and sold for $2 million six months later or the publishing company that changed his financial life forever. Other deals were not so easy, like the first company he bought (the publishing business) or the last roll up of 48 preschool daycares he bought during the pandemic.

What I love about my conversation with Jonathan is how genuine he is about telling his story and the real ups and downs he experienced along the way. Anyone who is responsible for payroll knows it’s not all rainbows and unicorns–cash flow matters.

It’s becoming more common for thought leaders these days to preach how “easy it is to buy a company with no money down” or “roll up an industry because of how huge the opportunity is.”

Talking vs. doing are two very different things.

Jonathan shares with me the major ups and downs throughout his journey with no filter. I loved it, and I hope you do too!

// WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

What You Will Learn* How–and when–during his journey Jonathan came to the realization that a business is a financial asset and not just a job. * Why Jonathan bought a digital marketing firm for $1 and was able to sell it for millions within a year. * How Jonathan turned the failing digital marketing firm into a highly profitable company in a very short period of time. * What happened that allowed Jonathan to buy so many companies so fast. * How Jonathan financed the acquisitions of 48 companies. * Why Jonathan ended up in the hospital during the roll up. * How Jonathan took inventory about what mattered most to him in his life and how he recalibrated in order to get it. * Why Jonathan thinks it’s crucial to know exactly what you are good at when trying to scale a business. * When and how to assess if it’s time to get out of a business (both from a leadership and ownership perspective).

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio:Jonathan Jay is one of the world’s leading trainers on buying and selling businesses, with a 20 year plus track record of high-performance companies and multi-million-pound exits.

Over the last 20 years, Jonathan has bought companies from private equity firms and sold companies to private equity firms – he has made trade deals and snapped up bust competitors and merged them with businesses already in his portfolio.

Jonathan is also the author of nine business books and presented shows for the BBC.

Interview Quotes:14:35 - “The entrepreneurily-minded person is always saying, ‘Next year is going to be better.’ But next year isn’t always better.” - Jonathan Jay

15:00 - “It’s knowing when to get out.” - Jonathan Jay

16:13 - “The optimism of the entrepreneurial founder compared to the very conservative, very prudent, cautious approach of private equity is two completely different people.” - Jonathan Jay

25:34 - “Well, it frees up your mond, doesn’t it. If you’re worrying about money and paying the bills, you’re thinking about today. You’re not thinking expansively. You’re not thinking about what’s possible.” - Jonathan Jay

34:00 - “We stopped doing things that were losing money.” - Jonathan Jay

38:47 - “I never recommend people buy a distressed business.” - Jonathan Jay

43:00 - “Everybody wanted to work from home.” - Jonathan Jay

57:42 - “And I thought, ‘You know what? This isn’t fun anymore,’ so I sold my shares of the business to my business partner.” - Jonathan Jay

1:01:25 - “There was never going to be a situation where the staff didn’t get paid. That was never going to happen.” - Jonathan Jay

1:06:24 - “You’ve got to clearly define what your goal is and what you’re prepared to do to get there.” - Jonathan Jay

Links and Resources:Jonathan Jay (YouTube)

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If you have been listening to the show for a while now, you know we are constantly talking about how to view–and run–a business like a financial asset.

Bigger corporations typically have this mentality baked into their day-to-day lives and are laser focused on growing their share prices, and the executives' goals are to drive that share price up. Sometimes the best way to drive up the long-term share price is to divest of a weak product line, floundering business unit, or underperforming location in order to make room for profitable long-term growth.

Today, I have John Walker from Prairie Capital Advisors on the show to share with us how the world of corporate divestitures works. John has been in the industry helping bigger companies sell off (divest) business units for decades.

John walks us through how bigger corporations view value, why they would want to sell a division/unit/product line, and how they view the valuation during the sale. John does a great job explaining what drives the sale (“the purpose of the deal” as you hear me say a lot) and how that impacts the price that is paid.

Understanding the M&A activity, especially within your industry, is a hugely important topic for a few reasons. First off, many of us middle-market entrepreneurs work with bigger companies (suppliers, manufacturers, distributors, customers, vendors, etc.), and it is important to understand what is going on behind the scenes and how a corporate divestiture could impact your relationship and the business you do with that company.

Secondly, there could be an opportunity to capitalize on a corporate divestiture in your industry–or an adjacent one–that could take your company and valuation to a level that would not have been possible otherwise. And you never know…the seller just might not care about the price ;-) You will have to tune in to the episode to hear that part of the story!

I hope you enjoy this interview with John. It’s a great view into a world most of us don’t often get exposed to!

What You Will Learn* How bigger companies manage their products and divisions like a mutual fund. * Why a bigger company would sell a part of their business and not care what price they sell it for. * What corporate divestitures are and why they are a normal business practice. * Why a business owner would consider doing a corporate divestiture. * The different reasons a company would sell off a product line, division, or location. * Why it’s important to understand the intentions of a buyer. * Who the different types of buyers are when a company divests of one of their companies. * What corporate divestitures mean for the middle-market entrepreneur. * John's outlook for the future of corporate divestitures in the current market.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio:John Waller joined Prairie Capital Advisors in 2021 with over 30 years of investment banking experience and 25 years advising middle-market companies on the sale and acquisition of entire businesses and business units. At Prairie, John leads and co-leads transaction teams and develops business for the firm. As a trusted advisor to privately-held companies and large corporations, John works to understand a client’s business, develops various transaction alternatives, and presents multiple options to the client. He then navigates clients through ownership transitions, corporate divestitures, and special situations. John is deeply involved in all aspects of transactions including managing the preparation process, contacting and meeting with potential acquirers or targets, and structuring, negotiating and completing a transaction.

Interview Quotes:14:20 - “Companies are having these discussions all the time, about what they should sell and not. I hope they are but I fear that many of them are not.” - John Waller

14:43 - “Companies that do have those discussions and are frequently, as I say, fine-tuning their portfolio of assets, those companies outperform other businesses.” - John Waller

15:29 - “It’s the little ones moving their portfolio back and forth all the time that tend to do really well.” - John Waller

24:43 - “You have this intrinsic financial value [of the business] but then, depending on who is owning it and running it, they can do different things which will make more sense for each individual owner.” - Ryan Tansom

25:45 - “There might be an opportunity for a privately held business to be at the buyer table.” - Ryan Tansom

28:13 - “Even more importantly, or maybe as importantly, private equity firms have realized over the last few decades that they’re not going to make money through financial engineering and they’re not going to make money by just cutting expenses.” - John Waller

35:18 - “Never forget it’s people that are making these decisions.” - John Waller

39:10 - “It’s important to know what the people (looking to make the decision) are looking for.” - John Waller

44:48 - “I would like to think corporations would increase the diversification of their portfolio of assets.” - John Waller

48:29 - “Half of your advertisement is useless, the other half is great. You just don’t know which is which.” - John Waller

Links and Resources:Prairie Capital Advisors

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On today’s show I have Josh Golden on to share his story about how he started, grew, and sold his company Table XI (now TXI) to an ESOP on December 31, 2022.

My favorite part of this interview? Josh focuses most of the interview about what went into his decision-making and why he sold the company to an ESOP.

I was super excited to finally interview Josh because I have been watching his journey for over five years. It was fun to hear Josh reflect on the recent exit, especially because of how intentional he was over the last five years.

Josh starts the interview by telling the story about how we met on a chairlift and struck up a conversation about him feeling “stuck” because he didn’t know what to do next with this business: continue growing it, sell it to a strategic buyer, do an ESOP, hire a CEO, etc.

As Josh shares his journey from the origin story through the exit, he does an amazing job articulating what he was trying to accomplish at each stage, what was important to him at that point in the journey, why he made the decision he did, and how that decision played out based on what he wanted.

I hope you enjoy listening to this conversation with Josh!

// WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

What You Will Learn* Why Josh was feeling “stuck” and what questions were on his mind that he needed answers to. * Why Josh decided to become an entrepreneur instead of following the academic route his parents took. * The origin story of Table XI, early partnership buyouts, and how Josh feels about it today. * Why it’s important to listen to the market and continue to evolve the business. * What client requests you should say “yes” to based on how your company infrastructure is built and where you want to take the business. * Josh's story of parting ways with high-ticket clients because values were not aligned. * What “distracted visionaries” need to do when bringing people on. * What it was like for Josh to take a back seat after hiring a CEO. * What hiring a CFO did for the company’s performance and valuation. * What led Josh to take his company the ESOP route. * Why Josh didn’t convert to an ESOP when he first decided that was the exit he wanted and what he did in between that time in order to almost double the value of the business.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio:Josh is an entrepreneur with extensive experience helping organizations leverage technology to achieve transformative goals.

He started TXI in 2002, a product innovation firm that has grown to seventy professionals over twenty years. Over the past five years, Josh transitioned out of active management of Table XI, handing the reins to an incredibly talented leadership team, and began exploring a number of new projects and investment opportunities. Josh remains involved in TXI as an owner and chair of the board.

Since leaving the day to day at Table XI, Josh ran a startup in the health and wellness space that sold to a large competitor where he was engaged as a strategic advisor through mid-2021.

Upon completing his three-year return to the world of startups, Josh has been spending his time strongly focused on family, health and well-being, and re-platforming his life for the next chapter which included a move to Kelowna, British Columbia, Canada.

Interview Quotes:18:11 - “It was like beating our heads while we tried to get the money. People who had the money, didn’t understand the opportunity. People who understood the opportunity, didn’t have the money. It was this misalignment of capital and intention and desire and skill.” - Josh Golden

33:31 - “We had tried to get all people with very different approaches to problem-solving to work together to build a unified teams that develop unified solutions for our clients.” - Josh Golden

36:11 - “There’s two parts to our business. One is figuring out what thing to build and the second part of our business is building the thing right.” - Josh Golden

38:07 - “You cannot be fully dogmatic about anything.” - Josh Golden

41:03 - “At one point we fired a client that made up 50 percent of our revenue.” - Josh Golden

42:32 - “We have definitely put our money where our mouth is when it comes to our value system.” - Josh Golden

43:38 - “I think that, fundamentally, there are two kinds of people who start companies. Ones who think that they should have it all and ones who want to give it all away. And neither of these are the correct answer to early stage equity.” - Josh Golden

50:08 - “I can’t sell this because it’s too weird.” - Josh Golden

51:06 - “You need to disconnect your time and your ownership. You need to figure out how to spend less time on the business while you maintain your ownership because of some possible future where you achieve this scale or you get this business tuned in such a way that it’s actually a valuable asset.” - Josh Golden

01:00:54 - “In the conventional PE, I never saw how I could’ve actually gotten the deal done.” - Josh Golden

01:09:31 - “I think if we’re all just altruistic, we have all sorts of different problems. You have to have a mixture of self-interest and collective interest in operating any sort of system.” - Josh Golden

01:18:40 - “Being socially connected, feeling trusted and supported by your colleagues is very valuable and important but having a clear role and a clear goal is actually more valuable.” - Josh Golden

1:21:05 - “[In recessions], ESOPs lay off way less people.” - Josh Golden

Links and Resources:Connect with Josh Golden! (LinkedIn)

Table XI Digital

Curating Your Life: Ending the Struggle for Work-Life Balance with Gail Golden

How to Grow the Value of Your Business using the 5 Intentional Growth™ Principles

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QUARTERLY ECONOMIC AND M&A MARKET UPDATE

Making real-time decisions–while staying on track toward long-term goals–is much more difficult today compared to only a few years ago. There are no shortages of headwinds to deal with: inflation, interest rates, labor issues, supply chain disruptions, returning to the office, and on and on.

Sure, things are harder, but we entrepreneurs and leaders don’t have the luxury to stop and take a break to collect our thoughts and make peaceful decisions in a vacuum. We have to make crucial decisions–fast. This puts enormous pressure on our long-term plan and our real-time data.

Our goal with this Quarterly Economic and M&A update is to provide you with relevant information (that is often much harder to find than it should be) so you can use it to enhance your decision-making and stay on track toward your future equity valuation targets.

ITR Economics // Brian Beaulieu

In the first segment, our sponsor and CEO of ITR Economics, Brian Beaulieu, brings us his thoughts about the macroeconomic picture. Brian and I talk about the potential for a 2023/2024 recession (and what’s causing it), what’s going on in the labor market, interest rates, inflation, and which industries will have no problem getting through the next two years.

My favorite part of the interview is toward the end when I asked Brian what data to pay attention to. He nails the answer. Since this interview, I picked up their book How to Make Your Move again and it is SUCH a breath of fresh air. It makes all the sense in the world why their forecasting accuracy is 94.9 percent. Since 1948, ITR Economics has provided business leaders with economic information, insight, analysis, and strategy. ITR Economics is the oldest privately held, continuously operating economic research and consulting firm in the United States.

ButcherJoseph // Jeff Buettner

In the second segment, I have Jeff Buettner on from ButcherJoseph, an M&A advisory firm, to discuss what is going on in the deal space. Jeff and his firm are in the weeds every day doing deals, whether that is selling a company to a third party, converting a business to an ESOP, raising debt, or helping facilitate an internal buyout. With this experience, Jeff gives us his update on how the current environment–and all the challenges with it–are impacting valuations, deal structures, deal volume, and perspective of different buyers. I loved my conversation with Jeff. He had practical and actionable insights that give us a view into the privately held deal market that is hard to come by.

The National Center for the Middle Market // Doug Farren

In our last segment, Doug Farren, director of The Center for the Middle Markets, comes on the show to share the results of their semi-annual Middle Market Indicator (MMI) where they surveyed 1,000 middle-market companies. I loved this addition because we got to hear how 1,000 people who are running companies feel about the future.

Doug reviews the results of the MMI–specifically five main categories they question the participants on. He also talks about why the middle market is still doing really well as we approach a recession and what the middle market thinks about the next 12 months in key areas like labor, investment, and geopolitics. Doug explains why middle market companies can continue to thrive–and even typically outperform–even in the midst of a recession.

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What You Will LearnITR Economics:

What’s going on in the labor market, interest rates, and inflation.
How ITR Economics’ forecasting compares to the Federal Reserve's forecast ;-)
Which industries will have no problem getting through the next two years.
Brian’s thoughts on the approaching 2023/2024 recession everyone is talking about.
How the generational birth rate over time is affecting economies worldwide.
Brian’s thoughts on the baby boomer transition with the upcoming economic trends.

ButcherJoseph:

How inflation and interest rates are impacting the M&A market
How deal structures and business valuations are being impacted by our environment
The current state of activity in the M&A space
How strategic buyers and private equity are approaching the new landscape
Why buyers are more likely to use an earnout.
What industries buyers are looking to invest in
How supply chain issues are affecting the M&A market.
How the labor shortages are affecting the M&A market.

The Center for the Middle Market

The current state of the Middle Market Indicator (MMI) after surveying 1000 owners.
The current state of the middle market in the five key areas.
Manufacturing trends in the United States and how they impact inflation.
What problems middle market companies should prepare for with the generational wealth transfer.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Interview Quotes:13:35 - “50% of the time when the federal reserve talks, their lying. The other 50%, they don’t know if their lying or not.” - Brian Beaulieu

19:44 - “Every industrialized nation on this planet is confronted with this negative [population] demographic except for the United States because we’ve got these Millenials, which have essentially set this country up to be the innovative leader–the economic leader–for the next fifty years or more.” - Brian Beaulieu

23:08 - “The system is working. People are living better.” - Brian Beaulieu

23:56 - “If you get somebody afraid, they’ll give up some power of their own, and they’ll give some of that to you because they want you to fix it or to protect them. And that’s primarily a politician’s job.” - Brian Beaulieu

36:45 - “Stop reading headlines.” - Brian Beaulieu

42:54 - “Yeah, money’s no longer free. It was free for a long, long time but now it actually costs something.” - Jeff Buettner

44:48 - “We’re seeing less activity out of the private equity buyers.” - Jeff Buettner

53:32 - “The last 10 - 15 years there has been a proliferation of this non-banking market.” - Jeff Buettner

01:01:16 - “We’re seeing an increase in usage of earnouts in these deals and that’s one creative way of bridging value gaps.” - Jeff Buettner

01:15:32 - “People are always bragging about what multiples of earning they sold their company for and that gross number and that’s great but… How much did you keep?” - Jeff Buettner

01:22:00 - “Middle market continues to chug along and month over month growth.” - Doug Farren

01:32:15 - “52% of companies said, in the last year, they’ve started bringing manufacturing back to the US internally. And another 42% said they’re bringing it back to domestic suppliers or contractors.” - Doug Farren

Links and Resources:ITR economics

Butcher Joseph & Co.

National Center for the Middle Market

Intentional Growth™ Vision Board

Intentional Growth™ Online Training

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Ep.#2 [THEME EIGHT]

The question “what is my purpose?” is searched over 5,000 times on Google globally each month.

It seems like every media source has done a piece on “how important it is to find your purpose” in the past couple of years. I don’t think anyone argues how important it is, however, the bigger issue is HOW to find your purpose, and more importantly, how to do it in a way that makes sense without feeling guilty or anxious that you are not there yet.

I find it super interesting how “having a purpose now” is almost becoming a fad similar to “being authentic.” However, I find the act of “trying to be authentic” an oxymoron. How do you try to be authentic? I think it’s similar to finding your purpose. It doesn’t just land in your lap, and the more you try, sometimes the further away you get.

But that still leaves us all with the big question, “how do we find our purpose?”

On today’s show I have entrepreneur and author Kevin W. McCarthy (not the speaker of the house ;-) who is the founder of consulting company On-Purpose and the author of The On-Purpose Person, The On-Purpose Business Person, Chief Executive Leadership Officer, and his new book Tough Shift. Kevin has been on the journey of helping entrepreneurs, owners, and leaders find their purpose since the late 1980s. I think he was a bit ahead of his time!

If you find your purpose–your true purpose–you will feel a sense of alignment with the world, yourself, and the immediate environment around you. It feels like the things you are working on matter, you are progressing toward something bigger than yourself, and your skills are being used in a way that bring value to the world while you get rewarded for it.

In this episode Kevin shares what the definition of purpose really is and his thoughts on the importance of the process of finding your purpose vs. getting to it as fast as possible and the iterating over time. Because of how long Kevin has been at this, he has very practical ways to think about what it means to “find your purpose” and “live your purpose.”

This is a very practical and actionable conversation that should hopefully leave you encouraged that it is possible for everyone to find their purpose, but more importantly, why it shouldn't be overengineered and how to approach the journey in a way that gives you grace and not anxiety that you are “missing something important in life” but have no playbook on how to fill the gap.

This conversation is an attempt to bring this topic–that most people agree is super important–down to earth so you can start making progress toward the purpose you have and how you can integrate it into your life and business.

// WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

What You Will Learn* Why a purposeless leader impacts every part of a company and the future success of the business. * Why you should have a mission statement for your life–and what happens when that falls short. * A practical and actionable definition of what the word “purpose” means to entrepreneurs. * How to find your purpose using the “on-purpose principle” and the two-word purpose tool. * Why aligning your purpose with your goals has a ripple effect with your employees (and makes leadership way easier). * What corporate America is missing the mark on when it comes to mission statements. * The clarity behind a tough shift once you are aligned with your vision. * If you know what you want and why you will be happy no matter what job or situation you are in. * The humility behind realizing everyone is replaceable when it comes to figuring out your purpose.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: Kevin W. McCarthy is the author of The On-Purpose Person and The On-Purpose Business Person (previous edition titled The On-Purpose Business). He is one of the world's leading authorities on the meaningful integration of life and work. Kevin has pioneered the message, concepts, and language of being on-purpose since the late 1980s. As the chief leadership officer of On-Purpose Partners, he's a highly respected business advisor for small and middle market organizations as well as an executive advisor and coach to CEOs, executive directors, and company presidents. His work on deep strategy, alignment, and practical execution has turned around many companies as well as helped healthy companies experience remarkable and sustainable growth. More than just an author, Kevin is a natural leader in business and civic endeavors. He is a professional member of the National Speakers Association. Kevin's goal with audiences is to stir their hearts, advance their thinking, and inspire them to action. Authentic, inspiring, entrepreneurial, intelligent and creative are the qualities most often attributed to this thought leader by his peers, clients, and audiences. Kevin has traveled from Hungary to Hawaii since 1992 inspiring audiences as he carries the message of being on-purpose into the hearts, minds, and lives of people.

Interview Quotes:09:42 - “It’s amazing how financially illiterate a number of business owners are, and they’re very financially successful.” - Kevin McCarthy

09:54 - “When your emotional stability is tied to–seemingly–a random activity, it’s a dangerous place to be.” - Kevin McCarthy

15:28 - “How do I get a better understanding of my own life and who I am?” - Kevin McCarthy

20:00 - “I think that’s what’s holding boomers back from selling their business - because they don’t know what’s next.” - Kevin McCarthy

28:12 - “That's because we hired a body, not a soul.” - Kevin McCarthy

37:04 - “Between ‘purpose and performance’ or ‘purpose and profits,’ the only thing in between is people.” - Kevin McCarthy

48:32 - “All the sht becomes nothing more than a tough shift.” - Kevin McCarthy*

50:42 - “We support them that way because I want people to know their purpose, vision, mission, and values.” - Kevin McCarthy

54:04 - “Your purpose has a different expression, that’s all it is.” - Kevin McCarthy

57:09 - “Nobody will be able to do it as good as I do it. And no one will be able to do it on purpose as well. That’s okay, they’ll be able to do it better because they’ll be able to build on what I’ve done.” - Kevin McCarthy

Links and Resources:Onpurpose.com

Onpurpose.me

Intentional Growth™ Vision Board

Intentional Growth™ Online Training

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Ep.#1 [THEME EIGHT]

“Money can’t buy a calm mind, a fit body, a house full of love” - The Naval Podcast.

In the episode where I heard this quote, Naval points out how Bezos, one of the wealthiest people on the planet, can’t use any of his money to buy these things. Does this resonate with you? It hit me like a ton of bricks. It made me think of all the people who have been on this podcast after selling their companies, have a huge portfolio of assets, and are still not happy because they have endless amounts of time and no purpose.

Are you confident you are spending your time, energy, and capital each day in areas that will get you closer to where you want to be? In order to confidently answer yes, you need to peel back the onion and first figure out where you are today and then clarify your ideal vision for the future.

I have found this to be a tough question for people to answer when I ask them “why” five times. Typically, when asking a business owner or entrepreneur what their goal is, I get an answer like revenue, net income, units, subscribers, employee count, or some other metric that–to me–is more of a vanity metric than an indicator of what that person truly values in life.

On today’s show, I interviewed Spencer Hilligoss, the CEO of Madison Investing, a real estate investment club that has completed $2.3 billion in acquisitions with over 20,000 units. Spencer founded Madison Investing after sitting down with his wife–and now business partner –after hitting a breaking point while grinding away in their W2 jobs. They sat down and created a 15-year vision that included the annual income they needed to decouple their income from their labor, how they wanted to spend their time each day, and how they were going to achieve it. Spencer and Jennifer accomplished their 15-year plan within half the time and are now rethinking again what they want their life experiences and purpose to be.

I really enjoyed the conversation with Spencer because of how clearly he describes the evolution to his approach and views on life, business, money, and time. He explains why he protects what he values and how he wants to spend the time he has each week, and why, regardless of the level of “success” he achieves.

Do you want to be confident you are spending your time, money, and energy on the right things?

The best way to answer this question is to think about what you want beyond just the vanity metrics. Regardless of how much money you make–or how big your company is–you will still be stuck with yourself, your mind, your body, and the people around you.

On today’s show you will learn how to start thinking about your future goals in a new way.

// WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

What You Will Learn* Why identifying the amount of annual income you need that is not tied to your labor–and how you will achieve it–is a crucial step to allow you to dream about what you want to do with your time. * How to create a business that serves you and what you want out of life. * Why you can’t have a half-hearted “why.” * The importance of setting goals following a very specific time horizon. * The difference between creating a job and an asset is building an organization that reflects your multidimensional long-term vision. * How Spencer created his financial road map based on a simple vision board example. * Why Spencer doesn’t make money and then move on to the next thing–all based on his vision. * How daily time management habits can help you achieve your goals. * How Spencer keeps grounded, protects what he values, and designs his days and weeks based on how he wants to spend his time.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio:Spencer Hilligoss is a passive real estate investor, co-sponsor, and former technology leader.

His company, Madison Investing, has co-sponsored deals totaling more than 5,000 units for more than $600 million. Spencer invests in syndications as an LP and actively leads Madison Investing alongside his co-founder/wife, Jennifer Morimoto.

As a technology leader, Spencer built a 13-year track record of growing high-performing teams across five companies, three of them "unicorns," valued at more than $1 billion. In November 2019, Spencer “retired” from his lucrative technology career, leaving behind the $4 billion loan origination teams he built at LendingHome, funding 600 fix/flip transactions per month.

Now he is focused on spending time with loved ones and growing Madison Investing by helping passive investors achieve their goals.

Spencer graduated from the University of Colorado and lived in Denver for many years before relocating back to his home state of California. Spencer now lives on the beautiful island of Alameda, California with his wife Jennifer and their two sons.

Interview Quotes:11:36 - “At the time (the draw) was honestly trying to find meaning in the work while also connecting, and helping, and growing people.” - Spencer Hilligoss

16:58 - “I love companies that encourage the office side hustle. The encourage the innovation entrepreneurship, as long as people take care of their core responsibilities.” - Spencer Hilligoss

20:24 - “The journey is absolutely worth taking but if the ‘why’ is too soft, or not formed enough, or not authentic enough to one’s self, it’s not going to sustain someone all the way.” - Spencer Hilligoss

25:34 - “You can’t assume you’re always going to be capable of delivering an active income to a household, that you’re going to be a provider.” - Spencer Hilligoss

26:18 - “Let’s play financial offense.” - Spencer Hilligoss

30:11 - “Are you creating an asset? Are you building something you can exit? Or are you building a job? It’s fine if you are, just know it.” - Spencer Hilligoss

31:26 - “Whereever you go, there you are.” - Spencer Hilligoss

31:43 - “Assume all your financial needs are met. What reason do you have to step out the door every day and do stuff?” - Spencer Hilligoss

32:54 - “I want to be able to provide something of value to the world.” - Spencer Hilligoss

35:33 - “Money is a tool, and it’s simple. And I wouldn’t overthink it beyond that.” - Spencer Hilligoss

40:05 - “Take care of one’s self. You can’t serve others if you can’t take care of yourself.” - Spencer Hilligoss

41:21 - “You have to bottom out a few times.” - Spencer Hilligoss

41:52 - “Experience is the best teacher and it’s not a forgiving one sometimes.” - Spencer Hilligoss

51:41 - “Family first, business second.” - Spencer Hilligoss

52:28 - “[Don’t scale], purely to scale. Because everyone gets bitten by the vanity metric.” - Spencer Hilligoss

Links and Resources:Madisoninvesting.com

Spencer Hilligoss on Linkedin

Intentional Growth™ Vision Board

Intentional Growth™ Online Training

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Ep.#5 [THEME SEVEN]

Do you ever get frustrated because you feel like the vision you have for the future is perfectly clear - almost obvious - and all you have to do is connect the dots, wait, and get other people on board?

Wouldn’t it be nice if it was that easy?

I have always been passionate about this topic of a “Visionary” and what it truly means. Does it really mean something special, or is it just a term used to self diagnose a passionate entrepreneur who doesn't know how to explain why they see the world the way they do while conveniently explaining away our weaknesses?

I tend to find that I (and many visionaries I know) have the gift of foresight, but it comes with pitfalls if not managed correctly - going too fast, leaving projects unfinished, getting distracted, hiring or partnering with the wrong people, or whatever else you can think of!

The worst punishment of all? Not reaching your vision.

This is why I really enjoyed today’s interview with Justin Breen. Justin is an entrepreneur and best selling author of “Epic Business” and “Epic Life.” Justin spent 20 years in the media business before starting BrEpic Communications, a premium PR firm specifically for Visionary entrepreneurs.

I wanted to have Justin on the show because of his unique ability to completely understand Visionaries (strengths and weaknesses alike) and how to leverage the world changing ideas Visionaries come up with by putting them into action.

Whether you are a Visionary - or work with one - this episode is worth the listen. Hopefully, you learn a few insights about yourself or the people you work with!

// WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

What You Will Learn* Justin's definition of entrepreneurs vs. business owners vs. humans. * The four common characteristics successful entrepreneurs share. * What the KOLBE assessment is and how it is used to identify Visionaries, Integrators, and more. * Why the KOLBE assessment is different than other assessments like Myers-Briggs or the DiSC assessment. * Why most Visionaries are “quick starts”. * What the best complimentary profile is for a Visionary and why. * How to figure out which type of visionary you are so you can hire the right people to keep you focused. * The types of people Visionaries need to avoid. * The correlation between an entrepreneur's high IQ and happiness.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio:BrEpic Communications LLC is guided by Justin Breen, who has 20+ years in the media business, has won dozens of editing and writing awards, and is an author of countless viral stories. BrEpic will write clicky stories that highlight you or your business, and find the right pitch for multiple media outlets. Let BrEpic build your brand with creative content and successful pitches to mainstream media today.

Interview Quotes:08:57 - “People like us are aliens within our own families and communities.” - Justin Breen

16:26 - “So Kolbe, as background, is not the cheese. It’s K-O-L-B-E. It’s not your personality, it’s how your brain takes action.” - Justin Breen

17:38 - “A true visionary is a 8,9, or 10 quick start.” - Justin Breen

21:46 - “So folks start out as entrepreneurs–true creators–and then they get trapped into being business owners cause that’s what society says is important. They’re not business owners. They just want to create.” - Justin Breen

22:47 - “Avoid boring people.” - Justin Breen

23:35 - “Time vampires, those are the worst. People that just suck time out of you.” - Justin Breen

34:30 - “The most damaged people have the best coping skills.” - Justin Breen

39:13 - “Just realizing that I’d never been more miserable in my life after I was making more money than I thought possible. That was a really good rock bottom.” - Justin Breen

39:37 - “You have to go down first to get up.” - Justin Breen

52:40 - “So the greatest joy and the greatest value of entrepreneurship is it allows me to fulfill the fundamental purpose in life while also seeking a higher purpose.” - Justin Breen

54:28- “His coaches used to tell him, ‘If you have a problem, look in the mirror, not through the window.’” - Justin Breen

Links and Resources:Epic Life Book

Epic Business Book

Connect with Justin on Linkedin!

Intentional Growth™ Vision Board

Intentional Growth™ Online Training

Reach out to me if you have questions about the Intentional Growth™ Training or Fractional CFO services

Epic Business: 30 Secrets to Build Your Business Exponentially and Give You the Freedom to Live the Life You Want!

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Ep. #4 [THEME SEVEN]

I am very excited to republish my interview with Jon Thielen as a way to wrap up our miniseries. Jon is an awesome example of the A-players we’ve been talking about. What better way to understand how to find, pay, and incorporate an A-player than hearing it from one of them!

Today’s show is a replay of a conversation I had with Jon, who was hired on to a software company, grew it, and helped the owner sell it just a few years later for 11x EBITDA.

In this interview, Jon tells us the story about the process he went through and why the core values of not only the business, but also the owner and founder, are one of the main driving factors that attract A-players. Jon explains why recruiting and building out teams was one of the first things Jon did once being brought on (and his dating approach to this), plus how Jon tied his marketing KPIs to his sales KPIs every single week.

To wrap up the interview, Jon tells the story of how the owner approached selling and how Jon executed the plan by selling the company for 11x EBITDA while only staying on for five months after the sale.

To hire A-players, you need to know how they think and how they approach the businesses they are working in. Jon does a great job! Enjoy!

// WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

What You Will Learn* How Jon was sought out by the owner of a software company because of his growth mindset and business philosophy. * Why Jon thinks EBITDA is the most important metric. * Why Jon always wants to know the owner's core values before accepting a position. * Jon’s dating mindset toward onboarding and building teams. * How Jon tied his marketing KPIs to his sales KPIs. * How Jon structured his bonus compensation plan. * Jon’s approach to getting the company ready to sell since the owner wanted to be hands-off with the process.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio:Jon Thielen is a growth leader who has leveraged the principles of leadership to create accountable teams, operational discipline, and strategic growth strategies. As president, he sold a shareholder’s company for 11x in 2019. Jon Thielen builds scalable SaaS B2B and B2C sales growth strategies, driving revenues, profits, and engaging customer experiences. He has had leadership roles with media, start-ups, and data screening companies such as Trusted Employees, AOL/Patch.com, Internet Marketing, Inc, SanDiego.com and Citysearch.com. His focus is in the sales process, operational discipline, employee engagement, LEAN principles, continuous improvement, accountability, brand strategy, a proven process, and most importantly improving the on-boarding (CX) customer experience.

Interview Quotes:10:02 - “Primarily, I am a revenue-driving executive.” - JT

18:42 - “You can accomplish anything if you put it in front of you.” - JT

23:49 - “If you put incentive plans to change behavior, well, put the right behavior in.” - JT

26:39 - “How he found a guy like me was, he was looking for somebody that he could related to and somebody he could to go to battle with. I’m a very transparent person.” - JT

27:57 - “Your direct report or boss? Find out what their one thing is, so you know where you stand. If you do that one thing, then you know you guys will have a synergy.” - JT

33:10 - “If you’re looking for a partner to help you build it, it has to make sense. You have to really connect with that individual and have a lot of conversations about how you both can win.” - JT

35:47 - “It’s imperative that everybody understands how they’re going to get paid because that’s how you get the most out of your individuals and salespeople too.” - JT

37:00 - “Use the term of dating. You need to date somebody. You can’t just one-night-stand somebody and expect them to stay forever. So if you onboard them, and bring them in, and take care of them, you’re going to have a long term client.” - JT

45:52 - “That’s a little bit of EOS to me: What’re the most important numbers?” - JT

01:06:28 - “At the end of the day, what sounds the most interesting is finding another visionary to partner with.” - JT

Links and Resources:Connect with Jon on Linkedin!

ARKONA Boot Camp

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You can also reach out to me via email at rtansom@arkona.io or on my LinkedIn

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Ep.#3 [THEME SEVEN]

If you have been following along in this mini-series, we’ve been tackling one of the hardest topics an owner/leader typically faces: how to find, hire, and pay A-players. Today is part three of four, and we’re tackling how to engage an executive recruiter in case you want to go that route to find your next A-player.

Hiring a recruiter to find your replacement can be a daunting task, not only financially but also emotionally. My goal with this interview is to demystify the process and services of an executive recruiter and give you the information you need before making a decision to hire within, recruit organically, or engage a firm to do it for you.

Today on the show I interviewed Mike Frommelt, CEO of KeyStone Search, an executive recruiting firm based in Minneapolis, Minnesota. Mike shares–with full transparency–how he sources, hires, and integrates high-level executives into companies with business owners who want to separate themselves from the management role.

The reason I chose to have Mike on the show (again) was because of who he is and the approach his firm takes. Mike is one of the most genuine people I have met, and his firm specializes in EOS© founder-led companies as well as ESOPs.

In this episode, you will learn how an executive recruiting firm finds key executives (especially since most of them already have jobs), how they can help you decide whether your internal candidates are an option, what assessments and vetting processes should be used to make sure these executives are the right fit for your company culture, how to effectively and efficiently go through the hiring process with these executives, and finally, what results you should expect, as the business owner, after these people are onboarded.

Hiring a high-level person to fill your shoes on the leadership role (W2) side of your business is a huge milestone to getting back your freedom, creating value, and future choices about when and how you want to monetize your asset.

Hopefully this episode gives you the confidence you need to know it is possible to find your replacement so you can enjoy work, create wealth, and have an impact.

// WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

What You Will Learn* What you should expect when hiring an executive recruiter. * How to determine whether you should hire within or go outside your company. * The three phases an executive recruiter takes when placing someone in a company. * How Mike assesses key executives to make sure they fit the company culture. * What a culture blueprint is and how it’s part of recruiting and onboarding key executives. * How Mike’s firm works with the current management team to get them involved in the process. * The personality tests Mike uses when assessing new hires. * How a clearly defined short-term and long-term compensation plan helps in the recruiting process. * The process KeyStone uses to build a list of over 150 executives across the country… who already have jobs. * What is truly important to key executive candidates when looking to make a move to a new company. * Why and when an executive might move across the country to work for a company. * Why key executives–who can make A TON OF MONEY–want to work for someone else even though they have the skills to do it on their own. * Why and when it might make sense to pay the fee and hire a recruiter. * How long a hiring agency stays involved once an executive is onboarded.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio:Mike co-founded KeyStone Search in 2002 and has over 30 years of executive recruiting/search industry experience.

Mike has led hundreds of executive level search projects over the years and has developed particular expertise in leading privately held businesses through critical leadership transitions. This includes numerous CEO transitions as well as business owner exits/transitions.

Mike grew up in a small family business, learning the value of hard work, customer service and treating everyone with respect. “Working with companies & owners who recognize and appreciate the value of their employees, customers and communities is incredibly rewarding” says Mike. “These companies deserve to grow and succeed into the future, and I’m thrilled to play a part in making that happen for them”.

Mike graduated from the University of St. Thomas with a B.A. in Psychology and Business Administration. He is a frequent public speaker on the topics of CEO transition, succession/exit planning, corporate culture, talent development, and core values. He is an active member of the ESOP Association and the National Center for Employee Ownership. Mike is also very passionate about EOS®/Traction, having run the system at KeyStone for nearly 10 years.

Interview Quotes:18:11 - “The core values of that owner. What gets them out of bed in the morning? How they behave on a day-to-day basis. How they treat their employees. How they treat their vendors. Everything that they do on a day-to-day basis is reflective of their core values.” - Mike Frommelt

20:00 - “We have a tool we call our Culture Blueprint, our core values assessment. We ask them do that over a period of time. We don’t just sit with them and just ask them the questions.” - Mike Frommelt

20:46 - “I think where companies makes some mistakes is they let the marketing team write their core values. Or they let the HR team write the core values.” - Mike Frommelt

26:30 - “Communication is a really big piece of it.” - Mike Frommelt

27:04 - “Sometimes the owner doesn’t really know what a president really looks like or what a president should do.” - Mike Frommelt

41:08 - “I find that a lot of owners don’t really want to [just sell out] because they are worried about what happens to their employees and where the company is located.” - Mike Frommelt

42:23 - “One of the things that we’re generally looking for when we’re doing these positions is we’re looking for someone who’s been where you want to go.” - Mike Frommelt

42:45 - “The difference between how a thirty million dollar company works and how a fifty million dollar company works are very different.” - Mike Frommelt

48:57 - “Culture [and growth opportunities] always trumps pay.” - Mike Frommelt

59:39 - “I don’t know that there is such a thing as too [many meetings to discuss hiring someone].” - Mike Frommelt

01:08:12 - “You really don’t want to do an executive position on contingency.” - Mike Frommelt

01:16:42 - “Any owner out there, any entrepreneur that’s started a business or ran one, you’re already a success. It’s about trying to figure out what do you want.” - Mike Frommelt

Links and Resources:Keystone Executive Search

Find Mike on LinkedIn!

Arkona Website

The 5 Intentional Growth™ Principles (5 Videos to Help Clarify Your Vision)

Intentional Growth™ Financial Assessment

Fractional CFO Services

You can also reach out to me via email at rtansom@arkona.io, or on my LinkedIn.

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Ep.#2 [THEME SEVEN]

Do you dream of being a “passive” owner while a team of A-Player executives scale your company to new heights?

Today’s episode is devoted to breaking down HOW to make this dream a reality by creating “Value Growth Partners” out of your A-Players via an executive compensation plan that aligns ownership and leadership’s short- and long-term goals.

Today, I have Craig Rutledge, Managing Director of VisionLink, back on the show to break down in crazy detail the various ways to design a compensation package for your A-Players that you don’t regret, actually works, and pays for itself.

Craig covers the spectrum of compensation plans from traditional wages/benefits, to short-term cash bonuses, to long-term value growth plans. He explains when and where each strategy is appropriate and the pros and cons of that particular strategy. One of my favorite parts of this episode is how much clarity is brought to the different types of compensation plans and the best ways to design them in order to align ownership and key executives’ goals.

Craig makes it very clear–if the plan is designed correctly–that it should not only pay for itself, it should magnify your value growth strategies by tying the plan to your desired business model, target customers, good profit (as opposed to bad profit…yes, there is such a thing), and company culture.

If the plan is designed right, it should increase your opportunity to decouple your leadership role from your ownership role, give you more time to actually work ON the business instead of IN the business, reduce your stress and anxiety, increase the value of your business, and give you options when you want to exit while simultaneously reducing the need to stay on after the sale.

After having Craig on the show for a second time, I truly believe that it is possible to build a financial roadmap to your target equity valuation and hire A-Players that are tied to a plan that is 100 percent aligned with the business. The right plan, clean numbers, and the right A-Player should actually allow you to manage the business from an island via an executive scorecard… the dream EOS© is constantly preaching.

// WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

What You Will Learn* The difference between short-term incentives versus long-term value creation. * How to design a plan that pays for itself. * How to turn your A-Players into “Value Growth Partners.” * The difference between good profit and bad profit. * Why it is not necessary to use insurance in a good executive plan. * A ton of different ideas on how to vest the key executive. * Why the right plan can increase trust and enhance your company culture. * When–and how–to add operational performance criteria (non-financial metrics) to a compensation plan. * How to tie payouts to events. * How to handle a change of ownership control. * When scheduled redemptions might make sense. * What it means to create a compelling future and why that is the cornerstone to get all your shareholders aligned. * When and why it might be a good idea to have a rolling vesting and payout schedule. * How to create an executive compensation plan based on where you want your equity value to be at a point in time in the future. * What happens when the A-Player executive quits, dies, retires, or gets fired. * What happens if you don’t want to sell and how the executive gets their money.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio:Craig has been working with businesses and their executives in a compensation consulting role for over 25 years. He currently serves as the lead consultant on many of VisionLink’s projects, specializing in long-term incentive plans and executive benefit programs. In addition, Craig oversees the funding analysis and implementation for the long-term incentive plans VisionLink designs for clients.

Interview Quotes:11:08 - “You have to make the reward offering fit that business strategy.” - Craig Rutledge

17:15 - “I gotta tie them to that equity value.” - Craig Rutledge

19:00 - “Use that intrinsic value along the way.” - Craig Rutledge

25:18 - “I truly believe you can get everyone aligned.” - Ryan Tansom

30:52 - “You have to have a belief, as a shareholder, that you need those people to get you there.” - Craig Rutledge

35:41 - “I actually like formula value even better that an actual third-party, formal appraisal.” - Craig Rutledge

41:45 - “Full value shares are a little more retentive because they have value.” - Craig Rutledge

48:58 - “If they’re leaving, they’re still entitled to that money.” - Craig Rutledge

57:35 - “It’s a really good way, in longer term outlooks (where it could go 10 year, or 12 years, or 15 years), is to schedule some redemptions in the plan. Use an annual reward and schedule some redemptions.” - Craig Rutledge

58:56 - “It allows you to keep giving people more shares because you’re redeeming them all the time.” - Craig Rutledge

1:04:12 - “If a guy quits, I don’t wanna pay him at all.” - Craig Rutledge

1:06:35 - “These are the happiest checks that shareholders write to people.” - Craig Rutledge

Links and Resources:Visionlink.com

Email Craig Rutledge

Arkona Website

The 5 Intentional Growth™ Principles (5 Videos to Help Clarify Your Vision)

Intentional Growth™ Financial Assessment

Fractional CFO Services

You can also reach out to me via email at rtansom@arkona.io, or on my LinkedIn.

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Ep.#1 [THEME SEVEN]

Do you feel burned out in your leadership role (job) because you’re working too much or because you can’t find anyone who can do what you can do? If you’re thinking what I’ve heard dozens of times, it’s something similar to: “I’ll never find someone who can replace me.”

In today’s episode, I interviewed Dr. Sabrina Starling, and our goal is to give you hope that it is possible. We break down why it is possible to find A-players, what entrepreneurs are doing who have “figured it out,” and how an owner can afford A-players if cash is tight.

Dr. Sabrina, The Business Psychologist and author of the How To Hire The Best series and The 4 Week Vacation®, is the founder of Tap the Potential. Dr. Sabrina became a coach because she realized that most of the entrepreneurs she was working with did not have the high quality of life they set out to have due to the lack of talent next to them at the top.

She made it her mission to help business owners find, assess, and choose the right A-players because it was core to her purpose of helping entrepreneurs design their best life and “make it all worth it.”

The takeaway—build a repeatable process for finding, assessing, and keeping A-players in order to get your life back and build a more valuable business…at the same time!

Today you will learn the secret to attracting A-players (and why it’s not Indeed), how to build a company culture where A-players want to work, and how to build a high quality of life through A-players and leveraging your financial roadmap.

// WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

What You Will Learn* The difference between A players and quiet quitters. * How to bring out an A players intrinsic motivation that will help you reach your small business goals * How to find A players (only 10% of the population are classified as A players * Why your network is the best channel to find A players * The secret ninja tactic you can use with you A players to create a vision more A players will buy into * Why allowing your employees to have headspace will increase productivity * How to afford A players using the 80/20 rule with your clients * Why it’s important to hire with the lower level people so you can learn how to hire the right people * Why Dr. Sabrina believes in giving out salary ranges with a job ad * How to manage A players

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio:Sabrina Starling, PhD, PCC, BCC, The Business Psychologist, is the bestselling author of The How to Hire the Best Series and The 4 Week Vacation™, as well as the founder of Tap the Potential LLC and host of the Profit by Design podcast. She and her team at www.tapthepotential.com are on a mission to support entrepreneurs in taking their lives back from their businesses. We are changing the story of entrepreneurship from one of long hours, grinding it out, to one of sustainably profitable businesses that support and enhance life. We believe work supports life, not the other way around. Clients in Tap the Potential’s Better Business, Better Life coaching program have more time for what matters most and more money in their bank account than they’ve ever had.

Dr. Sabrina’s How to Hire the Best series grew from her desire to solve the toughest hiring challenges interfering with her clients’ growth and profitability. What sprang from her experience working with entrepreneurs in rural areas catapulted her into becoming the world’s leading expert in attracting top talent in small businesses—no matter what hiring challenges those businesses are facing—and earned Tap the Potential’s reputation as the go-to resource for entrepreneurs committed to creating Great Places to Work with thriving coaching cultures and highly engaged team members working from strengths.

Interview Quotes:12:49 - “Whenever theres patterns and themes, there’s a system.” - Dr. Sabrina Starling

13:52 - “What I really wanted to do is help business owners take their lives back from their businesses.” - Dr. Sabrina Starling

14:33 - “Because, if you don’t know how to hire great team members, you’re always going to be at a place where you can’t trust your team, you’re overworked, and you’re underpaid.” - Dr. Sabrina Starling

16:16 - “An A player is a highly motivated go-getter.” - Dr. Sabrina Starling

18:24 - “An A player will be 900% - 1200% more productive than a warm body team member.” - Dr. Sabrina Starling

18:42 - “You need to hire [A players] into a role where there is a clearly defined result that is measurable. And that result needs to align with their strengths.” - Dr. Sabrina Starling

20:25 - “Only about 10% of the population are A players” - Dr. Sabrina Starling

27:09 - “[A players] typically hang out with each other” - Dr. Sabrina Starling

30:43 - “Ask your A players to describe a great place to work.” - Dr. Sabrina Starling

42:16 - “Anything that’s a win or a success, you want to repeat it. You potentially want to do more of what’s working.” - Dr. Sabrina Starling

44:00 - “Another key system a system for ensuring that every member of your team exhibits high enthusiasm for their role.” - Dr. Sabrina Starling

58:51 - “When you bring on an A player, you’re going to need to buckle your seatbelt because they’re going to go fast.” - Dr. Sabrina Starling

Links and Resources:Tap the Potential (website)

The 4 Week Vacation (Book)

Better Business, Better Life Assessment

How to make your time worth 10,000/ hr (assessment)

How to hire the best (Book)

Arkona Website

The 5 Intentional Growth™ Principles (5 Videos to Help Clarify Your Vision)

Intentional Growth™ Financial Assessment

Fractional CFO Services

You can also reach out to me via email at rtansom@arkona.io, or on my LinkedIn.

How to Hire the Best: The Entrepreneur's Ultimate Guide to Attracting Top Performing Team Members

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Ep.#6 [THEME SIX]

In order to turn your business into a machine that has sustainable, predictable, and transferable cash flow, you have to get your business out of your brain. I know–easier said than done.

Most business owners don’t want to do the same thing twice, let alone sit down for long periods of time documenting their SOPs or writing out step-by-step how-to’s. That’s the problem today’s guest set out to fix.

For the last episode of our equity growth miniseries, I speak with Chris Rozio, the founder and CEO of Trainual. Trainual is The Business Playbook–it helps you organize your chaos by systematizing onboarding, training, and knowledge transfer in a way that people will actually like and continue to use.

Chris created Trainual to allow business owners to quickly take time out of their day to create, update, or share the playbook that runs their company. The best part–Chris and his team built a training system that wants you to spend less time…training.

Chris started Trainual after successfully scaling and exiting his video production company. The idea behind Trainual started because Chris attributed a lot of the success behind his exit to the playbook he had for his business, which most people would argue couldn’t be scaled or sold–a video production company. His playbook allowed any new hire to come in and quickly carry out a successful client assignment, and he was able to show any potential buyer exactly how his company worked.

The goal of a business playbook is to help you build a company that gives you the flexibility to reduce your hours, replace your leadership role, or exit the business when and how you please.

// WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

What You Will Learn* What helps business owners turn the repeatable day-to-day tasks of their business into a how-to playbook. * How Trainual can help business owners transform their business into a financial asset. * How creating processes and procedures will help you exit your role OR ownership. * The four sections a company is divided into when it comes to making a playbook. * The first steps to creating your business’s playbook. * Why you don’t need to know everything about your business when you start with processes–and how you can create the cadence of documenting everything. * How to balance taking the time to design the systems versus executing them. * How Chris creates his goals and puts them into action. * Real-life stories of business owners that sold their businesses for more because they had a playbook.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio:Chris Ronzio is the founder and CEO of Trainual, a leading SaaS platform that transforms the way small businesses onboard, train and scale their teams. Chris is the host of the “Organize Chaos” podcast and the author of the best-selling book “The Business Playbook: How to Document and Delegate What You Do So Your Company Can Grow Beyond You”

Interview Quotes:13:26 - “I love creating systems and I hate following systems.” - Chris Ronzio

13:57 - “You design the system and then you bring in other people to follow the system.” - Chris Ronzio

14:21 - “Get your business out of your brain.” - Chris Ronzio

18:46 - “Even if you don’t have processes documented for any of the explicit how-to’s, if you at least know who to go to, for what, you’re halfway there.” - Chris Ronzio

21:24 - “Don’t write the way, until there is a right way.” - Chris Ronzio

26:24 - “These are things that we’re doing reactively now, that we used to do proactively when we used to start a company.” - Chris Ronzio

26:41 - “How do we predict cash flow.” - Chris Ronzio

31:07 - “Understand what the business needs from you.” - Chris Ronzio

32:27 - “I think it really comes down to roles and responsibilities.” - Chris Ronzio

33:00 - “I always do goalsetting on an annual and quarterly basis (and I’m talking about personal goals here).” - Chris Ronzio

36:16 - “Trainual isn’t for your to-do’s it’s for your how to’s.” - Chris Ronzio

41:40 - “Anyone who wants to sell a business or wants the optionality to sell a business needs to be investing this stuff, because if you’re not doing it now, you’re going to have to do it later when you stumble through it.” - Chris Ronzio

Links and Resources:Trainual

ChrisRonzio.com

Instagram

Arkona Website

The 5 Intentional Growth™ Principles (5 Videos to Help Clarify Your Vision)

Intentional Growth™ Financial Assessment

Fractional CFO Services

You can also reach out to me via email at rtansom@arkona.io, or on my LinkedIn.

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Ep.#5 [THEME SIX]

I have personally wasted hundreds of thousands of dollars on failed marketing strategies…and I know I’m not the only one who feels like I’m throwing spaghetti against a wall while money flies out the window.

In last week’s episode, we framed up what marketing KPIs matter and how to connect those metrics to the financials. Today we’re going to talk about why it’s NOT NECESSARY to guess anymore by implementing an engineering approach toward marketing.

In today’s interview, I’m talking to Chris Sanchez, who is the lead advisor at Mint CRO (co-founded by one of the top marketing leaders at Microsoft). Mint CRO has provided CRO training and expert coaching to hundreds of entrepreneurs and marketers to accelerate growth, improve lead quality and sales conversions, and reduce ad spend. Clients have achieved 2X to 10X repeatable growth using Mint CRO’s systematic testing methodology, radically transforming their marketing results.

Chris shares with us Mint CRO’s eight-step process on how to take the guessing away from marketing so you can understand what your customers want–all for under $1,500! Yes, it really is that inexpensive to understand which pain point you solve for your customers, what free offer they want from your brand, and if they are even looking at the offer page that you spent tens of hours building.

The takeaway–There is a simple way to test your marketing to ensure your offer is something people actually want via an engineering approach toward marketing.

This methodology applies to every business–even Arkona (listen in to hear how we’ve used this strategy)!

// WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

What You Will Learn:* What Mint CRO is and why it allows companies to predict their growth. * Why the engineering approach to marketing allows business owners to invest strategically into their marketing so they get the return on marketing they desire. * The first thing you must have dialed in before you build a marketing funnel. * How to test messaging with a simple “thumb stopper” approach. * The three KPIs that define a winning message or tagline. * Why you should test an offer before the offer is even made. * Tools to use to clearly see if people are even engaging with your marketing efforts. * How an engineering approach to marketing can predict your customer acquisition cost. * Where this advertising approach can fit into a company's marketing strategy.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio:Chris Sanchez is the lead advisor at Mint CRO, a marketing training company that helps entrepreneurs optimize their conversion rates and help businesses 10x their growth.

MintCRO

Chris on LinkedIn

Arkona Website

The 5 Intentional Growth™ Principles (5 Videos to Help Clarify Your Vision)

Intentional Growth™ Financial Assessment

Fractional CFO Services

You can also reach out to me via email at rtansom@arkona.io, or on my LinkedIn.

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Ep.#4 [THEME SIX]

Do you know what your return on marketing spend is and if it is growing the equity value of your company?

A lot of business owners see marketing as an expense because they cannot clearly connect the marketing spend to a return on investment (also known as return on ad spend or ROAS).

Today we have Jeff Campbell, co-founder of aiCommerce, on the show to walk us through what it takes to turn marketing into an investment. Jeff is the perfect person to speak on this topic because he has been an agency owner, sold his business, and now invests in–and manages–companies and brands.

Jeff is one of the only people I have been able to have a dynamic conversation with about marketing strategies AND financials all at the same time ;-) He truly “gets it” and breaks it down in a way that should give anyone hope that marketing doesn’t have to be a money pit and can, in fact, be an engine for equity growth, if done properly.

The three main takeaways of today’s interview are: 1) identifying the right KPIs, 2) how to calculate your contribution margin so you know how much it costs you to deliver your product or service, and 3) how to test different advertising channels while maintaining your desired ROAS. In addition, Jeff breaks down the very few levers he pays attention to when market testing a new product or service.

Marketing shouldn’t be a guessing game. If you can understand how much it costs you to deliver your product and the lifetime value of a customer, you can market with a clear outline of what works and what doesn’t.

If you want to answer the question: “How much money should I spend on advertising, with which products, while maintaining x margins, while maintaining and growing cash flow?” then you will want to tune in to this episode as well as the next one ;-)

// WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

What You Will Learn How to think about marketing as an investment and not an expense. * What costs go into marketing and why the ROAS calculation is flawed with many brands. * The different types of marketing that brands (companies) should be doing and why revenue should not be top priority. * Jeff’s metrics (KPIs) that matter when scaling a company’s valuation*. * What contribution margin is, how to calculate it, why it matters, and how to use it. * How to intentionally invest in marketing when you know the lifetime value of your customer. * When and why breaking even on marketing can be a good strategy. * How to integrate your marketing roadmap into your financial roadmap. * How to think about your ROAS and the cash flow implications on different products and services. * Jeff’s recommendations on how you test different channels and platforms. * The levers that Jeff pays attention to with online advertising to improve the overall conversion rate.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio:A proven marketing executive with an entrepreneurial approach, Jeff is responsible for strategic vision, client services, P&L management, revenue growth, talent development, and the overall success of business operations at aiCommerce.

Jeff’s background includes strategy development, media integration, and attribution for brands such as Mercedes, Lowes, Apple, Disney, and FedEx, activating across search, social, SEO, and programmatic media platforms. Prior to aiCommerce, Jeff co-founded Resolution Media, Omnicom’s performance marketing arm and a top three global partner of Google and Facebook. His teams’ marketing innovations have been well recognized with industry accolades that include Cannes Lions, Digiday Sammies, Effies, Clios, Shorty Awards and more.

Interview Quotes:14:28 - “The more you spend in [Amazon] ad-spend. The more you take advantage of their advertising opportunities, the organic visibility goes up.” - Jeff Campbell

16:29 - “Not every sale is a profitable sale.” - Jeff Campbell

17:04 - “Revenue is vanity and profit is sanity.” - Jeff Campbell

25:10 - “This is definitely specific to the world of Amazon where there is a relationship between ad-spend and organic visibility.” - Jeff Campbell

35:30 - “One of my favorite quotes is, ‘At the root of all anger is violated expectations.’” - Jeff Campbell

36:00 - “Have a road map. Understand what a crawl, walk, run looks like.” - Jeff Campbell

37:58 - “Is the overall marketing pie getting bigger? Usually the answer is not…then the slices have to change.” - Jeff Campbell

49:22 - “Time is my biggest limited resource.” - Jeff Campbell

50:33 - “I’ve actually seen the smaller and the mid-sized companies doing this well. It’s the big brands that aren’t.” - Jeff Campbell

Links and Resources:Aicommerce.com

Jeff on LinkedIn

Arkona Website

The 5 Intentional Growth™ Principles (5 Videos to Help Clarify Your Vision)

Intentional Growth™ Financial Assessment

Fractional CFO Services

You can also reach out to me via email at rtansom@arkona.io, or on my LinkedIn.

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Ep.#3 [THEME SIX]

Do you know if owning and running a business is worth it for you? I have been hearing that question a lot lately. Today’s episode is all about figuring out the best way to answer that question.

I have never met an entrepreneur or business owner that doesn’t know how to tell one hell of a story about where they have been, where they are, and where they want to go…however, I find most entrepreneurs don’t have the confidence to hit the throttle because they are afraid of the plan not working, running out of cash, and don’t have a clear sight into whether that plan will help them hit the future equity valuation they want in the future.

On today’s episode we have my new partner at Arkona, Joel Beyer, on the show. Joel owned a multigenerational company that sold to the private equity firm my other partner, Matt Buskirk, sold to (and ran). Joel truly understands what it takes to build a plan, execute like hell, and course correct as things change.

Today Joel and I talk about why the current method of planning, budgeting, and forecasting is broken, what it can (should) look like, and what to do about it.

Joel breaks down why it’s important to normalize all of your company data under one dashboard; how to get started collecting your data, tying the short-term plan to the long-term equity target, and how to create a rolling forecast that updates your plan each month based on what was actually accomplished; and then updates your plan and progress toward your long-term goal.

This was a super fun conversation that was heavily rooted in planning and finance…all without a bunch of financial jargon. I hope this helps you answer the most important question we all need to answer….“Is this worth it?”

WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

What You Will Learn* Why the current method of planning, budgeting, and forecasting is broken. * What bad financial planning looks like and what needs to be done to fix it. * How to tie your operational data, workforce data, and financial data together into a holistic plan that actually makes sense to the brain of an entrepreneur. * How to create value drivers into your plan so you can clearly see where you need to invest and why. * How to spot future bottlenecks or tight cash positions. * How to get visibility into the tradeoffs between distributions, funding growth, and taxes. * How to answer the question, “If I hit the gas on our plan, what is the future impact on cash flow and valuation of the company?” * How to eliminate “spreadsheet hell” because you are creating spreadsheets that are in isolation and not tied to the financials. * What makes up a good foundation to start your planning process to grow the equity value of your business. * How marketing should be tied into your financials. * The data sources you need to connect and use to predict your future cash flow. * Why you can eliminate the drudgery of annual budgeting by creating a roll forward plan that is always updating your future plan based on what you actually did. * How to make sure taxes are never a surprise again. * The difference between a locked plan and a roll forward plan. * How to use your plan when you need to pivot.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio:Joel Beyer started his career in a family business, working in all facets of the company. After acquiring the company, he focused heavily on business optimization and automation. Joel then led the company through a successful sale to a PE firm. He became the EVP of Strategy and Business Improvement at Impact group and continued to focus on optimization through a sale to a strategic buyer. His goal in joining Arkona is to use his previous experience to help business owners optimize their companies to achieve full potential.

Interview Quotes:11:31 - “It was a heavy lift for a year and a half to get all that data working together and doing all the changing of the management with the people as well. But it’s so important to peel the onion all the way back and then rebuild stronger.” - Joel Beyer

15:24 - “If you lose a big client, you remember that one. But maybe you lose five small ones that don’t really hit your radar, that add up to a mid-sized client. And that doesn’t carry over in your feel of your churn rate. A lot of companies are actually surprised by their churn rate.” - Joel Beyer

23:12 - “The first thing you need to understand is, ‘Do my historical financials, are they accurate? And are they granular enough to understand my business?’” - Joel Beyer

25:32 - “Processes that you ultimately put in place around bookkeeping and organization of your financials helps you inform the future. If you can count on your historicals, you can have a much clear view and be more secure in your planning.” - Joel Beyer

45:46 - “We’ve got different types of data coming in that need to get connected. Where we’re connecting it or where we’re going to report from it, needs to understand it in a certain way.” - Joel Beyer

01:04:40 - “The first plan we’ll do is we’ll build those drivers to do a role for that plan.” - Joel Beyer

01:12:39 - “You get monthly feedback on how you’re executing against a goal. And that’s so important, I can’t stress that enough.” - Joel Beyer

Links and Resources:Arkona Website

The 5 Intentional Growth™ Principles (5 Videos to Help Clarify Your Vision)

Intentional Growth™ Financial Assessment

Fractional CFO Services

You can also reach out to me via email at rtansom@arkona.io, or on my LinkedIn.

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Ep.#2 [THEME SIX]

Today we are launching episode two in our mini-series “How to Grow The Equity Value of Your Company.” Patrick Donohue from Hill Capital joins us to talk about his newly released book, Breakout Valuation: How To Finance Your Future Today.

During the interview, Patrick shares the nine components of a breakout valuation and how to use the financials as a road map to get you where you want to go. Patrick and Ryan discuss what it means to view and run a company like a financial asset and why there is a ‘capital gap’ in the middle market. Patrick then explains the different sources of capital, why they are different, and how to match the right type of capital with the long-term equity valuation goal of the owner.

Even if finance isn’t your thing, this episode is for you. Patrick does a great job of explaining why it’s worth understanding the financials and how they give the necessary clarity on how to create a valuable asset.

// WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

What You Will Learn* What a breakout valuation is and how to achieve one. * Why the financials are the key to achieving a breakout valuation. * What the capital gap is and why it impacts so many privately held businesses. * What capital matching is and why it’s so important to get it right. * The nine components of a breakout valuation. * Why the founder and/or CEO’s magnetic vision is so important. * What trust and emotion have to do with a breakout valuation. * How the foundation of a vision is essential to a breakout valuation. * The trifecta of cash management. * The five big cash traps. * What the ‘capital ecosystem’ is and why it matters. * Why debt over equity can be beneficial for an entrepreneur in the long term.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio:Patrick Donohue is an Innovator, investor, financial analyst, investment banker, and entrepreneur. He specializes in finance strategy and executing corporate development initiatives for growth companies. He has helped author and execute numerous capital formation plans from start-ups to equity growth capital. His core skill-set is developing market intelligence to advise companies on growth initiatives and equity capital formation.

His experience is in several industries at various points within the corporate life cycle. In particular, He has spent considerable time working on financial technology, medtech, healthtech, healthcare, energy and the metals / mining industries (and of course finance!).

Interview Quotes:08:44 - “I’ve always found capital transactions extremely interesting: why some companies are able to raise money and some are not.” - Patrick Donohue

12:13 - “They need the money, beyond what they can get from the bank, but their business model (thier economic engine) doesn’t justify or can’t potentially provide the minimum 10x or 100x return that a venture fund needs to buy equity into that business.” - Patrick Donohue

15:39 - “Don’t assume. Don’t let one no stop you. The name of the game in private capital formation is a numbers game. You have to have a lot of conversations. There are investors out there for every businesses, I will argue. But for some businesses, it takes hundreds of conversations.” - Patrick Donohue

17:12 - “So the idea of capital matching is to make sure that the money that comes in the business, any external capital that comes into the business, matches the needs of where the capital is going to be utilized. All capital needs to be paid back at some point in time.” - Patrick Donohue

31:19 - “The business owner really needs to articulate what the business is can do in the future. But not only do that but do that in a way that really attracts other people to the vision, thus magnetic. Attracting people to it.” - Patrick Donohue

41:49 - “At the end of the day, it’s about the people. It’s not going to be quantified in a software algorithm.” - Patrick Donohue

54:29 - “I don’t know if it’s a financial literacy problem. I think if we peel back the onion a little bit–and maybe this is why I started out with things in the book like confidence and curiosity and so forth but–I think a lot of it has to do with mindset.” - Patrick Donohue

Links and Resources:Connect with Patrick on linkedin

Breakoutvaluation.com

patrick@breakoutvaluation.com

Arkona Website

The 5 Intentional Growth™ Principles (5 Videos to Help Clarify Your Vision)

Intentional Growth™ Financial Assessment

Fractional CFO Services

You can also reach out to me via email at rtansom@arkona.io, or on my LinkedIn.

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Ep.#1 [THEME SIX]

Today we are kicking off theme six, How to Grow The Equity Value of Your Business.

In this episode, Ryan Tansom is going solo to explain what's to come in the next couple of weeks within this theme. He explains the importance of setting a proper (and achievable) financial goal based on what you, as the business owner, want to take home in distributions each quarter.

Ryan explains how setting a proper financial goal will help you become strategic with your budgeting and reinvest into the company with a desired ROI each quarter.

This episode is a high-level overview of this theme. Throughout this series, we dive deep into financial planning, tying marketing into your financials, and discovering an easier way to map out your processes and procedures.

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What You Will Learn * How to set a proper goal (financial roadmap). * Why just a revenue goal is not good enough. * The correlation between setting a good financial goal and having the day-to-day constraints be worth it. * How EOS and financial planning go hand in hand during annual planning. * How the three financial statements will give you a clear lens on how to reinvest into the company every year. * How proper budgeting can predict what you will make within the next year. * The 50/50 budgeting rule and why it’s important.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: Ryan Tansom started his entrepreneurial career at his family business where he was the Executive VP and responsible for the strategic, operational, and financial strategy of the $21 Million company. Ryan helped turn the company around and bring intentional focus to the right strategies which enabled it to be sold for 8 figures to a local competitor in 2014. Ryan took his experience and founded Arkona, with his partner Pat, to create theIntentional Growth™ Framework which helps owners grow the value of their company with an end in mind through educational training, fractional CFO services and strategic planning. Ryan also hosts the popular Intentional GrowthTM podcast that has 310+ episodes, 420k+ downloads and guests like Gino Wickman, John Warrillow, and the editors of HBR and Inc. Magazine. Ryan also has a passion for speaking and delivers frequent keynotes. After thousands of meetings and hundreds of podcast interviews, he has his finger on the pulse of the market like few others.

Interview Quotes: 09:39 - “Only acquire a company that’s going to increase the value of your company and your chances of getting to that $12 million equity

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We all know how well the stock market is doing on any given day. All we have to do is pull out our phone or turn on the TV. What happens if you want to know how well the middle market of private businesses are doing? Where would you find the data? It’s not as easy as pulling out your phone, which is exactly why we did today’s interview.

The middle market (businesses from $5 million to $1 billion) make up one-third of the US GDP. If this segment of companies was its own country, it would be the fifth largest GDP in the world. Even with the sheer size of the market, these companies don’t get a lot of attention; therefore, there is limited data, insights, and leading indicators on the overall health of over one-third of the US GDP.

Today, Doug Farren, Director of The Center for the Middle Markets, is on the show to share the results of their semi-annual Middle Market Indicator (MMI) where they surveyed 1,000 middle-market companies.

Doug reviewed the results of the MMI, discussed the five focus areas of the report (listed below), and how well the middle market is doing compared to over ten-plus years of the survey. Along with diving into the MMI, Doug also shares the findings of a new report they just wrapped up called “Owner Transitions in the Middle Market.”

Because of how big the middle market is, if something big were to happen in that part of the economy, it affects all of us. That’s why these reports and what the National Center of the Middle Market is doing are so important.

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What You Will Learn * The mission, and the reason for the existence of, the National Center for the Middle Market. * How the National Center for the Middle Market captures their information from 1,000 middle-market companies two times per year. * The 2022 findings behind the five main focus areas of the MMI survey: * The three big issues middle-market companies are worried about when looking into the future. * How the COVID disruption is still impacting supply chains and middle-market companies. * An overview of the hiring and recruiting issues in middle-market companies. * How the middle market is dealing with returning to the office and/or hybrid work. * What most business owners are doing with their proceeds after they sell. * The three challenges that business owners are having when preparing to sell. * How large Fortune 500 companies are getting help from the National Center for the Middle Market. * Why everyone shou

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Today we have Jeanne Voigt on the show to talk about her experience starting, growing, and selling MindWare, a catalog and online retailer of educational toys.

Jeanne started MindWare after leaving the corporate world when she was 39. Today she dives into detail about her initial go-to market strategy, why she realized her business model needed to be restructured, and how she “bet the farm” to grow a company that she would eventually sell after getting an out-of-the-blue offer she couldn’t refuse.

Even though the offer was one she couldn't refuse at the time, Jeanne reflects during the interview about what worked and what did not and the things she may have done differently.

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What You Will Learn * Why Jeanne decided to become an entrepreneur after talking with a mentor. * How Jeanne built and scaled her business by simply observing what people wanted. * How Jeanne realized she needed to rethink her business model and what she did about it. * Jeanne’s story on “betting the farm” with her business while having no cash. * How an out-of-the-blue offer shifted her mindset on the long-term vision of the company. * Why Jeanne decided what she wanted and why out of her exit. * How Jeanne compared the different offers and different buyers and why she made the choice she did. * Why Jeanne brought her staff in on the meeting with potential buyers (even though that can be risky). * The most important thing to MindWare’s employees when it came to what they wanted with a buyer. * Some of the challenges of operating the company post-transaction–and why everyone was not aligned–even though the buyer was the top choice. * Why the emotional side is something to keep in the forefront of your mind while going through the exit process. * Jeanne’s reflections on what worked and what she may have done differently–based on what she knows now–during her journey growing and selling MindWare.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: Jeanne M. Voigt is the founder of MindWare, a catalog and online retailer. She sold the company in 2003 but continued as president until 2007. She currently serves as a consultant and board member for the company and is

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Ep.#12 [THEME FIVE]

As we wrap up our four-part mini-series on ESOPs, we’re getting out of the weeds and coming back up for air.

Today we’re going to be talking about ESOPs acquiring other companies and ESOPs selling to a third party (yes, both are possible!). In the second part of this episode, we finish with an owner's success story about why he turned his company into an ESOP and the amazing things that have happened since.

In part one of this interview, Jim Steiker from SES ESOP shares his story about how hitchhiking led to a multi-decade career promoting ESOPs. He then dives into the full life cycle of an ESOP. He starts the segment with an awesome twist (a strategy that a seller can follow who DOESN’T want to take the time to convert to an ESOP but would like most of the legacy benefits): how a company can sell TO an already-formed ESOP. Jim explains the three reasons why most business owners don’t want to convert to an ESOP and how these reasons can be overcome by selling to one that is already formed. Jim then goes into detail on a few different strategies about how ESOPs can acquire companies and why. Jim finishes the segment by explaining how ESOPs can be sold to third-party buyers, how it works, and what it means to the employees.

In part two of this interview, Ken Baker, CEO of New Age Industries, shares his owner's success story on how and why he turned his company into an ESOP. He explains–via his own experiences–how to maximize the benefits of the ESOP by ingraining it into your culture through education, strategy, and execution. To date, New Age Industries has created 54 millionaire employees. Ken explains why he believes an ESOP is one of the purest forms of capitalism and business models he has come across.

Thank you for coming on this ESOP journey with us. We hope this series demystified ESOPs for you and got you up to speed on what they are, how they work, and why an ESOP might be the best fit for your company.

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What You Will Learn Part 1:

How Jim hitchhiked and became passionate about ESOPs.
The differences between selling to an already-formed ESOP and the normal M&A process of selling to a third party.
The three main reasons people don’t sell to an ESOP.
How–and why–selling to an already-formed ESOP can overcome many of the typical reasons sellers don’t pursue an ESOP.
The full life cycle of an ESOP company.
Why an ESOP company is a good exit alternative for a company who is not big enough to become an ESOP themselves.
How–and why–ESOPs acquire other companies.

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Ep.#11 [THEME FIVE]

As we continue down this ESOP mini-series, we want to do some serious myth-busting by diving even deeper into the technical details on how ESOPs work.

This two-part episode is all about deal structures, 1042 tax deferrals (similar to 1031 exchanges), seller’s potential to capture future equity growth via the form of warrants (similar to rolled equity), how to handle key executive compensation plans, and the shareholder benefits of transforming a company into an ESOP.

In this episode, you will learn how an ESOP offers great tax benefits and how you can prepare to maximize your tax deductions before switching to an ESOP. Also in this episode, you will learn about the interview process from a trustee’s standpoint and about warrant options to ensure that the best interest of the employees are at the forefront of the deal without screwing over the primary seller.

In part one of this episode, Keith Apton, the managing director of UBS’s ESOP Capital Group, talks about some false narratives with ESOPs, such as, “If I sell to an ESOP, I won’t get as much cash for my business.” He then talks about the 1042 tax code and discusses how converting the business from an S Corp to a C Corp could defer the gains at the time of the transaction and potentially indefinitely through estate planning. Keith tees up the topic of warrants and how they act as a form of rolled equity that can be as lucrative as the rolled equity in a private equity sale–except in an ESOP sale, the owner still has control over the direction of the company. Keith finishes this segment of the episode by sharing a story of what he thinks would change if S Corps had the same tax benefits as C Corps.

In part two of this episode, Miguel Paredes, president of Prudent Fiduciary Services, is a trustee and shares stories about how a trustee keeps the employees’ best interests in mind without screwing over the seller, and even more so, being a partner that can help everyone get what they want out of the business during the transaction, and most importantly, in the future.

Miguel goes deep into the mechanics of how warrants and SARs (stock appreciation rights) plans can be used to reward key executives with additional future equity based on the value they help create. He explains how exponential growth can happen when warrants for the seller are combined with SAR plans of the key executives and aligned with all the employees' incentives to grow the equity value of the company for their ESOP account.

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What You Will Learn Part 1:

How ESOP valuations compare to a strategic buyer.
Various deal structures where an ESOP could potentially put more net proceeds into your bank account over the buyout period compared to a strategic buyer.
How the 1042 tax code works, why it is similar to a 1031 exchange, and when it can be used.
Why changing from an S Corp to a C Corp could potentially def

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Ep.10 [THEME FIVE]

In part two of our four-part ESOP series, we dive deep into the mechanical and legal relationship between you (the owner), the ESOP trust, the trustee, and the employees.

We cover the role of a trustee in depth as well as more technical nuances about the legal structure of the trust, how the trust is managed, and when and how employees get their shares.

In part one of this episode, Neil Brozen, a trustee who has been responsible for more than 300 ESOP transactions since 2005, talks about the role a trustee plays in an ESOP during the transaction as well as the ongoing management after the deal is done. Neil explains how the business owner gets to interview and select the trustee (the buyer) and what it’s like to negotiate the purchase of the business from the perspective of the trustee. Neil then shares the trustee’s involvement–and control–on an ongoing basis (which is much less involved than most people think), what rights the employees have, and why the company doesn’t turn into a “consensus-based” business after becoming an ESOP.

In part two, we have David Solomon, a corporate M&A and ESOP attorney, who has been working in the ESOP space for many years. David walks us through the technical and legal journey a business owner goes through in order to set up an ESOP, such as what goes into the legal document of the trust, how company stock is allocated to employees, the ongoing involvement of advisors to manage the ESOP trust, and the one very important differentiator between an ESOP sale and an M&A sale.

This episode is a deeper technical dive into ESOPs and answers questions many business owners have like, “who am I selling my company to and what will they do with my company?”; “what are the real benefits to my employees if I sell to an ESOP?”; and “what is it like to lead and what control do I have as a CEO after the transaction?”

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What You Will Learn Part 1 * The role of a trustee during the transaction in an ESOP. * Why the trustee is the buyer that represents the ESOP and future employee shareholders. * The engagement between a trustee and seller (business owner). * What the process is like to pick a trustee. * Who makes up the board of advisors in an ESOP and how they are chosen. * The ongoing involvement of the trustee after the transaction. * How decisions get made on the board. * What happens if management and the board and the trustee don't agree.<!--

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Ep.#9 [THEME FIVE]

Today we’re kicking off a new four-part miniseries on ESOPs to support Employee Ownership Month.

Why are we spending four episodes diving into ESOPs?

After over 400 Intentional Growth™ training sessions with entrepreneurs, ESOPs have repeatedly been a hot topic people are hungry for more in-depth details about. We end up answering the same questions over and over (which we love!), so we wanted to capture the answers to the most frequently asked questions around ESOPs–with the right experts–in a fun miniseries that can act as an ESOP 101 and 201 for all the people who want to know more.

In this ESOP miniseries, Ryan has a co-host, Steve Storkan, the executive director of The Employee Ownership Exchange Network (EOX). EOX is a national organization that works to expand employee ownership across the U.S. by creating and supporting a network of non-profit state centers for employee ownership.

Today Ryan and Steve interview Dave Diehl, the CEO of Prairie Capital Advisors, about the ins and outs of the transaction and what it takes to turn into an ESOP.

This episode lays the groundwork for the next three episodes. Dave covers how ESOPs are valued, the process of selling to an ESOP, the unique tax breaks and how they work, the deal structure, when and how the seller (owner) gets their money, the role of the trustee, and how employees can begin to earn equity in the company they work for.

Our goal in this episode is to give you the foundation–and context–you need to level up your understanding on how ESOPs work, what it’s like to run a company once it is an ESOP, and introduce the different topics we’ll be diving into in the next few weeks.

Enjoy!

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What You Will Learn * The typical criteria needed to make sense for a business to become an ESOP. * What the process looks like–and which advisors are needed–to sell your company to an ESOP. * Why the seller gives the first offer in the negotiation process (usually this is the opposite when selling to a third party). * Typical ways an ESOP sale is structured (cash up front, seller’s note, warrants, etc.) * Why the crown jewel to an ESOP is to also be an S-Corp. * Why the company doesn’t pay federal or state income taxes when it turns into an ESOP. * The similarities of an ESOP to a 401(k). * The role of a trustee in the transaction and how to spot a good or bad one. * Why you get to interview and pick the trustee. * The characteristics and attributes of a strong ESOP. * How a business owner should start with an ESOP. * The business owners get to interview their buyer (the trustee).<!--

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Ep.#8 [THEME FIVE]

You may have heard the phrase “shirtsleeves to shirtsleeves in three generations” when talking about family business and succession planning. The statistics generally back this up, given only one-third of family businesses make it through the second generation, and only 13 percent make it through the third generation (2021 HBR study). But what if that doesn’t have to be the case?

This episode is a real-life story on how Rachel Wallis Andreasson’s family business has successfully passed on their company(s) to the second–and now the third–generation.

Rachel shares how her father started the business with one gas station and what her role was in doubling the company to over 1,000 employees and multiple companies. It was not all rainbows and unicorns. There have been plenty of challenges along the way (setting up family governance, separating leadership roles from ownership roles, deciding how to handle the future direction of the company, who should be CEO, how to handle leaders who are not part of the family, how to handle leaders that ARE part of the family, what role outside advisors play, and how the equity and distributions should be handled).

This episode is a shining example for owners of family businesses (as well as non-family businesses) on how to set up your company to last generations.

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What You Will Learn * What led Rachel to rejoin the family business after working in corporate America for a while. * How Rachel’s family defined leadership and shareholder roles. * Why no family member got an elevated salary for being a “shareholder.” * The three benefits of being a shareholder in a family business. * How the family transition was handled from the first generation to the second. * The various advisors that Rachel and her family used, the roles they played, and whether she thought they were worth it or not. * Why the shift from a family business to a family run company was difficult. * Why getting an outside consultant when needed was so beneficial to growing the family business. * How Rachel and the board decided on how to reinvest and take distributions. * Why Rachel left the family business–and how they handled it–after doubling the size of the company.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: Rachel Wallis Andreasson joined Wallis Companies in 1993 and first served on the acquisition team that doubled the size of the company. Following the acquisition, she spent a year as a territory manager and then moved into the corporate headquarters to create a training department. From there, she added human resources, information technology, recognition, and retail operations. Prior to joining Wallis, she worked at South Seas Plantation in Florida as the training coordinator. Prior to South Seas Plantation, she worked for Pepsico managing Taco Bell quick-serve restaurants in Miami.

Interview Quotes: 10:12 - “It was part of our identity. We talked about it at the dinner table. We all rolled quarters. We were all a part of the business at some point.” - Rachel Wallis Andreasson

16:03 - “I think for your own personal confidence, knowing you can go out and work for a another company–knowing how those com

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Ep.#7 [THEME FIVE]

If someone were to ask you to create a short list of companies who should buy your company, it probably wouldn’t take you long. The list is most likely based on logical reasons these buyers would want to acquire your company, because by owning your company, it would help the buyer grow their business and take more market share.

The goal of today’s episode is to better understand the mindset of strategic buyers, why they are buying companies, and what they plan on doing with the company after the purchase. Instead of just assuming why buyers would want to purchase a company, in this episode we get to understand the mindset of someone who has scaled a company and become a strategic buyer of dozens of companies in the home services space.

On today’s show, Ryan talks to Tommy Mello, the owner of A1 Garage, author of the book Home Service Millionaire, and the host of the Home Service Podcast. Tommy shares how he went from two trucks in 2007 to over $150 million in revenue and over 500 employees through a combination of organic growth as well as strategic acquisitions.

Tommy unpacks how he built A1 Garage into a machine and the various components and KPIs that run the machine. Tommy explains how they predictably scale organically as well as how they apply their internal playbook to companies they acquire within their space, both of which have fueled their exponential growth.

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What You Will Learn * What data and activities Tommy and his team work on every day and how that is tied to a future EBITDA and equity valuation. * How Tommy built a team of rock stars that he delegated to without micromanaging them, even though he had problems in the past with trust. * Why it is possible for Tommy to buy a company with $1 million in EBITDA and turn it into $4 million EBITDA within 18 months. * How Tommy intentionally keeps himself in his “zone of genius” and how that keeps his energy and motivation levels high. * How collaborating with the top industry software helped propel A1 into exponential growth. * The role the industry software plays in acquisitions. * How Tommy thinks about systems and processes and why that was so crucial to him hitting $100 million. * The simple equation Tommy uses to decide what he needs to do every day to hit a certain revenue goal. * What traits Tommy looks for in people that will help him scale. * What a dream manager is and why it can be so crucial for the company culture.

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Ep.#6 [THEME FIVE]

What is an acquisition entrepreneur and search fund, what are the different types, and where do they get their money?

In this episode, Walker Deibel is back on the show. Walker is a serial acquisition entrepreneur and author of Buy Then Build: How Acquisition Entrepreneurs Outsmart the Startup Game. He is here to share what an acquisition entrepreneur is, why the market is growing, where they get their money, how they structure their deals, and why they are on the hunt to buy companies.

Today we are going to talk about the rise of the acquisition entrepreneur and how this particular exit option impacts your role as a leader, the valuations, and the variety of different deal structures. You will learn that acquisition entrepreneurs typically consist of a blend of MBA students backed by investors or corporate refugees who are looking to own a business but don’t want to go through the start-up phase. You will also learn that since they are typically solo-preneurs, they tend to stay in the market with companies below five million dollars in EBITDA.

But what if your business is over five million dollars in EBITDA?

That’s where we talk about search funds. Search funds are typically “scout teams” for investors or a group of acquisition entrepreneurs that hire students or “rookies” in the M&A space to find, negotiate, and land deals.

The summary? The rise of the acquisition entrepreneur and search funds is playing a unique role in the market by matching up capital with talent in order to help facilitate the transition of millions of baby boomer businesses to the next generation.

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What You Will Learn * What an acquisition entrepreneur is and what their motives are. * How acquisition entrepreneurs fund the purchase of a business and the role of an SBA loan. * What a search fund is and the different flavors that are out there. * The mindset of an acquisition entrepreneur and search fund. * Why buying a business is much more logical than starting a business from scratch. * How selling to an acquisition entrepreneur could impact your culture and legacy. * The types and sizes of businesses that acquisition entrepreneurs typically target and why. * How search funds started, how they work, and how they are different from an acquisition entrepreneur. * Why a search fund is a “scout team” for investors.

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Ep.#5 [THEME FIVE]

What is a fair price to pay if you want to hire an investment banker/broker to sell your company? What value and services should you expect in return for the price you pay?

In the middle and lower private markets, these questions have traditionally been very opaque. Typically, entrepreneurs have to find answers to these questions by meeting with multiple advisors, talking to their network, and discussing the topic in their peer groups.

Today on the show, Peter Lehrman, the Founder of Axial, the M&A and capital raising platform for the middle market, is back on to help us shine light into this cloudy area of the M&A market by reviewing the results of the Axial’s 2021/22 M&A Fee Guide.

Axial and Firmex just released the results of an online survey that was completed by 269 middle market professionals from July through September 2021. Three-quarters of them work as investment bankers or merger advisors, and another ten percent call themselves business brokers. Many of them are leaders at their firms.

You might be asking, why is this important?

If you are like many business owners, when you think of hiring a banker/broker, you think of the direct cost that will be taken out of the transaction. However, this hire is almost essential. Doing all the paperwork and organization while selling a company is not just a night and weekend job. If done correctly, an intermediary can provide invaluable advice, experience, and resources to the sale process of a company. They should pay for their fees and more. On today’s show, Ryan and Peter Lehrman not only review the survey’s results, they talk about how to find, negotiate, and engage with an investment banker or broker.

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What You Will Learn * Key insights on M&A advisory fees in the middle market. * The different types of M&A advisors and how to understand the differences. * The variety of ways M&A advisors structure their fees and engagements. * Why it’s important to understand the number of companies a firm typically sells a year. * What a firm’s deal flow, the number of active engagements, and the size of the firm mean to you. * The different ways upfront fees work and what you should expect from the engagement. * How the transaction fee is determined, the range of percentages advisors charge, and what may or may not be negotiable. * Why extremely high upfront fees can be a huge red flag and what to do about it. * What the negotiables are when looking to hire an M&A advisor.

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Ep.#4 [THEME FIVE]

Many entrepreneurs want to diversify their wealth out of their largest asset–their business. But what if you had so much wealth that you needed to diversify out of the public markets into privately held companies?

Today on the podcast, we get a special look into what it’s like to view–and invest in–privately held companies from the perspective of a family office.

A family office is a privately held company that handles investment management and wealth management for a wealthy family, generally one with over $100 million in investable assets, with the goal being to effectively grow and transfer wealth across generations. The company's financial capital is the family's own wealth. (Wikipedia)

In this episode, Paul Moffatt is on the show and shares with us how the family office he works for, Encore One, is structured, why they buy privately held companies, their approach, and what they do with them over time.

Encore One is over twenty years old and focuses on preserving the long-term legacy of their portfolio companies versus buying, gutting, and selling. In this episode, you will learn how Encore One reinvests the cash from their portfolio companies, how they make money, and why they have found their success in long-term holds (ten years and older). One thing Paul really leans into is how important it is to be aligned with their seller and management team on the future direction of the business.

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What You Will Learn * The structure of Encore One and how they run independently under the same trust. * Why Paul and his company don’t take out dividends from their portfolio companies. * Encore One’s mindset with their portfolio company and why it’s very long-term hold based. * Why Paul just focuses on acquiring one or two companies a year versus aggressive growth. * What happens when a private equity firm holds on to a company long-term versus buying and selling. * Paul’s deal structure and who it best suits. * How Encore One manages engagement with their portfolio companies so people are validated that they are professionally growing. * How Encore One makes money from all of its entities underneath one big trust.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: Paul has spent his entire career serving the middle market. Prior to joining Encore One in 2017, Paul enjoyed a successful 16-year career in commercial banking, most recently as a vice president in the Twin Cities Commercial Banking Group at U.S. Bank. Prior to joining U.S. Bank in the Twin Cities, Paul held similar roles at LaSalle Bank, Cole Taylor Bank, and MB Financial in Chicago.

Paul has helped advise and fund over one hundred companies in various stages of development with a wide range of transactions and special situations. Paul graduated from Marquette University with a BS in Finance and minor in Political Science. He received his MBA from the Kellstadt School of Business at DePaul University. Paul lives with his wife and two children in Saint Paul, Minnesota.

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Ep.#3 [THEME FIVE]

Brent Beshore and his firm Permanent Equity are a perfect example that not all private equity firms are the same. Brent is the CEO and founder, and in today’s interview he talks about the unique approach his firm has in a “messy marketplace” to help business owners monetize their largest asset and step back from their day-to-day work in the company, all while maintaining their legacy.

In this episode, Brent and Ryan talk about why Permanent Equity has a 30-year time horizon (typically it’s ten years or less), how he landed on this model, and why he has been able to raise over $300 million based on their philosophy. From there, Brent explains his approach to acquiring companies–both financially and philosophically–and why he focuses so much on alignment with the business owner and management team of the seller. Brent has a very unique approach to private equity, and today you will learn one of the fundamental principles his entire business is built on: transparency–and why it has yielded so much success.

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What You Will Learn * How Permanent Equity returns the capital to their investors with the desired rate of return even though there is a 30-year hold period. * How Brent and Permanent Equity are able to raise hundreds of millions of dollars from investors on inbound requests only. * How Permanent Equity makes money without charging management fees. * Why Brent’s firm has a 30-year time horizon and what doors that has opened up for his firm and portfolio companies. * How Brent and Permanent Equity view deal structures and debt in his acquisitions. * Why Brent believes compounding (money and relationships) over long periods of time will get the maximum year ROI for all the stakeholders. * Why the biggest check written to a business owner could mean they don’t have any say in what happens next with their company. * Why Brent wants to partner with the existing owners of the companies. * Why transparency is Brent’s main philosophy when it comes to working with stakeholders and how it has avoided bad deals.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: Brent Beshore is the CEO and founder of Permanent Equity. Brent leads the firm and, more specifically, the acquisition and diligence teams while supporting portfolio company operators. Brent also serves on the board of Love Columbia, a mid-Misso

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Ep.#2 [THEME FIVE]

If you’ve seen one private equity firm, you’ve seen one private equity firm. There are about 8,000 PE firms in the United States, and they are all structured differently and have different types of people running them.

In this episode, Ryan and his guest Sunny Vanderbeck shine a light on the black box of private equity so you can better understand how it works and how to ask the right questions so you can determine whether the PE firm you are talking to is something you should consider or not.

Our guest, Sunny Vanderbeck, is an investor, entrepreneur, best-selling author, and former military leader. Sunny is the perfect guest to dissect private equity because he is the co-founder of Satori Capital, a multi-strategy investment firm founded on the principles of conscious capitalism. This is very unique because Sunny’s firm is an “indefinite hold period” firm rather than a normal private equity firm that buys and sells a business within five to seven years.

Sunny and Ryan explain where the money in private equity comes from (limited partners), why they buy companies (investment thesis), the different ways they structure the deals, what it can be like working under the management of a private equity owned company, and how private equity delivers the capital to their limited partners.

This is a great episode to tune into if you want to better understand the world of private equity and how it works.

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What You Will Learn * Where the money in private equity comes from (limited partners) and what their expectations are. * How the ownership structure of a private equity firm works and the different roles within a firm. * How private equity firms get paid and what the 2 and 20 rule is. * What carried interest is and why it’s one of the major opportunities for private equity. * How private equity funds are structured and how the capital is deployed. * How the typical private equity timeline works and how they impact the fund and each company they buy. * What investment periods are and why they matter to the sellers. * The difference between bolt-on versus platform companies and how they impact the valuation. * When and why a private equity uses debt versus equity, how it impacts the purchase price, and what that can mean after the sale. * Why some private equity firms buy to own and why some buy to sell. * What the second bite at the apple means. * Why most private equity firms want you to roll a percentage of your proceeds back into the deal (rolled equity). * Things to think about–and what it could be like–when working as an employee of a private equity owned company. * Questions a business owner–and seller–should ask a private equity firm when negotiating a sale.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: Sunny Vanderbeck is an investor, entrepreneur, best-selling author, and former military leader focused on accelerating the growth of mid-market companies and creating best-in-class, built-to-last businesses.

Sunny is co-founder of Satori Capital, a multi-strategy investment firm founded on the principles of conscious capitalism. By providing real-world insights from its experienced team and long-term funding with no fix

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Ep. #1 [THEME FIVE]

Today we’re kicking off our next mini-series theme: Through the Eyes of the Buyer: Understanding Your Exit Options.

In this episode, host Ryan Tansom is running solo and lays the foundation for the following episodes where he interviews a wide variety of business buyers. Today Ryan gives an overview of each of the 5 major exit options and how you, as a business owner, can decide which exit option is best for you.

When listening to this episode, it’s important to remember the concept of “ownership vs. management roles” and how they need to be separated so you can learn how to build a path forward for each. This is extremely important because your management role and ownership role (your equity) are impacted differently with each exit option.

For example, you could exit your ownership role by selling the equity in your business (your financial asset) AND continue running the company as the CEO if you want, OR you could quit your W2 job while still staying an owner by keeping your equity in the business.

Like many of our listeners, you may be asking questions like: “Even though I don’t want to sell, what are all my exit options and how do they work?”; “Which exit option is best for me?”; or “How do I know if I am handing the keys to my business over to the right buyer?”

Today’s episode is a great starting spot to help you clarify the variety of ways you can exit a company and what’s important to think about as you begin to explore the topic.

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What You Will Learn * Introduction to the 5 main exit options in the Intentional Growth™ Principle #3: * Why, and how, Arkona chose these 5 main exit options. * The importance of understanding the difference between your ownership and management roles on the various exit options. * Things to consider when looking at an internal transfer/buyout. * What an acquisition entrepreneur/search fund is, how it works, and why it’s become popular. * Overview of what an ESOP is and how it works. * Why an ESOP can provide some huge tax breaks. * Overview of the private equity landscape and the different flavors that have started to become popular. * Why all private equity firms are not created equally. * Ways to figure out if a business buyer’s core values are aligned with yours. * How to

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Ep.#2 [THEME FOUR]

Running a business is a lot like running a sports team. You need all the positions filled—ideally with the top talent—in order to even participate in the game.

Many middle-market private companies are going without positions that are needed in order to participate in the game. So many lack the resources to find, hire, and maintain A-player executives who can fill each function (finance, sales, marketing, IT, HR, etc.). A-players completely take the responsibility for the department, come up with a long-term plan, and execute their strategic initiatives with accuracy against that plan because they have “been there and done that” before.

Without A-player executives, it’s hard to even participate in the game of business because all the responsibility for each department lands on the shoulders of the CEO/owner. This leads to burnout and ultimately a failure to reach the full potential of the company and long-term valuation target.

Today, Ryan breaks down why the middle market struggles to get access to top executive talent and how the fractional executive market is helping fix this problem. He then dives into the specifics of the fractional CFO services industry and the various types of offerings out there. Finally, Ryan interviews two owners who have a fractional CFO and what that has done for them and their businesses.

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Fractional CFO Overview, Ryan Tansom // 01:00

Ryan goes in-depth about why the fractional CFO space exists and why it’s so crucial to the mid-market, and then he tee’s up the two 30-minute segments with Steve Schaffer and Jimmy Fritz.

Why every business–regardless of the size–needs highly skilled talent overseeing each function but typically falls short.
Why most companies can’t afford high-level executives even though they employ an outsized portion of the population.
Why the fractional executive marketplace is growing rapidly.
How a CFO helps a CEO run a company through the financial lens.
Why doing EVERYTHING yourself leads to burnout.
How the role of a CFO can help offload many operational responsibilities from a CEO.
What it truly means to be a fractional executive.
The different business models of fractional executive companies (and in more detail fractional CFO services).

Owner of Schaffer Manufacturing, Steve Schaffer // 19:30

Steve Schaffer was born into his family business. Like many second-generation family business owners, he grew up working in the company. In 2008, he bought the business from his dad and took over the long-term family company. Like many first-time business owners, he thought he knew everything he needed to know about running the business.

After some hard lessons, he realized the company was making no money and needed to make a change. After engaging with Arkona’s fractional CFO services, he has clarity on how to organize his cash so he can see where his company has been, where it’s going, and how close he is to the ultimate goal. In this episode, he talks about his 10-year process of starting confused, stressed, and unhappy, to now–when he is having fun, creating wealth, and going on 200-mi

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Ep. #1 [THEME FOUR]

Many owners (me included back when I was running the family business) often lumped anyone who works on numbers together in one big group and many times view that group as a cost center in the business.

Have you ever heard yourself – or another business owner – say my “finance team” or “accounting people” are handling it? You may have also said or heard a statement like: “We just need to get paid, pay our vendors, and get our monthly results in so we can see how much cash we have so we can keep growing.”

This shouldn’t surprise to most because many business owners did not have a tour of duty in Private Equity or work at a Big Four Accounting Firm prior to starting their business. Why should we expect any owner to understand how all the financial and accounting functions work, exactly what good looks like, and how all those functions roll up into a comprehensive financial forecast. This forecast should answer the only questions that matter: can we afford our growth, desired distributions, and taxes on the way towards the targeted equity valuation and timing?

In order to view – and run – your company like a financial asset, it takes a team with a strategic financial leader (the CFO) to produce valuable information you feel comfortable making decisions and take action based on.

On today’s show Arkona co-founders, Ryan Tansom and Pat Hobby, explain all the roles in the financial department and how each function is crucial in getting closer to your ultimate goal, taking it one month at a time.

They break down the roles of bookkeeper, accountant (which he explains can be viewed as a totally separate department), controller and, of course, CFO. You will get very detailed insight on the role of each position and how the CFO plays into the equation

After explaining each individual role, Pat puts all the pieces together and describes how the finance department can be the driving force for all the business owner's decisions and how the business owner can feel confident moving toward their long-term goal without worrying about whether they have the money to grow or not.

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What You Will Learn

How the CFO provides the current – and future – financial impact of the business owner’s goals and ideas and their impact on cash flow and the future value of a business.
How the CFO is the missing link to finally take away the mental stress from the owner who mentally keeps track of the future financial impact of operational decisions in the business
The difference between finance and accounting and why they are two very distinguishable departments.
How to separate the roles of each internal finance team member (bookkeeper, CPA, controller, accountant, CFO).
How to not GROW yourself out of bu

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Ep. #4 [THEME THREE]

In this last episode of the series, “Demystifying Business Valuations,” we have Chris Yates, the owner of Rhodium Weekend, a community of online entrepreneurs, on the show to share the story of how he sold his business, Centurica. Chris received two offers from different buyers that were wildly different. In this episode, we hammer home the concept of intrinsic financial value vs. strategic transaction value by unpacking the differences in Chris’s offers.

In the first half of this episode, Chris goes in-depth with the first offer he got from a strategic buyer–an Amazon aggregator–that wanted to do an “acquihire” (essentially wanting to purchase the company for the people and processes). Chris describes how the purpose of the deal drove the deal structure and terms and how it eventually blew the deal up.

In the second half, Chris walks us through how he doubled down and focused on the intrinsic financial value of the company by getting a bank to pre-approve an SBA loan (ultimately determining the intrinsic financial value of the company based on the risk of the cash flow).

Getting clear on the intrinsic financial valuation helped Chris during the second negotiation for a few reasons. First, he knew what his valuation was regardless of the specific buyer. Second, Chris was able to clearly negotiate the terms and deal structure efficiently because he knew what the company’s intrinsic value was worth. In addition, there are limitations to “creative” deal structures when an SBA is used.

Being approached by a buyer can cause a rush of emotions for you as the business owner. However, in this series, we have consistently discussed how getting clarity on the intrinsic financial value is crucial so you can weigh all your options against what you know the company is worth.

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What You Will Learn * How to structure an LOI so a buyer can’t steal your clients, processes, and systems. * Why Chris decided to exit even though he was getting fed opportunity from old and existing clients. * What was driving the acquihire buyer to want Centurica so badly. * How Chris got into the mind of the acquihire buyer to really understand why they wanted his company. * Why understanding what he wanted and why helped Chris negotiate with a buyer that initially had an unappealing offer. * How Chris realized that ALL of the decision makers need to be sitting at the deal table. * The uncertainties Chris had in the first deal and why he wished he had set the terms instead of reacting to each offer (and pulled away at the beginning knowing it wouldn't work). * Chris’s thought process after the first deal fell apa

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Ep. #3 [THEME THREE]

So far in this series, we’ve been demystifying business valuations by focusing on how a company is valued–as it stands today based on the risk of its cash flow–so you can view and run your company like a financial asset. By focusing on growing the intrinsic financial value–and how the net proceeds correlate to your timeline and ability to hit your financial targets–you will have choices in the future.

With that context in mind, we’re now going to dive into what you can do to maximize your valuation and net proceeds if you want to sell your company to a third party (e.g., strategic buyer or private equity firm). Today’s show focuses on the strategic transaction value which is driven by the reasons buyers buy a company or as we call it “the purpose of the deal…”

What happens if the current company financials are not the primary reason behind the buyer’s purpose of the deal?

Every entrepreneur and business owner can tell one heck of a story–about the history and future potential of the company. And when it comes to a strategic buyer, we’ve barely ever met an owner who doesn’t know why a strategic buyer would buy their company and what they should do with it. Too often, during the sale to a third party, this story is left to “finance people” to show the numbers and explain the story.

On today’s show we have Ted Schlueter and Eric Coonrod who have partnered up to solve this issue. They help companies maximize value to a third party buyer through “Branding for Buyout.” Ted helps companies market themselves by increasing the perceived value to a buyer through strategic branding with the target buyers in mind. Eric is an investment banker who focuses on the transactional value and deal structure side of a deal.

We discuss how the story of a company can increase the purchase price of a business (branding), why past marketing data is a huge metric that buyers will look at when acquiring a company, and how successful (pilot) market penetration campaigns can open up opportunities to a buyer and increase desirability and the multiple of your business. Overall, this episode really clarifies how marketing and deal structures fit hand in hand and put more money in your pocket.

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What You Will Learn * What buyers look for in an acquisition and why they actually buy a company. * Ways Ted and Eric figure out the “purpose of the deal” and why the buyer wants to buy the company and how to leverage that reason to increase the sale price. * Why the role of marketing is so important when getting ready for a buyout. * Ways to increase the intrinsic value using M&A trends

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Ep. #2 [THEME THREE]

If you focus on growing the intrinsic financial value of your company (the value based on the risk of the cash flow), you can engineer the future valuation you want as long as you have enough time and capital–all while focusing on the right strategies that de-risk the company’s cash flow (therefore increasing the multiple) while increasing your normalized EBITDA. A lot of business owners don’t understand how intrinsic financial value works, but we haven’t done a deep dive on it yet. Until now.

Dave Diehl is back on the show. He is the CEO of Prairie Capital, a nationwide investment banking firm that specializes in helping business owners transition via ESOPs, management buyouts, and third party buyers.

In this interview, Dave talks about the different types of risk within a company–from the financial buyer's view–and how an entrepreneur can lower that risk and, therefore, increase the valuation. He is the perfect guest for this topic because Prairie does 425+ ESOP valuation updates each year and works on countless transactions that are valued and structured based on the intrinsic valuation of the company.

This episode is quite literally a treasure trail to help see your company's valuation through the eyes of a financial investor and understand how to increase the equity value over the course of a couple of years.

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What You Will Learn * How a financial buyer perceives risk in a company. * Dave’s thoughts on the discounted cash flow (DCF) approach vs. the market approach to a valuation. * How a financial buyer views past cash flows compared to future projections and the weight they place on each when determining the value of a company. * The value of being able to tell the story of the business using the financials, answering questions, and how it all contributes to the trust a buyer has in a seller and their perception of risk. * Why focusing time on management and a future successor is something every entrepreneur needs to focus on. * Why the intrinsic financial value can only yield a certain valuation and how the deal structure and payoff proves that point. * What the capital stack approach to a valuation is and why it matters. * The market approach vs. a discounted cash flow model vs. a capital stack. * Why external events (like a pandemic) can affect your purchase price (even if you have done everything right). * What re-trading a deal is and how it can be dependent on the external economic climate.

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Ep. #1 [THEME THREE]

There are so many terms, philosophies, and methods regarding business valuations that many owners tend to ignore, or they delay addressing their company’s valuation until they want to sell, which is often too late.

In the previous theme, we covered how you can measure and monitor the value of a business–by integrating it into your company’s financials–while you own it. In order to do this, we need to understand how a company is valued and the key concepts and levers that influence that value.

Arkona co-founders Ryan Tansom and Pat Hobby are back to kick off the next theme: Demystifying Business Valuations. They explain the difference between intrinsic financial value and strategic transaction value and how they relate to normalized EBITDA, multiples, enterprise value, equity value, and finally how much money is going into your pocket after a sale (net proceeds). During this episode, Ryan and Pat unpack how companies are valued so you can begin to see–and run–your business like a financial asset.

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What You Will Learn * Why knowing the value of your company today is crucial to view–and run–your company as a financial asset. * That intrinsic financial value +/- the purpose of the deal = strategic transaction value. * Why the intrinsic value of a business is based on its cash flows. * Why planning into the future using the intrinsic value of the company increases the options you will have when you actually want to sell. * How to get a premium over the intrinsic financial value of a company. * How the purpose of the deal and the buyer impact the transaction value. * The difference between enterprise value, equity value, and net proceeds. * How normalized (or adjusted) EBITDA works, how to calculate it, and why it matters. * Why knowing the value of your company in real time helps you make decisions and in line with your long-term goals. * The THREE numbers you should focus on in order to increase your net proceeds in the future when and if you decide to sell.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: Pat Hobby started his career as an auditor at EY and over the years held various finance positions before launching his own outsourced CFO services company. As one of his clients continued to grow and needed more assistance, he joined the company full-time for more than 20 years. He helped the

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QUARTERLY ECONOMIC AND M&A MARKET UPDATE

There’s a lot going on in the world today that could make a business owner feel anxious and question what to do next with their company. Should you sell your business? Acquire other companies? Reinvest? Play the long game and grow intrinsic value? What about the labor market, geopolitics, and supply chains, and their impact on my growth potential and future value of the business?

ANSWERS AND DISCUSSIONS TO ALL THE QUESTIONS ABOVE START IN THIS FIRST EPISODE OF OUR QUARTERLY ECONOMIC AND M&A MARKET UPDATE SERIES

They are going to be segmented into three sections. Below are each of the three organizations, the topics, and we listed the starting point for each segment - along with the main highlights - so you can jump to one section if you’d like.

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ITR Economics, Brian Beaulieu // 05:20

GF Data, Bob Wegbreit // 41:45

ButcherJoseph, Jeff Buettner // 1:19:30

First, you will get insights into the current macroeconomic environment, market trends and things to keep an eye on in the future; second, you will hear updates on the data behind recent private transactions, valuations, and deal volume and structures; and lastly, you will hear stories from people who are doing deals in the M&A market. This episode will be a bit longer because we had each organization give a bit about themselves, their company’s background, as well as where they get their information.

WHY ARE WE DOING THIS? We want to bring to you resources - typically only accessed by people at the heart of private M&A deals and the capital markets - so you can make better decisions, grow the value of your company, and get where you want to go faster.

Middle- and lower-market privately held business owners (we’re defining that as around $2M to $250M in revenue) need more information–on the economy, capital markets, and the M&A market–that is timely, relevant, and useful to them. So many resources are spent gathering and publishing information that is geared toward the public markets, and we believe that privately held marketplaces need - and deserve - more attention.

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What You Will Learn ITR Economics, Brian Beaulieu // 05:20

The first segment (05:20) is from ITR economics where Brian Beaulieu goes over an analysis of current market trends and what to expect in the future as a business owner with consumer trends, increases in interest rates, and the predicted 2030 depression. Since 1948, ITR Economics has provided business leaders with economic information, insight, analysis, and strategy. ITR Economics is the oldest privately held, continuously operating economic research and consulting firm in the US.

How ITR Economics uses rate of change in their forecasts
The cause of business cycles and why people fear them because there’s no context
Why the bond market foreshadows high interests rates
ITRs insight to the 2030 depression and how to shift your mindset towards it
The consumer and leading indicator trends

GF Data, Bob Wegbreit // 41:45

In the second segment (41:45), Bob from GF Data, a data aggregator on private-equity sponsored M&A transactions with enterprise values of $10-250 million, talks about M&

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Ep. #3 [THEME TWO]

We have two business owners, Rob Dube and Cindy Banchy, on the show to wrap up our second theme, “Are You Creating a Lifestyle Business or a Valuable Asset.” They share how they shifted their mindset to think about their company like an asset, what their future goals are, and how their lives - and businesses - have changed since they adapted this new mindset.

Rob and Cindy discuss the three areas they focused on to help them run their company like and as an asset: trust your people, understand your financials (using the three financial statements), and follow your vision. Both of them dive deep into those three areas and pretty much give away the start-to-finish foundational points that will allow you to turn your business into a valuable asset, create future options, and how to successfully sit in the “owner’s box” instead of the management team.

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What You Will Learn * What it took for Cindy and Rob to shift their mindset to view their company like a financial asset and not just a job. * Why Rob believes financials truly tell the story of the health of a business. * How each business owner views their company and their relationship with the business and management team. * Ownership roles vs. management roles and how that relates to normalized EBITDA. * How each business owner separated their ego from their business to better run their business like an asset. * How Rob and Cindy built the trust around their people so they can step away for weeks at a time. * How Rob and Cindy manage their rhythm between their managers without stepping on each others’ toes. * The intrinsic benefits of understanding the financials. * How combining the three financial statements has allowed Cindy and Rob to understand how much they can pay themselves and give out for raises. * Why culture can add asset value to the right buyer and also allow your business to better run as an asset.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: Cindy Banchy:

Cindy is the President and Regional Master for Vanguard Cleaning Systems of Minnesota, a commercial cleaning master franchise located in Minneapolis. Prior to Vanguard, Cindy was with IBM from 1989 through 2005.

Cindy loves spending time taking adventure travels to new countries, competing in long-distance triathlons, taking epic lo

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EP. #2 [THEME TWO]

Should you reinvest your business’s profits or take home distributions instead? In this episode, Ali Nasser, founder and CEO of AltruVista, is on the show to help us answer this question and continue our current theme: are you running a lifestyle business or creating a valuable asset?

Ali talks about the three critical dilemmas that are on every entrepreneur's mind when it comes to growing your business and lifestyle. He explains how to think about reinvesting in your company vs. taking the money home and investing (or spending) outside your company, how to plan for an exit, and how to create a legacy you are proud of. The first topic he challenges us to get clarity on is… well, you guessed it, what do you want long-term? Ali walks us through different reinvestment strategies as well as how to plan for an eventual exit based on the capital you need for your lifestyle and legacy (which is tightly integrated into the Intentional Growth™ Principle #2 - Financial Targets).

Many entrepreneurs feel trapped when it comes to thinking about an exit, which is why we’ve been talking about how to view your company as a financial asset that gives you choices to exit when and how you want if you build a company worth what you want–or need–it to be worth. If you know what you want long-term and how much it costs to live the lifestyle you want–while saving some money for low-risk investments–you will find clarity on the right mix of reinvesting back in the business and saving outside the business so you can hit your long-term financial goals.

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What You Will Learn * The Three Dilemmas that every entrepreneur deals with. * The six categories that define the entrepreneur wealth spectrum (WISE). * Lifestyle wealth versus legacy wealth and how it ties into net proceeds. * How to navigate the intersection of wealth planning and life planning. * Exit planning versus a value enhancement strategy. * Why you need to know what you want from your company–both financially and emotionally–before creating an investment or exit strategy. * The different reinvesting options every business owner has–demonstrated by Ali’s IOD chart. * How to think about risk as it relates to investing in your business and all the other asset classes outside of your company. * Why and when it’s important to diversify your net worth outside of your business. * Why it’s so important to understand your own perception of risk and how that compares to the real risk when investing in any asset.

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EP. #1 [THEME TWO]

Today, we kick off a new theme: are you running a lifestyle business or are you growing a valuable asset?

In this episode, Arkona co-founders Ryan Tansom and Pat Hobby break down what it takes to view your business as a financial asset - regardless of when you want to sell - so you can focus on growing the value of the company. By running your business as a financial asset, you can focus your time, money, and energy on areas that will increase the company’s valuation by creating sustainable, predictable, and transferable cash flow. The more valuable your company is, the more choices you will have down the road and it will allow you to create wealth, enjoy work, and make an impact.

Ryan and Pat dive deep into some key concepts that will help you walk away with a clear understanding of the metrics that you need to focus on - and what they mean - in order to see what your company is worth today and how you can project out the value of the company years into the future. It all starts by clearly understanding the difference between your ownership role versus your management role and three financial targets.

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What You Will Learn * The difference between a lifestyle business and long-term value creation. * The three financial targets that will help you view your business as a financial asset. * The number one thing holding people back from long-term value creation. * The difference between ownership and management roles, why they matter, and how it impacts your decision-making. * How to clearly see the interaction and tradeoffs between funding growth, distribution, and taxes. * What EBITDA and Normalized EBITDA is, why it matters, and how it is used to value a business. * How the three financial statements are used to project out the value of a company. * Why you need to use - and integrate - all three financial statements and why business owners typically don’t. * How to integrate enterprise value, equity value, and net proceeds into the three financial statements so you can project out the value of your business year into the future. * The importance of creating a financial “path” to creating long-term value.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: Pat started at EY before creating his own outsourced CFO services company. There, he advised over 15 companies. He ended up joining one of those clients as they continued to grow,

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EP. #4 [THEME ONE]

This is a very special episode to cap off our first series “What Do You Want From Your Business and Why.” We have a panel of four business owners–along with Dr. Stacy Feiner–who are willing to share their personal journeys about getting clear on what they wanted from their businesses and how it impacted their decision-making, stakeholders, and personal happiness.

The group shares their stories about what led them to feel lost and confused and how they overcame it by learning more about themselves and their stakeholder ecosystem. They explain what drove them to seek outside help (coaching with Dr. Stacy Feiner) instead of trying to solve the problem themselves and the enormous progress they have achieved since.

// WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

What You Will Learn * The personal struggles these entrepreneurs were going through that led them to seek outside help. * How coaching can eliminate personal and mental blind spots. * What it’s like after having clarity on what you want and why, and how that impacts your business, stakeholders, and decision-making. * Why and how relationships with the people around you (both business and personal) can improve and grow as a result of coaching. * The impact of not having tools and resources to help you communicate what you want with your stakeholders. * How conflict with others and internal anxiety can be reduced–or eliminated–if you do the hard work to look inside and get clarity on what you want and why. * What it was like for these business owners to look back on their struggles they had prior to finding clarity through coaching. * The importance of momentum while working with a coach. * How these business owners aligned what they wanted with the “stakeholder ecosystem.” * The group’s comments toward people who are skeptical of coaching.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: https://arkona.io/intentional-growth-financial-assessment

Bio: Dr. Stacy Feiner is a professional coach for top performers who are ready to solve emotionally-charged problems in their professional lives in order to focus on growth.

Conner Krizancic is a founder of Good Wolf Marketing and was a Division 1 college football player that has now shifted to business, brand building, and marketing strategy.

Rachel Wallis-Andreasson has been at Wallis Companies since 1993. She first served ont he acquisition team, spent a year at territory manager, and finally moved up to the corporate headquarters.

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On today’s show we have someone who lives and breathes living life with intention. Rob Dube is the co-founder of imageOne, one of Forbes Top 25 Small Businesses in America, and on the list of the Inc. 5000.

Rob recently partnered with his friend and mentor Gino Wickman to create “The 10 Disciplines - manage and maximize your energy”. The 10 Disciplines helps entrepreneurs get unstuck so they can accomplish their long-term goals while avoiding burnout. Over the years, Rob has learned from top performers like Gino and Jack Stack on how to find your energy and focus on the things that matter, all based on “10-Year Thinking.” If you are a business owner that feels stuck or is near burnout, get clear on what you want from your business and why by listening to Rob Dube give an overview on “The 10 Disciplines” on how to manage and maximize your energy.

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What You Will Learn * What “The 10 Disciplines” are and how they help you manage and maximize your energy. * The difference between 10-year thinking and goals. * What led Rob to understanding what he wanted from his business and why. * Why mindfulness and meditation is a huge core value in Rob’s life. * What optimal life means and how it translates to what you want from your business and why. * The definition of energy and how it’s used in the context of high performing. * The outcome of envisioning your life 10 years in the future. * Why Rob Dube encourages business owners to take 130 days off a year. * Why knowing thyself is such a huge principle to understanding what you want from your business and why. * The importance of saying “no” and why it’s hard for many people to do that. * The importance of putting everything (action items, to-do’s, goals) in ONE place. * Why Rob believes in preparing a plan for the next day–the night before. * The $25/hour rule.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: https://arkona.io/intentional-growth-financial-assessment

Bio: From Blow Pops to Forbes Best Small Companies! Rob started his first business in high school selling Blow Pops out of his locker. In 1991, he founded imageOne with his best friend, Joel Pearlman.

imageOne has been recognized as a

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EPISODE TWO [THEME ONE]

On today’s show with Dr. Stacy Feiner, she returns for her second time to go in-depth on why self-awareness affects your ability to enjoy work, create wealth, and make an impact and ultimately affect the long-term value of your business. Dr. Feiner is an innovative psychologist who helps elite performers identify and overcome mental barriers to achieve more, all with intention. Having worked with hundreds of business owners by now, she understands how emotionally-charged situations can derail even the best-intentioned leaders.

Dr. Feiner discusses the three things EVERY business owner wants and what happens when those three things don’t align. She then covers the five mental barriers every business owner experiences plus the cause and effect of those barriers. Finally, she shares what emotional maturity is in business and how to develop a high-performing ecosystem around that. Sometimes problems with an entrepreneur's vision aren’t an external problem–they’re from within. Learn some high-performing self-development concepts from this elite coach by listening to this amazing episode.

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What You Will Learn * How the health of the business owner affects the health of the entire ecosystem. * The difference between self-awareness and emotional awareness. * The five mental blockers every business owner experiences. * The difference between coaching and therapy. * The common problems business owners experience when their actions and goals aren’t aligned with their values. * How the three things all business owners want are impacted by one’s self-awareness. * Why it’s so hard for business owners to get help and support from someone they trust. * What defines a professional ecosystem and how to handle the different emotions from the major contributors. * Why developing emotional maturity is so important for business owners. * What the experience looks like when a high performer works with a coach.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: https://arkona.io/intentional-growth-financial-assessment

Bio: Dr. Stacy Feiner is a nationally recognized innovative psychologist known for leveling up the output of elite performers and the complex systems they lead. Using the lens of psychology, Dr. Feiner taps the invisible dynamics that make people and groups click. In your ear and at your side, Dr. Feiner coaches you to achieve the results you want in all areas of your life.

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(Replay of Ep. 211)

My guest today is Bo Burlingham. I read Bo’s book (Finish Big: How Great Entrepreneurs Exit Their Companies on Top) back in 2015 and it was the reason I started this podcast and eventually lead to the creation of the Intentional Growth™ 5 Principles. I had the chance to interview Bo when this podcast was first starting and today, we have the chance to catch up and talk about the changes myself and my business have undergone over the past four years.

In today’s episode, Bo explains to us the wide range of “good” and “bad” exits from businesses built by owner-founder entrepreneurs and why over 75% regret the sale 12 months later. He shares what the entrepreneurs did who were proud and happy with their exit. Bo and I reconcile his research with my 4 years of work and over 200 interviews.

// WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

What You Will Learn * Why the word “exit” is a curse word for most business owners * Why the word “exit” can mean different things to your role vs your ownership * How to avoid regretting the eventual sale of your company * How to get clarity on what you want from your business * The 7 components of a sale that help an owner achieve the 25% who are happy * The importance of understanding how the company value impacts your exit options and your personal drivers * Bo’s 4 (sometimes 5) characteristics of a “good exit” * Why missing just one principle leads to a “bad exit” and can put you in the 75% * What to think about in order to prepare you to mentally for a sale * How Bo’s work intersects with the 5 Intentional Growth™ Principles * The Seven P’s of Evergreen companies according to Bo and the Tugboat Institute * How companies that plan to last over 100 years think about their businesses

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio Bo Burlingham is currently a contributor to Forbes where he produces the magazine's annual Small Giants section. Previously, he worked for 33 years at Inc. magazine, as senior editor, executive editor, and editor at large.

He is the coauthor, with Jack Stack, of The Great Game of Business and A Stake in the Outcome and, with Norm Brodsky, of The Knack (renamed Street Smarts in paperback). He is also the author of Small Giants and Finish Big. The popularity of Small Giants led to the creation of the Small Giants Community where business leaders learn and share practices and systems they can use to make their companies great, whether or not the businesses are big.

Interview Quotes 14:32 – “One thing that struck me was how many people I talked to were unhappy and wished they hadn’t sold their businesses and were full of regrets and that there were parts of the whole experience that they didn’t like.” – Bo Burlingham

21:42 – “People who have a clear idea in their own mind about who they are or what they want and why are able to make decisions that are going to make them happy. Whereas otherwise you end up making decisions based on other people and what they think you should do.” – Bo Burlingham

22:00 – “It’s important to

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You’ve risked and sacrificed a lot to build your business, and we believe you should get rewarded for your hard work.

In this special 300th episode, Arkona partners Matt and Pat join Ryan to discuss the takeaways after 300 interviews with some of the top minds in business. Their conversation is full of stories that tie their personal experiences of running, growing, buying, and selling businesses to their mission of helping business owners clarify a path to a more valuable business so they can turn their vision into reality.

Ryan, Pat, and Matt talk about how to use your business–and the Intentional Growth™ Mindset–to enjoy work, create wealth, and make an impact. They use examples to explain why this mindset helps business owners clarify what they want and why, how to view their company as a financial asset, and what it takes to track–and make progress toward–the long-term vision you have.

// WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

What You Will Learn * Why it’s so important to enjoy work, create wealth, and make an impact. * The three levers every business owner must be in control of. * Why a lack of education is often the root cause of anxiety, frustration, and a lack of progress * Why viewing your business from a buyer’s eyes can help you focus on creating a valuable business. * How business owners should track their progress toward their vision. * Why the CFO is uniquely qualified to be a trusted guide for business owners. * What the qualities of a good CFO are and how they are different from other financial roles a business owner might be used to (controller, CPA, etc.). * How a business owner should organize their financials so they can see the story of their business and view it as an asset. * The one line on the cash flow statement that tells the story of the whole business. * The one question to ask employees who have ideas on how to improve the value of their company. * An introduction to the newest partner at Arkona and a recap on how Arkona came to be, as well as an update on the Intentional Growth™ Training and Fractional CFO services. * The mission behind Arkona and how that ties to Matt, Pat, and Ryan’s WHY.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Interview Quotes: 01:28

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After her husband passed away in his early 30s, Sandy Hansen-Wolff had two choices: close down shop or take over and run the one-million-dollar-in-revenue business. Sandy, a former insurance agent, chose to take over the business with her A+ team and continue her husband's legacy.

In this episode, Sandy talks about how she took over the business with little operations knowledge to scale it to eight million dollars in yearly revenue. She shares how it was a “we,” not “I,” effort because of the great employees she had who knew the business inside and out, how partnerships were her secret to scale when she couldn’t hire salespeople, and what personal drivers were at the helm when she sold. This is a great entrepreneurial story about starting with uncertainty and ending in success when tragedy hits.

// WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

What You Will Learn * How Sandy transitioned into leading the business after her husband passed away * What Sandy’s first step was when taking over the business * How the broken business helped Sandy develop and scale the company * How partnerships helped Sandy scale the business when they couldn’t hire salespeople * Why company culture was such a huge driver to Sandy * Why Sandy describes the feeling you get after selling as a “hangover” * What led Sandy to sell versus just shut down, and why she considered just shutting down * What led Sandy to choose the eCommerce route to be the next stage of her business and what disruptive product she chose to sell * Why the buyer didn’t want Sandy’s other eCommerce company (New Heritage) * How Sandy felt after selling the company and how she describes it as “ripping the band-aid off”

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: Sandy began her speaking and consulting career after she was thrust into entrepreneurship in 2003 when her young husband of one year died of leukemia. She was determined to keep the business going despite industry pressures as well as challenges with the near-bankrupt business.

Sandy turned around that multi-million dollar company from near bankruptcy to a successful sale and exit.

Now Sandy uses these key insights as the platform for her work with high-level business leaders and entrepreneurs so that they too are empowered to move from struggling to successful and profitable

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Girish Redekar is the founder of RecruiterBox, an IT pro and SaaS business expert. In this entrepreneur story, Girish talks about how he started his SaaS company and stood out among the thick competition to then sell internationally for an all-cash offer.

In this episode, Girish discusses how he bootstrapped RecruiterBox and prioritized customer feedback for product development. He then talks about how he never made more features at one time than the company could afford, because many SaaS businesses go bankrupt when they invest too much into making new features without first acquiring new customers. From there, Girish talks about how he created an automated sales system with a very small sales team. This allowed him to scale RecruiterBox to 2,500 customers internationally, which he then sold to an American private equity firm for an all-cash offer. If you want to discover secrets to scaling a company using repeatable systems, this episode is for you!

// WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

What You Will Learn * What kept Girish on the entrepreneurial path after going two years without anything to show for it. * How Girish realized that he was undervaluing what he was building (RecruiterBox). * How Girish approached building a new software and why it needed to be better and easier than a simple spreadsheet. * How Girish came up with his main KPIs while growing RecruiterBox. * How Girish prioritized product development and feature requests based on mass customer feedback. * Why Girish never spent more than the company made on marketing, product development, etc. * How Girish sold RecruiterBox with automated systems and very few salespeople. * How Girish and his leadership team confronted their out-of-the-blue offer with RecruiterBox. * How Girish sold RecruiterBox internationally without an investment banker. * How Girish was able to walk away with an all-cash deal.

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: Girish Redekar is CEO and co-founder of Sprinto.com., a company that helps SaaS brands become SOC-2 compliant, close enterprise deals faster, and pass vendor security assessments easily.

Previously, he built and bootstrapped RecruiterBox to over 2,500 customers and over 50 employees in the U.S. and India. The company was acquired by San Francisco-based private equity firm Turn/River Capital in an undisclosed all-cash deal (no stock or earn-outs). RecruiterBox was profitable throughout its journey.

Girish is a passionate programmer and entrepreneur, keen on helping other SaaS businesses demon

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Dr. Craig Everett is on the show today to dive deep (in a way that a normal business owner can understand) into the world of valuations, where they come from, and how the research he leads at Pepperdine University is helping shed light on the middle and lower private markets.

Dr. Craig Everett is a finance professor at Pepperdine University and contributor to the Pepperdine Private Market Capital Projects and Executive Director for the Pepperdine Most Fundable Companies. In this episode, Dr. Everett explains why it's important for every business owner to understand their cost of capital, why weighted average cost of capital (WACC) matters, and why multiples are so high right now in the M&A space. Expand your financial literacy and learn more about how to view your business as a financial asset in this episode with Dr. Craig Everett.

// WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

What You Will Learn * Why it’s important, as a business owner, to understand how to value a business while you own it * What drove Dr. Everett to teach finance after years of consultant work * What cost of capital truly means and how to use it as a rule of thumb to determine whether you are growing the value of your business or if it is in decline * How your weighted average cost of capital (WACC) fits into clearly understanding your multiple * Dr. Everett’s definition of Company Specific Risk and all the factors that go into it * Why venture capitalists are moving back to early stage companies * Why multiples are so high right now * Why your valuation varies depending on the exit you are taking * Why people are choosing an exit to a private equity deal versus IPO

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: In addition to being an assistant professor of finance, Craig Everett is also the director of the Pepperdine Most Fundable Companies Initiative, which is a prestigious national startup competition. He is the primary researcher and manager for the Private Capital Markets Project, which publishes a quarterly Private Capital Demand Index and Private Capital Access Index, leading economic indicators. Craig is one of the leading authorities in finance, specializing in private capital markets, entrepreneurial finance, venture capital, business valuation, and financial literacy.

Interview Quotes: 11:44 - “I want [my kids] to be able to sit in a meeting, discussing finance, and know what the heck is being talked about. You can’t just Google stuff in the middle of a meeting; that’ll make you look like an idiot.” - Craig Everett

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Being a business owner and entrepreneur takes more than just a crazy work ethic. On today’s show, we have Mari Tautimes, who has confronted a lot of challenges that required a lot of grit and intensity. She became a mom at 15 and had to raise her child by herself. Then, in her early twenties, she was brought into her dad’s insurance brokerage that she helped grow and sell for $16M in 2020.

In this episode, Mari explains that she adopted the “work harder and you’ll become successful” mentality from a really young age. She talks about how she gave her life to her family business and how she learned that the importance of slowing down and being self-aware can actually reap really good results for your company and your employees. She also explains about the importance of leading by example and what humans really need in business and life (psychologically). This is an awesome entrepreneurial story about someone who really narrowed in on what they want out of their business and why.

WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

What You Will Learn * How Mari faced the challenge of being a young parent and how it transferred to her drive in business * How Mari confronted objections from her dad and brother within her family business * How a business run by family members transcends into the company culture and employees * Why Mari wishes she took more breaks and time off from her business for the company culture * How Mari realized that she needed to “step off the gas” because of all the burnout she was experiencing * What the six human needs are and how they translate into satisfaction with your business * Why understanding psychology is so important when running a business * Why self-awareness is so valuable to your team * Why core focus is so important in the growth of your business * Why Mari stepped back from her family business before it was acquired

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: Mari Tautimes is an entrepreneur with over twenty years of experience. She has served as a Co-CEO of her family business with her twin brother. Together, they took the revenue from $350,000 to $10M in only 7 years. She is also a speaker, a coach, an author, and an EOS Implementer, with over 400 hours of leadership training and development under her belt. Her passion is inspiring and motivating others so they can reach their full potential. She is also a devoted wife and mother to four kids.

Interview Quotes: 09:36 - “I got a job a month after I had the baby because I wasn’t going to use cloth diapers.” - Mari Tautimes

09:53 - “The moment I found out that I was pregnant– there’s this really great story I heard from somebody once, which is the story about the bison. So a bison, when it’s facing a storm, will turn toward the storm and instinctively walk through it, knowing that if you do that, you’ll get to the other side faster.” - Mari Tautimes

10:19 - “Ever since I found out I was pregnant… Everything has just been like, ‘Just face it. Whatever it is, just turn around and face it. Because it’s just going to take too long t

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Private equity gets a bad rap when it comes to owners thinking about their legacy. Thankfully there is a new wave of PE players coming in who are focused on the long game and what it takes to see a company through multiple decades, not just years. Enter Trish Higgins. Trish, her husband James, and his brother Palmer started Chenmark Capital with the mission to buy small businesses in order to hold on to them and preserve their legacies long-term.

Today Trish opens up about choosing the C-corp route and how that influences her acquisition choices. She also talks about why she looks at the owner's personal drivers as well as the cash flow statements of the company to determine fit. One thing you’ll notice is that Trish tends to buy up those “boring” companies because they have sustainable and predictable cash flow, plus those types of companies don’t require a lot of hyper-skilled managing partners to run them. Her unique strategy is proving quite successful—to the tune of 31 acquisitions since 2015.

WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast

What You Will Learn * Why Trish made the shift from finance to starting her own private equity holding company * What types of businesses Trish focused on out of the gate and why * Why Trish never wrote up a “grand plan” for her investments like most business owners * How Trish finds business owners that are ready to step back and sell * Why Chenmark Capital is structured as a C-corp * What drove Trish to allow her employees to use their holiday bonuses to buy equity in their company * How Trish structured Chemark’s first deal * Why Trish goes after “boring” and “uninteresting” businesses * What factors into making a deal that preserves the legacy of a company and how that goes beyond numbers * Why small business owners need to understand how to deploy their capital, even if it’s not directly into business operations * Why Trish looks into a company's cash flow statements rather than EBITDA to evaluate the deal

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: Trish Higgins is a founding partner at Chenmark, a firm based out of Portland, Maine, focused on the acquisition and long-term ownership of small businesses throughout North America. She is currently acting CEO of Cap'n Fish's Cruises, a Boothbay Harbor-based

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This entrepreneurial story is about growing true value in your business using high quality content. On today’s show we have Alexis Grant who found the entrepreneurial bug after starting her career off in journalism for an employer to freelancing on her own to growing and selling her first business, a content media company focusing on growing businesses with blogs.

If you have ever wondered why brands are investing into content marketing? This episode will shine some light on that question. Alexis Grant shares why her first and second exit were because of her great content marketing and how she believes other business owners and increase the value of their business by not just focusing on the multiple, but the “story” of the brand.

What You Will Learn * Why companies will buy teams rather than other assets (Acquihire) * What led Alexis to choose the acquihire route * The benefits of running a company with a small team and why Alexis likes that approach so much * Why Alexis chose to pivot from the content space to the M&A space * Why content marketing matters for any company to gain the trust of their customers * Why sometimes increasing your multiple is not the right metric to focus on when selling * Why branding was such a huge piece when Alexis sold her second business * Why certain aspects of your digital marketing strategy can be worth more to a buyer * Why companies have content be their biggest expense

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: Alexis Grant is a media entrepreneur, even if she didn’t want to be an entrepreneur when she started out. But since she realized how much she loved business, she dove in head-first. She built the They Got Acquired website, worked and sold The Write Life, and was the content EVP for The Penny Hoarder.

Interview Quotes: 07:07 - “I was only at that day job for a year before I started to realize, ‘You know, that side thing has a lot more potential and I’m really starting to get into it.’” - Alexis Grant

07:25 - “I was never interested in business but then I realized, business is figuring out how to make money yourself, without having to wait for someone else to give you a paycheck. And it’s really challenging and really fun.” - Alexis Grant

23:25 - “But then I just realized, I just didn’t want to do it anymore. It felt like who I was ten years ago and I wanted a new challenge.” - Alexis Grant

25:14 - “I think a lot of times (especially with so many people on this show and people that I talk with), finding out what they like… I’m crazy shocked at how hard that is. So people will just do things until it’s a breaking point. whether it’s emotional, or stress, or finance.” - Ryan Tansom

25:35 - “Figuring out that I didn’t want to do it was the easy part. The hard part was figuring out what I want to do instead. ” - Alexis Grant

32:35 - “It can be hard to find professionals that will support a six to seven figure sale, just because you don’t know where to look.” - Alexis Grant

45:12 - “E-mail list is huge because that’s your owned audience. That’s what they call it, is an ‘owned audience.’” - Alexis Grant

Links and Resources: Twitter: Alexis Grant

They Got Acquired Website

They Got Acquired Podcast

Mastering Your Cash Flow Digital Course

ARKONA Boot Camp

Reach out to me if you have questions about the boot camp!

You can also reach out to me via email at rtansom@arkona.io, or on my LinkedIn.

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Have you ever wondered why certain brands have started investing in content marketing? This episode will shine some light on that question. Alexis Grant shares why her first and second exit were so successful because of her great content marketing and how she believes other business owners can increase the value of their business by focusing on more than the multiple—by focusing on the "story" of the brand and how it really reaches its market.

This entrepreneurial story is about growing true value in your business using high quality content, without sacrificing good business sense. Alexis found the entrepreneurial bug after starting her career off in journalism and realizing how important a personal brand was when she struck out on her own as a freelancer. Growing and selling her first business, a content media company dedicated to growing businesses with blogs, showed her that brand matters just as much to companies as individuals. Maybe more so.

Tune in today to learn what you might be missing on the brand side of content marketing.

What You Will Learn * Why companies buy teams rather than other assets (called 'acquihire') * What led Alexis to choose the acquihire route * The benefits of running a company with a small team and why Alexis likes that approach so much * Why Alexis chose to pivot from the content space to the M&A space * How content marketing helps companies gain the trust of their customers * Why increasing your multiple is not the right metric to solely focus on when selling * What impact branding had on Alex selling her second business * Why certain aspects of your digital marketing strategy can be worth more to a buyer than others * When content should be your biggest expense as a business owner

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: Alexis Grant is a media innovator who specializes in building content teams and growth marketing. From 2015-2019, Alexis led the content division at The Penny Hoarder as Executive Vice President of Content. After joining the company as the third employee, she worked alongside the founder to scale, growing their audience to tens of millions of readers, developing their brand reputation as a leader in media, and building infrastructure to support 100+ employees. After selling her company, The Write Life, in early 2021, she began building They Got Acquired, a media brand that focuses on acquisitions of online businesses and is her current venture.

Interview Quotes: 07:07 - “I was only at that day job for a year before I started to realize, ‘You know, that side thing has a lot more potential and I’m really starting to get into

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Have you ever wondered what it’s like to be on the buyer's side of a private equity exit? Adam Coffey has spent the last twenty years as CEO of three private equity-backed national service companies and intimately understands the unique concerns from the buyer’s perspective during a sale. Through his experience executing a buy-and-build strategy, he has bought and sold more than 100 companies ranging in size from $1 million to $1 billion.

In this episode, Adam unpacks the strategies that allow PE firms to get the huge returns that have made the industry—for both investors and sellers—so popular. Adam dives into the three different areas of growth he focuses on to achieve a 30% CAGR, a recipe that even worked on companies that were at a stagnant 5% growth for years. He also talks about how private equity firms create their strategic planning and investment models based on what ‘good’ looks like for their investments. Tune in if you’re ready to capitalize on growth and be more knowledgeable about the buy side of the deal table.

What You Will Learn * How a private equity firm structures their investments with their limited partners and future stakeholders (e.g., previous owners who sold) * How a private equity firm structures their investments with their limited partners and future stakeholders (e.g., previous owners who sold) * What the perceptive is like as the CEO of a PE firm negotiating a purchase with one of the founders of a business * The rule of 72 that private equity firms use to double, triple and quadruple their investments * Understanding the role of a PE firm makes you less likely to get screwed on a deal * A detailed overview of the buy-and-build strategy from a private equity CEO’s perspective * Why Adam doesn't like earnouts, even though it might be good for him as a buyer * The math behind rollover investing and the real reasons why the second bite of the apple (second sale of the company) can mean even more money than the first sale * How to using a phone book to identify if an industry is fragmented and ripe for a rollup * The three primary levers private equity firms use to get a higher multiple on their investments * Where and how the investment thesis of the PE firm plays a role in the deal structure and how that impacts how they view a target acquisition * The three types of growth private equity firms use when performing a buy-and-build * How an entrepreneur’s personality influences if a private equity firm will even make an offer

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financi

The Private Equity Playbook: Management’s Guide to Working with Private Equity

The Exit-Strategy Playbook: The Definitive Guide to Selling Your Business

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“Take your customers through a journey by telling a story” is a phrase we have all heard before, but have you ever learned how to actually put storytelling into action that generates the results you want in your business?

On today’s show, David Mann — who is a leading expert in creating simple messaging — shares with us how to master your sales and marketing by turning your IDEAS into WORDS that inspire ACTION.

David believes in opening opportunities — and therefore growing the value of your business — by closing communication gaps. When David graduated from Northwestern University's theater program more than three decades ago, he has earned an enduring reputation as a dynamic theater artist, author, educator, speaker, and the creator of storytelling programs for lawyers and business leaders.

David’s philosophy:

If it's clear, they'll understand. If they understand, they'll care. If they care, they'll take action.

What You Will Learn * How much time you actually have to capture someone's attention, no matter their level of interest * How one person shows force you to grab - and keep - an audience's attention, and how that helps David create stories for businesses and lawyers * How to tie your marketing and messaging to your products and services and ultimately to the EBITDA and value of your business * The role practice, revision, and truth-seeking play in creating your business message and how that imitates art * Why it’s so important to talk to your customers and understand what they really want * How to balance your message so it speaks to a very specific audience but also presents a generic statement that the audience relates to * What it means to sell with a good story and how to apply it to your business * Why every product or service you offer needs to link back to the core idea of what your business does and how it helps your customer make progress towards their goals * Why the first words a customer reads should speak about them, not you * The truth about authenticity and why being authentic and gaining trust takes practice * What role messaging has in defining your business * How just talking about what you want for your customer is a great exercise to find your message

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE

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Shahar Erez is an expert in the gig economy. He’s co-founder and CEO of Stoke, an on-demand talent platform empowering companies to adopt a hybrid workforce model that scales as quickly and efficiently as needed. The platform provides a streamlined interface to make sure all your “non-employees” are operating according to the correct policies, legal constraints and workforce classification. Because let’s face it, most of us only need a specialist’s help a few times a year—but when we do, we need that person right now.

Services providing on-demand specialists have been growing in popularity in recent years for both employers and workers alike. As companies downsize and turn more positions into remote work, the number of skilled workers becoming permanent freelancers has increased significantly in recent years. Shahar understands this all-too-well and grew his company into an appealing $110M acquisition for industry giant Fiverr in 2021 that took only 15 months once he exited a strategic "stealth mode."

In this interview, Shahar shares how this trend toward freelancing is dramatically impacting the economy and how you could be capitalizing on it. We’ll look at the changing labor market, how companies access talent, and who is competing for that talent. This is a must-hear if you’re looking at creative ways to get the knowledge and talent you need, without breaking the budget.

What You Will Learn * Shahar explains his mindset about the risk of leaving corporate America to start a new business with 3 little kids * The mission behind stoke and why COVID accelerated their mission * The mismatch with what companies need/want from an employee and the compensation they’re willing to provide (or that the company can afford) * Why highly skilled freelancers have more job security - and potentially a higher income - than taking a traditional W2 job * Why Shahar has the “grab a beer rule” when looking for capital * The definition and strategy overview of “stealth mode” and why it’s important * Why Shahar only paid attention to FOUR KPI’s and still does today * How Shahar confronted the out of the blue offer and why he believed being blunt helped the transparency aspect of the deal * Why the 45 days post LOI is the time to perform for an entrepreneur * Why Shahar wasn’t nervous of Fiverr taking his code during the due diligence process

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: Shahar Erez is a tech-scene veteran and serial entrepreneur in Israel and Silicon Valley and has 20 years of executive experience in engineering, product and marketing under his belt at companies like HP, VMware and Kenshoo. He sold his gig-economy on-demand talent platform Stoke in 2021 to F

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Feisal Alibhai was born into an entrepreneurial family but decided to venture out on his own after Wharton and a short period on Wall Street. By the time Feisal was 35 he had scaled internationally to over 15 countries, employed 10,000 people, and was doing $100s of millions in revenue. Then his life changed. At the age of 35, Feisal received a surprise stage three cancer diagnosis.

On today’s show, Feisal walks us through what it was like getting a life-altering diagnosis and how it changed the way he looked at his life and business. He reflects on his new mindset, and the shift in his approach from a work-work-work to a “game time then, and game time now” view. He shares his insights on stress and health, as well as some key measures every business owner should take to keep their mind and body healthy for the years to come.

What You Will Learn * What drove Feisal to start his international business in repressed countries lacking resources widely available in developed countries * How owning both sides of a market - the buy side and sell side - can create a protective moat, increase enterprise value, and keep competition out * The customer insights Feisal gained from personally going into every world market - accompanied by armed guards - and how that impacted his strategies * How a cancer diagnosis almost derailed his business alongside his personal life * What kept Feisal’s business performing during his 10-month absence * Why Feisal was able to sell his company in under 10 minutes * The challenges of bridging significant market gaps between dominant and emerging markets * Why preparing for crisis in a business is essential to not only preserve the wealth created but also to allow one to focus on the present issue * When to tell you’re physically present but not mentally * The impact of giving it all at work and half-assing it at home * Why Feisal says stress doesn’t cause sickness, but how someone handles it does

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: As a 35 year old 3rd generation family business entrepreneur with over 10,000 employees in 15 countries, Feisal received a wake-up call one day with the news that he had stage three cancer. He felt his life was over, but when he was unable to visualize saying goodbye to his two toddler sons, he chose to do whatever it took to transform the cancer.

Looking back, he recognized all the warning signs he had missed, and spent the next seven years helping his family and friends to prioritize what matters most. In 2013, Feisal founded Qineticare, the world’s first family health office. Qineticare’s mission is to empo

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A physician by trade and an entrepreneur by passion, Dr. John Shufeldt has become a healthcare venture capitalist helping other entrepreneurs start and scale their businesses. Like many entrepreneurs, John noticed a problem within his work space that he wanted to fix. And another. And another. Over the course of his career, John founded 15 businesses, including NextCare Urgent Care—which he scaled to 60 locations generating over $100M in revenue—and MeMD, a telehealth company that he sold to WalMart in 2011.

In this episode, John talks about why efficiency was his core focus in the founding of NextCare and why he hired a CEO to take over the “operator” part of the business instead of running the day-to-day himself. He also talks about the process of selling MeMD to WalMart and why he chose them as the buyer based on what they wanted to do with his company after they bought it. John's ability to maintain his vision across multiple ventures will inspire you to tighten up your own and see what you're really capable of achieving.

What You Will Learn * Why efficiency was the core focus of John's franchise urgent care businesses * Why John hired a CEO years after he started and what led him to make that decision * John’s definition of founder versus operator and why they are vastly different * Why building a company culture from the ground up is so important * The “if only” look John experienced that drives him everyday * How John knows if he’s on track or off track * Why doing something different will increase a businesses intrinsic value * Why John chose WalMart as the buyer of MeMD based on WalMart’s healthcare vision * How John learned the lesson of “hire for culture fit”

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: Dr. John Shufeldt is an emergency physician and the ForbesBooks author of Entrepreneur Rx: The Physician’s Guide To Starting A Business.

In 1993, when John noticed the ER was overcrowded with minor illnesses and injuries, he launched his first urgent care practice. The business saw explosive growth, expanding from one to 60 locations during his tenure doing over $100M.

Shufeldt has founded about 15 businesses, including NextCare Urgent Care; MeMD, used by more than 450 providers to virtually treat more than 6 million patients (a telehealth company that was sold to WalMart in 2011); and Tribal EM, dedicated to improving the delivery of healthcare for Indigenous People.

Shufeldt also is the business manager and a founding partner of Empower Emergency Physicians, where he continues to practice and “in his spare time” has started a VC firm that raised $20M to invest in local healthcare startups. In addition to his medical degree, he has an MBA, a law degree and a Six Sigma black belt.

Quotes: 12:03 - “We grow the business, then hire the staff. But what I try to do over the years is, ‘Let’s build this thing to handle a hundred patients a day officially, then when we’re only at 50 or 60, we’ll be screamin’.” - John Shufeldt

15:58 - “I was never one of those fragile perfects who got knocked off the ledge and laid there. I was always like, ‘So?’ and just got back up, because I was so used to screwing this up.” - John Shufeldt

23:31 - “I’ve always coached people to have that fallback. I realized, in

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In this episode Andy Cabasso shares his story of leaving the grind of the legal industry to start, grow, and exit JurisPage (a Marketing Agency focusing on law firms). Even though Andy’s new company was a professional services firm, he explains how he created a hyper valuable marketing agency by focusing on their niche, implementing productization based processes, and never going outside their skill sets and scope of services - even when clients begged him to do a unique project. Andy gives examples on how he scaled his agency using streamline procedures, independent contractors, and focusing NOT on paid ads but content and affiliate marketing to get leads. Whether you’re a professional services firm looking for ways to scale the business and make it more valuable so it can give you exit options, or a business owner looking for an inside scoop as to what makes a great marketing partner, this episode is for you!

What You Will Learn * The challenges - and solutions - to scaling a professional services firm * Productization in a service versus standardization in a service and what the difference is between the two * Why specialization in a services firm helps you increase client satisfaction, profit margins, effectiveness of your marketing, and the ability to scale * Why - and when - a fixed scope / flat fee pricing structure works in a services firm * Why Andy shifted his payment plan for clients to a percentage-by-project (at the start of the contract) and why that approach got his projects through the pipeline a lot faster * Why it’s so important to partner with a niche specific agency as a business owner seeking marketing help * How Andy leveraged partnerships and affiliates for scaling his agency rather than paid search * How Andy reacted to his out-of-the blue offer from a competing agency * Why coaching and mentorship was particularly helpful to Andy’s exit * Why Andy didn’t want his offer to be based off EBITDA * Why you must be able to hand off most of the day to day in order to get a good offer

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: Andy Cabasso is the co-founder of Postaga, a new all-in-one platform for link building and email outreach. He is also co-founder of Offsprout, which helps web design agencies more easily build websites for their clients by using white-label website building tools.

Prior to Postaga and Offsprout, Andy capitalized on his life as a lawyer and co-founded JurisPage, an Internet marketing agency focusing on helping law firms create a professional Internet presence and get better visibility on

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Shawn Burcham is founder and CEO of PFSbrands, a branded food service company that he started in his garage and grew at over 100% ARR year-over-year for the first few years. Now the company does $100 million in revenue and has an excellent culture that incorporates financial literacy at all levels. Shawn even wrote a book about it all called Keeping Score with GRITT: Straight Talk Strategies for Success to help other entrepreneurs achieve their goals as well.

On today’s show, Shawn talks about when he hit a multi-million dollar threshold and realized he needed to start setting goals and teaching his employees financial literacy so they could better understand how the company ran, made money, and reinvested to keep scaling. He believes culture is at the core of a company’s success, and should always lead naturally into an ESOP before an owner considers exiting. He explains his journey of turning PFSBrands into an ESOP and how it has benefited his business, company culture, and the community around him—and makes it accessible to any business owner. Whether you are looking to build a sustainable company culture or exit your business through an ESOP, this audio master class is for you.

What You Will Learn * The benefits of actively teaching your employees financial literacy * The business model and growth strategies Shawn used to scale his company from his garage to $100M * Why you need to build a good company culture before you ESOP, not after * A basic breakdown on how ESOPs work, when, and why * Why setting and chasing goals is so important to Shawn, how it helped him scale, and why clarity on one’s vision is so important for every business owner * The tax advantages of an ESOP * Shawn’s argument for selling the equity in the business to an ESOP if you still want to be the leader of the company * What can happen if you combine company culture and financial literacy in your company regardless of whether you are and ESOP or not * Why Shawn’s journey as an entrepreneur dramatically changed in 2011 after he picked up and read his first book since grade school * The three reasons Shawn chose the ESOP route to exit his equity ownership of business

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: Shawn Burcham, author of Keeping Score with GRITT: Straight Talk Strategies for Success, is the founder & CEO of PFSbrands, which he and his wife, Julie, started out of their home in 1998. The company has over 1,900 branded foodservice locations across 40 states, is now doing over $10

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An avid builder is probably the best way to describe Will Pemble. Will is a serial entrepreneur who loves building and selling businesses. His most famous venture was building Web.com, a domain hosting and services firm that he sold in 2008. If you haven’t seen Will in business headlines, you may have seen Will on Youtube or Netflix talking about and showing his backyard roller coaster amusement park with five fully functional roller coasters.

In today’s show Will talks about vision. In his early career he attended college to become a pilot purely out of interest. In college he learned how important it is to have a crystal clear vision and direction on where you want to go or else, you crash. Taking his pilot philosophy to business, he talks about how the slightest adjustments in the day to day operations of your company can affect the long term value of your brand in the market and valuation when you decide to exit. Understanding what you want from your business before you take off (start) will make those trainwrecks that we all know too well way more manageable from a leadership perspective and strategic planning perspective. If you want to learn about why vision clarity is so important and have a couple laughs in the process, this episode is for you.

Disclaimer: more-than-usual swearing

What You Will Learn * How Will knew his job at IBM was not the right fit and took the entrepreneur path * Why Will believes flying an airplane relates to starting and growing a business * Why Will believes if wrote an acquisition plan for the sale of web.com, it would have sold for way more. * How if you are clear where you want to go, the trainwrecks within your business will be more manageable * Why undervaluing and overvaluing ASPECTS of a business rather than the whole entity is one of the biggest mistakes Will makes * Why discipline will allow you to make better emotional decisions * Why time management is a skill that will allow a company to compete with the big players * Why business owners need to practice for emergencies just like pilots * What Will looks for in a deal structure (his favorite aspect)

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: Internet pioneer Will Pemble built and sold Web, one of the largest web hosts on earth. As a Top 100 Domain Name Millionaire and serial entrepreneur, Will has been building and growing businesses of all shapes and sizes for over 25 years. In addition to Web.com, Will built and sold a national technical training company, and one of the first Internet Service Providers in San Francisco. Through his executive and personal consulting and coaching, Will brings his passion for giving back to millions of people in person and online.

Will's success extends well beyond the business world. Known worldwide as "CoasterDad," Will and his kids have built several backyard roller coasters which have been featured on Good Morning America, Discovery Channel, CBS News, NBC News, ABC News, and dozens of television shows worldwide. Will has been featured in hundreds of online media outlets, including AOL.com, Hackaday.com, Popular Science, Popular Mechanics, Make Magazine, Edutopia, to name a few.

Quotes: 12:14 - “If I had made the decision [to be an entrepreneur], it would be because I wasn’t suited for anything else.” - Will Pemble

12:50 - “Could you imagine just getting up and being satisfied? I can’t imagine anything like that.” - Will Pemble

12:57 - “That’s why I am an entrepreneur. I’m always eit

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Lowell Ricklefs is a 30-year veteran in the SaaS and M&A space. He is currently co-founder & CEO of Traction Advising, a company that helps B2B SaaS companies get acquired. Before starting his firm, Lowell was the COO of a publicly traded company he helped bring to a $260M exit.

We cover a lot of ground on today’s show around why buyers want to purchase a business and the real reasons why sellers want to exit. With decades of experience in mergers and acquisitions, Lowell gives his thoughts on business owners tying their identity to the business and the impact that has on everything else, from your family to your health. He has seen this many times — as a buyer as well as an investment banker — and when it comes time to sell, these kinds of owners have a really hard time letting go . . . even after saying, for years, that they want out. We get into the weeds about why it’s so important to understand what you want from the business, emotionally and financially, and the potential challenges you’ll face if you aren’t clear on your intention. If you’re ready to run a better business, this episode is for you!

What You Will Learn * The drivers behind financial buyers vs strategic buyers * Why strategic buyers will buy a company to avoid losing out on a competitive advantage rather than the benefits the new company will provide * Why playing “the emotional game” will place your business in the right hands when selling * Why Lowell believes selling a business is no different than a product or service * Why certainty and alleviating risk (that the buyer identifies) before the deal is final will suppress the “ripple effect.” * How the owners identity impacts what they want long term for the company * Why it’s important to understand what you “what you want to leave behind” when it comes to an exit * Why Lowell moved to SaaS startups after being in the corporate world for years * How a consulting company can create automated platforms to solve a problem in their business and sell it to similar companies with the same problem * Why no attorney should solely do a deal and who they need on their deal to get the deal done right

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: Lowell is the CEO & Founder of Traction Advising which specializes in helping B2B SaaS companies with >$5M ARR get acquired. Lowell’s been a Co-founder/CEO/Chairman, COO of a $120M public company, Startup CRO and Global VP Rockwell. He’s a Global Mentor, Investor, Board member and CEO coach.

With company buying/selling experience of more than 30 organizations, he knows what internal stakeholders need to approve a transaction. As a founder/CEO he knows what it’s like to start up a company, build a product, hire employees, raise money, find customers, keep them happy and make payroll. He leverages this experience to craft acquisitions that get the best outcome for the founders/investors structured to maximize success.

Quotes: 09:21 - “Ultimately the company is worth what somebody is willing to pay for it. And that can be wildly different, and they can pay for it in different way.” - Lowell Ricklefs

22:53 - “The goal is to have multiple options because it drives competition and drives the price up.” - Lowell Ricklefs

28:00 - “I find some people don’t realize how much of the business has become an extensi

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Tae Hea Nahm is a venture capitalist who has invested in over 200 B2B companies leading to 11 unicorns like Marketo, TalkDesk, and Workato. Tae Hea is also the founding CEO of software startup, Airspace (who sold to Cisco for $450 Million) and the co-author of Survival to Thrival.

In Today’s show Tae Hea talks about his four steps for nailing your go to market fit so you can unlock your growth and scale your company. He uses a great metaphor of a surfer to hit the point home. We pick apart the steps from Nailing the Customer Journey and solving your customer’s urgent pain (the wave), building the go to market playbook (the surfboard), Operationalizing the playbook and allowing marketing and sales to work together all being backed by clear metrics or magic numbers (continuing to ride the wave). If you are a believer in frameworks for scale, this episode is for you!

What You Will Learn * What it means to “catch an emerging wave” when starting a business * Founder-led growth vs repeatable process-led growth * What “go-to-market fit” is, and how it’s all derived from repeatable processes * Tae Hea’s surfer metaphor for directed towards B2B CEO’s * Why it’s so important to focus the entire customer journey on transforming your customer to a hero * The four steps to take when going to market from Tae Hea’s book, Survival to Thrival * Why it’s important to clearly identify when your customer receives their first piece of value * Where marketing and sales hand off responsibilities in the customer pipeline * Why it’s so important, as an investor, to see the business from the founder’s eyes in order to provide guidance effectively

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: Tae Hea co-founded Storm Ventures, an early stage VC fund based in Silicon Valley and investing worldwide. Storm has invested in nearly 200 B2B software companies leading to 11 unicorns, including Marketo, Pipedrive, Solarisbank, Talkdesk and Workato. At Storm, Tae Hea was the founding CEO of Airespace, a B2B startup, which was later sold to Cisco for $450m.

Based on his experience, Tae Hea also co-authored Survival To Thrival to help founders unlock growth by finding go-to-market fit.

Tae Hea majored in applied math at Harvard and has a JD from University of Chicago Law School. He was born in Seoul, Korea.

Quotes: 07:29 - “The first thing we looked at is, ‘Is there an emerging wave?’ And creating your own wave is almost impossible.” - Tae Hea Nahm

08:05 - “People are only founders, generally, if they’re really passionate about something.” - Tae Hea Nahm

12:00 - “You need product/market fit to have that product-happy customer and the best indicator is retention.” - Tae Hea Nahm

12:50 - “In B2C, you only need the product/market fit but for B2B you need both: product/market fit and go-to-market fit.” - Tae Hea Nahm

15:39 - “That’s how we want to give people the visual feeling of how to unlock growth, is to go from paddling to surfing and become a surfing unicorn.” - Tae Hea Nahm

19:24 - “The most important thing in catching the wave is to identify the urgent pain for your ideal customer pro

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Ever feel like some business owners “just get lucky?” Somehow they’re in the right position to receive a windfall or somehow get ahead of the next big thing, though their operations don’t seem to differ much from your own. Why don’t you see any lucky breaks? This amazing episode with Mister Lucky himself, Mark Lachance, will show you exactly how to get lucky—on purpose—using the methods he developed through bringing multiple platforms into billion-dollar earners. Mark was one of the founding members of both VersaPay Inc and Pivotal Payments, helping set the course for these financial heavy-hitters.

In 2016, Mark successfully sold his last endeavor, EVO Payments International Canada—an end-to-end payment solutions provider and merchant acquirer which he founded in 2009 with only one employee. Currently, he is CEO of Maxy Media, a marketing agency that specializes in paid media on social platforms like Tik Tok, Instagram and Facebook. His ability to calculate and analyze risk, see the market for what it truly is and develop multiple platforms to capitalize on multiple markets makes him an excellent source of knowledge about marketing, blitzscaling and “getting lucky” in business. This episode is a story about how one entrepreneur kept taking strategic risks and the advice he has for other entrepreneurs ready to do the same.

What You Will Learn * Why Mark chose the Blitzscaling model in his marketing agency and how it paid off * What the “Entrepreneur's Dilemma” is and how to overcome it * Why it’s important to drop the entrepreneur ego * Some breakthrough questions to ask yourself when it comes to dropping your ego and growing the business * What it means to stack the odds in your favor * Why just meeting people at conferences can open so many opportunities * How Mark took one guy highly skilled in paid ads and created a marketing agency with over 300 employees * Why Mark pivoted his marketing agency from a service business to a performance business * Some strategies a service-based business can use to create a partial recurring revenue model * Why Mark believed he should go from 30 employees to 100 in less than three months

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: Mark Lachance (Mister Lucky) is the CEO and Lead Investor of Maxy Media Inc., one of the largest TikTok, Facebook, Snapchat, and Google Display Network performance marketing agencies in the world. Mark is also the author of The Lucky Formula, a book that talks about what it means to stack the odds in your favor and reap the rewards from the success. Growing up in a hockey family, Mark started his career as a Hockey Sports Agent and quickly learned he needed a business that was simple to scale and had recurring revenue. Now Mark lives in Florida and has a goal to own the Florida Panthers Hockey Team.

Quotes: 05:02 - “We spoke about having a ‘why.’ My ‘why’ is to never have to work in construction, ever again.” - Mark Lachance

09:40 - “Never literally go all in.” - Mark Lachance

15:40 - “The first thing you learn when you walk in here (if you haven’t gone to one of these events, I highly recommend it) you learn that you’re the problem. You get hit in the face with a shovel, pretty much. The first thing Tony says is, ‘If your business is stuck, you’re the problem.’”

The Lucky Formula: How to Stack the Odds in Your Favor and Cash In on Success

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If you have ever experienced the feeling of being overworked, miscommunicated with and unmotivated towards the greater vision, then this episode is for you.Dr. Stacy Feiner—a nationally-recognized innovative and business psychologist, leadership coach, and mentor—has helped hundreds of business owners identify their mental barriers and develop a plan to become a top performer. Today’s episode is a ruthlessly honest look at when business owners need business coaching and why putting it off will cost you.

Dr. Feiner shares with us the inherent limitations that come with our own life experiences and how they impact the way we process what we’re experiencing now, from the deal table to a hard talk with our partner. We have mental blind spots where we can’t perceive a different perspective or experience properly, causing miscommunications and mismanagement of our lives and our businesses. This problem is more pervasive than we realize, but Dr. Feiner offers a solution in this episode. Are you ready to level-up your business?

What You Will Learn * How to identify and solve the 7 invisible mental blockers that could be holding you back * Why it’s important to organize all your priorities into one “ecosystem” of 7 stakeholder groups * The four components to strengthen your mindset to achieve the growth you want; psychology, talent, environment, and brain science * The difference between therapy and coaching; are you striving to achieve more or stop the fall? * Why self-awareness is a crucial attribute of top performers * Why Psychology is the most sophisticated science for channeling human drive, talent and potential * The four phases to optimize your own psychology to improve performance and achieve your goals faster * How to execute a single strategy to align all aspects of your ecosystem * Why Dr. Stacy compares business owners to triathletes and how an athletic coach mirrors a business coach * The importance of understanding what you want from your business and why when it comes to hiring a coach * How Dr. Feiner uses the lens of psychology to tap into the invisible dynamics that make people tick and groups click - and how you can too

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: Dr. Stacy Feiner is a nationally-recognized innovative psychologist known for leveling-up the output of elite performers and the complex systems they lead. Using the lens of psychology, Dr. Feiner taps the invisible dynamics that make people tick and groups click. In your ear and at your side, Dr. Feiner coaches you to achieve the results you want in all areas of your life.

Quotes: 06:39 - “[The private sector] is fragmented but we are the sixth largest economy in the world…We are a huge part of the economy.” - Dr. Stacy Feiner

08:35 - “What’s really important is the notion of psychology seems to be still underrepresented in the conversation about human health.” - Dr. Stacy Feiner

09:43 - “We have a need for belonging and we have a need for self-expression.” - Dr. Stacy Feiner

10:50 - “I think of the idea of performance coaching and mentorship and therapy all about learning about oneself. I think the difference between therapy and coaching, for example, is that therapy is about protecting you from the fall and coaching is about the climb.” - Dr. Stacy Feiner

22:40 - “You don’t have to relive painful exper

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In part two of this two part series, David Lekach dives deep into the details on why and how he sold Dream Water in 2018. The strategic buyer was a public cannabis company based in Canada, as well as one of Dream Water’s distributors. The unique relationship David had with the buyer was only one colorful part of the story… The buyer paid to do due diligence on David’s company! The deal process took months to complete and David even almost lost the entire deal the night before the wire transfer was supposed to be made. If you want a deep dive of the entire exit process, you do not want to miss this episode.

What You Will Learn * Why the sale of Dream Water was so emotional for David * The negotiation strategies David used that resulted in the buyer paying for due diligence * Why creating and writing up a Plan B in the Letter of Intent can align everyone and create a commitment to get a deal done * Why David's intention when selling was never centered on money. It was all about making sure the deal was fair for everyone involved - including his employee’s * How understanding the deal structure of an exit will get you what you want and help you better understand the emotions of selling your business * David and Ryan’s thoughts on the value of technical knowledge vs. common sense when selling a company * Why learning financial literacy will set you apart from all other entrepreneurs * How David used psychology during the negotiation with the buyers * Why David set money aside after the sale to say thank you to everyone who helped him—and why that was written into the deal structure * What makes mentorship and coaching so important * The ways transparency and clarity can alleviate stress from the exit process

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: David Lekach is an entrepreneur from Miami, Florida. In the early 2000s, David started Dream Water and managed to get his products into big box stores like Walmart, CVS, Publix and Safeway. After eight years of being the owner and operator of Dream Water, David sold his company to One Harvest, a Canadian cannabis company, for 34.5 million USD in 2018. Before launching Dream Products, David worked briefly as an investment banker. Prior to that, David served as the managing partner in a small Miami-based law firm, handling a variety of legal and business development consulting projects, including the structuring and general oversight of international real estate ventures worth more than $50 million and numerous consumer goods projects, ranging from licensing to product development engagements.

Sin

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David Lekach is an entrepreneur from Miami, Florida and he got the entrepreneurial itch in the early 2000s when he was working as an investment banker in NYC and couldn’t fall asleep. To solve his own problem, David founded Dream Water - water-shot that is best described as the opposite of a five hour energy - and managed to get his products into big box stores like Duane Reed, Walmart, CVS, Publix and Safeway. After 8 years of being the owner and operator of DreamWater, David sold the company to One Harvest, a Canadian cannabis company for $34.5 Million in 2018.

In this part one of our two part series, David talks about how he grew the company and his mindset along the way. In part two, we talk about what triggered him to sell the business. We dive into the nitty gritty of all the details of the process and how he structured the sale.

What You Will Learn * David’s thoughts on whether you are born an entrepreneur or whether you choose to be one * Why David founded Dream Water and what it meant to him personally * How understanding what “business you are really in” is crucial to scaling a company * Why David did not invest heavily into manufacturing - even though his business was a product - and how that impacted his grow strategy * How the impact on the world you are having with the business can be the thing that keeps you going even when things are hard * How David got into some of the biggest box retail shops like WalMart, CVS and Duane Reed * David’s thoughts on the importance of stopping to celebrate the wins * Why David prioritized data management from day one and how he leveraged it to help him scale the company * How David was able to keep the company lean while scaling the business

// USE YOUR FINANCIALS TO CLARIFY A PATH TOWARDS A MORE VALUABLE BUSINESS: Intentional Growth Financial Assessment

Bio: David Lekach is an entrepreneur from Miami, Florida. Once working as an investment banker, David had the entrepreneurial itch. In the early 2000’s David started DreamWater and managed to get his products into big box stores like Walmart, CVS, Publix and Safeway. After 8 years of being the owner and operator of DreamWater, David sold his company to One Harvest, a Canadian cannabis company for $34.5 Million in 2018.

Since the sale of Dream Water in May 2018, he has helped several organizations across the CPG, cannabis, direct to consumer and Amazon platforms, and travel retail spaces with innovation, executive team building, legal and deal structuring, usually while taking on a variety of strategic development initiatives.

Before its sale, David, founded and served as the Chief Executive Officer of Dream Products, LLC, which manufactures and markets Dream Water, a natural, 0-calorie 2.5oz liquid sleep shot that is also available in a powder format that you can take with or without water. As the architect of the company’s growth strategy, David was responsible for managing all aspects of the business including sales, marketing, manufacturing, and finance.

Quotes: 03:56 - “I don’t like to publicize the JD part because I like to say that, ‘If you think I’m an hole, I should earn it. Not just because I told you I’m an attorney.” *- David Lekach

08:21 - “[Entrepreneurs] don’t really know what we signed up for. And even if you’re a serial entrepreneur, every experience is different.” - David Lekach

09:48 - “I think, for everyone’s own individual entrepreneurial journey, there’s external factors that impact that, sort of, three-pronged analysis. Because, to me

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Does the thought of hiring a sales rockstar give you a stomachache? If so, you’re not alone. The anxiety can be a result of a huge variety of reasons; brand and reputation risk, paying people what you think is “too much”, designing the right compensation plans, company cash flow issues, and we can’t forget - the thought of dealing with the difficult personalities of the stereotypical “salesperson”. These are all valid reasons to have anxiety, but it doesn’t have to be this way and is not a good excuse to figure out what to do about it.

On today’s show, we have Doug C. Brown on the show who talks about how to find, properly hire and engage top performing sales people. He draws on an extensive background and experience as the CEO of Business Success Factors where he has coached, consulted and advised thousands of people in business, as well as companies like Enterprise-Rent Car, Nationwide, Intuit, Proctor and Gamble, CBS television, and others. He has also served as an independent President of Sales and Training for companies run by Tony Robbins, Chet Holmes, and Russ Whitney.

What You Will Learn * Doug’s view on how sales and marketing work together * Why it’s GOOD if your top sales performer makes more money than anyone else in the company - even you, the owner! * What to do with the salesperson’s resume during the interview process * Why a top performing salesperson wouldn’t be happy with 20 hour weeks and $175,000 * How listening to your top sales performers can help you identify your next product or service * The key features a top performing salesperson has and how to identify them in the hiring process * What can make a top performing salesperson frustrated and how to deal with it * Why it’s important to make room for the “mavericks” in your company processes and procedures * Why you shouldn’t have to motivate a salesperson to get up and grind * Why it’s so important to keep consistency in your process of hiring salespeople * What “Will to Sell” is and why it’s such an important characteristic to understand when hiring * How to identify emotional resiliency with a sales person * The measurable characteristics of a great salesperson who is able to close a deal * Why it’s important to NOT hire your top producer as a manager * Doug's strategic angle to find good, confident salespeople

Bio: Doug C. Brown is a high

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Do you have a strategic plan or a bunch of goals?

Every business owner wants to grow their business, but very few have a written strategy on how they are going to use their company assets (both financial and nonfinancial) to create a high impact winning position. A clear and written strategic plan is completely different than a goal of growing from $5 million in revenue to $10 million in revenue.

On today’s show, we have Greg Meredith - Founder of Simply Strategic™ - is on the show again to dive deeper into the essential components of an effective - and actionable - strategic plan and how it is different from goals or an operating system (e.g., EOS©). Greg breaks down the 9 Keystones of the Simple Strategic™ process and how it helps you identify your company’s strategy to beat your competitors and win market share — no matter how big your business is.

What You Will Learn * The definition of strategic planning and what is included in a strategic plan that is actionable * The difference between strategic planning and an operating system like EOS© or Scaling Up * How strategic planning and operating systems compliment each other if done right * Why you need just one strategy that incorporates every aspect of your business * The 9 Keystones of the Simply Strategic™ approach * What the difference between a guide and a facilitator is and why it’s crucial to know which one you are working with * Different exercises that are in a strategic plan (e.g., the Ansoff Matrix) and how they help compare the tradeoffs between different ideas and strategies * Why strategic planning is an underutilized - yet extremely crucial - exercise every visionary needs to go through * What the ‘opposite strategy’ exercise is and why it’s a great way to vet out ideas * How to think about the process of incorporating your strategic plan into your company’s financials

Bio: Greg Meredith is the Chief Strategy Guide at Simply Strategic in Dayton, Ohio. Simply Strategic is a network of strategy guides that bring knowledge and deep business insight to the table when business owners are looking to scale. Greg believes it’s important to be a guide and not a facilitator when working with high level executive clients. He also holds a Masters of Business Administration from The Ohio State University and a BSBA in Finance and Economics from Miami University.

Quotes: 07:49 - “What we say when we’re talking about strategic planning is, what we’re trying to do is create a compelling strategy. There’s a lot of activity that’s

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Blinds.com founder, Jay Steinfeld, bootstrapped his company — with only $3,000 in 1996 — to a sizable competitor of the big box shops like Home Depot, who acquired the company in 2014.

Jay was an early adopter of this thing called “the internet” and transformed his small retail business into the world’s #1 online blinds retailer as well as the leading e-tailer of hard-to-buy custom categories of home goods. Jay intentionally designed a successful exit to Home Depot that included him staying on to run Blinds.com for an additional six years after acquisition.

Jay is a passionate advocate and frequent speaker on how company culture and authentic core values drive profitable growth. Throughout his journey, Jay identified four principles that guided his decision making in every aspect of business and life which lead to his continuous happiness and success. He calls them the 4Es: evolve continuously; experiment without fear of failure; express yourself; and enjoy the ride. Jay just packaged up his experience and the 4Es into his new book, Lead from the Core: The 4 Principles for Profit and Prosperity which was just released.

He thinks business owners need to stop asking themselves how little they can do for their employees before they quit and start wondering how much more they can do, and why this is a smarter strategy. This is an amazing episode that shows how caring for the people in your company will scale your business to heights you never thought possible.

What You Will Learn * How Jay shifted his mindset in his business after a personal tragedy * Why it’s super important to understand what your employees want (including their personal goals) * The four Es that that turned Jay’s business into a multi-million dollar company and competitor to Home Depot * How to stay true to your purpose and the true north of your business, while still balancing the mechanics of your finances and shareholders * Jay’s strategy behind going with private equity shortly before selling to Home Depot * How he maintained an 8% turnover rate in his company * Why Jay stayed on with his company for six years after he sold * The importance of trying new things, in general, and how that transfers to your business life * How intention led Jay to create his legacy * Why Jay is so passionate about humanity in business * The surprising motivation behind Jay today as he moves forward on five boards, some on the NYSE

Bio: JAY STEINFELD founded and was the CEO of Global Custom Commerce, which operates the world’s number one online window covering retailer Blinds.com. Bootstrapped in 1996 for just $3000 from his Bellaire, Texas garage, Global Custom Commerce was acquired by The Home Depot in 2014. Jay remained as its CEO and later joined The Home Depot Online Leadership Team. After stepping away from these roles in early 2020, he has increased his involvement on numerous private company boards and serves as a director of the public company Masonite (NYSE: DOOR).

He also teaches entrepreneurship at Rice University’s Jones Graduate School of Business and supports numerous charities. Jay is an Ernst and Young Entrepreneur of the Year and has earned a Lifetime Achievement Award from the Houston Technology Center. Active as an industry speaker on topics including corporate culture, core values, how to scale a start-up, and disruption, he has more than 100 published articles. Jay is passionate about adhering to his core values, which he calls the 4Es: evolve continuously; experiment without fear of failure; express yourself; and enjoy the ride. They have helped him make every business decision that led to his success and have turned into his new book, Lead from the Core: The 4 Principles for Profit and Prosperity<!--

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Lead from the Core: The 4 Principles for Profit and Prosperity

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This week’s guest is the award-winning, brand-building entrepreneur, Ted Schlueter. Ted is the Founder and CEO of The Grist, a Boston-based brand and marketing agency, and is a pioneer in the world of pre-exit branding. Ted created, developed and refined the Branding For Buyout method over two decades and used it successfully on high-profile exits including Pop-Corners to PepsiCo and Embotics to swedish software enterprise, Snow. He just launched his book Branding for Buyout (which i loved and used the word intentional 3 times in the first 20 minutes)

This episode is about a blind spot in the M&A market: branding. Ted Schlueter is an award winning, brand building entrepreneur. In this episode he talks about how increasing your EBITDA and multiple is how your company is valued when valuing it through the lens of a financial valuation, but branding for buyout is how you are perceived to the market if you’re selling to a 3rd party, and increasing the perceived value your brand plays in the market can alone can raise your sale price when talking to third party buyers.

Ted's work is all about branding for the future, looking at micro trends and positioning his clients as the authority in the space for the purpose of a buyout. Some companies will acquire others for their cash flow but some companies will purchase a company purely for their position and message in the marketplace. Ted thinks this is the future of M&A… listen to this interview and get exclusive insight on how to raise the value of your company through branding.

What You Will Learn * Branding for buyout versus marketing business as usual * What aspect of business Ted thinks is missing from the M&A process * What branding for the future means * How branding and positioning can increase a company's baseline price - no matter the intrinsic value * The importance of forecasts, thinking about the future critically and how you should plan * Why you should predict the market based of customer needs versus what competitors are doing * How long it can typically take to brand for a buyout * The importance of creating hypothetical scenarios when planning an exit * Why the M&A structure is due for a remodel * Why Ted thinks branding will change the climate of M&A

Bio: Ted Schlueter is an award winning, brand building entrepreneur. He’s the Founder and CEO of The Grist, a Boston-based brand and marketing agency, and is a pioneer in the world of pre-exit branding. Ted created, developed and refined the Branding For Buyout method over two decades and used it successfully on high-profile exits including Pop-Corners to PepsiCo and Embotics to swedish software enterprise, Snow. He just launched his book Branding for Buyout (which i loved and used the word intentional 3 times in the first 20 minutes)

Quotes: 08:17 - “I think marketing exists predominantly to see more of your product or service or technology to a customer.” - Ted Schlueter

09:42 - “The last thing the buyer wants is to buy who and what you are today. They want to know what you’re going to be three, five, seven years and how it’s going to affect their business.” - Ted Schlueter

32:15 - “Workforce by design wasn’t really a category; it was an integration solutions cell when everyone was selling the pieces.” - Ted Schlueter

36:50 - “Skate to where the puck will be, not to where the puck is.” - Ted Schlueter

41:42 - “Naming and branding the technology and then sharing the experience of them using the product in real world environments. That definitely allotted eight or nine figures to the exit pric

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My guest today is Peter Lehrman the Founder and CEO of Axial, and we’re going to be talking about the market of buying and selling privately held companies, the inefficiencies as well as the progress.

Peter is CEO and founder of Axial, responsible for delivering the company’s vision to become the trusted platform where private companies and their trusted advisors connect with capital. Prior to Axial, Peter worked in private equity at SFW Capital Partners and was part of the founding team at Gerson Lehrman Group, where he helped to build the company’s global technology platform for on-demand business expertise. He earned his undergraduate degree from the University of Virginia and received his MBA from Stanford Business School. He lives in New York with his wife Eve and their four children.

If you’re a business owner thinking about selling for the first time, and you have no idea where to start, this episode is for you. There’s a ton of information out there about how and when to sell your company, but not all advice is weighted equal. Bad advice goes a long way to souring your view on selling your company. Let’s turn to a market expert who will share how to find and assess M&A advisors that align with your goals. Peter Lehrman is the Founder and CEO of Axial — a marketplace where small businesses can find their next M&A advisor, investor or buyer — and he’ll help clarify what areas you need to educate yourself in and how best to achieve that education in time to make a positive difference in the sales process. On today’s show, we talk about inefficiencies between the buyer and seller, the state of the marketplace and the trends with entrepreneurs through acquisition (ETAs) in the lower middle market space. This is an awesome episode full of smart insights into the booming market of mergers and acquisitions.

What You Will Learn * The inefficiencies in small business M&A and Peters solution * The valuation process Peter takes when working with a small business * The process of the buyers and sellers engagement within Axial * Why it’s important to know what the buyer and sellers want and why right from the start of the deal * How you can make more money as an M&A advisor in middle market organizations * Why selling a bigger business can be easier than a smaller one * The structural challenge with small businesses that Peter is striving to solve * Why Peter sees ETA (entrepreneur through acquisition) as a growing category in the M&A industry and what that means for the M&A market * The trends on the buyer’s side of an acquisition - and what a lot of acquisition entrepreneurs want and why * How sellers have so many options in today's market dynamic do to the amount of investment capital right now

Bio: Peter is CEO of Axial and responsible for driving the company’s vision to be the trusted platform where private companies connect with capital. Prior to Axial, Peter worked in private equity at SFW Capital Partners and was part of the founding team at Gerson Lehrman Group, where he helped build the company’s dominant global technology platform for on-demand business expertise. He earned his undergraduate degree from the University of Virginia and received his MBA from Stanford Business School.

Quotes: 12:01 - “The number one goal for Axial is to create a set of introductions for buyer and seller, at the right points in time, on the right opportunities, with the right types of buyers and the right types of sellers.” - Peter Lehrman

16:38 - “I think we’ve made a huge leap forward in terms of the amount of people making content in the form of podcasts and books.”

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Gina Schaefer is a passionate entrepreneur, co-founder and CEO of 14 Co-op Ace Hardware stores located in Washington DC and the Baltimore area. Gina founded her business after noticing that there was a shortage of hardware stores in the lower income, urban neighborhoods of DC.

After 18 years of growing her business to 13 stores and employing over 250 people she decided to sell her ownership to her employees via an ESOP. Gina was a brand new entrepreneur when she opened her first store- formerly in SaaS - when she started in her early 30s. This is a great story of someone who saw opportunity in a low income place and created a mission to change the lives of people through “a few cool hardware stores.”

What You Will Learn * Why Gina went left tech for Ace Hardware retail stores * How Gina found a need in her community and leveraged it to create her hardware empire * The difference between a co-op and a franchise * How and why Gina made a mental shift from working in the business to working on the business - and what that means to her * How Gina realized her core values - and specifically trust - were crucial when expanding and hiring * Why hiring recovering addicts became part of Gina’s hiring and growth strategy * How Gina’s hiring model can increase retention within a company * Why trust is so important when scaling and what you can do to get past those barriers * How realized she needed to start thinking about exiting her business and why the thought was surprising * The power Gina gained when she started to understand valuations and more specifically the value of her business * The reason Gina chose an ESOP compared to Private Equity or another Strategic Buyer * How an ESOP helped Gina keep her company’s values and vision in place * Why transitioning your role and exiting your ownership are two totally different things

Bio: Gina is a retailer, entrepreneur, public speaker and employee advocate based out of Washington D.C. In just 18 years she has started, grew and partially sold her 14 Ace Hardware stores to an ESOP where her employees can create wealth and enjoy work. Gina is three months away from completing her book, “Recovery Hardware” When Gina has time to relax she writes greeting cards because she believes in the power of a hand written note.

Quotes: 07:33 - “We hear this in various parts of our lives, right? ‘I wish somebody would do this,’ and ‘I wish somebody would do that.’ And one day I just said, ‘Why can’t that somebody be me?’” - Gina Schaefer

10:11 - “At its foundation, a purchasing co-op is a collective purchasing tool for independent retailers. It gives Ace the opportunity to go to… Milwaukee, for example, or Black and Decker or DAP and negotiates on behalf of all the Ace retailers.” - Gina Schaefer

35:21 - “We had the ability to take that money, use it to open a new store, and pay ourselves back in future stock money.” - Gina Schaefer

39:11 - “People are afraid to talk about [how much their businesses are worth].” - Gina Schaefer

41:31 - “She was bouncing off the walls! She was so excited to give us a tour. Partially because she was so excited to tell us that she was an owner of that damn brewery and they were an ESOP.” - Gina Schaefer

43:48 - “No one opens an independent business with enough phone lines to handle a pandemic.” - Gina Schaefer

47:04 - “That made us even more aligned with the idea of an ESOP because we felt like, if anything was going to help make a

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“Marketing is just hocus pocus and pixie dust” — does that feel familiar? Most of us are tired of wasting time and money on the latest marketing strategies that never seem to work. Jennifer Zick of Authentic Brand shares why one of her clients said this (and why it’s one of her favorite quotes of all-time) on today’s show. Not only did her company coin the phrase “Random Acts of Marketing,” Authentic Brand provides fractional chief marketing officer (CMO) services that get businesses back on track and making better marketing decisions for the long-term. Jennifer’s mission is to help bring big company marketing resources and planning to the middle market, so tune in to learn a few things about strategy and team alignment to achieve your sales and clientele goals particularly in the B2B space. We go over how to eliminate the random acts of marketing, including all the associated costs, headaches, and — most frustrating of all — lack of progress that comes with them. Authentic Brand’s unique approach combines marketers, methodology, and mindshare to deliver real revenue results for any business owner.

What You Will Learn * What makes an elite fractional CMO * Why the key truths of marketing hasn’t changed with new tools and technology * The questions you have to answer when marketing - and why they haven’t changed * What random acts of marketing means and why most companies are doing that * When to use an agency versus a marketing leader * How marketing helps the long term view for all divisions in a business * How sales is different from marketing and how they are similar * How to identify proof points - how to know if a plan is working when community building * How to budget for a community building plan that reaps its rewards years down the road * What marketing investment strategies have in common with baseball * Why it’s so important for your marketing leaders and resources teams to be focused on the main goals * The ways people are pivoting their marketing strategy when the supply chains are all messed up

Bio: With nearly twenty years of B2B marketing experience in innovative, entrepreneurial, and accelerated-growth companies, Jennifer brings a wealth of experience to B2B growth organizations.

Jennifer’s career has included several leadership roles for high-growth B2B professional services organizations, primarily centered on sales and marketing innovation through digital and SaaS technologies. Prior to launching Authentic Brand, Jennifer led marketing teams and programs for Magnet 360, PwC, and Corporate Visions.

Jennifer is Past-President of the Minnesota Chapter of the Business Marketing Association – a national non-profit business association focused on B2B marketing – where she also served a prior term as VP of Events & Development. In 2014, Jennifer was honored by the Minneapolis-St. Paul Business Journal as the recipient of their “40 Under 40” award which recognizes young leaders who have been successful in business, while also making significant contributions to their communities.

More recently, Jennifer has leveraged her network to create “two or more“- a grassroots community service movement that brings together business professionals from across the Twin Cities to volunteer, serve, and support local charities and social causes.

Quotes: 11:13 - “[Our CMOs] know what it takes to be at ground level and build from there, as good stewards of those resources. Right? Because there’s not established brand and market share already that provides this assumed brand air cover.” - Jennifer Zick

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On today’s show, we’re going to dive into Andres Moran’s entrepreneurial journey and the lessons he learned from three exits, particularly as they relate to the various roles an owner can play.

Currently he is the head of a division at WunderKind which is a SaaS company that helps ecommerce companies decrease their bounce rates and shopping cart abandonments. Prior to WunderKind Andres was the co-founder and Head of Business Development of Fundera - which was sold to NerdWallet. Fundera is a SaaS platform that compares multiple small business loan options at once (think Kayak for business loans). Andres had two businesses prior - his first company was a medical spa in Miami that he started with his sister, which was acquired several years later. His second venture was an online exercise rewards company called Earndit, which was acquired in 2013 by Higi, a company that measures and attaches a score to your personal health.

We’re going to be diving into Andres’ entrepreneurial journey and the lessons he’s learned. One theme that continued to resurface was how important it was to understand the different roles we all play as business owners and entrepreneurs - and that is the difference between the job we have (our management role) which we get income for performing compared to our ownership role (our equity as an investor) and how these two roles need to be separate and dealt with differently. Both of these roles need to be designed based on the stage of the company and the personal needs of the founder. They need to be aligned with the future potential for value creation in the company (what Andres refers to as a lottery ticket or paper wealth) and the need to have our desired level of personal income.

There is no universal prescription for this challenge but one thing is for sure - you need to understand the differences between these two roles and all the decisions that come with them. There is no better way to learn than to hear someone else’s story OR by taking the Intentional Growth™ online training

What You Will Learn * Why investors in a startup can act as gatekeepers during an exit * How to think about your management role (job) versus your ownership role (investor) * The pros and cons when getting into business with family * What Andres means by paper wealth and lottery tickets * Why it can be difficult to compensate people who have both jobs and equity in the company * How to build an “orbit” with competitors and potential buyers, and what that means * The extra step to take when a private company is acquiring your company * Why you shouldn’t mentally (or in reality) spend the money until the deal is done and the wire transfers are complete * What Andres learned from his out-of-the-blue offer * Finding the middle ground between your entrepreneurship bug and being “employed” * The benefits to entering a well-funded company after a couple of exits and the growth potential there * Why it’s important not to regret your decisions for less equity or higher salary based on your current living situation

Bio: Andres Moran is a serial entrepreneur with three exits under his belt. Currently, he is the head of a division at WunderKind, a SaaS company that helps ecommerce businesses decrease their bounce rates and shopping cart abandonments. Prior to WunderKind, Andres was the co-founder and Head of Business Development of Fundera, which was sold to NerdWallet. Fundera is a SaaS platform that compares multiple small business loan options at once (think Kayak for business loans). Andres’ first company was a medical spa in Miami that he started and sold with his sister. His second venture was an online exercise rewards company called Earndi

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In today’s episode, we’re talking with Pete Seligman. Pete is here to talk about his experience diving into the world of Entrepreneurship Through Acquisition (ETA) after leaving corporate America. He is going to share what his journey has been like now that he has bought five companies, been the CEO of three of them and successfully worked himself out of the job, sold two of the companies and sold a partial stake in the other three.

Pete has the track record to prove that entrepreneurship through acquisition is not only possible but extremely accessible if you put your mind to it, create a plan and execute like hell. He proves that it is possible to buy a company, swoop in as a CEO who gets to know the people and industry, build a plan to grow enterprise value - ON PURPOSE- and successfully work yourself out of the business so that you can have options to keep growing other companies, choose to sit on the board and take distributions or sell the business.

What You Will Learn * Why it’s important to calculate risk before investing * Why Pete chose businesses he understood and how important it was when he was getting started * Why you should grow and sell businesses that you know and are passionate about - plus how to delegate tasks to get growth you desire * the importance of reinvesting back into a small business for future growth and value * Pete’s favorite way to invest and how to manage his vision while recruiting people to do the things he can’t * The three questions you should ask before placing a bid on a business * Why you need to be able to work with the people in a small to medium business * Why Pete didn’t take dividends for years and how doing that helped him sell fast * Why Pete spent a lot on recruiting people when reinvesting in the business * Understanding capacity is super important in a service business * Why you grow by taking more market share rather than the market growing * The relation growing a small business and starting a campfire have in common * Why managing multiple businesses starts with acquiring the skill of delegation * Outcomes are derived from how well you can coach your team - so long as you have the same idea of the course you need to go on * The positive mindset business owners should have when they have sold their business

Bio: Pete Seligman one of Australasia's most experienced practitioners and a leading voice for Search Fund and ETA insights and advice.

Quotes: 06:37 - “I tried things and I failed. I wanted it to hurt, you know? If I fell off a bike, I wanted to actually skin my knee. Whereas in big corporate environments, all sorts of things can go wrong but because it’s such a big beast, you’re not really close to the action.” - Pete Seligman

19:26 - “What difference am I going to make? If there’s nothing that I can do that’s going to make it better than anyone else, then how am I, firstly, going to compete in the bidding process? And secondly, how am I going to make anything of it after I’ve bought it?” - Pete Seligman

24:37 - “Raising kids, there’s this concept of ‘quality time.’ I was reading in a book the other day, and it’s not actually about quality time; it’s about just time. In order to spend good time with you kids, you actually need to spend a lot of time with your kids, right? Because you never know when the quality is going to show up. And it’s similar with the relationship-building process with a vendor.” - Pete Seligman

38:18 - “I think it’s really important to make sure your house is in order. It makes for a bet

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You can learn a lot from a world driven by growing enterprise value from day one. Let the expert who wrote two books on the subject walk you through the world of startups — from fundraising to exit — to show what focusing on the end goal can do for you and your company, starting today.

Alejandro Cremades is a serial entrepreneur, M&A advisor, and author of the books The Art of Startup Fundraising and Selling Your Startup. He’s even been recognized by Barbara Corcoran of “Shark Tank” and is well-known for “The Deal Makers Podcast,” so to say he knows a thing or two about entrepreneurship is an understatement. Be ready to get pumped up about growth in this episode designed to help small- and mid-sized businesses navigate the funding landscape and achieve their long-term goals.

What You Will Learn * Why Alejandro thinks exiting is 10x harder than raising capital * What types of investors are out there any why they invest * The differences between a strategic acquisition vs a financial acquisition and when each exit makes sense * Why Alejandro says the biggest mistake is when founders think “they are the company” * The different rounds in fundraising - and what the requirements and expectations are for each round * The art of the deal when negotiating the valuation of your company with an investor (let them talk first so you can talk them up) * How to balance your priorities with an investor’s priorities while scaling the company * Why it’s important to have an M&A advisor in an exit and how to avoid bad decisions under stress * The one question you need to ask when seriously considering an investor * Why VC competition has expanded globally vs what it was like 15 years ago * Which businesses are going to suffer when a market corrects itself * What Private equity and venture capital truly invests in (numbers vs founders)

Bio: Alejandro Cremades is a serial entrepreneur and the author of The Art of Startup Fundraising (foreword by ‘Shark Tank‘ star Barbara Corcoran) and recently released Selling Your Startup. Most recently, he started Panthera Advisors, a premier investment banking and financial consulting firm after his own exit.

Alejandro built and exited CoFoundersLab which is one of the largest communities of founders online with over 500,000 members. Prior to CoFoundersLab, he worked as a lawyer at King & Spalding where he was involved in one of the biggest investment arbitration cases in history ($113 billion at stake).

Alejandro is an active speaker and has given guest lectures at the Wharton School of Business, Columbia Business School, and at NYU Stern School of Business. He have been involved with the JOBS Act since inception and was invited to the White House and the US House of Representatives to provide his stands on the new regulatory changes concerning fundraising online.

Quotes: 11:56 - “When people raise money, they don’t realize that when you’re raising money, there is money in with expectations of money out.” - Alejandro Cremades

12:35 - “The way you raise money today is going to impact the way that you raise money tomorrow but then also, they way that you can exit your business.” - Alejandro Cremades

15:14 - “You should never think about fundraising as money. You need to think about fundraising as networks. It’s all about turning around the money and really thinking–more than anything–about who is giving you the money and how you can leverage their network in order to get to

The Art of Startup Fundraising: Pitching Investors, Negotiating the Deal, and Everything Else Entrepreneurs Need to Know

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My guest today is Chris Yeh, entrepreneur, investor, writer, and mentor with two Bachelor’s degrees with distinction from Stanford University and an MBA from Harvard Business School, where he was a Baker Scholar. Chris co-authored the New York Times best-seller The Alliance as well as the book Blitzscaling with Reid Hoffman (co-founder of LinkedIn). Chris wrote Blitzscaling with Reid to explain how some of the largest companies in the world like Amazon, AirBNB, and Uber use a very specific set of offensive, competitive strategies that prioritize speed to achieve massive scale at incredible speed.

In this episode, Chris is going to demystify what some of the world's most valuable companies did in order to reach their highest highs and then break down his concept of blitzscaling. He’ll even go over the principles and methodologies in his book and how they apply to any idea or business. We’ll break down the different principles and methodologies in the book and how they can apply to any idea or business.

What You Will Learn * How to compete and grow faster than the competition in a winner-take-all market * The three key principles of blitzscaling and how they work + Business model innovation + Strategy innovation + Management innovation * How the world's most valuable companies use a framework for growth called blitzscaling * The five stages of growth a blitzscaling company will go through * Why tying your ego in with the company is extremely dangerous * Ways to evolve that all-important culture as your company grows * How the blitzscaling growth model has changed the world and created the most valuable companies * What the network effect is and how it fits into a company’s flywheel * Why you must define “what is better” compared to “what currently exists” * How to intelligently calculate risks — and why risks are beneficial in innovation * Why it’s “better to be a pirate than join the navy” and what that means * Current thoughts on raising money and the truth about valuations

Bio: Chris Yeh is a writer, investor, and entrepreneur who has had a ringside seat in the world of startups and scaleups since 1995. He has authored such books as The Alliance and Blitzscaling (co-authored with Reid Hoffman of LinkedIn), the book that explains how to build world-changing companies like Amazon, Alibaba, and Airbnb in record time. His books help founders, venture capitalists, corporate leaders, policymakers, and everyday people better understand how the internet has changed the way we work together to build amazing organizations.

Quotes: 13:20 - “It really is the case that these feedback loops are getting stronger and stronger. [...] The feedback loop of talent and capital. We’ve seen this happen. Companies that breakout to an early lead find it much easier to attract great talent and the follow-on capital and that’s because people love a winner.” - Chris Yeh

13:53 - “Think of the number of millionaires that have been minted by the Facebooks and the Googles and the AirBnBs of the world.” - Chris Yeh

14:40 - “There’s a little bit of a controversy there because the term Blitzscaling is explicitly modeled on the term Blitzkrieg, which you may remember from your history lessons of WWII. It’s the concept of a lightning war, where your forces go out ahead of their supply line, and is moving faster than anyone is possibly anticipating. It’s a high risk, high reward s

Blitzscaling: The Lightning-Fast Path to Building Massively Valuable Companies

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Today we’re interviewing Baird Hall, an entrepreneur who has successfully built a business from scratch and exited with a smile on his face. As a sales engineer selling data integration systems at a startup in Charleston, he was always looking for a creative outlet. Something where he could do his own thing. This longing led him to choose the path of entrepreneurship. In this episode, he offers lessons he’s learned along the way.

We’re going to be talking about how he started, scaled, and sold Wavve, a SaaS company built for sharing podcast audio clips. He talks about the right mindset and how to “stay in check” so you can stay true to yourself and do everything for the right reason - if you let your ego get in the way you will hit those anxiety periods - and you have to know how to course correct.

Software as a service (SaaS) is an increasingly popular sales and business model that has a unique ability to discover and solve issues in unserviced markets. On today’s show, we’re doing a deep dive into one SaaS industry entrepreneur’s journey—from bad investments to seven-figure deals—to show how it’s possible to do a lot of good while making money. Baird Hall shares his greatest success of selling Wavve to Calm Capital after only four years in business and how it allowed him to realign his long-term vision with his career by solving real issues in an intentional and self-aware way through entrepreneurship. Learn how his personal drivers kept him in check when he got off track and how he grew from zero to over 200,000 users and $1.5M in ARR in this episode

What You Will Learn * Why it’s important to build your business off of your personality traits * How Wavve scaled to 200,000 users and $1.5M in annual recurring revenue (ARR) within only a few years * How to reflect on those anxiety pits that can surface when you are not in “the zone” * Why failure can be a great thing, but you shouldn’t “fail fast” * The difference between educating a market and listening to the market * When Baird and his partner decided to start pulling money out of the business * What methods Wavve used to maintain their growth * How your personal drivers play a big part in your business—and what happens if you veer off course * Why creativity and growth go hand in hand when scaling a SaaS business * The importance of building social capital with different stakeholders * How to plan out a successful scale by setting goals tied to target MRR * The pros and cons to hiring a business broker to sell your business * How Baird negotiated the sale of Wavve completely through Slack * Understanding what your priorities are (what do you want from the business and why) in the exit is in the best interest of both parties * How to identify some signs that it may be a good time to sell * Listening to customers to help you grow—and how that’s different with B2C vs B2B * Why failure helps you figure out what you want to learn

Bio: Baird Hall is a four-time SaaS founder with broad experience in the market. He has no trouble sharing his failures right alongside his successes because he knows the value of the lessons he’s learned from both. Baird now works to reduce churn through customizing and improving offboarding experiences through his company Churnkey.

Quotes: 10:07 - “But then it was just, we felt the pull. It’s hard to explain that if you haven’t felt that pull in your business before. People would just come to our website to ask, ‘How do I do this? How can I make this better? How do I do X, Y, and Z to my video?’ And you can just feel it.” -

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If you only think of fast food restaurants when you think of Franchising, then this podcast will completely shift your mindset. Jon Ostenson is on the show to demystify how Franchising works, how it can be used to scale your current company, as an investment asset class to grow your wealth, or as a way to start your entrepreneurial journey (on 3rd base).

Jon got his start in corporate America working for Accenture before he left to become President of a Shelfgenie - a national brand with 200 locations. Now, Jon is the CEO of FranBridge Consulting, a franchise investor himself, author of 'The Franchise Path', and international speaker specializing in the area of non-food franchising.

What You Will Learn * Franchising can be a strategy to grow your brand with other people’s money * Why franchising is a great alternative to starting from scratch * Why franchising forces the owner to view their business as a financial asset * You don’t have to go into a industry that you know - or have experience in * Franchising could mean faster scalability * The importance of additional support for franchisee’s and how it relates to royalty free * Where success comes from as a franchisee * Why markups are super profitable as a franchisor and how to make it a win-win for everyone * People love the “non-sexy” spaces * Getting started on the FDD (franchise disclosure document) and how to begin your franchisor endeavour * Why outsourcing your sales team from the start is a great idea as a franchisor * How the franchise industry can play a part in the generational wealth transfer

Bio: Jon is a consultant, investor, author, and international speaker specializing in the area of non-food franchising. He draws on his experience as both the President of an Inc. 500 franchise system and as a multi-brand franchisee in serving clients across these capacities. Jon serves as CEO of FranBridge Consulting where he helps clients understand all aspects of non-food franchising in the process of introducing them to opportunities from the over 300 high growth brands that he represents. Additionally, Jon oversees FranBridge Capital where he and his partners own 17 territories across 5 property service franchises.

Jon is the author of 'The Franchise Path' and is a frequent contributor and thought leader for publications on the topic of franchising and franchise investments. Prior to FranBridge, Jon was the President of ShelfGenie, a national franchise system with 200 locations. Prior to ShelfGenie, Jon was the Vice President of Sales for Carter’s Inc., responsible for over $350M in annual sales. Jon began his career as a Consultant with Accenture, often working Internationally on behalf of clients.

Jon has BBA and MBA degrees from the University of Georgia and lives in Atlanta, GA where he and his wife have 3 children and are active in the community.

Quotes: - "Private equity has been looking for places that will get a decent return without taking insane risks..."

"Private Equity is getting more aggressive in the Franchising space because - by the nature of the industry - the companies have to build sustainable business models that are scalable."
"Most people, when they think about franchising their company, think that their only revenue stream is through franchise fees."
"When becoming a franchisee, you understand that you have all your marketing material, sales assistance and technology in place. However you need more than proven systems In order to succeed. Just like starting a business from scratch, you need to hire rock star players to be the face of your company."
"Food is not the only option when it comes to buying a franchise. Especially now a d

Essentialism: The Disciplined Pursuit of Less

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My guest today is Mike Sowers. Mike rehabbed, flipped, wholesaled, and rented over a thousand properties in his first decade of investing, He was on the podcast sharing how he sold his residential rehab company for millions of dollars and all the things he learned (before and after the sale). Hegot involved in commercial real estate investing after selling his business and has done over $150 million in real estate transactions.

As the CEO and founder of Commercial Investors Group, author of Commercial Real Estate Investing, a step by step guide to finding and funding your first deal and the host of the Creative Commercial Real Estate Podcast, I thought he would be a wonderful guest and could give great insight on his process for investing in real estate. In fact, he has a 7 step process commercial real estate investing and he happily delves into that as well as his comparisons to investing in commercial real estate and viewing your company as a financial asset. Namely, how to view them both and how to grow value.

Mike is the real deal. This is not some BS fluffy episode about theories. He has real live stories from things he’s done and that are super actionable. He hands out tips that he has learned from his experience and shares stories about his journey into real estate.

What You Will Learn In Today's Podcast Interview * Mike Sowers’ background and real estate journey * How to invest in commercial real estate * How real estate investment compares to owning your own business * The perks of buying real estate * The seven steps to successful commercial real estate investment * Mike’s tips on how to invest in commercial real estate * The perks of real estate partnerships and investing

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: Mike Sowers rehabbed, flipped, wholesaled, and rented over a thousand properties in his first decade of investing, but decided he was ready for something bigger. A LOT bigger. So he sold his multimillion-dollar remodeling business, modified his residential investing system for commercial use, and added an extra digit to every deal.

As of Today, Mike has done over $150 million in real estate transactions. He is the CEO and founder of Commercial Investors Group and the host of the Creative Commercial Real Estate Podcast. He cracked the code on how to automate a commercial real estate investing business and his team has done some mega deals netting multiple 7 figures per deal. He gives you the exact strategy he uses in this book to consistently generate off market deals and fund them by structuring equity partnerships to split the profits.

Quotes: 13:49 - “Most people know about depreciation. I find that a lot of people don’t know about bonus depreciation.” – Mike Sowers

16:17 - “You can participate in different forms, whether you’re super active or passive, but it’s about understanding the game and I think entrepreneurs like to participate a little more than handing over a little over a portfol

Commercial Real Estate Investing: A Step-by-Step Guide to Finding and Funding Your First Deal

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On today’s show, Karen Laine from HGTV’s ‘Good Bones’ will be talking about business transitions and planning. She will also be talking about what it was like to take a backseat while her daughter took over the business and took it to the next level. She goes over all of the successes and challenges that came with that transition, and she’ll also offer some tips on how to overcome some of those challenges.

She’s also a mom, a lawyer, a renovator, and boss. She practiced law as a prosecutor and a criminal defense attorney in the 1990s. Then, in 2007, Karen and her daughter Mina began to transform and rehabilitate neighborhoods in Indianapolis. In 2014, they were approached by High Noon Entertainment (the same production company who made Fixer Upper). They met via Skype and after some negotiations, Good Bones was born and aired on HGTV. In 2021, season six of Good Bones will premiere as the production of season seven is ongoing.

If you’ve worked in a family business with multiple generations, you know all about the different challenges and the various relationships involved in this sort of partnership. How do you align your visions alongside the transitions, family buyouts, and all of the other ingredients that go into that blender? Karen and Mina are so open about these challenges on the show and Karen is just as open as she answers my questions in this episode.

What You Will Learn In Today's Podcast Interview * Karen’s transition from mother to lawyer to businesswoman * The journey to HGTV * Challenges associated with partnering with family * Pros and cons to different mindsets in a business partnership * Healthy communication within a multi-generation business partnership * Knowing when you need to wear different hats * The division within the business * What to do when your visions evolve and possibly misalign * How different generations can work well together * Finding appropriate outlets for creativity * The importance of reinventing yourself and redefining yourself after an exit

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: Karen Laine is a businesswoman, attorney, TV personality from her show Good Bones, and mother. After growing tired of her regular routine as an attorney, she discovered her love of renovating. She paired up with her daughter Mina and started “Two Chicks and a Hammer,” a home renovation business.

Quotes: 05:07 - “Lawyer was after mom. So I was a mom and then I went to law school and became a lawyer. [So diapers, then paperwork.] Yes, right. It, kind of, prepares you. ‘Cause what you find in diapers is often what you find in legal cases. It’s the same.” – Karen Laine

13:33 - “I’ll be out in public and someone will say, ‘Hi Karen.’ And I’ll say, ‘I don’t remember where I know you from.’ And they will say, ‘You don’t know me. I know you from TV.’ Oh, that’s right. I have a TV s

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On today’s show, I’m talking with Pete Martin, who started, scaled, and sold four of his previous companies (including car leasing, systems integration consulting, business process outsourcing, and software distribution). Pete will share how he intentionally applied what he learned in the first couple exits to his last venture in order to scale up EntryPoint to sell to KPMG for 12x EBITDA without having to go with the sale or take an earn out.

This is a very rare story because many times professional services companies are valued around 1x revenue or a small multiple of EBITDA with an earn out. Pete explains how he created a company manifesto at the very beginning, created a very unique service and pricing model and then scaled up using very little cash… all on purpose.

What You Will Learn In Today's Podcast Interview * How and why Pete created a company manifesto on day one * How seeing his business as an asset helped Pete achieve his goals * Why Pete declined a $5M customer contract * Why you should look at 5 years for an ROI on each hire * What polling your employees about culture and values will tell you about your business * When to hire full-time or part-time employees and what that means for culture * The underappreciated impact of invoicing on your cash flow and company (for employees and customers) * Ways to scale your company without using any capital * How to balance cash flow when hiring, whether contractors or salaried positions * What happens when a company lives in accordance to its values, as well as the long-term client Pete secured by owning up to an expensive mistake * How to get out of the owner’s trap (when you are the key employee) * How to build a narrative that allows a strategic buyer to buy into the reasons they should acquire your company * How Pete got the business sale unstuck within 30 minutes after talking to the VP of KPMG * The difference between a strategic buyer vs a financial buyer of a business * What happens when you tie outcomes to your Net Promoter Score and get your employees aligned with that

Clarify Your Path Towards a More Valuable Business and Turn Your Vision into Reality CLICK HERE to get 5 Videos to help you clarify your vision and start making

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On today’s show, I’m talking with Joseph Fung about what we can learn from a serial entrepreneur. Entrepreneurs often struggle with the idea of following their passion but also realizing that their businesses are an asset and are something they eventually will want to liquidate and tap into at some point. How do you make the change and social impact you want in addition to building your business as an asset? Can you balance these two aspects of running a successful business?

Joseph knew from the age of 18 that he wanted to leave an entrepreneurial legacy. True to his goal, he has since started and sold five companies, with his biggest success going to NetSuite for $32M. He talks about his philosophies and how he balances sustainability and his version of conscious capitalism while also building businesses that are financially successful for him and for the future of the business beyond him. Joseph’s stoic and passionate perspective seeps into his approach to business and his advice to entrepreneurs.

He’s an excellent example of how not having your identity tied to your business opens flexible and lucrative doors to success. If you’ve ever thought about what it would take to be a successful serial entrepreneur, this episode’s for you!

What You Will Learn In Today's Podcast Interview * What helped Joseph—from early childhood—know that he wanted to be a serial entrepreneur * Why defining what success means to you lets you make decisions more easily and keeps you on track for achieving goals * How the type of business, funding sources and future buyer all influence valuations * The breakdown of the five companies Joseph grew and sold, from how he raised the money to the end result of the sales * How unrealistic it is to expect outsized outcomes for every deal or every person on your team * How to plan for your family so you’re not overwhelmed while building your business * Why your first key hires should be a pair and how to track their outcomes * The role emotions play in M&A and how that impacts your future strategies * When you should start giving back to your team, business and community as an entrepreneur * Where your employees fit into the process of selling a business (plus when and how to communicate it to them) * How to identify when you can accept something versus when you’re willing to get fired for it, and what to do about it * Why Joseph moved from B2B to

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On today’s show, I’ll be talking with Billy Amberg about accessing a unique type of capital: non-control growth capital. If you’re looking to fund your growth but don’t want to sell a controlling stake in your company, or you’re not a fit for a traditional bank, or you just want to tap into your largest financial asset, then this episode is for you. Billy is going to be talking about the entire sector of non-controlled growth capital, why it's needed, where it comes from, the terms and conditions that come with it, and the circumstances when it is most applicable. Tune in for a detailed rundown of how to make this type of funding work for you, without opening up your business to a whole bunch of risk.

What You Will Learn In Today's Podcast Interview * What’s going on in the current M&A marketplace * The definition of non-control capital: the various types, how to structure it and where it comes from * Billy’s definition of an institutional investor * How traditional private equity compares to non-control capital funding * The different roles of debt and equity when looking to raise capital * The different reasons entrepreneurs are looking for growth capital (e.g., acquisitions or distributions) * How to view your business through an investment banker’s eyes * What factors make owners resistant to different types of investors and buyers * Why Billy says the lines between venture capital and private equity are blurring * Why middle market private equity firms already have another buyer lined up for your business, before you even sign on the dotted line * What it's like having an investor sit at the table and what you should expect

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: Billy Amberg is a managing director of Corporate Finance Associates (CFA), an international investment banking firm specializing in the middle market, as well as owner of Bloomwood Capital, which provides highly differentiated land conservation investment services. He has embraced the entrepreneurial spirit throughout his career, making an impact at elite wall-street firms as a principal in venture capital and private equity, and starting and running several successful businesses. Billy has also successfully performed in the three key roles for any transaction: owner, investor and banker.

Quotes: 04:46 - “If you really want to get good at this, you really need to start building relationships because that’s harder to teach, the older you get.” – Billy Amberg

09:26 - “The real standout, which I think is going to continue, is going to be technology because every business is a technology business now. Or, at least, that’s what the capital providers like to see.” – Billy Amberg

09:48 - “In the non-tech space, what I have told a lot of our client

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The IT infrastructure of a business isn't usually what gets entrepreneurs jazzed up, however it can have an outsized impact on the risk of a company as well as a company's ability to scale. This episode is a crash course in how to manage, grow and update your IT infrastructure so it's a valuation enhancer, instead of a detractor. If you're not willing to invest in your IT infrastructure, you're asking your potential buyer to do so. How do you think that's going to affect your deal?

It is incredibly important to understand the role IT infrastructure plays in mergers and acquisitions — whether you're on the sell side or the buy side. Our guest today not only sold the IT company he started after 27 years, he also handled the six-company integration afterwards. Jake knows a thing or two about IT infrastructure and integration. Listen in as he takes us through the reasons why you should be doing technology-fueled mergers and acquisitions.

What You Will Learn In Today's Podcast Interview * The value of technology-fueled mergers and acquisitions * How IT is viewed by the buyer and seller during due diligence * Why cutting corners on your IT infrastructure could detract from the value of your business and increase risk * Ways to think about your IT if you're looking to sell in the near future * The impact acquiring a company has on your IT's infrastructure and how to plan for the extra capacity * How a company's IT fits into post-transaction integration * Why saying ‘no’ to upgrade requests from your IT person can hurt the value of your company * The value of technology-fueled mergers and acquisitions * What a security fortress is and why you need one * How to determine if your IT vendors are truly partners contributing to your long-term goals or simply selling you products and services to make bank * The benefit of having an infrastructure and application technology road map * How much IT integration costs, including the impact it has on your team * When to replace your IT person and how to evaluate their impact * Why your current IT infrastructure is holding you back and what you can do to fix that * How to avoid security threats in the modern technology market and mitigate IT costs * It’s not just data you’re protecting, it’s your entire livelihood

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: Jake Kent is a Navy veteran, entrepreneur, and founder and CEO of two fast-growing information technology companies, JCMR Technologies and Chief Acquisition Lifeguard. In 2000, he sold JCMR after 27 years and helped with the six-company integration that followed. Jake has also previously started a bank, which gave him more insight on the IT securities market. Jake made it his mission to help CEOs view technology as a core feature of successful acquisition strategies by teaching them how to build a technology-fueled M&A plan. He is also committed to the community and has participated in many charitable events. He is a founder of the Matthews-Mint Hill Optimist Club and a Board Membe

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The financial and cultural risk of hiring a C-suite executive is huge. Stats show that it could cost anywhere from 1-3 times their salary if it doesn’t work out. Today’s episode is all about what you can do to ensure the highest probability of long-term success when onboarding new executives. Steve Moss is the founder and president of Executive Springboard, which helps companies integrate C-suite executives into new roles. 72% of CEOs claim onboarding is critical, yet only 47% of their onboarding programs last more than a week. Steve shares how pairing C-suite executives with external mentors who have sat in their functional chairs increase the retention rate of new executives to 95%. Newly hired executives can lean on a mentor to navigate the minefield of culture, politics, relationships and unmet expectations that can derail even the most talented executive. Listen in to hear how you can make sure the next rock star you hire works out over the long term.

What You Will Learn In Today's Podcast Interview * The five top reasons executives leave and what to do about them * How trust plays a factor in hiring and onboarding * Why highly talented — and highly paid — executives need and deserve time to integrate into a company * The true cost of turnover if you hire the wrong executive * Why a C-suite candidate should come to an interview with a 90-day plan, even if it’s completely wrong * When to look internally versus externally for your next hire * Why an outside mentor can increase executive retention to 95% * What questions you should ask during an interview to get a better feel for a candidate’s fit, and what questions you can’t resolve until they’re hired * The difference between a mentor and a coach * The best ways to match executives with a mentor, and what qualities, experiences and attributes that mentor should have * Why managing change is like managing grief, and how recognizing that helps integrate a new C-suite executive * How important it is to have trust and confidentiality with your mentor * Culture is more than a feeling employees get; it’s about all the small goings-on and what the business is driving for * Why the most successful onboarding lasts eight months (and the stats to back this up) * How to measure the impact of mentorship, especially if your mentor is outside the company

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

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Bryan Clayton is a serial entrepreneur with multiple exits under his belt and a unique take on being a business owner — viewing your business like a video game — and how it can help you accomplish your loftiest goals. His first company, PeachTree, grew to be one of the largest landscaping companies in Tennessee at over $10M in annual revenues, before selling in 2013. Bryan only took a short sabbatical (more on that in the interview) before co-founding GreenPal, an online marketplace that connects homeowners with local lawn care professionals. GreenPal is already doing over $20M, over 100,000 active customers, and completes thousands of transactions every day.

What You Will Learn In Today's Podcast Interview * How the landscaping industry is a great place to learn how to be an entrepreneur * What Bryan learned from selling his first company at 32 * The impact software has on manual labor-facing businesses * Why Bryan says being an entrepreneur keeps his life interesting and helped him grow as a person * How running a business and writing are alike * The biggest difference between being a business owner and an entrepreneur * When you should go into debt versus push for a debt-free business * Why you need to bake your philosophies into your business-running DNA * How venture capital is like rocket fuel and what impact it has on unprepared business owners * The real story of Uber’s success and the fallacy of “overnight” successes * When receiving funding, you have to aware of the bet you’re taking * What makes pragmatism the most valuable trait for an entrepreneur in Bryan’s eyes * The impact finding your ideal team size has on business planning * Why you should cut your teeth on smaller businesses to get a win under your belt before you start the big project * What land-and-expand can do for your business * Why you should make it easy for your customers to talk to you * Don’t let the bad actors get to you; feedback generally is in good faith * Why necessity is the mother of all invention

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: Bryan Clayton is a serial entrepreneur with multiple exits under his belt and a unique take on the home services market. He is co-founder of GreenPal, a web and mobile app that instantly connects homeowners with home service professionals, where he actively engages with both his team and customers. Outside of work, Bryan likes to hang out with his family and play video games.

Quotes: 04:45 - “All of the fundamentals you learn in the lawn-mowing business apply to every business.” – Bryan Clayton

08:39 - “My business is the thing that lends purpose to my life. It is the thing that causes my life to be interesting. It is the thing that causes my life to almost matter. I didn’t think about it at the time but looking back at it, that’s the case. That’s just how I’m

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If you’re acquiring a business, immediately overhauling the way the company operates is not likely going to be the most effective strategy. Unless the company was a fire sale, you’ll lose customers and staff by changing too much too soon. Getting people who are already in the company to buy-in to what you’re planning is crucial. When you buy a business, you’re acquiring all of its people too—and you can’t just expedite trust.

On today’s show, we have Kylon Gienger, president of Acquira (an investment fund for people looking to buy small businesses and an accelerator for those looking to do the same), who is going to prove the value of securing key relationships in new acquisitions, particularly with the people who will be executing the strategic plan to increase the value of the business. On the way, we explore the crucial role of emotional intelligence for any business buyer, the different types of search fund investment structures and what an ideal acquisition entrepreneur profile looks like. This is an episode you don’t want to miss if you’re looking at taking over a new operation.

What You Will Learn In Today's Podcast Interview * Why the acquisition entrepreneur is on the rise and how they can help fill a void in the impending wave of Baby Boomer transitions * The differences between on-market and off-market deals * How private equity is expanding the multiples in the home services industry * Why some sellers would be willing to take less of a purchase price to sell their “baby” * What the “gauntlet” is and how it’s used to filter the investors and business buyers Acquira brings into their ecosystem * Why you should never underestimate the human component of a deal—livelihoods depend on it * The reason you should keep on the previous owners in any lower market companies you acquire, if possible * How to hire good people—those who match your values as well as have the skills and training you need in the role * What factors Acquira considers when evaluating new businesses to invest in and their strategies to mitigate risks discovered * How Acquira is using EOS to onboard the companies they buy * When you should compromise with established staff rather than steamroll their ideas post-acquisition * The value of ongoing learning as a business owner (even if it’s just-in-time!) * Why understanding the human element of transactions can help you rise to the top as the buyer of choice * What the "Silver Tsunami" investment landscape looks like as $10 trillion in Baby Boomer business assets makes its way to market * How to make the transfer of ownership enjoyable rather than traumatic * Building trust in the culture of your company is vital to making the value creation changes you need

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: Kylon Gienger is president of Acquira, and investment fund for people looking to buy small business and an accelerator for people looking to do the same. He is a serial entrepreneur hims

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With the current state of the world, it’s only natural to wonder how stable the economy is, what is going on in the markets and if there are any major concerns on the horizon. Alan Beaulieu is on the show today to give us a market update. He is a principal at ITR Economics, which has had an unmatched 94.7% forecast accuracy at four quarters out since 1985. ITR has also predicted an economic downturn in 2030 as big as the Great Depression.

Alan has a reputation as an accurate, straightforward economist, delivering award-winning workshops and economic analysis seminars world-wide for the last 30 years. Alan has a reputation as an accurate, straightforward economist who has delivered award-winning workshops and economic analysis seminars world-wide for the last 30 years, and has co-authored three books with his brother Brian Beaulieu: Make Your Move, Prosperity in the Age of Decline and But I Want It!

What You Will Learn In Today's Podcast Interview * The impact the 2020 pandemic has had on the current and future states of the economy * The leading indicators ITR Economics uses to make their economic forecasts and how the four phases of a business fit in * How a lack of “sound financial thinking” is helping to spur the next depression * The importance of measuring your rate of change and how it will help you predict the future * How Alan and his team forecast with a 95% accuracy during the 2020 pandemic * The impact of 80 million Americans drawing social security (within the next decade), be on prescription drugs and using Medicare—double the 40 million who use such programs today * What modern monetary theory (MMT) is and how it could impact the future of our economy * Why one could argue we’re driving the bus straight toward the cliff when it comes to our economy * When to pass on growth rather than overextend * The fallacy of equality * Why ITR Economics is forecasting a serious depression by 2030 * How focusing on relevant producer price index (PPI) can help you navigate your business through a recession * What to do to avoid floundering during a depression * USA’s new place in the global market and what’s next * What ways you can start de-risking your business today to better prepare for the future

Make Your Move: Change the Way You Look At Your Business and Increase Your Bottom Line

Prosperity in The Age of Decline: How to Lead Your Business and Preserve Wealth Through the Coming Business Cycles

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Access to capital is crucial in order to take a dream and turn it into a business, create wealth and build a future full of opportunities. Today’s show focuses on the impact access to capital (or lack thereof) has on a Black business owner’s ability to create wealth through equity in a business. Rachel Wilson and Elliott Holland from Collab Capital share why and how they raised $50 million to invest in Black entrepreneurs—with backers such as Apple, Goldman Sachs, Google, The Andrew W. Mellon Foundation, Mailchimp and PayPal—as their debut move, making it one of the largest funds closed from an entirely Black-led firm solely committed to Black founders.

Rachel and Elliott debunk the scarce Black tech founder myth, plus share the investment strategy that increases Collab Capital’s investors’ IRR while hitting the company’s goal to establish a path to economic parity for Black communities by giving Black entrepreneurs access to capital and establishing generational wealth in a community that has historically been denied it. Learn the biggest challenges faced entering the market as an investment firm, as well as the individual barriers Rachel and Elliott had to overcome — and how that compares to what their parents faced not so long ago. Be ready to be inspired by industry disrupters working to bring about real change at a crucial juncture.

What You Will Learn In Today's Podcast Interview * The generational impact of compounding equity and access to capital has * The great benefits capitalism can have when aligned with the right mission * How home ownership is similar to owning a business when it comes to growing wealth * What equality really looks like in the business world * Stories to better understand the underlying causes of inequity in the market (and society) * The unintentionally negative impact a ‘core group’ of people who control access to capital can have * How solving the equity issue is going to require purposeful use and allocation of capital * Why Black investors are more likely to have to go to friends and family to fund raise and what Collab Capital is doing to rectify this * What impact recent social unrest has had on the market and Collab Capital * The fallacy of uncorrelated, outsized returns * What a shared profit and collaborative endorsement agreement is and how it can help grow a business * What it was like for Elliott’s dad as a Black financial consultant and what has (and has not) changed since the ‘60s * How focusing on lifestyle businesses allows Collab Capital to avoid the typical churn-and-burn of the industry * Why Collab Capital’s return on investment is good for both the companies they invest in and their investors * When celebrities and influencers can improve your business * Where private equity overlaps with a portion of profit model * How Collab Capital finds companies to invest in

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: Rachel Wilson

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Software and tech companies get much higher valuations than traditional service-based companies because these “digital” companies are valued on a multiple of revenue instead of a multiple of EBITDA. This huge difference in how the business is valued provides a unique opportunity to reap high financial rewards by transforming old analog businesses into technology companies.

Today’s guest, Corey Tollefson of ArcSpring, shares how his company combines capital, technology, operational expertise, and design to unlock exponential growth in traditional businesses. He and his team of rock stars (a bunch of heavy hitters from Oracle and Infor) are creating real value—and multiple arbitrage—by investing in companies they think should be software companies.

What You Will Learn In Today's Podcast Interview * What ‘Analog to Digital’ (A2D) means and how it impacts the value of a business * Why transforming an analogue business into a technology business changes the valuation methodology * How ArcSpring scales their portfolio companies by focusing on ‘micro-verticals’ * The difference between a spreadsheet jockey private equity firm and one that has an operations background * How ArcSpring defines digital transformation * Why ArcSpring bought the largest flag football league in the area and how they scaled it by integrated technology * Why having—or upgrading—an ERP system is not the type of technology that can change your valuation multiple * How to mine your customer base for new products and services * Why a five-year timeline to transform a business from analog to digital is more than enough time to capture the value creation and multiple arbitrage * How his company got to the tagline “Enterprise software sucks!” * Why the experience and involvement of the general partners at a private equity firm matters * How to use your customers and their needs as the backbone of your digital transformation * Things to think about when you are trying to determine how much equity you should be rolling * back into your business * What makes companies consider becoming a SaaS business

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: Corey Tollefson is co-founder and general partner at Arcspring, a PE firm that invests in companies that should be software companies, and has over 20 years of experience in the software and technology industry. He’s on the Board of Advisors for #YesWecode, Sezzle and PLNIFY. Previously, Corey was senior vice president and general manager at Infor and group vice president at Oracle. He also has a BSc in Marketing and Management Information Systems from the G.R. Herberger College of Business at Saint Cloud State University.

Quotes: 06:57 - “To really own an industry and to become dominant in an industry, you have to have micro-vertical solutions.” – Corey Tollefson

07:21 - “The more you can speak to ru

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On today’s show, we’re focusing on how a founding entrepreneur grew and sold his tutoring business to private equity. John Rood previously co-founded Next Step Test Preparation, which grew from a 2-person tutoring company to one of the largest MCAT test prep companies in the US. After building it up from scratch, he sold it to private equity in 2018. He runs us through why he chose private equity over other sales options (including an ESOP) and how that influences his buying patterns today.

After selling, John started a search fund: an investment vehicle through which an entrepreneur raises funds from investors in order to acquire a company in which they wish to take an active, day-to-day leadership role. John isn’t shy about diving into how search funds operate, what makes an attractive acquisition target, how capital structures influence a purchase, and the incredible value of long-term planning if you want to achieve your goals and ultimate lifestyle.

In this episode, you’ll learn all about search funds: what they are, how they’re structured, and how they might be beneficial and a viable option if you’re partnered with the right person who is going to be the owner/operator. If you want to learn more about search funds, go check out the Intentional Growth course at Arkona.io.

What You Will Learn In Today's Podcast Interview * How John turned his small tutoring business into a sellable business * What a search fund is and how to make it work for you * The big differences between private equity and a search funds * Why you should put meaning and purpose behind your business * How EOS© helped turned John’s business around * John’s reasoning when selecting his exit, including what eliminated an ESOP for him * The impact creating a board of advisors early on (before it was necessary) * Why you should sit down and plan out what you want your life—all elements—to look like in 30 years * What you should think about when choosing your staff to better address fit * The value of building a moat around your clients and its impact on your valuation * How John handled an out-of-the-blue offer * Why it’s crucial to understand how valuations work if you want to have a successful sale * What your network can tell you about market trends, especially in M&A * The importance of connecting with your employees and equity partners to get the full picture of what they value in your business * How to balance drawing a salary from your business versus taking distributions * Why you should look at hiring like recruiting for a sports team—you’re constantly filling your bench * What made John select an investment banker instead of a business broker * How to shed societal values that don’t serve you, and the incredible benefit of therapy on figuring things out * John’s key insights from selling his business that every business owner needs to hear

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

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Many entrepreneurs experience extreme anxiety whenever they think about selling their businesses—to the point where they won’t even pick up the phone or answer an email from a potential buyer. Have you ever stopped to think about why this is? On today’s show, my business partner here at Arkona, Pat Hobby, and I talk about ways to mitigate this anxiety through intelligent and intentional planning. We also discuss why you should be prepared for an out-of-the-blue offer—even when you’re not considering selling—since potential buyers are reaching out to business owners with increasing frequency. Do you want to miss your multimillion-dollar deal? Of course not. But if you have no plan, you’re not going to get what you want out of an unsolicited offer (or even a solicited one!). This isn’t an episode you want to miss if you’ve ever wondered what you need to know to be ready for any outcome, or even if you just want to give your future more choices.

What You Will Learn In Today's Podcast Interview * Why private equity is raising so much money right now * Where investors are looking to commit their capital and how you can capitalize on that * What a prepared business owner can do with an out-of-the-blue offer * The rise of platform companies becoming involved in M&A * When it’s better to buy instead of building from the ground up * The spread between intrinsic value and transaction value * Why you need to layer in a buyer’s intention when thinking about selling * What common risks you need to address to strengthen your valuation * The value of understanding what really drives you, especially in terms of life planning * Planning creates choices and decreases anxiety * Why you do need to build a support network of trusted, knowledgeable advisors before you sign away your company * What seller’s favor is and how to protect yourself from it * How net proceeds factors into what ends up in your bank account when selling * When to disclose your financials to potential buyers and what to include * Why an LOI can gaslight you into a poorer deal than expected

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: Pat Hobby started his career as an auditor at EY and over the years held various finance positions before launching his own outsourced CFO services company. As one of his clients continued to grow and needed more assistance, he joined the company full-time for more than 20 years. He helped the company grow significantly, do acquisitions and eventually sell it to the employees via an ESOP. Two-and-a-half years later, he led the sale of the company to a PE firm—with tremendous benefit to the employees. Since then, Pat helped co-found Arkona to help change how owners grow and exit their businesses.

Quotes: 06:00 - “There’s a lot of money looking for a place to get a return.” – Pat Hobby

06:43 - “Right now, in the private equity world,

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Today’s show is with two ex-Amazon execs who co-founded Foundry Brands—a portfolio brand operating company—sharing everything they know about buying and building the strongest, longest-lasting and most valuable ecommerce brands possible. Kyle Walker and Stefan Haney consider more than 30 variables when they assess the value of a business (and that number is growing as new aspects to business need to be measured), so they can give you a really good feel about how you should be thinking about your business.

Some context: In 2020 there were only five aggregators—private equity firms targeted at Amazon and ecommerce brands—and now there are more than 55. There is no doubt that investors are putting their capital to work in this area because of the enormous opportunities for growth and returns. There is a lot to be learned from Stefan and Kyle in this episode: everything from where investors are placing bets to what they expect to see in ecommerce to what strategies investors like Foundry are planning to use once they buy a company.

What You Will Learn In Today's Podcast Interview * The “cold” way of looking at branding * Amazon data points for e-commerce and optimizing conversion * What the exceptions to being a brand are * The common issues direct to consumer customers face and how to solve them * Why you want to be ‘privileged in your partners’ * How to build a great portfolio brand operating company * The benefits of long-term thinking at all stages of planning * How to align your interests with clients and your balance sheet * The downside of transaction-based interactions and how to create win-win scenarios instead * Learning how to watch the money when you’re still small helps you see where the money goes when you’re growing * Why it’s vital you connect with your customers * The impact of heavy shopping sales days * How to be in stock as efficiently as possible so you see better returns * What running a restaurant and operating an ecommerce business have in common * Why consolidating is such a challenge and what you can do about it

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: Stefan Haney spent 16 years at amazon, working the last three years on their details page so he understands how to optimize for conversion and e-commerce shopping. He has a proven track record of launching new technology, delivering business results, mission critical programs, projects, and systems in a variety of industries. Stefan lives in Moscow, ID with his wife and kids. When not shuttling his seven kids to activities, you can often find Stefan adventuring on a bicycle.

Kyle Walker is an experienced digital brand builder who created and helped launch over 10K digital businesses while working at Amazon. He also founded three global multi-billion dollar Amazon programs and helped inform many of the Amazon tools and technology brand owners use today. Today Kyle uses this knowledge in his work with the company he co-founded, Foundry Brands. Kyle lives in Sammamish, WA

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On today’s show, we have author, entrepreneur, and CEO Joel Trammell. We’re going to be talking about what makes an amazing CEO. Joel brings his business expertise on various metrics, hiring techniques, and other measurable tips you can use to foster a healthy and happy business culture. After all, the most successful businesses have the best culture and environment for their teams.Not only does Joel talk about what it takes to be a good CEO, he also talks about how you can hire the next CEO when you’re ready to pass on the torch.

Joel teaches leaders how to make their company great and he does so as a chairman at iGrafx and as the CEO of a business management software system called Khorus. Joel focuses on how to build up companies from within. He’s written a book called The CEO Tightrope, which talks about how he took two companies and built them up to a nine-figure acquisition from the foundation up.

We’ll navigate the fives responsibilities a CEO can’t delegate and how to offload the rest of the responsibilities to the right staff, including an argument for using micro-training to ensure maximum retention and job success. CEO is a highly skilled and nuanced role, and directly impacts your success. Since you can’t perform every role in your company as it scales, you’ll be forced to make a tough call between working on your business or in it, and a strong CEO is the right solution to help you position your company for growth. If you’re still playing as part of the orchestra, who is conducting?

What You Will Learn In Today's Podcast Interview * How to effectively get rid of your anxiety about the future by hiring the right people * When you need a ‘real’ CEO and what they’re responsible for * The five things a CEO can’t delegate * How the best CEOs hire rockstar executives in every position, even if they’ve never actually held the role * Why—as the owners of a business—you shouldn’t know every single deal your company is doing * How to give up the right roles—and at the right time—as your business scales and enters different stages of complexity * Why decision making is the “grease that skids the wheels” and enables exponential growth * What micro-training is and why it can increase your percentage of long-term employees * When you need to address your operating models and why it’s contingent on number of employees * Why every employee should know what decisions they can make, and make them quickly * The importance of clearly detailing what good performance is and making a playbook for it for your staff * How small choices (like jeans vs. suits) feed into the overall culture of your company * Valuable tips on goal setting, coaching and accountability—starting with you * The difference between holding people accountable and objective reality

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

The CEO Tightrope: How to Master the Balancing Act of a Successful CEO

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In part two of our two-part series, Dave Hoeffel shares the mental and emotional impact of business ownership and what it took for him to get out of a vicious cycle to achieve the vision he had for his business and life… and why he decided to sell to private equity at the end of 2020. We dive into the value of having proper knowledge of how entrepreneurship works, the benefits of a mentor, KPIs, the repercussions of not understanding your financials (normalized EBITDA, working capital, and more), and how to create a relationship with your business that can change your life and create a better future. More importantly, we’re going to address a topic not often discussed by business owners: anxiety and how to deal with it. What You Will Learn In Today's Podcast Interview * Why going through the Arkona Intentional Growth™ Boot Camp and knowing what he wanted from the business allowed Dave to quickly vet the out-of-the-blue offer and decide to sell * How a banana led Dave to realize he needed a better handle on his chaos * Making money isn’t a linear trip * How, despite losing money, Dave had a positive normalized EBITDA * The true value of long-term, dedicated and loyal employees, even as they approach or
pass retirement age * How a different management structure spurred fresh growth in his business * When not to follow your metrics to the T * How solving problems for the long-term and holding people accountable creates wealth * The dramatic value EOS© (Traction) brought to Dave’s business and how it transformed
his team * How to shift your perspective so you can imagine, and therefore build, a better life * What not identifying and monitoring your top KPIs costs you * When you should start the hiring process—whether or not you have the capital ready * Why business owners take out loans for personal items like boats instead of using cash
they have saved up * The best reasons to join a peer group and what you can expect to achieve after * How to measure talent to help you decide on succession plans for employees * Why it’s crucial that you and those you get advice from understand working capital * When and why you need to be open to self-improvement and change in order to achieve
your goals

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: Dave Hoeffel is part of the Polytek Development Corporation and the founder and former owner of Endurance Technologies.

Quotes: 04:48 - “I knew I needed to replace her, but I didn’t want her knowledge to go to somebody else who could leave me. That’s your biggest fear as a business owner.” – Dave Hoeffel

06:32

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TIn part one of a two-part series, we dive into the growth challenges early entrepreneurs face, including the mindset we have to be prepared to have to be successful. Today’s guest knows all about adapting his mindset to meet his needs. Dave Hoeffel is a local Twin-Cities entrepreneur and founder of Endurance Technologies who sold his company to a private equity firm on New Year’s Eve 2020 for millions of dollars. Dave’s got such an incredible story to share, from surviving a number of crises like the dot-com crash and 9/11 to his company’s building burning down and being on the line for some of the recovery costs. We’ll also touch on the emotional challenges we all experience owning a business we’re trying to grow, while concurrently making progress for the long-term and remaining true to ourselves. This is directly tied to why people get so emotional when they start thinking about exiting their business. Regardless of where you are in the entrepreneurial journey, Dave’s got some fantastic insights to share with you.

What You Will Learn In Today's Podcast Interview * When you should sell to a private equity firm and how to coordinate the sale * How an early realization of the freedom that comes with entrepreneurship shaped Dave’s outlook for the future * Why it’s crucial to diversify, especially in distribution * How his family business survived 9/11, even after his banker pulled out * What was different in his second partnership that allowed it to continue to this day * Dave’s wife’s reaction to finding out she was on the hook if things went wrong in the business * What he’s learned from crisis that applies to business * How Dave grew his company from $3.5 million in sales to $5 million to $7 million . . . and why he never made any money * How understanding financials can help entrepreneurs navigate challenges and their growth need to be more informed about finances if they want to be successful * The value of pulling money from the business to support the team * How Dave’s business managed to survive the building burning down in a huge fire and the $700,000 fee he suffered because he didn’t have cleaning insurance * Why Dave called his competitors to help save his business and what that says about his networks * The best deal isn’t always the lowest cost to you * When to change your company’s image and focus, and how quickly it can be done

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: Dave Hoeffel is a founder, a father and a family business man. Dave is presently doing business development for the Polytek Development Corporation, after having sold the business he founded out of the

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What are the biggest challenges all entrepreneurs face? The answer may surprise you. Today’s show focuses on how to build wealth and create fulfillment while avoiding burnout. Austin Brawner — host of The Ecommerce Influence Podcast and founder of the ecommerce entrepreneur’s community, The Coalition — makes a great case for doing fewer things so you can devote your time to what’s going to help you achieve your goals in life. We’ll even get into hiring and working with the right people, fostering an environment of trust and getting people to buy-in to your vision. The clearer that vision is, the easier it is to share with others and get them onboard. Today’s show is going to inspire you to be thoughtful about your freedom and joy and get you excited about mapping your company’s future.

What You Will Learn In Today's Podcast Interview * The biggest challenge all entrepreneurs face * How to build wealth and create fulfillment * How you structure your business can make you miserable and contribute to burnout * Trust is the most limiting factor * What sustainability has to do with success and fulfillment * What to do when you hit a goal you’ve pushed for and realize it wasn’t a worthy target * How much you’re enjoying the journey speaks to how fulfilled you’ll feel when you exit * The fallacy that you have to wear all the hats at once and what paradigm to use instead * Why you should think about how you operate to better operate your business * Partner with people who balance you, not just those whose work style match your own * Automate what you can and build a system to bring in new talent to add to your team * Why you should market for hiring, as well as sales * When hiring, why you should “Trust, but verify” * Why Austin uses the Kolbe Score to help find the right fit for roles * Get clear on what you value * Some of the most unhappy people Austin knew were making a lot of money * Be thoughtful about your freedom and joy * You’re playing different money games if you’re bootstrapped or getting funding

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: Austin Brawner is the host of The Ecommerce Influence Podcast – with over 300 episodes - which focuses on advanced acquisition and retention strategies for the modern marketing executive. He has helped over 597 established ecommerce store owners, marketers, and freelancers unlock massive growth in their businesses while freeing up more time to do what they love through his coaching business and community called THE COALITION

Quotes: 05:55 - “How do you build a business that you love to work in? How do you build a business you can sell in the future? How can you build wealth in your life? And that allows you to build fulfillment in your life at the same time?” – Austin Brawner

06:26 - “Am I fulfilled doing what I’m doing righ

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Today, we’ll be talking with Warren Rustand who has a lengthy career giving advice and running, growing and selling companies. Not only has he helped small, private businesses and taken multi-billion dollar companies public, but he has also worked alongside President Ford. Having successfully survived everything the market and life has thrown at him over decades, Warren drives home the importance of leading yourself before you lead your team. We’ll dive into ways to manage the difficult balance—and sometimes tradeoffs—we make out of our professional and personal lives.

“One’s success is relevant only when measured against one’s own potential.”

What You Will Learn In Today's Podcast Interview * The value of being prescriptive at all levels, in business and at home * What leadership qualities Warren learned from his father, a corporate exec-turned farmer who took over the family business unexpectedly * As long as you stay on the road to your vision, you will achieve that vision, no matter how many times we have to swerve left and right * Five qualities of a great leader * How your achievement stories tell more about you than you think and why you should look at what you count as your achievements * Why you need to look at this day if you want to achieve your dreams someday * How clarity of vision, certainty of intent and powerful values impact goal setting * The incredible benefits of putting a weekly thinking session into your official schedule * How to design your life and make hard decisions before they happen * When leaders should communicate alignment with their staff and how often they should reinforce the message * The five principles of personal greatness: Commit to personal discipline; Live with purpose, every day; Act with intent; Make conscious choices; Have a cause greater than yourself * What value journaling brings to your life * Why you need to find people who are willing to have difficult conversations with you to help keep you on track and accountable * What advocacy versus * What advocacy versus inquiry has to do with your listening skills * The difference between creating leaders and creating employees * How being transparent kept him working alongside a President of the United States at 29 * Why you should make a family mission statement and shared vision

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: Warren Rustand has created, led, and grown many successful private, public, and not-for-profit entities. Having worked for President Ford, Warren is familiar with high-pressure decisions and has devoted his career to exploring vision, strategy, executive leadership and achievement. After a legacy of strong companies, Warren managed to put all of his experience and hard-earned wisdom into his book, The Leader Within Us. He has also been recognized with many honors and awards, such as: The Visionary Leadership Award, The Distinguished Citizens Award, The 25th Year Achievement Award, The Sports Hall of Fame,

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There are few clubs as elite as the Century Club, and today’s guest is going to share what it takes to get there. Vicki TenHaken focused her career on the factors that make companies long-lived and boiled them down to five key things Century Club companies do consistently:

Have a clear sense of mission and strong culture
Establish core competencies and key strengths
Focus on relationships
Retain long-term employees
Support local communities

Today’s episode will overview the most common things companies with longevity do, how you can establish these best practices in your own business and practical advice for encouraging a long-term company. If you’re serious about legacy, this isn’t an episode you want to miss!

What You Will Learn In Today's Podcast Interview * Why Vicki spent 10 years on her research agenda to find the common practices of companies that are more than 100 years oldWhat participative management is and why you should consider taking it up * The main characteristics of companies that make it to the Century Club * Statistically significant practices that 100-year-old companies engage in, from Japan to the USA * Why a clear sense of mission and a strong culture to go along with that made the top of the list * Long-lasting companies take their time making changes and therefore change successfully * The “soft stuff” really, really matters—relationships and managing them * Companies that stick around see partners, not simply economic exchanges, in vendors, customers, etc. * New product or service ideas can come from customers and suppliers you already have * The value of employee-centric reward structures, including ESOPS * Why it might be time to sponsor a little league team * How being environmentally conscious could help your company last longer * The importance of building curiosity into your culture * What’s different for a family business wanting to maintain control through the generations

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: Vicki TenHaken is a seasoned corporate executive who left the business world after 25 years to enter academia. She is presently professor of management at Hope College and has previously worked with companies like GE and Herman Miller. Research on corporate longevity has become her passion as the Century Club companies she studies set the example of doing business for the good of all. Vicki is also author of Lessons from Century Club Companies: Managing for Long-Term Success.

Quotes: 4:36 - “Every company I’ve ever worked for was over 100 years old.” – Vicki TenHaken

09:31 - “Talk about learning something! Try teaching an executive MBA class on change management to people who are trying to manage their company from communism to capitalism!” – Vicki TenHaken

Lessons From Century Club Companies: Managing for Long-Term Success

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Do you know how much money you are wasting on inefficiencies inside your customer base? On today’s show, we’re learning all about the Customer Profitability Framework and what you can do—today—to make a real impact on your bottom line while also increasing the value of your business. If you don’t understand your customer profit curve or how to reduce your margin leakage, we’ve got the show for you today. Our guest is David Aasen—the customer profitability master—who has been the CFO of multiple private businesses, as well as private equity firms. Learn from specific case examples like the table story, which explains how 20% of our customers drive more than 150% of our profits, and the discount story, where David walks us through the real impact of 'harmless' customer discounts. This episode is a bit more on the tactical side, but the real-world examples drive the essential points home so anyone from a C-suite exec to a three-time founder will appreciate how these metrics impact your bottom line.

What You Will Learn In Today's Podcast Interview * How to drive profitable growth and reduce margin leakage * What the Customer Profitability Framework is and why you should be using it * You can think customer are profitable that are actually costing you money * How customer profitability can be as much as 3x off what the owner thinks * Inefficient processes are like an anchor holding your ship back * Why you should rethink how you’re assigning costs * Who you should be giving discounts and price concessions to versus the ROI on those price discounts * How to find where your margin is leaking * The importance of getting real data to understand your efficiencies and risks * Why you should track the time of anyone who has impact on clients or customers * What business owners can learn from lawyers when it comes to charging clients * The power of context to bring an idea into focus * Why lower customer complexity has real dollar value for your company * Averages are misleading and you need to be calibrating for each client for success

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: David Aasen – the customer profitability master – has been a CFO of multiple private businesses as well as Private Equity firms. At 23, David was hired as a CFO for a $50 million global company. That experience shaped the trajectory of his career. He went from guessing what to do to developing exceptional technical skills and a stellar, well-stocked tool kit of operational finance best practices (top 10%) that demonstrates a mastery of his craft.

David speaks the language of owners and value creation. His Customer Profitability Framework is well-known for helping owners find inefficiencies in services and costs of their customers. Under his financial leadership, Northern Metal increased revenue 2X and EBITDA 3X in 7 years; Norcraft increased revenue 3X and EBITDA 4X in 5 years.

Quotes:

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If you’ve ever had doubts about how far you can go in life and in business because of how you started, this episode for you. Today’s guest is Dan Martell. Dan is the best-known name in SaaS, but did you know he was notorious in other ways before that? His message is clear: You can be and do anything if you put in the work.

Today’s show follows Dan through his early years and how he got started in business — including all of his failures and missteps — and ends in a great discussion on mentorship and networking. Find out how to use buybacks to your benefit and recognize if you’re wasting energy on projects keeping you from achieving your full potential. He is open and frank about his past, his healing, and his results. He’ll back up the claim that even not-great companies can do 50% ROE and explain why every dollar you take out of your business is actually seven — and what you should do instead of taking the money out.

There are quite a few takeaways from today’s episode. One of the biggest ones is, once you’ve shifted your mindset away from annual income, toward long-term value creation, then it’s time to try to buy back your time. If you want a valuable company in 3 - 5 years, what is your time worth, in order to get you there? But then after that, where are you going to invest (in your business) in order to grow the value of your company? All of these questions can be answered in two different places: Dan Martell’s YouTube channel(if you want SaaS -specific answers), and our training at ARKONA.io (if you are a business owners or entrepreneur who wants to educate yourself on how to grow the value of their company with the end in mind).

What You Will Learn In Today's Podcast Interview

Why Dan recommends more entrepreneurs reinvest their equity
Spend time building your networks and picking the right mentors to help you along your journey
How Dan overcame depression and anxiety after selling Spirit and what he advises other entrepreneurs
Why you should be blissfully dissatisfied
How to effectively use buybacks
When you should hire a new role versus when you need to look at your calendar to see what roles you’re doing inefficiently
What upper-limiting beliefs are and how to overcome them to achieve your true potential
The importance of knowing where your genius lies and spending your time there
Why you need to be aware of the type of energy you’re breathing into your team
How your valuation might not be what you think it is because of value detractors
It’s okay to stop just “doing” things and start thinking deeply about why and the end goal
The two metrics that matter: customer retention and expansion revenue

Are You Growing The Value of Your Business

Take The 2-Minute Assessment To Get YourIntentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest:

Dan Martell m

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Want to know what it took for a Black woman CEO to succeed in Silicon Valley in the early IBM years — and still be at the top of her game today? If you’ve ever felt like you’re facing insurmountable odds, this episode is for you. Shellye Archambeau shares her incredible journey to show you how staying true to your values and aligned to your long-term vision while making (sometimes ruthless) decisions will get you to your goals. As her new book suggests, Shellye is unapologetically ambitious and thinks you should be too. Listen as she highlights the importance of having cheerleaders on your side as well as standing your ground when your convictions are challenged. As her new book suggests, Shellye is unapologetically ambitious and thinks you should be too.

What You Will Learn In Today's Podcast Interview * The similarities in being a CEO and running a club * Why it was the "right, holistic decision" to return to work after only five weeks of maternity leave to further her career (and why later she would commute for three years instead of move her family) * The difference between choice and sacrifice * Why she can’t stand the term "work/life balance" * How washing a pie plate changed her entire life * The importance of having a shared long-term vision with key players in your life and seeking help along the way to avoid burning out before achieving your potential * What your "backpack" looks like, how everyone’s is slightly different and what this means for our interactions * How cheerleaders helped Shellye overcome major issues and why you should recruit your own * Why it’s ridiculous to compare yourself to other people * When you should swerve or stay the course and how to adjust your goals accordingly * How planning makes it easier to step into ambitious roles and achieve aspirations

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: Shellye Archambeau is one of Silicon Valley's first Black women CEOs. MetricStream, a recognized global leader in governance, risk, and compliance (GRC) software solutions, was recognized for growth and innovation under her leadership and made the top ten of the“Deloitte Technology Fast 50” as well as was named a global leader in GRC by leading independent analyst firms for nine consecutive years. Shellye has also served on a number of boards, helping build brands, high performance teams and organizations. Her first book, Unapologetica

Unapologetically Ambitious: Take Risks, Break Barriers, and Create Success on Your Own Terms

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Today’s show is all about growth rate: the rate you should target, how to identify that rate, what you can do to manage your growth and how much you can expect that growth to cost you. Listen in as Kevin Trout, former founder and owner of Grandview Medical Resources, Inc. — a fast-growing and award-winning specialty medical equipment distributor to hospitals and healthcare providers — explains how he landed on his optimal growth rate of 20% and gives specific examples of the tactical marketing they implemented to scale the company and compete with the industry giants. Kevin started out with a maxed-out credit card and sold the business years later when they were doing millions of dollars of revenue, multiple product lines and over 60 employees.

What You Will Learn In Today's Podcast Interview * The way Kevin’s focus led to doubling revenue within six months * How Kevin went from maxing out his credit cards to a $1 million line of credit and 23% growth rate * What the maximum sustainable growth rate is for distribution companies and how Kevin challenged it * The importance of understanding where your financing comes from because you’ll just keep eating your float otherwise and grow right into bankruptcy * Why Kevin started with the end in mind when deciding the growth rate * Your P&L statement shouldn’t be a surprise to you * Why Kevin set out to capture the patients most underserved by hospitals and how this impacted his bottom line * How to achieve excellent profits through rentals * How vertical integration works, why more companies need to be focusing on that, and how incentive plans typically encourage horizontal integration and are missing big segments of the markets they already serve * The value in complementing vs competing and winning clients through good service rather than aggressive sales * What “flanking the enemy” means in marketing and how to pull it off with style * The false dichotomy of offense and defense and how it hurts your strategy * How knowing he was building to sell let him * The benefits of maximizing profits, paying down debt and investing in technology before you sell your company * Why, despite an intentionally designed and successfully executed sale, Kevin wishes he’d known more about the impact of culture, EOS, how to build value and exit planning * How building a business is like driving a manual transmission — you need to know when to push in the clutch

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: Kevin Trout is the former founder and owner of Grandview Medical Resources, Inc., a fast-growing and award-winning specialty medical equipment distributor to hospitals and healthcare providers. Kevin is now a Vistage Chair, where he leads four private peer-advisory boards and coaches, mentors and advises CEOs and business owners on strategic growth, leadership skills, and developing and retaining their top talent. He is also a past president and long-time board me

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Straight from the leading global expert, this episode is all about trust: how you get it, how you grow it and how you get it back if you lose it. And we do lose it, every day, unless we’re actively putting in effort to prevent the attrition. How you constantly and consistently show up for people — whether they’re employees, vendors or customers — is how they’ll trust you to show up, so ask yourself: what message are you sending? The big takeaway is that trust is the most important thing that makes the world go round. Trust is more important than capital. Capital comes after people trust one another. The most important thing you can do is to earn the trust of all your stakeholders. Growing the value of your business comes after earning the trust of others.

What You Will Learn In Today's Podcast Interview * Howhis 8 pillars of trust can solve every organizational or leadership issue * The practical metrics that help you build the skills required to build trust * How to engage with contrary viewpoints and start productive conversations * Coaching advice for employers and managers looking to improve engagement and results * What healthy coaching is and how to build a workplace culture that encourages it * How speaking his truth lost him a client temporarily but ultimately deepened the client’s trust in him for the long-term * The importance of accountability groups that operate as trust circles where you’re held to what you say and forced to examine your level of truthfulness * Three places you can find good advisors and how to evaluate if they’re a fit for you based on the number of touch points you share * The benefit of actively pursuing alternative points of view to increase your ability to build trust in others * Tips on building (and rebuilding) trust in any relationship * Why saying “I’m sorry” makes you a lying apologizer if you don’t follow-through on your new commitment (the real purpose of an apology)

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: David Horsager (MA, CSP, CPAE) is CEO of Trust Edge Leadership Institute and a global authority on helping leaders and organizations become the most trusted in their industry. He is the inventor of The Enterprise Trust Index™, director of the annual study The Trust Outlook™, and national bestselling author of The Trust Edge and Trusted Leader: 8 Pillars That Drive Results. With clients ranging from Fortune 100 companies to professional sports teams and global governments, David has taken the platform across the United States and on 6 continents.

Quotes: 08:12 - “The number one reason people want to work for an organization is trusted leaders.” – David Horsager

08:49 - “I believe nothing affects the bottom line more than trust. I believe trust is always the leading indicator.”

Trusted Leader: 8 Pillars That Drive Results

The Trust Edge: How Top Leaders Gain Faster Results, Deeper Relationships, and a Stronger Bottom Line

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How clear is your company’s BHAG? Are you the best person to run the day-to-day operations of your company? Today’s episode is a perspective shift as we speak to Ron Alvesteffer, the key employee behind massive culture and fiscal shifts at Service Express, who took the company from $2.8 million to $240 million. Ron highlights the importance of a clear BHAG and how it aligns the company’s strategic plan, financials and core values. He shares how trusting your staff to do the jobs you hired them to do and the impact training future owners, not just employees, has on your bottom line. This is not one to miss if you’re looking for a practical way to implement systems and processes that will bring a higher valuation and greater corporate culture to your enterprise. What You Will Learn In Today’s Podcast Interview * The importance of clarifying and executing on your BHAG (big hairy audacious goal) * How Service Express maintains double-digit growth almost every year * Why the mindset Ron had as the president and non-owner helped him focus on growing enterprise value * The importance of getting clear on what you want, where you’re going and what you’re willing to do to get there * How having his founder mentor him set the bar for Ron getting all of his staff to think like business owners * What Ron learned the first time they tried to exit the business * Why you should stop working hard in the business and instead work on it * What each round of private equity financing did (and didn’t do) for his business * Why the business chose not to bring in a strategic buyer or an operating partner when looking for growth opportunities * How to identify and categorize your needs as a seller so you can rate potential buyers * The value of understanding the size of your market opportunity, how you position against competitors, and getting clear on your strategy, plan and financial projects * What impact repeatable processes and systems without customer or location concentration has on valuation * How to grow your staff to be capable of the jobs you trust them with

Are You Growing The Value of Your Business

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On today’s show, we have David Hauser, former founder of Grasshopper — a virtual telephone service — which sold for $165 million in cash and $8M in stock to Citrix. David is a metric master and shares with us some of the marketing and operational strategies that enabled them to grow from zero to $30 million in 12 years. He breaks down how to leverage key metrics like client acquisition costs (CAC) and the lifetime value of a customer (LTV) to exponentially scale a business. We talk about goals, failures and opportunities met along the way as David became a serial entrepreneur and how his ability to keep his learning high and wide-lens helped him stay strong in new markets as an angel investor.

What You Will Learn In Today's Podcast Interview * Why David says running a good business is the most valuable — and value-building — thing you can do * The missing piece of advice when it’s time to sell your business * How to attract business just by acting with integrity and following through on what you say you’ll do * The value of doing each job yourself before you hire for the role * Why Grasshopper used paid marketing, how much they put into doing it and how they evaluated the outcome * The power of routine * How David achieved 30% of his business from referrals * The way David funded Grasshopper’s growth, the company he took from zero to 30 million, and sold after 12 years * Why you should see business profits as growth capital rather than income * What blended client acquisition costs (or CAC) are and how to evaluate their efficiency * The difference between marginal and total CPA * How much can (and should) you spend to catch up on churn * Our success metrics and how they fail us while still being what we have to strive for, plus what you can do about that

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: David Hauser is an American entrepreneur, speaker and angel investor. He is best known for co-founding the Grasshopper Group, a virtual telephone service acquired by Citrix Systems for $170 million in 2015. Hauser is a founding member of National Entrepreneurs' Day and has co-founded a number of tech companies, including Grasshopper, Chargify, Spreadable PopSurvey, Deck Foundry and others.

Quotes: 05:05 - “The reason it worked is we were solving our own problem.” – David Hauser

05:33 - “Before we hired anyone for anything, one or both of us did that job.” – David Hauser

08:10 - “The most value in selling a business just comes from operating a good business.” – David Hauser

09:50 - “How do I strip out the income I have to have to live and think about the rest as growth capital.” – David Hauser

11:10 - “I didn&rs

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On today’s show, we have Mike Smerklo, author of Mr. Monkey and Me: A Real Survival Guide for Entrepreneurs and co-founder of the VC firm Next Coast Ventures, which helps the best entrepreneurs in the world as they build disruptive businesses. The team at Next Coast Ventures has raised over $7 billion in capital and created exit values of over $30 billion. He’ll share the mindset that brought him success, how he gained it and what he learned along the way. I’m excited to have him on the show because most people think what he’s accomplished is out of reach, and that’s just not the case. We’ll do a deep dive into the mechanics of his three rounds of financing so you can see just how doable it is. Listen for tips on managing and treating customers, the benefits of going IPO and how to get your team on board, and why he’d never make a deal without tying equity to both sides of the table. Mike has achieved 40% year-over-year, so this is an episode you don’t want to miss.

My big takeaway from this episode is, even someone as successful as Mike (with all of his achievements), the fact that he still second-guesses his success is proof that we’re all human. You should recognize that the things that you intentionally accomplish over time is well deserved. A really clear plan will help dissolve that impostor syndrome. Education is another thing that will help dismiss and get rid of impostor syndrome and will ensure that you’re living and working intentionally.

What You Will Learn In Today's Podcast Interview * Mike’s background and story * How poorly a “must be nice” mindset serves you and how to break out of that head space. * Why Mike hates the phrase “fake it ‘til you make it” and what he believes people should do instead. * Not all experts are the type of expert you need and you have to be able to identify what specific expertise you’re looking for. * The incredible value in having a coach, no matter what stage you’re at. * Why he chose the search fund model over all the others. * How his company managed the ups and downs of the tech market, including the ways he had to raise cash during the downturn of 2008. * When you should tie equity to performance on both sides of the deal table. * The pragmatic way of looking at sprucing up your business and how it compares to renovating a house. * The benefits of having a “maniacal focus” on customers. * Mike’s three questions for evaluating how well you’re treating your customers. * Why your executive team needs to stand up for what they’re talking about and how that gets reflected in your company. * How Mike and his team determined to go IPO and gained consensus.

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: Mike Smerklo is an experienced entrepreneur, investor and business leader driven by the desire to turn ideas into reality. Having bought and scaled a small business into a publicly traded company worth nearly a billion dollars in value, he has a deep understanding

Mr. Monkey and Me: A Real Survival Guide for Entrepreneurs

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Not every entrepreneur’s journey ends with them running a unicorn. Scratch that. Most don’t. On today’s show, Sandra Shpilberg and I talk about alternative funding to venture capital, switching from a service-based business model to a SaaS, as well as a host of great examples of how to make your niche work for you to achieve the entrepreneurial dream—all while making a compelling argument for entrepreneurs to foster a beginner’s mindset at all stages of your career. Tune in for a lesson in unconventional funding and the impact being intentional about how you raise funds has on the long-term.

What You Will Learn In Today's Podcast Interview * The three questions VC firms ask let Sandra know they weren’t going to be a good fit for her. * How differentiating her business in the market and going after niches her competitors deemed too dangerous brought her success. * What pushed her from a service to a software business and her unique take on the SaaS market. * Why Sandra chased recurring revenue rather than VC funding and the success she found doing a deep dive into her niche. * What the beginner’s mindset is, from Sandra’s book New Startup Mindset, and why it’s better than the mindset that you’re an expert since this often means you’re set in your ways. * The impact of over-confidence is underestimated and why you should stay humble. * How an executive coach helped Sandra think through the impact of two out-of-the-blue offers and what she wanted her exit to look like. * Customers can become more like partners as you grow, and the value of doing this for both parties. * Why Sandra has no seller’s remorse, despite selling early, especially in light of the pandemic. * The VC formula and the rarity of seeing the success it sells you.

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: Sandra Shpilberg is the cofounder and CEO of a KOL discovery and management platform called Adnexi. Their mission is to accelerate drug development in order to benefit patients. This is her second startup after selling her first startup. In addition to being an entrepreneur, she is also the author of the bestselling and award-winning book New Startup Mindset: 10 Mindset Shifts to Build the Company of Your Dreams.

Quotes: 05:57 - “It began as a service. Then very quickly I realized that was just the beginning of the product-market fit for this particular need and there was more that our company could and needed to provide.” – Sandra Shpilberg

11:40 -“My customers are paying for a product that works.” – Sandra Shpilberg

13:25 - “Here’s a white man, he had to go to 70 meetings to get two. How many meetings do I have to go to?” “Instead of going to 140 meetings with venture capitalists, I’d rather go to 140 customer meetings because those customers are likel

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Day traders and entrepreneurs have more in common that you might think. Maceo Jourdan and I take a deep dive into how market trends control both, and what lets the smart entrepreneur and trader know when to get in . . . and when to get the heck out as well. We’ll even go into how a mistake cost him $8 million and what you can do to avoid a similar fate. This episode is for you if you’re looking to be more market-savvy and find the right trend to hitch your wagon to.

What You Will Learn In Today's Podcast Interview * What entrepreneurs can learn from day traders (and what that means for your bottom line). * The incredible value of data and how to apply it successfully to your business for growth. * How entrepreneurs kill the value of their companies by not understanding true value. * Why Maceo waited to jump into the financial world and started a newsletter first. * Wal-Mart’s profit model and how it can work for anyone able to work on a larger scale. * Why you should look at trends first and capital efficiency second. * The importance of building in a buffer when making important decisions in emotional circumstances. * How Maceo recovered from a mistake that cost him $8 million. * Where to find small, concentrated pockets of value to capitalize on. * The effect the internet has had on market trends and value. * Why day traders understand business valuations better than first time entrepreneurs. * How Maceo grew a company from a $25,000 loan to $50 million in revenue. * The cost of being unaware that you’re running a job, not a company, and what to do about it. * Why Maceo says your business is not your baby.

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: Maceo Jourdan is a master day trader who uses his intimate knowledge of market trends—and how to predict them—to build better businesses and better entrepreneurs. He’s on the board of directors for Retire3 Media and cofounder of Canexxia, a company committed to acquiring in the home health care and hospice industries to execute on a buy-and-build strategy to improve quality of care and ease of access.

Quotes: 08:17 - “What traders intimately know that entrepreneurs don’t is value.” – Maceo Jourdan

14:56 - “The biggest risk as an entrepreneur is that you’re going to sell something and you’re not going to have enough buyers to relieve you of all of your inventory.” – Maceo Jourdan

18:41 - “Your solution is running to obsolescence.” – Maceo Jourdan

20:19 - “You can eat a lot off of a million contracts, but it’s going to end.” – Maceo Jourdan

20:30 - “Entrepreneurs don’t really dig down from this huge space that’s their market into a pocket of value.” – Maceo Jourdan

21:09 -

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The tradeshow industry was one of the hardest-hit in 2020 and while 30% of companies managed to take full advantage of unstable markets, 30% scraped bottom or worse. Rising from the bottom third, Mark Johnson ended the year with more cash than he started. Listen in to hear how he accomplished remarkable pivots to keep the entrepreneurial dream alive while safeguarding his clients during some of the most volatile times in recent US-history.

Our conversations focuses on the fourth principle that we cover in our Intentional Growth Course: strategic planning. When Mark and his company found themselves in a bind because of what COVID did to their niche market, they didn’t just roll over. They decided to pivot. Today Mark talks about how he did it (and the steps to how that led them to become an even bigger business), why and how building an intentional business has led them to even bigger success, and how to identify markets that align with your business’s niche and values so you can do the same thing.

What You Will Learn In Today's Podcast Interview * What improv and leadership have in common. * Mark’s core business philosophy of being “fast, flexible and fun” and what that drives in his culture and growth. * Being arrogant and having a big ego can cause you to miss market trends and opportunities. * How Mark and Star Exhibit recovered from the sudden death of his 37-year-old partner Tom. * The devastating impact 2020 had on the tradeshow industry. * Why Star Exhibit ignored going into the PPE industry when making pivoting choices during the pandemic. * How Mark created a culture that enabled one of his front-line employees to take an idea all the way to the NHL. * The importance of picking up on market trends and how to identify emerging markets that align with your company’s resources. * How his company pivoted into pop-up office spaces to solve the need for isolated work areas that are separate of the distractions of home life. * Why building an intentional business allowed flexible thinking and quick decisions when time was of the essence. * Diving into the “Blue Ocean” annually is beneficial for your business, not just your blood pressure. Mark shares the importance of updating business plans each year to keep alignment and ROI high. * How Star Exhibit climbed back from two employees. * The value of human-centric design in fulfilling market demands (and when you might pass on an opportunity that doesn’t fit).

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: Mark Johnson is the CEO and founder of Star Exhibits, a strategic face-to-face marketing solutions company as well as CEO and founder at myBackyardStudio, which offers attractive and affordable space options addressing the need to do more from home. His passion to deliver human-centric solutions spills over from his for-profit endeavors as he is known for taking an active part in ensuring the safety and security of his clients. Mark has served on the board of international and national industry associations, as well as multiple non-profits.

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Hitting on all cylinders requires focus and intention. Terri Soutor, CEO of FastBridge, recognized that early on and chose dedicated partners who had a great idea and, through amazing service, could deliver high value to their target clients. This approach scaled their SaaS-based business 10x over four years, without having to raise outside capital, before ultimately selling to the perfect strategic buyer. Terri shares the strategies behind their exponential growth and what they did to maintain their mission, vision and values along the entrepreneurial journey.

What You Will Learn In Today's Podcast Interview * How the University of Minnesota’s Venture Center helped fund and launch Terri's EdTech startup, FastBridge. * The differences between academics and business, why it’s hard to commercialize ideas and research, and how FastBridge solved this problem. * What FastBridge did to market and monetize their research. * Strategies to increase up-front payments from clients to fund company growth. * What FastBridge did to bootstrap their growth from 0 to 10 million dollars within 4 years. * How FastBridge maintained 70-80% margins without sacrificing their high-quality service. * Why knowing your ‘magic number’ way before an exit is crucial. * How to stay true to the original vision of your business while getting ready to exit. * Terri’s definition of managed growth and how it applies to any industry. * What Terri and her partners did to correct dissonance when things became less ‘fun’ and different priorities started competing for resources.

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: Terri Soutor is a talented C-suite leader and strategist skilled at building and growing SaaS companies.She took FastBridge Learning from zero to 10 million USD in a four-year span, earning it the rank of second fastest-growing private company in the Twin Cities. Because of her efforts in her field, Terri made the list of The Real Power 50 by Minnesota Business and received the Titan of Technology award from the Minneapolis / St. Paul business journal. She is still dedicated to her original mission of improving teaching and learning in schools through effective, evidence-based innovations in education.

Quotes: 22:20 - “But at the end of the day, the research basis and the quality of the product was what was fundamental to the go to market.” – Terri Soutor

31:20 - “We grew really fast. How do we make sure that we weren’t getting out over our skis? So there was a constant rebalancing that I was doing in terms of how we were investing the dollars that we were earning through sales.” – Terri Soutor

35:55 - “We were very intentional of our mission, our goals, and our values.” – Terri Soutor

36:08 - “Before we talked about anything around the business, we talked about mission, purpose, and values and what kind of business we wanted to build

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Daniel Marcos, Co-Founder of Growth Institute, talks about what drove him to write ImpactX, a book about the four stages of a business, and how the age-old metric of revenue per employee can be the best indicator of the overall health of your company. However, he also found limits on the number of employees you should have for each stage if you want to avoid some seriously adverse effects. Find out why Daniel says 12 is the perfect number of employees for "profit and drama" and why you should jump from 12 to 60 if you want to have an industry-dominating business.

What You Will Learn In Today's Podcast Interview * The * The magic number of employees that brings the perfect balance of cash flow and drama * How three phone calls led to one of the fastest-growing coaching businesses in the world. * Daniel’s incredibly interesting founder story, including one of his favorite early successes of how his online trading business was acquired within six months by Argentina's then-largest financial player. * How Daniel paid off $1 million in debt and started his coaching business. * Why Daniel partnered with Verne Hardish (founder of EO and Scaling Up) to create Growth Institute. * The four stages of every business, from his book ImpactX. * How to assess and use the metric of revenue per employe * Why the complexity of a business exponentially grows as employee count grows and what you can do to manage the challenges. * The importance of creating space to think as an owner. * How to create systems that make ‘everything float’ and why this is a double-edged sword if you’re not ready for it.

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: Daniel Marcos is CEO and Co-Founder, alongside Verne Harnish, of Growth Institute, the leading online executive education company for C-level executives at fast-growing firms. In less than a decade, Growth Institute has been recognized among the top 5,000 fastest-growing companies in the USA, with over 40,000 members across 64 countries. Daniel is a keynote speaker and a CEO Coach, with a mission to help one million entrepreneurs scale their impact and reduce drama in the process.

Quotes: 17:42 - “The biggest mistake we make as entrepreneurs is that we believe our business and ourselves are the same thing. So if your business is a failure, we believe that we are a failure.” - Daniel Marcos

30:28 – “No one really teaches you how to be a CO.” – Daniel Marcos

36:32 – “The average mid-market business in the US does an average of $120,000 in revenue per employee, per year.” – Daniel Marcos

47:35 – “Scaling up makes everything float, and some stuff stinks.” – Daniel Marcos

49:20 - “Business is made out of people and people are messy.&

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By focusing on the right metrics, like cash flow and enterprise value, and combining these with the right strategies and use of capital, Kevin McArdle was able to quit corporate America and buy a couple of small online businesses that he snowballed into a portfolio of 38 highly profitable SaaS companies doing eight figures in revenue. Tune in to hear how he did it and what Kevin and SureSwift Capital are doing to take their growth to the next level.

What You Will Learn In Today's Podcast Interview * Why Kevin left corporate America to start acquiring businesses. * SureSwift Capital’s unique business model that flies in the face of traditional private equity firms. * How SureSwift Capital went from buying $50k websites to multi-million-dollar businesses. * Why Kevin and his partners decided not to raise money for a fund — at least with the first 38 companies — and why they’re raising funds now. * How Kevin finds SaaS companies to buy that are highly profitable, inherently more risky and highly scalable. * The best ways to use the profits of a company to fund organic growth and acquisition. * Why acquisitions are a team sport. * How to buy a business and get your money back in 24 months. * Why the smartest entrepreneurs make it their job to replace themselves. * How SureSwift Capital creates more valuable companies after they make an acquisition. * Questions to ask if you are talking to private equity or another professional business buyer. * How information asymmetry impacts the deal negotiation.

Are You Growing The Value of Your Business? Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board. * Are you company's current initiatives intentionally designed to increase the value of the business? * Do you know what you want from your business long term and why? * Do you know what your company is worth? * Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers? * Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: Kevin McArdle is the co-founder and CEO of SureSwift Capital, which acquires SaaS businesses from independent founders and takes them to the next stage of growth. They acquired 38 businesses within five years and recently completed the raise of their first private equity fund for their next investment.

Kevin’s passion for personal relationships and driving business results are at the heart of SureSwift’s impressive growth to date. Prior to founding SureSwift, Kevin was a Vice President at Cerner Corporation, a global Healthcare IT firm. In his 15-year tenure at Cerner, Kevin held positions in sales, sales leadership, operations, general management, and client management, eventually becoming one of the youngest Vice Presidents in the company’s 35 year history.

Quotes: 11:15 - “We’re buying businesses that are inherently riskier than a brick-and-mortar business. There are no assets to be auctioned off.” – Kevin McArdle

12:22 - “Buy-and-hold is a strategy for us, it’s not a religion.” – Kevin McArdle

19:04 - “Being burned once or twice are always good lessons. Making mistakes are always good lessons. Working has really taught me more than just sitting in a classroom and learning about business.” – Kevin McArdle

23:30 - “There’s this odd segm

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Today's M&A game isn't played by timid people—it’s a dog-eat-dog world out there and you need to know what it takes to thrive. Enter Elliott Holland. On today's show, we talk strategy when competing in the barbaric sport of buying and selling businesses. Learn what makes different investors invest, what they’re looking for in deal terms and how to expertly share the risk during negotiations. This episode is an absolute must for any business owner looking for funding or considering becoming an investor or buyer themselves.

What You Will Learn In Today's Podcast Interview * How buyers think about the risk of a company. * The crucial role trust plays in closing a deal. * The difference between a buyer-centric structure and a deal-centric structure. * What happens after an LOI (letter of intent). * Why being light and humble about predicting future cash flow can be a good thing. * How buyers assess a seller’s determination to closing the deal. * The biggest ‘gotchas’ sellers should look out for. * How buyers handle risk through price and terms. * The difference between deal breakers and surprises. * Why Elliott calls the purchase price the ‘country club’ number and how you can overcome it. * The three different types of concentrations to be aware of (vendor, employee and customer) that can reduce the value of a company. * How working capital plays into closing the deal. * The benefits of sharing risk with the person across the table, rather than making them your enemy.

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: Elliott Holland has more than 10 years of experience executing middle market deals as an entrepreneur, spending his own money on diligence. He fully understands the challenges in executing good deals and avoiding lemons. He trained at Harvard Business School and spent almost a decade as an independent sponsor and business buyer before starting Guardian Due Diligence.

The firms he has worked for have completed billions of dollars in transactions and have successfully bought and scaled over 57 private, primarily owner-operated businesses. Elliott has experience on both sides of the table—on the entrepreneurial side raising capital and the investor side spending it wisely. He is one of the few deal guys with deep experience doing both, which allows him to better think through complex buyer-seller issues.

Elliott also holds a Bachelor of Science in Mechanical Engineering from the Georgia Institute of Technology, a Bachelor of Science from Morehouse College, where he was Phi Beta Kappa, and an MBA from the Harvard Business School.

Quo

Buyout: The Insider's Guide to Buying Your Own Company

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Having a dream and hustling are not always enough to reach your full potential—capital is required to fuel that growth! Sarah Dusek shares how she raised $17 million for a minority stake in her industry-pioneering 'Glamping' company, Under Canvas. She sold it only a few years later to Private Equity for a hefty ROI. Now Sarah wants to change the investment landscape for women entrepreneurs, who receive only 2% of all available funding each year in the US. To help fix this problem, Sarah became a venture capitalist to provide women and entrepreneurs in South Africa access to these funds. Here’s her story, and how she is using business and capital to make an impact on the world.

What You Will Learn In Today's Podcast Interview * The truth behind why it’s so hard to access capital and break into “the club.” * How turning down $7 million got Sarah $17 million instead. * The value of really knowing the business you’re in and understanding what’s valuable to someone else when deciding to sell. * Why, despite being pioneers in the industry and building their own tents, Under Canvas chose not to sell the tents they made as a new revenue stream. * How anger drove Sarah to becoming a venture capitalist and the success she’s seen investing in the underserved market she came from. * What metrics people need to know when working with business buyers and investors to make your business an appealing investment as well as a sustainable operation. * The broken environment of capital allocation, including the fact that only 2% of venture capital is given to women each year in the US — and what Sarah’s doing to change that. * How to evaluate the type of capital you’re receiving, as well as the source, to see if it’s a match for you. * Selling your company doesn’t mean the end of all things. Capital (from the sale) allows you to “dream another dream” and solve another problem.

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: Sarah is Co-Founder of Under Canvas, the leading US adventure-hospitality company that offers luxurious glamping accommodations just minutes from America’s most popular and iconic national parks. In 2017, under Sarah’s leadership, Under Canvas received a spot on the coveted Inc. 5000 list and Sarah was named to the EY Entrepreneurial Winning Women list from Ernst & Young.

Under Canvas has set an unprecedented standard in ecological development while also redefining experiential hospitality in a meaningful way. She later sold it in order to launch the next great mission of her life: to help grow scalable, sustainable businesses that have the power to transform

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On today’s show, Gail Golden, MBA, Ph.D. and author of "Curating Your Life", and I, get into a discussion about energy management versus time management, and why there is no such thing as work-life balance. Knowing we have 168 hours in which to live our lives each week, this episode focuses less on the fallacy of “making more time” and instead reframes the conversation around how you choose to spend that time, why you should embrace mediocrity in the things that don’t serve you and how to cut to the quick of long-term goal planning through three basic questions:

1.) Are you having fun and enjoying what you’re doing?
2.) Are you making the impact you want?
3.) Are you creating more wealth and value in your business?

After this episode, you’ll be able to start the process of identifying what you eventually want out of your business and your life, re-curating your current situation, identifying how you should spend your time, and how to intentionally create the business and the life that you want. Through the practical exercises she has for you as well as her no-nonsense attitude, you will be able to start this journey of professional (and personal) self-discovery, which will lead you to a more intentional life.

The most important takeaway from this episode is the fact that how you spend your time will directly impact what you get from your business and your life.

What You Will Learn In Today's Podcast Interview * Why Gail says work-life balance is a fallacy and time management is a bullshit concept. * When to embrace mediocrity for mastery elsewhere. * The ways your energy could be better spent, using a simple stove metaphor. * How to say no without offending people. * The three questions everyone needs to ask themselves before making drastic changes. * How to recognize it’s time to adjust your exhibit and update what your statement pieces to say about you, your beliefs and values, and your legacy. * When you should feel shame versus guilt and how to kindly tell yourself to let it go (or grow up). * The purpose in taking breaks and embracing the rejuvenating powers of downtime to keep your energy high for the tasks that matter most to you. * What you could do with 10 employees you can’t with 1,000, therefore you need to adjust your approach and learn to farm out some of your hats. * Why “you can do anything if you want it badly enough” is a destructive myth and what a healthier approach is to goal fulfillment.

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: Gail Golden, MBA, Ph.D., helps leaders hit peak performance by drawing on her unique background as a licensed psychologist and an MBA-holding entrepreneur. She is the Principal of Gail Golden Consulting, an int

Curating Your Life: Ending the Struggle for Work-Life Balance

The Power of Full Engagement: Managing Energy, Not Time, Is the Key to High Performance and Personal Renewal

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On today’s show, I’m talking with Anese Cavanaugh. Anese created the IEP (Intentional Energetic Presence) methodology on how you show up, being intentional, the way you take care of yourself. She also created a company out of her ideal beautiful job (Active Choices Incorporated; better known as IEP methodology) and has written two books, Contagious Culture, and Contagious You. In this episode, we’re talking about how you can reenergize your leadership energy by building a healthy, happy, contagious culture within your business.

The most important takeaway from this episode is the importance of culture in your work environment. Leadership and the culture are two critical components that make it fun for your team to do the hard work they have to do. People are what it takes. It starts with you and how (or if) you’re showing up. What do you want your impact to be? Once you start to name your assumptions, you start to realize they're only assumptions and they're probably not fully real. And there's things that you can get curious about.

What You Will Learn In Today's Podcast Interview * How recognizing that you’re part of the problem gives you back your power. * Why you need to take better care of your energy. * What the IEP Method® (Intentional Energetic Presence®) is and the vital role it plays in your business. * When burnout isn’t about your financial asset, but the role you play in it. * How writing out her ideal job description and crafting her intentions inspired Anese to start her first company. * Who is responsible for creating the culture in your business and how you can improve it. * If you take care of your people and are being intentional about your impact, the money takes care of itself. (or: Money follows if you treat your people right and are intentional about your impact.) * How to identify the lowest vibration in the room and the best way to deal with these people—even if it’s you. * It’s better to be clear and clean about your intentions because people can pick up on the energy behind your ask and react poorly to feeling manipulated. * When and how you can “reboot your presence” in the moment for better outcomes. * What “energetic hygiene” means, how it affects you even when you aren’t consciously managing your energy and what you can realistically do to improve it. * The impact of letting employees linger on in the business longer than they should, from what it says to your other staff to the resources you’ll waste even months after you release them. * Why direct engagement agreements can save team morale and solve issues before they fester. * Anese’s Five Magic Questions that show your intentionality, the way you're taking care of yourself, the way you're showing up, your level of presence and the culture you're creating: + Are you having the impact you want to have? + Do you feel the way you want to feel? + Do people follow you because they want to or because they have to? Do people work with you or stay married to you because they want to or because they have to? + What kind of a culture are you personally creating? + Are you living in alignment with your core values?

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the d

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On today’s show, I have the co-founder of FeedbackPanda and author of Zero to Sold: How to Run, Start, and Sell a Bootstrapped Business, Arvid Kahl. Arvid and I talk about how he was able to build FeedbackPanda from scratch to $55,000 MRR with only two employees, all within 24 months. We dive into what it means to manage versus own your business, which leads us to something that was discussed in the last episode with my partner Pat Hobby: Annual income versus long term value creation. My favorite moment was Arvid's answer to the question: Why did you decide to sell?

The most important takeaway from this episode is to know the difference between your management role versus your ownership and to know the value of your business. If you want to dive into the concept of long term value creation, it all starts with understanding business valuations so you can create more value in the direction that you want. You can learn more about that in our digital course.

What You Will Learn In Today's Podcast Interview * How Arvid spotted a problem in the market and why he built software to solve it * How FeedbackPanda was able to grow to $55,000 in MRR with only two people. * What B2BC (Business to Business Customer Sales or Prosumers) is and why it’s a great market to sell to. * The best way to build a business that is marketed by word-of-mouth within your client’s communities. * The best ways to replace yourself in your company to resolve burnout and keep your options open. * How to get your company noticed by potential investors and strategic buyers. * How Arvid and Danielle structured the sale of their company after educating themselves about the particulars so their main mission would continue with the next owner. * The importance of doing both sides of due diligence—while you’re going through your own skeletons, you should be looking for your buyer’s. * How goals impact your drive and ability to be receptive to new opportunities for growth. * What founder bias is, why we’re prone to it and how it plays a role in how you choose to manage your business. * The consequences of not fully understanding the differences between annual income and long-term value creation and what Arvid would do now if he could go back.

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are your company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Guest: Arvid is a German writer and entrepreneur set on using his documentation software engineering skills to help business owners automate processes where possible to free up valuable time. Inspired by a work problem his wife, Danielle Simpson, was having, Arvid created a software program that addressed the specific issue she was facing in her online teaching role. Realizing this solution would be useful to more people in Danielle’s field, they bootstrapped FeedbackPanda (an EdTech software-as-a-service company) to improve the work experience for virtual teachers. Ten years later, they successfully sold to a private equity firm that would follow the mission established in the beginning: To genuinely help as many people as possible.

Zero to Sold: How to Start, Run, and Sell a Bootstrapped Business

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Many business owners and entrepreneurs want to know how much money they can pull out of the business (and how little they can pay in taxes!) each year. This strategy can make sense... however, what if you’re walking over dollars to pick up pennies? Today’s episode is all about how to shift your mindset away from solving for annual income to focusing on growing the long-term value of a business.

What You Will Learn In Today's Podcast Interview * The difference between annual income and long-term value creation mindsets. * How to weigh short-term decisions to pull cash out of the business vs. reinvesting to grow its enterprise value. * The benefits of regularly tracking normalized EBITDA and how that helps keep your mindset focused on long-term value growth. * How to use the financials to forecast the value of a business. * Why higher net income and more revenue aren’t always the top metrics for measuring value creation. * How your mindset impacts where you spend your time, money and energy. * What the J-curve is and how to use it like a private equity firm to create a more valuable business. * How to use your business’s financials to tell the past and future stories of your company. * What to do with your “extra” money every year. * Why creating a sustainable, predictable and transferable cash flow gives you the freedom of more choices. * How your why (ultimate purpose) influences your pain points and drive. * The importance of crafting a narrative that frames your financials to a buyer. * How to tap into the financial value of your business without selling out.

Are You Growing The Value of Your Business Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Podcast Summary "How much can I pull out of the business this year?"

"What are ways to pay as little in taxes as possible?"

Do these questions sound familiar?

There is nothing wrong with maximizing your take-home dollars from your company. However, what if you are stunting the long-term value of your business and, therefore, limiting the number of choices you'll have with it down the road?

Having choices is another way of saying freedom. Choices are a result of having a valuable business with sustainable, predictable and transferable cash flow. Making the right decisions comes from understanding what you ultimately want from the business (and why) and what all your choices are. .

If you’re currently solving for annual income (salary, perks and distributions) rather than focusing on creating a more valuable business, you’re potentially trapped in a mindset that is limiting the future options you have with the business.

In this episode, Pat and I discuss how to compensate yourself properly from your business while also reinvesting in strategies that increase the value of potentially the largest financial asset you own (your business).

It’s crucial to understand the very real tug-of-war between the desire—or need—to take most of the distributions out of the business and the one to reinvest that cash back into the business.

Pat and I break down what creates value and how to measure and forecast that value (and net proceeds) into the future of a business, all without selling.

We believe this clarity can help shift an owner’s

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This is Part 2 of a 2-part series with Saud Juman, who last week shared his sensational journey on becoming intentional. This week, we talk brass tacks about pivoting his business model, exponentially growing into a multi-national company and his eventual exit to private equity—all while staying true to his original vision and ‘why’.

What You Will Learn In Today's Podcast Interview * What forced Saud to pivot PolicyMedical's business model and why those changes enabled exponential growth. * How to identify the real problem your clients are trying to solve. * Why finding and catering to the right clients and customers is important. * How to involve your clients in your marketing and service offering development. * How to turn your company into a revenue-generating engine. * The cost of complacency as an entrepreneur and the impact it has on the business. * Why hospitals in the US sign up with accreditation agencies, what is involved and how it impacts business. * The impact meditation has on focus and staying true to your ‘why’. * Why mentors matter, Saud’s formula for finding mentors and what makes a good mentee. * The value in face-to-face contact as a vendor and what questions to ask to strengthen your ties. * How to turn clients into raving fans that will go to bat for your company. * Why your exit number can be a date and not a dollar value. * How to use your personal ‘why’ when vetting potential buyers.

Are You Growing The Value of Your Business

Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Podcast Summary:

In the second half of this two-part interview, we’re going to cover how Saud started PolicyMedical, pivoted the business after it hit a wall, and what he did to explode their growth.

Saud grew PolicyMedical into a multi-national business that developed numerous hospital data management systems trusted by over 3,000 healthcare organizations. He shares the tactical strategies implemented to enable this exponential growth while also staying true to his ‘why’ and the impact he wanted to have on the world.

Saud gives expert advice about turning customers into raving fans that generate value for your company that you didn’t pay for by addressing the cost of complacency (or 'what happens when you stop paying attention to what your customers really need').

His own journey to learn what his clients wanted involved a huge road trip, at the advice of his mentor, that ended up accelerating his growth in ways marketing hadn’t.He also gives some great advice about finding a mentor and what it means to be a good mentee.

Saud’s episode is a lesson in intentionality and how planning can help keep your focus on the big picture while allowing your business to be flexible to changes that happen without warning. Knowing who you are, what you want, and what strategies you need to employ to get you there is essential for success.

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On today’s show, Saud Juman shares why having a gun pulled on him when he was a nightclub owner in Toronto, Canada, caused him to exit the industry, meditate for 10 months, and start a tech healthcare company called PolicyMedical, Inc. that grew to nine figures and eventually sold to Private Equity.

What You Will Learn In Today's Podcast Interview * How Saud owned his exit from the nightclub scene after having a gun put in his face. * Why Saud started a successful tech healthcare company after 10 months of meditation. * Why you should proactively change before some big event happens. * How to align your ultimate vision for your life with the one you have for your business. * How to recognize the signs that you’re in a “pit” and need to make some changes. * The importance of taking time to listen instead of constantly consuming. * How meditation can help you get clear on your vision. * Why you need to understand your drivers (your “why”) before you build a business. * Why it takes rigor and discipline to be able to hear yourself and take action on what is most important to you. * Why negative emotions like shame can spur positive change. * How to keep true to your long-term goals while making tactical short-term decisions. * Why you should stop and critically assess how each business decision is getting closer to or further from your ultimate goals.

Are You Growing The Value of Your Business

Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Podcast Summary We have quite a treat for you today. In this episode, I’m talking with Saud Juman as he takes us from his first venture in university to transitioning into the nightlife in downtown Toronto, Canada. He details the experiences he had which caused him to reconsider how he was living his life and operating his business, thereby instigating the change that would eventually bring him his greatest success yet—PolicyMedical.

I broke this episode into a two-part series because I think Saud’s story does a great job highlighting why it’s absolutely crucial to understand who you are, what you want from your business and life, and why, before you build your strategic plan to grow and exit the business.

In this episode, Saud and I focus on the story that helped him get clear on his why. The big takeaway from this first part of the series is to listen to yourself first. As Saud puts it, you “own your exit” by knowing your 'why' and putting pen to paper describing what you want before you implement a strategic plan to grow value.

It’s that focus that allows you to clear obstacles from your path as you execute on the strategies that get you to your goals. It takes rigor and discipline to maintain this focus and to really listen to your thoughts.

There’s nothing more eye opening to make you realize what matters to you in life than an unforeseen event that changes your situation and limits your choices. The key is to have a valuable business that gives you the chance to pivot when necessary, no matter what gets thrown at you or when.

About the Guest:

Saud Juman loves basketball and business. At a young age, his mother encouraged him to get out and form his own league so he could follow his passion. After that, there was no stopping him.Saud created such a successful business in university that he had

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Are you mentally prepared to do everything in your power to clarify your vision and execute on that vision, no matter how uncomfortable it makes you or how many times you fail? Nick Bradley, who has sold 22 businesses for more than $5.2 billion in his lifetime (and the last for 14x profit in 2017), shares what helped him create the 6 Peaks of Value Creation and the results he’s seen when you combine mindset with execution.

What you will learn in today's Podcast Interview * The Venn diagram of entrepreneurial skills for optimizing growth. * What percentage of EBITDA you should reinvest to increase enterprise value. * The 6 Peaks of Value Creation you should be using to create success. * The importance of addressing long-term goals in your business’s financials, including where you’re getting your financing from. * How empathy helps you drive a growth culture (the way you'd rather have a doctor with a good bedside manner than one without). * How your true wants influence not only your decision making but also the eventual options you have to transition or exit the business, and the importance of alignment. * Why you should put the effort in to solve for root issues and not just address symptoms. * If you want 10-15 million from the sale of your company, you’ll need to achieve a valuation in the 10s of millions . . . are you on the right growth path? * Leadership starts with you and if you’re not leading yourself to grow, what results can you expect to see in your business? * The impact discipline has on freedom, creativity, and—ultimately—success.

Are You Growing The Value of Your Business

Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Podcast Summary: Nick Bradley shares on today’s podcast how to get into the right mindset, scale up your business and optimize for value growth. Nick shares his 6 Peaks of Value Creation with us and details how acting with intention and discipline leads to more freedom and success than you’ve seen before.

Purpose – Understanding where you want to go and knowing your options, and why this matters to you.
Profit – Have a safety net and flexibility to invest. Understand where profitability is going to come from.
Proposition – Value proposition, not just a product or service. Ultimately the culmination of a product (or service) ecosystem and the experience your client or customer has.
Predictability – Predictable business. All top-performing businesses have a steady flow of the right customers coming in and driving recurring revenue.
Process – Where and how consistently you use technology, data, insight, and even your mission. The handoff between processes needs to be really clear.
People – Right people, right seats. Look after them, treat with respect, and have the correct compensation structure for performance. This is all about culture.

Whether you’re the financial or operations person, this podcast shows the value of learning the other side. The optimal entrepreneur has an understanding of both, allowing them to create value, wealth, and freedom. If you understand how things work, how to get where you want to go, and how to align things to make it happen, you’ll find the success you set out to achieve on day one.

If you live i

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Today’s episode is all about designing the most effective executive compensation structures while avoiding the most common mistakes. Craig shares how to come up with the perfect formula (designed off the financials and not some insurance product) that rewards employees in the short- and long-term, increases the value of your company, and pays for itself.

What You Will Learn In Today's Podcast Interview

What phantom stock or stock appreciation rights (SAR) plans are and how to make them work for you.
How to transform employees into growth partners.
Why it’s important to discover your employees’ ideal compensation structure.
The benefits of using long-term planning when looking at appreciation awards and why normalized EBITDA is often the best evaluation metric.
How to transaction-proof (plan for both a transaction OR keeping the business) your compensation plans.
The strength of an abundance mindset over a scarcity mindset.
How to account for phantom stock liability and protect all parties, as well as learn the difference between funded and naked liability.
The value of communication and transparency during planning to draw in the most qualified people who will help you smash through your ceiling.
How to build and sustain a high-performing culture while getting your executives to pay for themselves.
The most common valuation metric for compensation plans is EBITDA x multiple - debt + cash.

Are You Growing The Value of Your Business

Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Podcast Summary

Today’s episode is all about designing the most effective executive compensation structures and how you, as a business owner, can come up with the perfect formula that rewards employees in both the short- and long-term, increases the value of your company, and pays for itself.

Craig Rutledge, alongside his company VisionLink, has been designing executive compensation plans for over two decades. He details multiple ways you can reward top performers with (phantom) equity that vests over time, based on the growth in the value of the business.

Not only will Craig’s examples highlight the incredible benefits to your business of awarding short- and long-term achievement, he’ll also talk about the potential pitfalls equity-based compensation plans open you up to, as well as how to protect yourself from them.

The right exec comp packages will not:

Award equity without increasing company value
Vest too fast

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Kent took a company from $800 million to $1.8 billion in 30 months, exited, and then lost everything. He became depressed and spent a few years reinventing himself before finding his passion in real estate and entrepreneurship. Through Kent's incredible and raw story about realizing time is the most valuable asset he could ever have, you'll see how becoming intentional and scaling and growing your business the right way leads not just to success, but fulfillment.

What You Will Learn In Today's Podcast Interview

Rock-bottom isn’t a final destination—bouncing back is hard work, but you can build something better if you take your wake-up call to heart.
The difference between creating value and creating income.
Whether you own a job or a business, what the difference is, and the dangers of becoming trapped in it.
The ways data helps your bottom line and the power that comes from giving people what they want.
Why micromanaging good employees will actually push them away.
How common advice that keeps your aspirations low comes from dream-stealers who don’t know how to achieve their own goals—and what advice you should listen to instead. Don’t get conned into believing you have no control!
Why you should scale your business to be sustainable without you at the helm.
How to recognize the impact of your driving factors and assess if they’re working for you.
Why you should hire people who challenge you and are smarter than you.
How selling a company is like getting divorced from hundreds of people, all at once.
If you pushed your ego aside, do you really need to be CEO? Could someone else do it?
That roughly 35% of real estate transactions in a single family home are done with cash.

Are You Growing The Value of Your Business

Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Podcast Summary If you don’t run into challenges, you’re not trying hard enough. Kent Clothier shares his incredible story that illuminates why down isn’t out and choosing to act with intention leads to greater success.

Learn how to turn obstacles into opportunities from someone who lost everything and then built an even stronger business after. There is no such thing as can’t in the business world, so you have to be honest with yourself—why are you really content with your status quo? How hard would you work to change it, if you knew what steps to take?

Creating income is hard work, but creating lasting long-term value and sustainable cash flow is harder. How hard are you willing to work, and for how long? Right now, if you were to take a week off work, what would happen? If your blood pressure went up at the thought, you don’t own a business; you own a job.

Is that really what you put all this hard work in for? How valuable do you think someone else is going to find your job, versus a company that doesn’t rely so heavily on its owner? Sometimes the obvious answers are the hardest to come to, as you'll hear all too clearly from Kent. Hire the right people to support you so that you aren’t taking the lead in every role—these people will be smart and challenging and you’re going to learn

This Sh*t Works : Three of the Best Strategies to Create Consistent Income in Today’s Real Estate Market

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Todd shares the mindset-changing framework he created in his book The Alter Ego Effect to help you break through obstacles and eliminate your self-limiting beliefs for amazing success. This is the mental playbook used by Olympic and professional athletes, world-class entertainers, and top-tier entrepreneurs to achieve their most ambitious goals. If you're ready to up your game, this is the episode for you.

What You Will Learn In Today's Podcast Interview:

Why “just deal with it” is terrible advice to a business owner who is evolving their role and what to do to address the underlying issues.
How to access your inner hero.
The people who win in life have the most valuable skills; do you or your alter ego manifest those skills?
When you change the way you relate to yourself, all things change.
Why imposter syndrome is a buzzword in the self-help world these days.
That discounting your achievements ("oh, that was just luck") contributes to real imposter syndrome and feelings of anxiety over being “found out” (despite said achievements) and what to do about it.
How to avoid self-help traps that take away your power rather than provide real ways to succeed in overcoming mental blocks and imposter syndrome.
Why “fake it ‘til you make it” is good advice and how to figure out when you’ve made it.
Anyone not getting the results they want is acting in a fake way.
What traits entrepreneurs and athletes share that draw them to their fields.
How to break your brain to achieve success by overcoming some built-in drivers (such as to seek comfort) that hinder us when we aren't intentionally choosing them.
Why you should carefully choose heroes to emulate in all aspects of your life from work to home and how to “show up” as those people day after day for ultimate success.

Are You Growing The Value of Your Business

Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Podcast Summary Business owners often have to reevaluate themselves and their relationship with their business in order to shift their mindset to long-term value creation.

Todd shares how drawing on an alter ego isn’t about ‘faking it until you make it’, but rather bringing out the 'real you' so you can conquer any challenge life throws at you, drawn from decades of experience with elite athletes, entertainers, and public figure.

Todd’s work on the alter ego led him to a key discovery: We need to establish a persona that can handle the tasks we don’t take pride in so we can ultimately achieve success in the areas that are holding us back. If you want to be the chairman of the board, emulating owners who have successfully worked themselves out of the business can help you get there. Ask yourself, "What they would do in that situation?" and follow their roadmap to success.

This is a practical conversation on how to become the person who always wins. This is not a self-help fluff piece. Our mindset, ego, narrative, control issues and personality attributes (like Allie Taylor talked about last week) are limiting what we can do with our businesses. Todd’s episode is a framework to identify your field of play and your limiting beliefs to help your alter ego evolve so you win more and settle for comfortable less.

Obviously this isn’t a simple process. You’ll need to figure out what exactly “making it” looks like to you. In the process, you&rs

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There is a direct correlation between the size of a company and how tight of a grip the owner has on it, and it's not in the way you might think. Listen to this incredibly important episode to learn how to double your company's enterprise value by giving up a bit of control—and why this is the best scary thing you can do for yourself and your business.

What You Will Learn In Today's Podcast Interview

How separating governance from management roles is vital to success.
The five personality attributes business owners should know about: High-innovativeness; higher tolerance for ambiguity; high need for goal achievement; internal locus of control; and a higher propensity for prudent risk-taking.
Why your identity can be either your superpower or kryptonite, which you can tell based on how you respond to being challenged.
What generations get wrong in communication and how it leads to misunderstanding.
How self-identity is often fused to role-identity and what to do about it.
You can align your strategy and culture to improve your bottom line by 50%.
How private equity destroys culture.
That if you’re struggling today in your business, the next step is to make no decision except to start being curious.
The sunk-cost fallacy and how to recognize the mindset.
If you’re a dissenting voice, you need to have data to support your opinions before someone is going to be open to listening to you.
How to capitalize on 2020's challenges to get the future you want.

Podcast Summary

If you’re having trouble loosening your control on your business, you’ll need no more convincing than this episode with Allie Taylor.

She has an actual PhD in business psychology which she applies to her business every day to help her clients achieve greater financial and personal freedom. Her tips on how to increase your enterprise value by 50% are powerful and simple, though require a bit of self-reflection and hard work.

She also tackles common issues plaguing business owners like the sunk-cost fallacy and miscommunication issues at the workplace that result in decreased efficiencies. We need to learn how to leverage the people around us to achieve this, and that’s unnatural for most. As she says, you must seek to understand before you can be understood.

That said, the first person you should seek to understand is yourself. Knowing if your identity (and your relationship with your business) is serving you or harming you cements the next steps you need to take for personal and business growth.

As a business gets bigger, it becomes more complex. One person can't give all the disparate parts the attention they deserve, so it's necessary to learn how to give up control for growth.

If you find yourself feeling defensive when questioned with a fresh perspective, your ego isn’t serving you. Separating your identity from your role in the business lets you see things more clearly to pivot both into stronger positions.

About Allie Taylor

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Today I'm talking to the #1 speaker on generations in the world, Jason Dorsey. We'll be diving into how different generations (and more specifically generation Z) and their values will have an impact on the future of economy, trends, consumerism, capitalism, and more.

What You Will Learn In Today's Podcast Interview

The different values and world events that create generational cohorts: Baby Boomers 1946-1964; Gen X 1965-1976; Millennials 1977-1995; Gen Z: 1996-TBD
How Gen Z is changing things with their wallets and why they’re more likely to save money than spend it.
Why Gen Zers entering the job market have the immediate potential to surpass their Millennial peers.
What you can do to strengthen communication and therefore efficiencies between generations in your company for a better bottom line.
What earned-wage access means and why it’s gaining traction.
Gen Z’s buying and spending habits and what that indicates for future trends and the economy.
Learn how to better connect to, build trust with, and drive influence over and between generations.
What the “mega” me is.
Insightful facts about Gen Z to help you better understand them, including that they trust influencers more than doctors.
Why Gen Z ties stability to size and not history when it comes to businesses and how you can emphasize this during recruitment.

Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Podcast Interview Summary:

Today we're going to be talking with Jason Dorsey about Gen Z and their impact not only on the future of our economy, but business as we know it. As author of Zconomy: How Gen Z Will Change the Future of Business—and What to Do About It, Jason knows what he’s talking about when he says a lot of our notions about Gen Z are dead wrong.

With over 1,000 standing ovations from his speeches on Gen Z and Millennials, and 65 generational studies for 700 different companies completed, Jason really is the “research guru” for tackling the next generation emerging onto the scene. He's been on 60 Minutes, CNBC and the Today Show, and has contributed to the Wall Street Journal and New York Times.

He’ll show you what matters to Gen Z and what your business should be doing it about it, from communication styles that help win customers and employees to simply understanding the mindset that having grown up with technology like smartphones and the internet gives them.

Jason’s mission is to help businesses make informed decisions about their employees, clients, and customers. On the interview today, he's going to be talking about how Gen Z is going to come in like a wrecking ball and how they will reshape our entrepreneurial landscape. Gen Z is not afraid to put their wallets where their values are, and they expect you to do the same. FYI, Gen Z is already 24 years old. We're not just talking about babies and kids here, but current employees and consumers with real money and influence.

I love this episode because Jason has so much insight into the way that our world's going to change based on the demographics that he researches.It's very hard to predict the future, as we all know; however, when you look at the big trends different generations force into the system based on their values, you can better tap into what the future of your business should look like. You don't hav

Zconomy: How Gen Z Will Change the Future of Business―and What to Do About It

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For thirteen years, Roy has run the family business after his father-in-law turned it into an ESOP and transitioned out of an ownership role. Not only has the business grown from $6M to $19M since then, but both parties were able to achieve their desired financial and lifestyle goals because of the successfully orchestrated and executed ESOP. He’ll share how they did it on today’s episode!

What You Will Learn In Today's Podcast Interview

What it's like leading and growing the company as the next generation, after an ESOP transaction.
How Hopkins Printing built their next level of leadership (and why that isn’t so easy sometimes).
What it's like running a company under the ESOP structure and how it differs from other ownership structures.
What an ESOP is and how it differs from other ownership structures.
How an ESOP helps you grow the business, with examples from Ray’s success.
When and why an ESOP might not be the solution for you.
Why Ray’s father-in-law chose an ESOP over an internal transfer or selling to a third party.
How to cultivate an “ESOP mentality.”
The way an ESOP can eliminate state and federal taxes.
Why it’s important to separate management and ownership roles.
The benefits of shifting your mindset away from annual income to long-term value creation.
How Ray’s father-in-law was able to satisfy financial, lifestyle, and family needs through the ESOP.
Why ESOPs aren’t a socialist enterprise and what involvement the employees really have.

Podcast Summary:

Roy shares his insights into how effective ESOPs are after transition and why they're key to helping more business owners consider one over an internal transfer or a third party, just like his father-in-law did.

We all wonder what comes next for the generation after an ESOP. Roy is a prime example of a president getting it right through solid planning, communication and follow-through. In the past thirteen years, business has increased from $6M in revenue with 50 employees to $19M with 100 employees.

And it worked for the management team and owners, too. Roy's father-in-law was able to work the amount he wanted after the sale of the company, without worrying about how the next generation would carry on his work. He already knew! He'd planned his succession and to have a team that would take as much care of his business as he would. To make this happen, they moved from a traditional annual income model to a long-term value creation one to ensure the business was tied to success after transition.

ESOPs aren’t for everyone, but if you take the time to cultivate an ESOP mentality before you take the plunge, you’ll find all sorts of ways to keep your business growing through the years, with higher employee engagement, retention and performance than typical business structures encourage.

It’s five minutes to closing — do you know where your employees are?

About the Guest:

Roy Waterhouse has been in the family printing business for decades, working his way up to the presidential position at Hopkins Printing. Hopkins became an ESOP in 2007 and is 100% Employee Owned. Before that, he worked with Prepress, where he did film assembly, camera work, typesetting, layout and CAD work.

Hopkins Printing is your commercial printer of choice for offset, wide-format and digital printing. For four decades, they have exceed

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Hitting the ceiling is not always just an emotional or energy related event. Often times business owners get to a point where growth consumes capital, and they have to choose between reducing their annual income, selling out or stalling growth.

What You Will Learn In Today's Podcast Interview

Growth capital, versus private equity, versus commercial lending
Biggest challenges when trying to find the right type of capital for growth
Why the “capital gap” exists in the lower and middle market
Why the typical options for capital, described as “Bank vs. Shark Tank,” often are too extreme for what business owners really need to grow
The importance of owners understanding their options in order to avoid regret after a deal
How growth capital is different than the traditional private equity structure
What they think is “effective capital” for companies
Why the most common way for an equity investor to get their money is to sell the business
Why not all capital is equal for business owners
Why they focus their mechanism on supporting business owners
The power of having motivation outside of earning money when designing your business

Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Podcast Summary

In today’s episode, Patrick and Nick dive deeply into what they refer to as “the capital gap,” why companies hit a ceiling for growth, and how to find the right source of capital to grow the value of a business.

There are mechanical issues that don’t necessarily allow traditional banks to lend (via debt) the capital needed to finance the growth. Typically, in high growth companies there may not be enough assets for the bank to take back if things go south.

The opposite end of that spectrum is to sell the business, or sell a large portion of equity, to an investor who has the capital to support the growth. However, in that case, most of the upside in value creation and future distributions goes to that new equity partner.

The emergence of growth capital is helping solve this issue. Patrick and Nick call it “efficient capital”. It bridges the gap for business owners who want to continue to grow while also keeping control of their company and reaping the benefits of that future value creation.

Patrick and Nick brought their finance and accounting backgrounds together when starting Hill Capital to create both a forward and historical looking mindset when supporting their business and investments. Before Hill Capital, Patrick co-founded equity capital markets at Northland Securities, where he was the Director of Research and Managing Director of Investment Banking. Nick spent the first part of his career as a CPA at KPMG.

At Hill Capital, they focus on lower- to mid-market financing and provide capital and expertise to small business and entrepreneurs.

Major takeaway – if growth capital is deployed correctly (into strategies that INCREASE the value of the business) it can help owners break through from a few hundred thousand dollars in EBITDA to a few million dollars. This specific range in EBITDA growth will increase the options of exits that weren’t possible (ESOPs or Private Equity) and unlock a different range of value multiples.

About the Guests:

Patrick E. Donohue, CFA is the Managing Partner and CEO at Hill Capital Corporation. He has experience in direct private and public investments,

Tiny Habits: Why Starting Small Makes Lasting Change Easy

Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones

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The world can be a better place if more entrepreneurs can find a way to align the impact they want to make on the world with growing a more valuable business. Anne shares how she is making a dent in the world while benefiting all her stakeholders and creating a lasting business.

What You Will Learn In Today's Podcast Interview

How Anne and her team are using social science and human behavior to change the energy industry
Why business is the center to make sure people have great lives
How to prioritize all your stakeholders’ while growing a more valuable company
How to align your personal core values with your company’s core values
Ways to use your business as leverage to spread your personal values
Why ‘value’ has multiple dimensions
How focusing on building a healthy company creates a more valuable business
Why we need to break through the narrative that we can’t live great lives while making money and creating a great business
Why Anne prioritized a family-centric model when starting her own company
Why this model can attract more talented employees
How their model appeals to their clients and peers
How living misaligned with your values can impact you physically and mentally

Podcast Interview Summary:

Anne shares with us that profit and growth do not need to come at the expense of a business’s stakeholders and their interests; if you can identify your goals and core values, you can integrate them into your company’s model to build an even more successful and long-lasting organization.

Anne and her partner had intentionality from the start of ILLUME when they decided to prioritize the needs and rights of their employees—this decision set the tone for their company’s entire culture and ethos.

This decision has attracted talented employees and fantastic clients, and it also produces exceptional work. In short, Anne and ILLUME are an awesome example of how being intentional about what you want from your business and engineering the company around your values puts you in an upward spiral of success.

Are You Growing The Value of Your Business

Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

About the Guest:

Anne Dougherty started her career after graduate school in applied consumer product research for fortune 100 companies. She made the shift to the energy industry and used her expertise to examine the human behavior dimension of energy as a consultant. After about ten years in that field, Anne and her business partner decided to start a consulting firm of their own, but with a feminist and family-centric model of business.

Podcast Interview Quotes:

13:08 - “People have an almost mythical relationship with electricity” - Anne Dougherty

22:01 - “I just kinda want to layer in that you and I are both capitalists at heart and that there is a way for us to do all of this” - Ryan Tansom, on the topic of conscious capitalism

25:51 - “We really wanted to create an environment where you could advance based on your ability to get the work done in the time that you committed to and not just in terms of sheer volume of work.” - Anne Dougherty

45:12 - “Thinking about the value of the company is thinking about the metrics. A highly valuable company is a very healthy company.” - Anne Dou

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Privately held companies in the middle market ($10M - $1B in revenue) account for 1/3 of the US GDP as well as 44.5 million jobs. Unlike the stock market, we can’t just jump online and see how well they are doing. Today we’re diving into mountains of data on the middle market with former Managing Director of Harvard Business Review and Editor of Fortune.

What You Will Learn In Today's Podcast Interview

Why the top private companies cluster into 3 typologies: investors, innovators, and efficiency experts.
The 7 key factors that contribute to the growth (and are under the owner and management’s control)
How to focus on enterprise value instead of just annual profitability
How privately held companies in the middle market are dealing with uncertainty
How COVID has impacted the likelihood of different types of transitions for middle market companies
Why the middle market consistently outperforms the S&P 500
The 5 “COVID cushions” to manage uncertainty
Why the middle market is where businesses become companies
How an entrepreneur transitions to the CEO role by thinking beyond the lifespan of an individual or company

Podast Summary:

Quarter after quarter privately held middle market companies post higher rates of growth and employment than the public or lower markets.

In general, it is hard to understand how middle market companies operate since a majority are privately owned—today Tom Stewart explains how these businesses are doing things differently to grow faster than their larger and smaller peers.

Tom is the Executive Director of the National Center for the Middle Market. He was also the Editor and Managing Director of Harvard Business Review for six years and participated in the World Economic Forum twelve timesthroughout his career.

Tom and the National Center for the Middle Market are dedicated to researching and understanding the middle market economy. This organization, housed in the Fisher College of Business at The Ohio State University, is the only research group that focuses on mid-sized companies. They have surveyed 1,000 midsize companies each quarter for the past ten years, giving them the necessary data to fill in the information gap on the middle third of the private sector.

Here is a link the research on the DNA of the Middle Market

As usual, a group of top tier middle market companies is responsible for a large percentage of this growth. By understanding what contributes to the growth of these companies and what they do differently to consistently outperform their peers, the Center identified 3 types of companies and 7 pillars of growth that are fundamental to their success.

About the Guest:

Thomas A. Stewart is the Executive Director of the National Center for the Middle Market, the leading source for knowledge, leadership and research on mid-sized companies, based at the Fisher College of Business at The Ohio State University. Stewart is an influential thought leader on global management issues and ideas: an internationally recognized editor and publisher, authority on intellectual capital and knowledge management, and a best-selling author.

Before joining the National Center for the Middle Market, Stewart served as Chief Marketing and Knowledge Officer for international consulting firm Booz & Company (now called Strategy&), overseei

Woo, Wow, and Win: Service Design, Strategy, and the Art of Customer Delight

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In today’s episode, Sunny explains to us how the world of private equity operates, from the structure and lifecycle of the fund to considering a sale’s debt versus equity. We'll be delving into how private equity firms raise money, where the money comes from, what types of investors they work with, how the general partners of a private equity firm get paid, how they start the fund and what the fund structure looks like, and what the timeline means for the fund.

What You Will Learn In Today's Podcast Interview

How private equity firms raise the money
Where the money comes from and the types of investors
How the general partners of the PE firm get paid
How they start the fund and the structure of the fund
How that fund structure buys platform companies and bolt-on companies
What the timeline means for the fund and the partners
What the lifecycle looks like from start to finish
How this information relates to the Intentional Growth course

Are You Growing The Value of Your Business

Sunny and I unpack the private equity industry and how it works in crazy detail. Over the past four and a half years, I’ve hosted dozens of entrepreneurs that sold their companies to private equity firms, as well as PE firms that explain their models and approach. However, today’s episode is the necessary start to finish explanation of how private equity firms works, and it fills in any gaps in information and understanding you may have.

I reached out to Sunny to come on the show again because of his unique experience and perspective. Before starting Satori Capital, Sunny founded Data Return, a provider of managed services and utility computing, grow the company 40% every quarter for three years, sold it, bought it back and then sold it again. His decade at Data Return included a $3 billion market capitalization made him one of the youngest CEOs ever to lead a Nasdaq company.

His multiple exits, gives him unique expertise as a founder of Satori Capital, a private equity firm founded on the principles of conscious capitalism. By providing real-world insights from its experienced team and long-term funding with no fixed time constraints. As many of you know if you are a long-time listener of the podcast, the principles of conscious capitalism are incredibly important to us and our work. Sunny’s investment thesis keeps conscious capitalism at the forefront, and that common approach makes today’s episode an exciting conversation to share with you. About the Guest:

Sunny Vanderbeck is an inv

Selling Without Selling Out: How to Sell Your Business Without Selling Your Soul

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Liam is a serial entrepreneur who runs Time Doctor and Staff.com (one of the most popular time tracking and productivity software platforms in use by top brands today). He shares his insights from hundreds of thousands of users, and what trends are accelerating at lighting speed.

What You Will Learn in Today’s Podcast Interview:

What the future of work and business will look like post COVID vaccine
The crucial difference between “remote working” and “work from home”
Why managing remote working is like “printing money”
Why 22% of Liam’s clients have already cancelled their commercial leases
What 50% of Liam’s clients are thinking about as it relates to the future of their office
How to free up one of the largest expenses on the P&L
Ways to build a company culture “on purpose” vs by accident
Why high performers are using the remote flexibility to get 2 more hours of sleep a day
How one entrepreneur is buying traditional business and taking them remote to grow a portfolio of extremely valuable companies
How their data shows that efficiency, instead of more time, leads to greater success
How Time Doctor allows companies to evaluate performance both within the organization and among other similar companies
What the hierarchy of communication is, and why less communication can facilitate your work flow
Why the days of the $500k Google developer are gone
How to analyze and optimize productivity for each position in a company
Why Liam sees this time as a restructuring of our economy

Podcast Interview Summary:

Today’s guest is Liam Martin, the co-founder of Time Doctor (time tracking tool) and an advocate of remote work. With hundreds of thousands of users and clients like Verizon and Keller Willams, Liam has insights into how big and small companies are planning on managing remote working in a post COVID vaccine world.

Since entrepreneurs now have to accommodate working from home for the foreseeable future (in one way or another), Liam is the perfect guest to talk about the impacts it has on business valuations, business models, culture, employee productivity and more.

Liam discusses how the large work-from-home shift accelerated trends that were inevitable. He shares his opinions on why there won't be a snap back to the old "normal", what trends owners need to be aware of, and how to capitalize on opportunities that are already right in front of us.

Liam shares how companies who give employees more flexibility and control of their time can lead to a more valuable business, more productive and efficient work, while also reducing (or eliminating) the large cost of commercial office space.

About the Guest:

Liam is the co-founder and CMO of TimeDoctor.com and Staff.com. After graduating with a masters in Sociology from McGill University, Liam opened a small tutoring company which grew to over 100 employees, and looked to solve a problem with remote employees not reporting accurate work data which turned into Staff.com. He consults on outsourcing and process design and is passionate about how to gain insights into the inner workings of how people work.

Podcast Interview Quotes:

12:35 – “Remote work, when you look at it, your office costs are the second largest line item for any company...It’s payroll, and then it’s your office.” – Liam Martin

14:59 – “If you simply apply an extra 2 hours of sle

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Bo spent over twenty years as an editor and editor-at-large of Inc. Magazine and is the author of five books, including three of my personal favorites Finish Big, Small Giants and The Great Game of Business. Bo explains to us the wide range of “good” and “bad” exits from businesses built by owner-founder entrepreneurs, and why over 75% regret the sale 12 months later.

What You Will Learn in Today’s Podcast Interview:

Why the word “exit” is a curse word for most business owners
Why the word “exit” can mean different things to your role vs your ownership
How to avoid regretting the eventual sale of your company
How to get clarity on what you want from your business
The 7 components of a sale that help an owner achieve the 25% who are happy
The importance of understanding how the company value impacts your exit options and your personal drivers
Bo’s 4 (sometimes 5) characteristics of a “good exit”
Why missing just one principle leads to a “bad exit” and can put you in the 75%
What to think about in order to prepare you to mentally for a sale
How Bo’s work intersects with the 5 Intentional Growth™ Principles
The Seven P’s of Evergreen companies according to Bo and the Tugboat Institute
How companies that plan to last over 100 years think about their businesses

Podcast Summary:

Today’s episode is particularly special for me. I read Bo’s book Finish Big back in 2015 after our family company’s sale. His book was the reason I started this podcast and eventually created the Intentional Growth™ 5 Principles. I had the chance to interview Bo when this podcast was first starting (ep. #16), and today we have the chance to catch up and talk about the changes myself and my business have undergone over the past four years.

Bo explains to us the wide range of “good” and “bad” exits from businesses built by owner-founder entrepreneurs, and why over 75% regret the sale 12 months later. He shares what the entrepreneurs did who were proud and happy with their exit compared to those who were not. Bo and I reconcile his research with my four years of work and over 200 interviews. One of Bo’s key takeaways from his research was: business owners that know “who they were, what they wanted and why” were the happiest about how things had unfolded during and after their exit. In my work, I found that the missing piece was a framework that helps owners figure these pieces out. Bo emphasizes the value of our framework today when we talk about just how important is it to intentionally

Finish Big: How Great Entrepreneurs Exit Their Companies on Top

Small Giants: Companies That Choose to Be Great Instead of Big

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Definition of Unf♥

Clash of the Financial Pundits: How the Media Influences Your Investment Decisions for Better or Worse

Chasing Perfection--: Shatter The Illusion; Minimize Self-Doubt & Maximize Success

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Whether you want to acquire, grow or exit your business, this episode is a must listen because it is packed full of information on about the state of lower M&A market, how to find companies to buy, creative deal structures, valuations, things to do before you sell and more.

What You Will Learn in Today’s Podcast Interview:

Why deals in the $1-5 million value range are mostly about psychology and relationships
Creative ways to structure the purchase of a company without putting any money down
Why the age of a business owner can impact the value of the business
Where and how to find companies to buy
The limitations of using an SBA to fund a deal
Why most business owners don’t decouple themselves from the day to day operations of their business
The difference between being and owner operator and an investor in a business
What holds most business owners back from scaling their businesses
Why the number one “exit strategy” for business owners in the US is to shut their doors
The biggest barriers owners face when it’s time to exit their business
Why it is necessary for owners to have a plan for themselves after the sale
Carl’s top 4 pieces of advice for buyers and sellers after doing 340+ deals

Podcast Interview Summary:

In today’s episode, Carl gives us a look into the depth of his expertise on buying and selling businesses, educating and advising owners, and best practices for conducting deals.

After working on Wall Street in the beginning of his career, Carl worked as the Director of M&A for Hewlett-Packard. In this role, Carl went around buying companies for HP, which included his largest deal of 13.9 billion dollars. Twelve years ago, he made the decision to retire at the age of 37 after his son was born. However, he mentally struggled to handle the downtime after such a busy career.

He was motivated to take his expertise from the world of M&A to buying and selling business, and he has now been party to over 340 deals. He also brings his expertise to his online program, where he has over 5,500 participants learning about the deal process.

Carl clearly lays out the dynamic of the lower market, meaning companies under 5 million in revenue, with powerful stats. Ten thousand baby boomers retire every day and nearly 20% own small businesses. Only 1 in 11 businesses will sell in the next 12 months though.

Carl’s motivation is to help bridge this gap that comes from a lack of qualified buyers and the emotional attachment owners have to their companies. He describes how the intangible components of a deal and an owner’s relationship to the business can dramatically impact the business’s sale.

About the Carl Allen:

Carl Allen is the editor of Dealmaker Wealth Society. Carl is an entrepreneur, investor and corporate dealmaker with almost three decades of experience. Carl has worked on transactions worth over $48 billion, which includes over 330 acquisitions and sales. For almost three decades, Carl has analyzed thousands of businesses, big and small, in 17 different countries and across nearly every business sector. Carl has also assisted hundreds of business owners in raising both equity and debt finance.

Podcast Interview Quotes:

16:27 – “There’s over 2.4 million businesses for sale in the US. Most of those are driven by baby boomers. We’ve got over 10,000 boomers retiring every day.” – Carl Allen

21:47 – “Now seller financing is always a tricky subjec

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Kellianne is a former attorney turned entrepreneur. She shares her story of starting, growing and exiting her Amazon business and how business owners can "get off the hamster wheel".

What You Will Learn in Today’s Podcast Interview:

How to grow a company into a valuable e-commerce asset
Why selling on Amazon requires its own strategy
Where to start if you want to build an e-commerce business
The advantage of selling your product through Amazon
Why you should build your business around your life rather than your life around your business
The power in always knowing the value of your business and your trailing 12 months of EBITDA
What advisors you should have in your network if you are selling a company
The difference between Investment Bankers and Brokers and how they can help you sell your business
What the due diligence process is really like when selling a company
Why Kellianne wishes she had built her business with an end in mind from the beginning

Podcast Summary:

Kellianne shares her story about what it was like to leave the world of litigation and start an e-commerce business from the ground up selling products on Amazon.

She brings us awesome e-commerce specific expertise and understands the power of helping owners de-risk their lives so they can have a peace of mind that often doesn’t come with owning a business.

Years into the business, Kellianne decided her ultimate business goal was to sell the company, so she intentionally spent the next year learning everything she could about how to successfully exit a business.

She advocates for a powerful mindset shift for business owners: you shouldn’t wake up one day and decide to sell your business; instead, you should wake up one day and decide to build a valuable business that you can sell whenever you want.

After her seven-figure exit, Kellianne is using her Amazon and exit expertise (and partnering up with our company Arkona) to help other Amazon sellers and business owners grow their companies with an end in mind.

Check out our Intentional Growth Virtual Cohort - We’re going to be kicking off on September 15th. There are four calls over four weeks. For $1450 you’ll get the course (and will always have access to the course after your purchase), but you’ll also be able to join 6 - 10 entrepreneurs. Together you’ll have roughly 2 - 3 hours worth of work in between phone calls. Each call involves case studies, materials, conversations, Q&A, and is an absolute blast. I really enjoyed the last cohort.

If you want to check it out, click on this link or go to Arkona.io, go to the Digital Course tab, scroll toward the bottom of the page and click on the “Digital Course + Cohort” section. The first ten to sign up will be able to join my partner Pat and I on September 15th.

About the Kellianne Fedio:

Kellianne is a former attorney turned entrepreneur. After deciding to move away from the world of litigation, she started an e-commerce business from the ground up selling products on Amazon. She intentionally decided her ultimate business goal was to sell the company, and she spent the next year learning everything she could about how to successfully exit a business. After her seven-figure exit, Kellianne is using her Amazon and exit expertise to help other Amazon sellers and business owners grow their companies.

Podcast Interview Quotes:

12:14 – “There are different models of selling. I’m going t

Built to Sell: Creating a Business That Can Thrive Without You

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On today’s podcast I have a friend from a peer group and the cofounder and CEO of Project EVO, Arman Assadi. Arman helps leaders and creatives find their flow. He was featured on the cover of Foundr Magazine — which has featured household names like Richard Branson, Brené Brown, Mark Cuban, Gary Vaynerchuk, and Arianna Huffington. A flow state, also known as being in the zone, is the mental state in which a person performing an activity is fully immersed in a feeling of energized focus, full involvement, and enjoyment in the process of the activity. So much so that time feels like it dissipates.

What You Will Learn in Today’s Podcast Interview:

How to avoid the extreme anxious feeling of being trapped in the role of CEO
Why business is the ultimate mechanism for experiencing flow on a day-to-day basis
Why finding your flow can enable you to focus on growing a valuable business
Three questions you should ask various people in your life to become more self-aware
What the Brain Type Assessment is and how it can help you understand how you see the world
What the right amount of challenge is to foster your personal and professional growth
How self-awareness is key to addressing business challenges and avoiding the sudden urge to “bolt” from the company
Why sometimes selling your business is not the right answer

Podcast Interview Summary:

I have been fascinated with this concept of flow and positive psychology for years. I believe owning and running a business enables owners and entrepreneurs to tap into this state of flow… whether they know it or not.

Flow can make the experience of owning and running a business amazing and addicting.

If your business is facilitating your personal state of flow without you knowing, selling the company and losing that feeling has a huge potential of leading to regret.

On the other hand, if you find yourself burnt out because you can’t tap into that state of flow anymore, you might decide to sell as fast as possible, leaving tons of value or other options on the table. In order to reach your full potential AND be able to optimize the relationship you have with your business, **you need to understand how you find your flow and how your business fits into that equation.

You can then engineer your ideal life before, during, and after owning a business. About the Arman Assadi:**

The Artist's Way: A Spiritual Path to Higher Creativity

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Jack shares how he increased the value of the business by 360,000% since he took a $100k loan in '83 and turned SRC Holdings into a company that now has 1600 employees and $600M in revenue by using open book management (now called the Great Game of Business).

What You Will Learn in Today’s Podcast Interview:

What is different about the current economic climate compared to past recessions
How the company’s financials can be used as a game to drive value and company culture
How the “Report Card” of a business works
Vanity metrics to watch out for and how to identify KPIs that drive future value
How a long-term growth mindset can set both you and your employees up for success
How the open book management approach can accelerate a company’s value growth
The value of identifying the employee associated with each line on an income statement
Why you should educate your employees on the financials of your organization
The financial and personal value of an ESOP
The “Four Legs of the Stool” small business owners need that they often do not prioritize
The opportunities that exist if you have cash on the balance sheet in anticipation of economic downturns
The eight places cash can go to within a company

Podcast Summary:

Jack shares how educating his employees on financial principles and integrating them into the company’s processes allowed them to grow the value of the business into an extraordinary place.

Jack is the author of The Great Game of Business and A Stake in the Outcome. He is also the Founder, President and CEO of SRC Holdings Corporation, a 100% employee-owned remanufacturing firm, where he developed the “open book management” business model (now called the Great Game of Business), which promotes financial transparency with the company’s employees

Under Jack’s leadership and with the “open book management” model, SRC Holdings has owned over 60 businesses, increased its stock value 360,000%, does $600,000,000 in revenue and saved an unbelievable $100 million dollars between the 2009 recession and now in anticipation of the next downturn.

They also doubled the size of the business in the five years after each recession they went through.

I’m excited to share this conversation with you today because the insights into sustainable and long-term growth from The Great Game of Business are invaluable for our current economic moment.

Jack and SRC Holdings empower their employees to understand and participate in the company, creating the opportunity to find new ways to grow the value of the business on top of just growing the net income while creating wealth for everyone involved.

Take The 2-Minute Multiple Choice Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

Are you company's current initiatives intentionally designed to increase the value of the business?
Do you know what you want from your business long term and why?
Do you know what your company is worth?
Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?

About the Jack Stack:

Jack Stack is the President, Founder, and CEO of a remanufacturing company based out of Springfield, Missouri called SRC Holdings. It is a 100% employee-owned corporation with over 1,200 p

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Jason shares how he became cash strapped and burnt out as the company grew and what he did to recalibrate his day-to-day role and grow value before he sold the company to a strategic buyer.

What You Will Learn in Today’s Podcast Interview:

How rapid growth can consume your capital and cash
Strategies for deciding what work you love and who you should hire to help with the rest
Why clearly conveying your mission and vision to your employees is valuable for success
Jason’s framework for helping clients, The Three I’s: Issue, Impact, Importance
Why you should delegate the outcomes rather than the tasks
How implementing strategic systems and processes within your organization can allow you to take a step back from the day-to-day tasks
The importance of having a plan on your own terms for life after the sale of your company
How building your company with a clear end goal in mind gives you choices
How being intentional about what you want as your goals should drive how you build your business
The importance of building a valuable business in order to have options
The different ways you can exit your (management) role in your company and your ownership. For example:
- ESOPs
- Private equity recapitalization

Podcast Summary:

In today’s episode, entrepreneur Jason Swenk shares with us how he grew and sold his 8-figure digital marketing agency.

Jason founded the business after freelancing for many years and describes himself as an accidental agency owner.

After 12 years of growth, hiring over 100 full time employees, and working with clients like Hitachi, AT&T, Coke and Legal Zoom, Jason found himself exhausted by the business and with less freedom than he had BEFORE he became an entrepreneur.

He was strapped for cash, making less money than expected, and was working on the day-to-day things he disliked.

So Jason decided to recalibrate his relationship with the business.

Jason set up new systems and hired the necessary people in order to focus on the areas he enjoyed the most. By taking a step back to get clarity on what his vision for the company was, he shifted from an accidental business to a scalable AND sellable organization.

Jason shares with us how he worked himself out of the business, why he decided to sell and what life was like working for the buyer... and how to avoid some of the mistakes he made (emotionally and financially) in the sale.

I’m excited to share the conversation with you today because Jason clearly explains the value of growing your business in orde

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Xavier shares how he created a company that impacted the world, donated $20M+ to global literacy, maintained double digit growth for years and sold to a charity founded by the creator of Amazon's Alexa for millions of dollars.

What You Will Learn in Today’s Podcast Interview:

How and why Xavier sold his company to the creator of Amazon’s Alexa
A framework to evaluate what problems in the world you connect with
What a B Corporation is and how it works
How rapid growth can lead to needing an investor
Why Xavier would have had more options if he grew at 25% CAGR instead of 40%
Xavier’s views on the “Triple Bottom Line”
The value of transparency and public commitments
How to approach working with venture capital
How to integrate Conscious Capitalism into your business model
How a strong mission and vision can lead to outsized long-term growth
How to align your company’s vision and mission with a buyer
How to learn and approach the sale of your company as an entrepreneur
Tips for founders on how to pass along knowledge in your company

Podcast Summary:

What does it mean to bake your mission and vision into all aspects of your company?

The guest on today’s episode, Xavier Helgesen, explains to us just how he did that as the Co-founder of one of the first B Corporations, Better World Books. B Corps formally combine public interest goals with profit earning throughout their business model—other B Corps you may know include Patagonia and Tom’s Shoes.

Xavier shares how Better World Books raised over $20 million dollars for global literacy and donated tens of millions of books, while also maintaining double digit growth 15 years in a row.

The company’s rapid growth led them to take on investors and ultimately sell to a charity, which is unique in and of itself, but the charity also happened to be founded by the creator of Amazon’s Alexa.

Today’s episode hits home the power of building a company while intentionally linking it to the life you want to live. The underlying values and mission of a business can range from charity work to financial stability, and Xavier emphasizes the added growth a business can experience by integrating that mission into the company’s cost and future plans.

This conversation focuses on how to intentionally align a social cause with a company’s mission at each stage of starting, growing, and selling a business—it is an inspiring story of how a “conscious capitalism” oriented company proves that good business is not just good marketing.

About the Guest:

Xavier Helgesen is an entrepreneur, technologist, global citizen, and builder of world positive companies. He co-founded Better World Books, the first ever b-corporation. Better World Books is an independent online bookstore with a unique triple-bottom-line mode

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If your sales team is just calling and "checking in" with your customers and waiting for things to get back to "normal", and you need to kick your revenue generation back into gear, then this episode is for you.

What You Will Learn in Today’s Podcast Interview:

Analyze where opportunity is for revenue
Discuss how to put short-term sales plans into place
Examine quota and compensation adjustments
Review how to effectively make adjustments
Revise sales process(es) and messaging
How COVID has changed the sales landscape
The right and wrong way to check in with customers and clients in the current environment
How to determine how customers’ needs have change using the ladder of inference
How to remain flexible in order to adapt to new sales and revenue generating opportunities
How to find the markets that have been impacted COVID
The importance of telling employees at all levels the “why” and “how” of any significant changes in your got to market strategy
Strategies to model, reinforce and celebrate new behavior of employees that corresponds with short-term goals
Why the value creation mindset should play a role in today’s decisions on short-term issues

Podcast Summary:

Customer needs, traditional selling strategies, and business challenges have all changed.

In this episode, Gary Braun the founder of the strategic sales consulting firm Pivotal Advisors, clearly explains the power of

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Chris accomplished what many entrepreneurs strive too and is willing to share what strategies grew value, his successes along the way and what he would do different if he were to do it again.

What You Will Learn in Today’s Podcast Interview:

How Chris grew his company to over $100M in revenue without debt
Why Chris was able to get all his cash up front when selling to Private Equity
The difference between enterprise value, equity value and net proceeds
How Chris shifted his mindset away from only top line revenue to long term value creation
How to identify the key value drivers in your business
How to reduce client concentration and why it pays off
How one’s willingness to evolve and stay relevant are keys to success
Why passion can get you started but value growth education will get you to the top
The importance of differentiation and how to make your company invaluable to your customers
Why betting on yourself as an entrepreneur can have the biggest ROI
Where to spend your time and energy educating yourself as a business owner
The biggest differences between Strategic Buyers and Financial Buyers
Chris’s grueling experience going through due diligence when selling
Why a culture of trust and integrity is hard to quantify in the valuation (it’s not on the spreadsheet)

Podcast Summary:

In today’s episode, Chris Carlson shares how his passion for driving snow mobiles let him to starting Sportech—the company’s original product protects the lights of snow mobiles from snow in order to see clearly while driving.

Chris tell his story about how he adapted the business to match the changes in the market, invested time and resources to further his own knowledge—including joining a peer group, understanding value growth, investment banking, and implementing EOS—and what he learned from his experience selling Sportech to private equity.

Chris went on to grow the company to over 100 million dollars in annual revenue, diversifying their products and target markets along the way. After successfully growing the company over 15 years, Chris sold Sportech to a private equity firm in November 2019 and received all of his cash up front.

I’m excited about today’s episode because Chris’s story clearly explains how investing in yourself as an entrepreneur can lead to long-term success, as well as illustrating the many aspects of selling a business he wishes he knew at the time.

We get to benefit from Chris’s experience as a business owner who accomplished what many people strive to achieve, while also recognizing that even incredibly successful companies and owners can benefit from understanding value growth with your end goals in mind, the difference between financial and strategic buyers, and the key components needed to approach a sale.

Go to ARKONA.IO/Assessment or text 66866 to take a two-minute, twenty question assessment that we’ve created to help you shift your mindset and focus on value-creating activities that will help you get what you want with your business.

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We created a video series called

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Today I’m talking with returning guest and the CEO of Prairie Capital, Dave Deihl. Prairie Capital is one of the leading ESOP, mergers and acquisitions, and business valuations firms in the country. Dave and his firm have eight locations across the country, perform about 400 valuations annually, and are major leaders in the ESOP community.

In this episode, Dave will share his thoughts and opinions on business valuations now and in the near future, what uncertainty can do to an economy and business valuations, and how all of this compares to third-party sale evaluations.

What You Will Learn in Today’s Podcast Interview:

Thoughts Dave on the economy based on 350+ annual valuations
Will COVID-19 be an add back in valuations or not?
The difference between financial valuations vs. strategic valuations
The practice of valuations and ESOPs and what the pandemic has done to it
The major concerns that people are looking at as they’re looking at the ability of a company to borrow
Dave’s thoughts on the current state of uncertainty when forecasting business revenues
When is the lack of consumer spending going to catch up to us?
The building blocks that Dave recommends working on right now to build a healthy business
How uncertainty in our economy, banking, and the American consumer impacts business valuations
The impact of COVID-19 on financing merger & acquisition transactions
What Dave thinks the M&A market will look like in the next six to twelve months
What the word “intentional” mean to Dave

Podcast Summary:

COVID, the nationwide quarantine, social unrest and supply chain issues are easy-to-understand examples of how unknowns directly impact business valuations. So far 2020 has really taught us what truly sustainable, predictable, and transferable cash flow looks like.

My guest today is Dave Diehl, CEO of Prairie Capital – one of the nation’s leading ESOP and M&A firms.

Dave and his firm have 8 locations across the country and perform over 400 business valuations annually, many of which are repeat ESOP valuations.

Dave is the perfect guest to talk on this topic because of his company’s exposure to a huge variety of industries and hundreds of annual valuations. They have a real live look into how COVID is impacting balance sheets and future forecasts.

Dave also shares with me some great insights about how 3rd party strategic buyers, Private Equity Firms and banks who finance transactions are viewing the market and how that is impacting deal structures and valuations.

This is a great episode to help shift your mindset to rebuild or refocus on strategies that will de-risk your future cash flows, grow value and build a business that gives you options do

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The 200th episode of the “Life After Business” podcast is a transformation into the first episode of “The Intentional Growth” podcast. Today, my business partner, Pat Hobby, interviews me and asks me about the name change, what I’ve learned over these past 199 interviews, and a little about my background. This episode is all about being authentic and real.

I have no intention of stopping the momentum that this podcast has gained over the last four years. I’ll continue to have great guests, interesting and relevant topics, and I’m hoping to have an even bigger reach in the future. I have a deep passion to learn (maybe to a fault) and love to hear people’s stories from all walks of life. I hope you continue alongside me in my journey to learn how we can use businesses to change the world and lives we touch.

What You Will Learn in Today’s Podcast Interview:

What I've learned and the big takeaways from 199 interviews
My journey and experience trying to live what I've learned
My original goals with the “Life After Business’s podcast
Why “The Intentional Growth” Podcast name change?
What intentional growth means to me (in business and life)
The consequences of instant gratification as a business owner
What ARKONA does to help business owners
What I think this pandemic is going to do to business owners’ mindsets
The biggest lessons I have learned in the last four years of doing this podcast

Main takeaway/Why I Liked the Episode:

With everything that is going on right now, I seriously considered postponing the 200th episode and name change. However, I believe what we need right now more than ever in our country and society is intentionality. This is even more true for business owners and leaders.

After four years and 199 episodes I decided to change the name of the show to better reflect what I’ve learned.

Owning a business is not about waiting to have a “life after the business”. It is about intentionally engineering the life you want around the business (whatever that might look like from a role and ownership perspective).

The most successful (using my definition) and happy business owners knew who they were, what they wanted from their business and why (credit to Bo Burlingham’s interview #16).

They were intentional.

The only way to be more intentional is to learn; to learn more about what is possible and the different ways your journey as a business owner can unfold.

The clearer you are about what you want (because you’ve fully explored the options and possibilities) the more at peace you can be with the plan you have and they choices you make.

When you get knocked off track, thrown a curve ball and have to reassess. It becomes easy to get back on track because you can recalibrate your strategies and actions against your long-term plan.

I have a deep passion to learn (maybe to a fault) and love to hear people’s

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This is officially the last episode of this podcast under the name of “Life After Business.” Starting with the next episode, this podcast will be renamed, “Intentional Growth” and it will be all about how to grow the value of your company with the end in mind.

In today’s episode, I’ll be talking with entrepreneur and author, Mike Lee. We’ll be talking about how to reinvent yourself in times of transition and how to find your life’s purpose.

What is your purpose and what are your definitions of success in your key roles as a human being? These descriptions represent your requirements. That way when a new opportunity does arise you have something to evaluate it against. Without this intentional work you are at risk of taking the next thing that comes your way and missing the opportunity of a lifetime: you risk not fulfilling your true God-given purpose.

What You Will Learn in Today's Podcast Interview:

Mike’s personal and professional backstory
The importance of purpose and how to write our life purpose statement
Live life backward from your obituary
How to get unstuck if you are not feeling good about the work you are doing
How to identify if your ego has crept into your role as a leader
Why retirement is a false and misleading mindset (especially for entrepreneurs)
How to lean into tough times, use your creative thinking and find your life’s purpose
How to get over yourself and fix your situation
How to look deeper into the meaning of your role as an owner and leader
Life is a balancing act and there is no perfect situation
How to determine where your true identity resides
How to avoid the frying pan all together, and get intentional before something bad happens
What is false retirement?
Overcoming stress and fear in order to become intentional

Main takeaway / Why I liked the episode –

Mike is the perfect guest to talk about intentional professional rebirth and the intentional journey of building something. With COVID as our catalyst, now is the time to define what you want out of your business and what your true purpose in life is.

Remember that next week’s episode is going to be the first of “Intentional Growth.” Check out our Intentional Growth Assessment on our website. Go to ARKONA.IO/Assessment or text 66866 to take a two-minute, twenty question assessment that we’ve created to help you shift your mindset and focus on value-creating activities that will help you get what you want with your business.

Sign Up For The Mastering Your Cash Flow Video Series

We created a video series called Mastering Your Cash Flow that helps you get clear visibility into your cash flow and build a financial strategy that allows you to capitalize on the future opportunities that come from the crisis

What You'll Learn in the Mastering Your Cash Flow Video Series

How to Build a 13-Week Cash Flow Statement: Get clarity on where and how your cash is coming from and being used and then build a plan to manage it wisely. Learn how to build a 13-week cash flow statement from the top CFOs in the marketplace.
How to Build and Revise Your 2020/21 Budget and Forecast: 2020 and 2021 are most likely not going to look like you thought they did back when you built your budget and forecast. Learn how to model out different scenarios using forecasting best practices.

The Guided Journey: Finding Faith, Purpose, and Joy in Life

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On today’s podcast, I’m talking with Lloyd Wolf. We’re talking about how he took his freelance IT company and turned it into a full-time IT service company. Not only did this take talent and know-how, but it also involved a change in his mindset. We also get into how a peer group helped him focus on the right things, how he shifted his mindset from annual profit to EBITDA and value creation, and how and when he realized that he “made it”.

We are entering a new normal with Post COVID but the guest on the show today has lived through various business models, recessions and he was still able to eventually get what he wanted from the business. Lloyd was VERY intentional with his strategies and where he was spending his time, energy and money.

It’s official, I’ll be changing the name of this podcast from the Life After Business Podcast to The Intentional Growth Podcast. We’ll be launching the change on the 200th episode. It has been a huge decision for me because, after all these years, I’ve grown as an individual as I’ve learned about valuations, value growth, even more about business, the economy, just tons of personal and professional growth. My original and current desire for my listeners is for you to be able to get all the information you need in order to make your own decisions so you can choose your own adventures. That comes down to being intentional.

What You Will Learn In Today's Podcast Interview:

Our definition of a successful entrepreneurial journey
How to shift your mindset from being an accidental entrepreneur to an Intentional entrepreneur
The 3 things most important things to help you get intentional and successfully get what he wanted out of and exit
How Lloyd used CEO Peer Groups as a way to level up his game
What happens after you shift your mindset away from solving for annual profit to solving for long term value creation
How to remove yourself from the day to day of the business
Ways to calculate your financial freedom number WHILE you own the company
The difference between enterprise value and net proceeds
Why different buyers want different things
How to analyze the motives of the buyer against your personal drivers and financial targets
How to create a “deal package” even if you don’t plan to sell for years
What to do say when you get those phone calls and someone wants to “offer you a ton of money”

Main takeaway:

I believe you can get what you want from your business on all fronts. It’s going to take hard work but--I promise you--it’s worth it. Go to ARKONA.IO/Assessment or text 66866 to take a two-minute, twenty question assessment that we’ve created to help you shift your mindset and focus on value-creating activities that will help you get what you want with your business.

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What You'll Learn in the Mastering Your Cash Flow Video Series

How to Build a 13-Week Cash Flow Statement: Get clarity on where and how your cash is coming from and being used and then build a plan to manage it wi

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Today we’re going to be talking to Alex Chausovsky from ITR Economics, which is a world-renown Economist forecasting and consulting company which works with some of the top mid-market companies and is heavily involved in nationwide CEO Peer Groups like Vistage using their data.

A year and a half ago I had him on the show to discuss their short and long -term economic forecast. One of ITR Economics’ main theses has been a slight downturn in the early 2020’s and then a great depression in 2030.

Since I had him on, we’ve had a worldwide pandemic that has decimated our global economy. A lot of the things we discussed in the first interview like the demographic shifts and some of the variables that go into their 2030 great depression forecast are still relevant. I figured it was time to get him back on the show to explain how our current situation impacts their forecasts and what they think the future holds.

In today’s episode because you’ll learn –

About Alex Chausovsky and his background
The leading indicators to track and measure the health of the economy
How deep and how long the economic pain will be
Will experience a V-shaped or U-shaped recovery?
The implications of the Federal Reserve printing money
How corporate and consumer debt affects the recovery period
ITR Economics forecast for the rest of 2020/21
How the pandemic impacts ITR’s 2030 prediction
What ITR’s forecast is on the job recovery
The 90% economy
How are new normal is impacting valuations
Their forecast on unemployment in 2021
What companies can be doing right now to weather the storm and set themselves up for the long term
How to view rates of change
What ITR is using to predict how the virus is
Alex’s view on the potential to have inflation
How consumer’s behavior will impact our recovery

Main takeaway / Why I liked the episode –

One of the best things you can be doing is figuring out how to build that bridge between now and the future, over the course of the next 18 months. That all starts with education. There are two ways we hope to help you get clear, get intentional, and get going:

1.) Mastering Your Cash Flow – Video Series

How To Build A 13-Week Cash Flow Statement

Get clarity on where and how your cash is coming from and being used and then build a plan to manage it wisely. Learn how to build a 13-week cash flow statement from the top CFOs in the marketplace.

How to Build And Revise Your 2020/21 Budget And Forecast

2020 and 2021 are most likely not going to look like you thought they did back when you built your budget and forecast. Learn how to model out different scenarios using forecasting best practices.

c. Create A Strategic Plan to Grow Company Value

Increase the chances you come out of the gates and capitalize on the future opportunities when our new "normal" sets in. Start thinking about how you can create a strategic plan to grow a valuable business that gives you choices.

2.) Intentional Growth™ Digital Course

Because of the current situation, Pat and I are working on a digital video course on the Intentional Growth™ 5 Principles. It will be the best of our material that we have in our 2-day Boot Camps that normally costs 5k for $295. Text the word Intentional to 66866 to get on the waiting list of the digital course.

We’ll teach you how to build a valuable company with the end in mind using our 5 Intentional Growth™.

In pr

Conscious Capitalism: Liberating the Heroic Spirit of Business

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Today, Sara Stern is talking with me today about the family business circle, her experience in family businesses, The Sage Pages, the Matilda Impact, family business statistics and what that means for your business, how ‘fair is not always equal,’ and what successful family businesses have in common.

So many businesses (family-owned or not) hit their ceiling because the owner/founder cannot separate their ownership role from their management role. Because so many owners don’t truly understand business valuations and how to identify what their biggest asset is worth, they try and solve interpersonal problems with what is tangible, and they understand… payroll. Salaries become the default mechanism to “treat everyone fairly” or keep the peace. When in reality this can be one of the most toxic mistakes to make.

I truly believe conflict can disappear once a business owner understands how companies are valued and have boundaries which clearly define value management roles should be bringing along with the correct pay. This DOES NOT mean that hard conversations will disappear, it just means that the chances of growing a valuable business that lasts generations will increase along with family harmony.

What will you learn in today’s episode:

Sara’s background and her experience with business
What Sara got from working at Target
The three-circle model of family business are:
Ownership
Business
Family
What the Matilda impact is and how to use it to address the family freeloader
Why 90% of first-generation business owners are in all three circles
The excuses first-generation owners
Why fair is not always equal
What the successful family businesses to make it in the 3% of companies that beat the odds and survive three generations
How to shift your mindset and reinvent the family business if you are sick of waking up for grandma’s legacy
How to work through family conflict and lean into
How to break through false assumptions you have about your family and the business
How to create a family purpose statement
How to review, hire and work with a solid team of advisors and deselect the ones that don’t get it

Main takeaway:

Education can solve a lot of problems. There are two ways we hope to help you get clear, get intentional and get going:

1.) Mastering Your Cash Flow – Video Series

How To Build A 13-Week Cash Flow Statement

Get clarity on where and how your cash is coming from and being used and then build a plan to manage it wisely. Learn how to build a 13-week cash flow statement from the top CFOs in the marketplace.

How to Build And Revise Your 2020/21 Budget And Forecast

2020 and 2021 are most likely not going to look like you thought they did back when you built your budget and forecast. Learn how to model out different scenarios using forecasting best practices.

c. Create A Strategic Plan to Grow Company Value

2.) Intentional Growth™ Digital Course

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A huge challenge I see business owners encountering right now is the decisions that need to be made on how to balance the interests of one’s people and culture while also recalibrating their operations and cost structure to potentially a new revenue and profit norm. Today I’m talking with successful author, speaker, and entrepreneur Chris Meroff. He has built his company, and Private Equity Firm, into a thriving a place of cutting-edge ideas for company culture.

Chris shares how he quadrupled his EBITDA as a result of embracing his employees and focusing on ways to release their inner greatness. By optimizing for ways to increase the median employee salary he literally lifted everyone up in the process.

What will you learn in today’s episode:

How Chris has more than quadrupled their EBITDA by focusing on his employees and leaders
How Chris scales his companies by focusing one KPI – increasing his employee’s median income
Why Chris would give up millions instead of laying off 10% of his workforce
How to harvest your employees’ greatest gifts and nurture their inner greatness
How to abolish the 2 things that can erode profits and employees’ mental states
How to unleash your people like never before
Culture is the sum of everyone’s world views
How to create a company purpose statement and engrain it in your culture
How to use the company purpose statement as a line in the sand to make decisions
How to create a culture that you can measure and monitor
How to align your culture and financials
The difference between entrepreneurs who are “hobbyist” and those who are growing an investment

Main Takeaway:

We cannot forget that businesses are made up of employees and people. Not only do we have to treat our employees well, but how we treat them and what we do right now (as a business-owner) will impact the future viability of our business. The leaders that are able to maintain the financial health of their business, while also keeping their culture and leaders intact are going to come out of this with a competitive advantage that I don’t think others are going to have. Employee growth, value growth, and the ability to have more options and freedom down the road are all linked to financial and business success. All of that come from a place where you are make clear, intentional decisions about your employees and company.

About Chris:

Chris Meroff built his company into a thriving laboratory of cutting-edge ideas for company culture. He wanted people to be seen for who they really are so that they can be fulfilled personally and professionally, either as a leader or an employee. His aim was to show his staff that there's more to their jobs than just giving up time with friends, family, and hobbies. With an emphasis on integrating work and life, Chris proved that the result can be fulfilling and rewarding. Establishing these roots of fulfillment in all of his endeavors became his life’s work.

Today, his companies employ over 200 people and all of them are quick to say that the culture there is unlike any other. This unique culture clearly shows that Chris’s Alignment Leadership model of pursuing fulfillment and developing people rather than skills is flourishing. Not just because the financials say so, but because the people themselves do.

Chris’s first book,

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Today, more than ever, I have watch businesses of all sizes, industries and locations buckle down to figure out what this new economy means to them, their business and their future cash flow.

I've seen companies with millions of EBITDA disappear and entrepreneurs with a few hundred thousand in EBITDA explode with growth. Regardless of what end of the spectrum you are on, getting a handle on what cash is coming in and out the door is crucial.

There is a way to get visibility into your cash that helps you get through this storm and also sets you up for success so you can "afford" to grow at the pace you want... and with the right kind of growth.

My business partner Pat Hobby and I will be discussing how the most successful companies master their cash flow by building out forecasts and budgets that align with their strategic plans and revenue targets.

We talk about the steps you need to do, how to be intentional, make a plan, and come out of this ahead by building a 13-week cash flow statement, revising your budget and forecast and then building a plan for long term value growth.

Some of the things we discuss in today’s episode –

- How to balance today's storm with your future plans for the business
- How to build a financial foundation that gives you visibility into your cash flow
- The key components to a 13-week cash flow statement and why you need one
- How to use a 13-week cash flow dashboard to work with your stakeholders
- How to build an annual budget from the ground up
- How to get visibility into your line of credit usage for the rest of 2020
- What you can be doing to revise your sales forecast
- How to combine your sales forecast with your budget to project your 2020 net income
- How to avoid decisions that you will regret (like taking on too much business debt)
- How to set yourself and the company up for value growth and potential acquisitions
- How to project out your growth and what it is going to cost you (and where you'll get the money)
- Where to find the Mastering Your Cash Flow Video Series and the new Intentional Growth™ Digital Course

Main takeaway

We want to help. I hope that the Mastering Your Cash Flow Digital Course can help get you where you need to be in order to get through this crazy time on top of your game and with a plan. Let’s build a plan to get a solid foundation for you and your business. You’ve got to get going and get intentional right now.

Quotes:

“There are very specific things that we can be doing because everybody’s balance sheets are shrinking right now.” - Ryan Tansom

“Get clear, get intentional, get growing.” - Ryan Tansom

“Don’t just look at topline revenue for the next two or three years. Don’t just blindly grow, blindly take out debt. There are 12 years of that. Quit doing it.” - Ryan Tansom

“When this passes--and this will pass--you want to be in a position where you can grow your business.” - Pat Hobby

“Getting some clarity on where I’m at today and how I get through the next quarter and the next year, in a way that sets me up for the futur

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Today I talk with a guest that is back on the show, Ilan Jacobson (the founding partner and CEO of Firepower Capital, based in Canada). Ilan is colorful, straight-forward, intelligent, and brilliant entrepreneur with an amazing background in finance and geneology.

Ilan is on the ground floor and has lots of exposure to the M&A marketplace. At Firepower Capital, they have an M&A sell side advisory team does deal between $10M - $250M as well as an investment arm that deploys their our own capital in Canadian companies through venture, gap & bridge term debt, as well as private equity with deal sizes $1M - $20M (fun fact – they own one of the largest battle ax throwing companies ;-)

We cover some of the biggest questions up in the air right now: What will our new normal look like? How will consumer behavior and the business landscape change? What impact does the debt levels on consumers and business have on the recovery?

Our conversation was a blast and rich with insight about how the pandemic could impact the future of the economy, business valuations, private equity and more.

Some of the things we discuss in today’s episode –

What the new economic normal might look like
How and when things might bounce back
The high levels of debt and how that will impact the recovery
How the shutdown is impacting business and private equity
Changes in business valuations
Ways business might change post-COVID-19
How the CARES act and stimulus money will be deployed
How corporate incentives could / should change when companies receive the money
What industries are benefiting from the shifting of how business is getting done
Where are the potential opportunities and value in the marketplace
Ilan’s predictions for later this year and post-COVID-19
Where to find Ilan and about his new podcast, “The Dealmaker’s DNA”

Main takeaway

Make sure to pull from all of the resources available for you out there. That way you can start synthesizing information and start figuring out what your new norm is going to be. One of the resources you should check out is our Mastering Your Cashflow Mini-course. Also check out the digital course for our bootcamp.

Quotes:

“The pandemic threw a wrench in the system in a real hard way. But the lack of lubrication was being seen. The squeaks were being seen before this.” - Ilan Jacobson

“It’s really shown, in a very real way, the flaws in our system. But I honestly think those flaws existed prior to us seeing them.” - Ilan Jacobson

“We are only as safe as the lowest common denominator. And I don’t trust the lowest common denominator.” - Ilan Jacobson

“We are, actually, as an entire global population, learning new skills. Which is quite interesting.” - Ilan Jacobson

“The commercial real estate market is going to be so different.” - Ryan Tansom

“This is the best case study of supply versus demand economics. Like, if people don’t wake up and buy shit every day, there is no machine.” - Ryan Tansom

Resources:

Ilan Jacobson, LinkedIn

ARKONA Boot Camp

Reach out to me if you have questions about the boot camp!

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The world is so chaotic right now. Amidst that chaos, a lot of companies are struggling to make ends meet. If you’re in that scenario or if you’re trying to prepare for that possible outcome, today’s episode is for you.

Jeff Sands (author of “Corporate Turnaround Artistry: Fix Any Business in 100 Days) is chatting with me today. We both commiserate over our expertise in this area, but we also talk about what we’ve learned through the process. Jeff’s love of business and being a turnaround consultant is in high demand in these worrisome times. He shares some of his secrets with us as well as some stories about his experiences in the field.

As the world has come to a stretching halt and revenues have shrunk dramatically, the need to manage your cash, build a short-term game plan and revise your long-term strategy is more important than ever.

No matter where you fall on the spectrum of the impact that COVID-19 has had on your company’s revenues, this episode is a must listen. It will teach you what you can do to pull out of a nosedive, get your foundation in order and then capitalize on the opportunities that will inevitably present themselves.

What you will learn:

What it takes to turnaround a business that is out of money
How to generate cash, fast.
How to build alliances with your stakeholders during a turnaround
How to identify your cash conversion cycle
Typical vanity metrics that most entrepreneurs talk about
Why cash is a business oxygen and how to keep a business alive
How to build a 13-week cash flow statement
What should go into your cash flow forecast
How to plan for growth once you get out from your turnaround
How your mindset is your biggest asset during a turnaround
How to get out of the cross hairs of the bank and become the “A Student”
Ways to hit the accelerator once you have your financials in order

The Takeaway:

We are in unprecedented times where revenues have dried up and cash is king, HOWEVER a plan is even better. Now is the time to get your foundation in order, make hard decisions and build a plan for when things "normalize".

If you put the best practices in place you’ll be able to pull ahead of your competition and be the one ready to win the clients and even acquire the companies that were not able to sustain through the crisis. The reason I love this episode is it hits very close to my heart based on the experience I have I started at the family business during the 2009 crash and that year we lost well into the 6 figures. The next 5 years we spent every waking minute juggling cash while trying to keep the business alive. What took us almost 6 years to do could have b

Corporate Turnaround Artistry: Fix Any Business in 100 Days

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This episode (also in video) breaks down the $350 Billion in relief funds for small businesses owners in the PPP and EDIL, who qualifies and how to access the money.

What will you learn in today’s episode –

The difference between the Paycheck Protection Plan (PPP) and the Economic Injury Disaster Loan (EDIL)
The insights of a Top Tier Mid-West CPA and Business Advisory Firm
What’s going on in the market as of 2 days ago
Who qualifies for each the PPP and the EDIL
How to apply for both programs
How Bankers fit into the mix
The loan amounts available in each program and how it is calculated
How to deploy and where to use the loan proceeds
What loans are forgiven and how
The interest rates, terms and deferments in each program
Ways to access emergency grant money ASAP
Which loans are personally guaranteed and what is not
Options available for current SBA loans

Main takeaway / Why I liked the episode –

There is a lot of money that is going to be deployed in the next two months and the sooner you can get your ducks in a row and submit your application (the right way with the right requests) the sooner you’ll be able to receive your funds.

We have the video available on our website along with a list of additional resources and links that we will do our best to update as things change and evolve.

Even though there is going to be unprecedented access to funds that does not mean you have the luxury to sit around and wait for them. Our suggestion for every business owner out there is to:

Gather your info and submit your application ASAP, then…
Build your 13-week cash flow statement
Revise your 2020 forecast the best you can
Have conversations with all your stakeholders
Lean on your closest advisors and
Start working on your strategic plan to get you out of this crisis and then capitalize on the opportunities that will inevitable arise when our new “norm” settles in

Links, Resources and Downloads –

Watch the webinar of this podcast
Schedule a call with Arkonato discuss a 13-Week Cash Flow template and Action Plan
Jim Stelten, LinkedIn
BerganKDV Website
BerganKDV Guide to the CARES Act, PPP and EDIL
US Chamber of Commerce Guide to the CARES Act, PPP and EDIL
SBA CARES, PPP and EDIL Loan Application Resources
Borrower Paycheck Protection Program Application
PPP Paycheck Protection Program - Borrower Information Fact Sheet- 3.31.20
PPP Paycheck Protection Program -Overview-03.31.20

About the guest – As a Business Value Add Partner, Jim is responsible for building client relationships and solving client’s business challenges. At an early age, Jim worked in his dad’s retail business. His dad taught him to make a difference—even in a small way—for their customers and this has been Jim’s mantra ever since. He is tireless in his pursuit to make a difference for the clients he serves. Jim believes in always driving value beyond the assignment and providing an experience deserving of referral. This mindset has allowed Jim to grow an incredible network in the Twin Ci

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In today’s episode I got to speak with Scott Shay who runs the 40th largest bank in the US and has also been through the 87’ stock market crash, .com bubble, 9/11, 2008 financial crisis and now the 2020 COVID-19 pandemic. I loved this episode because I was able to geek out about economics, the financial impact of our situation and what his thoughts are for what the future could hold. I was able to cover a lot of ground with someone who is at the ground floor of the economic impact that the pandemic is and will have on our country’s economy.

There are two truths that keep our world going round,

The belief that the future will be better than the present and past
People will leave their homes and go out and buy goods and services.

We are currently living in a reality where these two truths are in major jeopardy. With the quarantines happening nationwide, American’s are not able to consume… therefore, leaving businesses without revenue and the profit to keep people employed who in turn can’t pay their bills, and so on. Roughly 70% of the US’s growth is based on the American consumer… if people don’t wake up and purchase goods or services, then the entire system is vulnerable to a collapse. The country has tons of leverage (debt). Public companies, Small Businesses, Private Equity firms and American households have been borrowing from the future to fuel their needs. This equation works just fine when you have confidence in the future and people are consuming… until there is a bump in the road… What you will learn:

How Scott grew Signature bank from scratch to a publicly held company with 1400 employees and $50 Billion in assets
Scott’s thoughts on the economic after math of COVID-19
Why Scott decided to build the bank from scratch versus starting through acquisition
How to have conversations with different stakeholders (your bank, vendors and suppliers) while in a cash crunch
What could happen to business valuations going forward
Why we need to recalibrate the discount rate
The potential impact of a recession on Private Equity and Pension Funds
Why the 2020 recession is much different than 2008
What

In Good Faith: Questioning Religion and Atheism

Antifragile: Things That Gain from Disorder (Incerto)

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Today on the podcast, I have Mike Frommelt the Founder and CEO of Keystone Search. Mike has been featured in Gino Wickman’s book Rocket Fuel because of his tenure helping companies hire their top-level executives and more importantly their replacement (this could be the title of Pres ident / GM / COO / or Visionary / Integrator as EOS refers to it).

If you have thought about what it would be like to replace yourself from the day to day (i.e. your role not your ownership) and don’t know where to start, then this episode is for you.

Whether you have a $1M business or $100M business and your goal is more freedom from the day to day, or are looking for ways to decouple yourself for an exit years down the road, it’s a HUGE decision to find your successor.

If done wrong, all the anxieties about the subject and horror stories you play in your head could come true BUT if you do it right and take the time to learn what you need to do BEFORE you make any decisions then true magic can happen. Not only for your personal life BUT also for the business.

You will have a more valuable company that gives you the freedom and time to think, plan your long-term strategies while only working in the parts of the business that give you energy.

What you will learn:

Where to start the journey when you are ready to replacement for your day to day role
How to determine whether you have your replacement internally or if you need to find someone from outside the company
How to separate your ownership role from your day to day working role
How to figure out how much visionary vs integrator your replacement needs to have
What qualities a president of a company should have
What the resume should look like of someone t
The opportunity cost of replacing your role
How to pay a president and different compensation structures you should think about
The process to find, court and onboard a president
How to discuss hiring your replacement with your executive team

Quotes:

“The first place that I like to start is making sure that I understand and they understand what it is that they’re really doing in the business.” - Mike Frommelt

“You want to incentify [the leadership team] to grow the business while you’re doing what you want to do, whether you’re becoming the chairman of the board or you’re on a beach somewhere.” – Mike Frommelt

“This is not about putting yourself out to pasture.” – Ryan Tansom

“I think that if you have too much operational and you leave the magic of the visionary aside, things can implode, which I think a lot of people will also see.” – Ryan Tansom

“Choices, choices, choices equals freedom, freedom, freedom.” - Ryan Tansom

The Takeaway:

One of the MOST important things you can do to build a more valuable company AND give yourself more freedom is find someone to replace your role and transfer the tribal knowledge that you have in your head (this doesn’t mean you have to go out to pastor or become irrelevant, just that you have transferred your knowledge and the company’s reliance on you so you can have the freedom to work in the areas of the business that give you energy AND have more options to do what you want with the bus

Rocket Fuel: The One Essential Combination That Will Get You More of What You Want from Your Business

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Entrepreneur and family office investor Andy Billman faced death head on when he was talking to the surgeon who was removing a tumor from his skull… while he was wide awake!

After a lifetime of doing deals (at one point he did 14+ acquisitions in the course of 5 years) Andy was faced with devastating news that he had brain cancer.

Since his brain surgery, Andy has made it his life’s mission to help entrepreneurs understand how to take their obstacles, recalibrate their minds, and use their businesses and their lives to help change others.

On the show he talks about the ups and downs of his career (buying a company, getting sued, going bankrupt, acquiring 14 companies in 5 years, and how he ended up at a family office) and why having a good perspective on life is the one thing that can make the whole ride worth it.

What is the first thing you would do with your business if you were faced with horrible news? Would you try to sell everything tomorrow or would use that news to put into action all the things in your business and life that you’d been holding out on?

Andy shares his experience of facing death, so we can understand the importance of reflecting on what’s important for you, your life, and your business.

Life is finite and the best thing you can do is come to grips with that. Once you do, you will have a lens to view the world with that helps you prioritize what’s really important. It can help you transform your business and life while allowing you to enjoy the ride.

What you will learn:

Why leaning into challenges can be one of the greatest gift’s life can give you
Lessons learned from over 12+ acquisitions on the buy side
The most important question you can ask about a potential company you want to buy
How Andy changed his perspective on life and business after brain surgery
How Andy is using his diagnosis to enjoy M&A and his business ventures
What it was like to buy into a company and have it go bankrupt while getting sued
What Andy looks for in a good acquisition
How to be optimistic on deals and why you need to surround yourself with detailed and cautious people
What Andy refers to as the “bull shit meter”
The power of telling the truth and being transparent
The difference between short term and “patient” capital
Why the purchase price should be the table stakes and how to focus on the intangibles in the terms and conditions
Questions to ask yourself if you didn’t have the business as part of your life

Quotes:

“I just kinda smiled and said, ‘Well, my mom always told me I was special.’” - Andy, about having rare brain cancer.

“I share my story with complete strangers because I hope that I can make an impact in whatever they are going through.” - Andy

“Life is finite. People are also people. How do we integrate business and humans and the long game of life into one journey that we enjoy and that makes and impact on others.” - Ryan

The Takeaway:

Life is finite and you have the ability to realize that. One of the most useful life tips I’ve incorporated into my life was from Benjamin Franklin (when I read his biography). He explained that ⅓ of his thoughts were on the fact that life is finite in order to calibrate the things that he dealt with.

Resources:

Andy Billman, LinkedIn

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Understanding the real reason WHY a buyer is willing to sit across the table from you and write you a big check is THE most important thing you can do. Today Todd Eberhardt is on the podcast sharing with us how he boot strapped a company with his partner into a multimillion dollar company (named Comm-Works) that maintained double-digit growth for years and why/how they eventually sold to a Private Equity Firm.

Todd shares his challenges with rapid growth, buying out a partner, a few failed attempts to sell the business and then how they finally chose their private equity buyer.

Post closing, the story unfolded differently than Todd intended (both financially and ultimately with his role) and he is on the show to share with us everything he learned so you can better understand how to:

do as much reverse due diligence on the potential buyer as you possible can to figure out WHY they want the business and what they plan on doing with it,
align what they buyer what's with your business with what is important do you (personally and financially)
get as much money up front as you can and make sure you are comfortable with that number in case things don't go as planned post closing.

Great quote from Todd in the interview:“People buy for their own reasons and, you know, you need to figure that out when you’re making a sale because, in my experience, as an owner and working with dozens and dozens and dozens of other owners that go through it, when you strip everything else away, there are two things that become important. Once is certainly the size of the check. The other is the legacy that you’re leaving behind.” - Todd Eberhardt What you will learn:

Lesson’s learned from double digit growth and a sale to a private equity firm
What could happen after the sale even if you roll equity
Why companies buy for their own reasons
How to be mindful of what creates long term value
Why a growing company is a hungry animal for cash
Where to invest your cash to create a higher valuation
Why “letting go” and delegating to management fuels growth
Why thinking about taking the chips off the table in the middle of double-digit growth is a good idea
Why doing your due diligence on investment bankers is important
Why you should be happy with “the first bite at th

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If you want to learn how to monetize your growth instead of giving your soul (and company) to an investor or bank, then this episode is a must listen to.

Justin Erickson from EsseX Capital explains how local cities outside of major metropolitan areas are looking to attract smaller privately held companies into their communities… and they’re willing to put their money where their mouth is.

Why?

Smaller cities are looking for ways to stimulate their local economy through job growth and new developments. They are attracting businesses by helping find labor, giving very attractive real estate incentives (tax credits, renovation funding, capital, etc.) and even forgivable business loans.

You might be thinking that you need to pick up and move yourself, however that is not the case. There are very logical ways to tap into these hidden markets and funds in a way that makes sense for you and your business. Justin explains how these strategies apply to a business with a few remote workers at a service company up to a manufacturer looking to expand their footprint.

I am a huge fan of creativity and learning unconventional ways to tap into savings and capital sources… and this interview sheds some light on strategies I think very few entrepreneurs know of.

I’ve realized that--more than “life after business”--this podcast is about being intentional and growing your business so you can have more options and more freedom in your journey. So my question is, if the name of the podcast changes from “Life After Business” to “Intentional Growth: How to Grow the Value of Your Business with an End in Mind”, would that throw you for a loop? The topics and content would still be the same, the only difference would be the title.

Your opinion is so important to me. Please reach out to me if you have any questions or comments. You can contact me via email at rtansom@arkona.com, on my LinkedIn, or you can call me at 612-720-6530.

What you will learn:

The 3 ways you can tap into local governments to fuel your company’s growth
Why smaller cities are coming to the table with great incentives for smaller private companies
How to monetize your growth instead of giving up equity or personally guaranteeing your live away
Why you should look at a smaller community for your next location / relocation
How to find an untapped labor pool that is ready to work hard
How smaller communities are using small private companies to fuel their economies
Why you should look at a local city for capital
How cities are using tax incentives to entice companies to build in their community
How local communities are using forgivable loans to attract companies into their city
How to use a company like EsseX to do all the research and analysis for you for free
Where the incentives coming from and how they work

Quotes:

“I tell the company, ‘You don’t have to. I can do the legwork. I can find the options for you. And I can bring the communities to you, physically or otherwise.’” – Justin Erickson

“It is fun to see the impact beyond, just engaging with companies, and clien

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This week’s guest was a lively, truthful, and colorful entrepreneur, Steve Prefontaine. Steve partnered with his dad 25 years ago and bought Skaff Cryogenics, where they purchased, rehabbed and sold large cryogenic tanks (essentially HUGE yeti’s as Steve put it).

The business was only doing $500,000 at the time they took over in the 90s and recently sold it for $12,500,000 in an all cash deal to a public company.

Steve shares with us how they grew the company and his approach to busienss… keep a “real real tight and simple business and pay down debt”.

Around 10 years before they sold, they asked themselves “what do we want from this business”. Their question helped shape their move to go national, build out a trailer leasing business, pick up an international partner and more.

Along their journey they got random offers, took the company to market (then took it off), doubled down on their growth strategy, paid down an insane about of debt and finally pinned 5 competitors against each other to ultimately sell to Chart.

Steve had the ability to walk away from all the offers and continue making money for another 15 years but because of his leverage he was able to pick the exact buyer that he wanted with an all cash deal… while being himself every step of the way (and even to this day while he works at Chart).

Listen in to hear how your ability to walk away can be your biggest asset.

What you will learn:

Why a “real tight and simple” business sold for $12,500,000 all cash up front
How Steve partnered with Dad for 25 years in 3 companies and never fought
Why complete devotion to customer service made Skaff appealing and valuable to the competition
Why building out the leasing business from the repair business helped with cash flow and viability of the repair business
How loyalty to employees paid off right before they sold the company
Why Steve decided to take the company off the market to double down on growth
How paying down debt played into their business strategy
Why 5 competitive buyers came to the table to bid on Skaff
Why having the ability to “walk away” was Steve’s biggest asset
How Steve negotiated directly with the CEO of a public company to close the deal

The Takeaway:

If you want to do what you want, when you want and how you want, you have to grow a valuable business that others envy, kicks out cash and also gives you the flexibility to do what you want.

Resources:

Steven Prefontaine, LinkedIn

Skaff Cryogenics, website

Chart, website

ARKONA Boot Camp

Reach out to me if you have questions about the boot camp!

You can also reach out to me via email at rtansom@arkona.com, on my LinkedIn, or you can call me at 612-720-6530.

Quotes:

72:34 – “A lot of my stress, and a lot of entrepreneurs are probably

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If the "project" of acquiring a company is managed correctly, due diligence will be easier, closing the transaction will be faster and integration will be more fruitful for both the buyer and the seller.

Kison Patel is on the show today to share stories about billion dollar acquisitions being done on spreadsheets and why the Merger and Acquisition industry needs to catch up to the 21st century.

Kison is the founder of DealRoom (an M&A project management software) and has been through countless transactions himself that add up top hundreds of millions of dollars over his tenure, and it showed him how inefficient the actual process of acquiring and integrating a company is.

He explains how AGILE (a project management methodology that originated from the software industry) can help close deals faster and maximize the value post closing by getting all the stakeholders on both sides (executives teams, advisors, etc.) on the same page.

An AGILE approach can help keep the deal on track as things change, more people get involved and information flows (and tee up post closing integration to hit the ground running).

What you will learn:

Why the M&A industry is falling behind and how technology and innovation can help
Why the traditional selling/acquisition process isn’t always a smooth process
The evolution of managing the project of acquiring / selling a business
How to get all the stakeholders involved in selling/buying a business on the same page
Why the post-closing integration team should be involved in due diligence
How the software industry and the AGILE method of project management can be applied to M&A
How to close deals faster and maximize the value post-closing for both the buyer and seller

Resources/Links:

Agile M&A, website

DealRoom, website

The Agile M&A Practitioner’s Guide, Kison Patel, website

Kison Patel, email: kison@agilema.com

ARKONA Boot Camp

Reach out to me if you have questions about the boot camp!

You can also reach out

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David Tramontana started a healthcare business (Home Care by Black Stone) back in the ’90s. It grew from 2 employees to nearly 2000 employees and from $0 in revenue to over $50 million in revenue.Today we’re talking about his challenges in growing and how growth consumes capital, his experiences with bringing on investors, and the dynamics of planning for distributions for the investors while you’re growing. The big question is: do you reinvest your EBITA to grow a valuable business (long term) or do you create your company to create distributions for yourself so you can live your best life (however, at some point, you will be sacrificing value creation for annual distribution)?

Don’t just go grab an investor or a private equity firm because you can’t afford to grow. Instead, sit down and make a plan for your finances and understand your value. Everyone has different motives and you want to make sure that you intentionally get what you want.

What you will learn:

How David started the company from 2 employees to $50 Million and 2,000
What it was like going through two rounds of capital raises in order to fuel growth
The trials and tribulations involved in growing so quickly and so much
How 14 acquisitions helped David the business from $20M to $50M
How strategic planning helped navigate the changing industry and Obamacare
David’s experiences working with investors
What it was like shifting focus from an income business to a growth business
Managing expectations of distributions versus long term value creation
What it was like trying to sell the business over 12 months and why they took it off the market
Why David choose to sell for over $40 Million to a strategic buyer (public company)
What is it like being on the selling side after acquiring so many different businesses How David is able to reconcile the financial from the emotional aspects of business

Quotes:

“Should you reinvest your EBITA to grow a value long term, or do you want to create a business that has good cash flow where you can take the distributions (but at some point, you’re going to be sacrificing value creation for annual distribution)? It’s always give or take because growth consumes capital.” - Ryan Tansom

“Everybody was either going for the private pay (in the personal care side cause it had higher margins) or they had a sales team going after the skilled cause they had good margins. And we took the low margin but steady cash flow, Medicaid business, and then coordinated their care with the skilled care and it was an area where we didn’t have a lot of competition so we were very successful in the [...] market and so we took it to Cincinnati and we just kept going with it.” - David Tramontana

Takeaway:

The big question is, do you reinvest your EBITA to grow a valuable business (long term) or do you create your company to create distributions for yourself so you can live your best life (however, at some point, you will be sacrificing value creation for annual

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David Horsager is on the show today because he is an expert on trust and how to build trust. He has more research than almost anyone out there on how trust impacts our economy and businesses. Today he shares his 8 pillars of trust and shows us examples of how we can incorporate them into our daily professional (and personal) lives.

Trust, not money is the currency of life. Businesses are built on people and relationships. Therefore, one could argue that building a reputation and culture of trust is the most important thing an entrepreneur could invest in.

As a culture, we haven’t paid much attention to how important trust is in our lives (until lately where so many things are now transparent). Even as a company, trust can save us money, strengthen relationships, and create bonds with investors and clients.

Every value exchange is either made or broken based on each side's level of trust in each other. We have endless contracts, legal teams, software, due diligence, reviews, etc all in an effort to make sure we can validate what someone else promised.

Can you imagine how much more efficient our world would be if we knew we could trust the word of the person across from us!?

What you will learn:

The reason trust has become such a crucial part of our world
The 8 pillars of trust
The research that lead David to becoming the Trust expert
How the presence of trust is a crucial and valuable asset to your business
How to use the different areas of trust in your business, leadership role and life
How the different pillars interact and what you can do to improve them
How trust is incorporated into important decisions in your business
Ways to take your ideas of trust and turn them into action
The importance of being the same “on-stage” as you are “off-stage”
How to rebuild trust if you lost it
How to be a leader someone can trust

Quotes

02:50 - “It’s all about trust and your ability to follow through in your word.” - Ryan

11:28 - “That’s when you know it’s your life’s passion too; when you can do it every day and not get sick of it.” - Ryan

12:50 - “What’s the cost of having a lock on something? That’s the cost of trust.” - David

14:00 - “A lack of trust really is the biggest cost, the biggest expense of a leader, an organization, a global government, etc.” - David

Takeaway:

It’s all about trust and your ability to follow through in your word. Everything is based on trust so the best thing you can do is understand these 8 pillars of trust. Incorporating trust in your culture and with your investors, will help create strong relationships.

Links and Resources:

David Horsager, website

David Horsager, Twitter

David Horsager, LinkedIn

The Daily Edge: Simple Strategies to Increase Efficiency and Make an Impact Every Day by David Horsager, Amazon

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80% of deals that go to market don't close. Gayle McCann defies all odds by selling their firm two times and to completely different buyers... and neither of the exits were planned.

Out of the blue offers happen all the time and the chances it works out as planned are very slim. This episode is a story about two out of the blue offers and how all the stars align more than once.

Gayle shares what she and her husband, Pat, learned through each of the exits and what the process was like. In addition to that, Gayle and I talk about the different kinds of people it takes to run, sell, and buy back a business, and the different strategies Gayle and Pat used when they were running their business together.

Tune into Gayle's journey on what it's like selling the same company to two different types of buyers. The more stories you hear of how people have grown and exited, the more you'll be able to intentionally grow your company with the end in mind.

What you will learn:

Gayle’s history and background
How Gayle and her husband started and sold their business the first time to a strategic buyer
What their attorney included in their sale agreement that allowed them to buy back the company four years after they sold it
How Gayle's professional advisors structured the deals
Stories on what it was like merging three agencies that were bought by the Private Equity fir
What it's like working with three other companies and CEOs post-closing
How Gayle and Pat were able to maintain a health marriage while staying business partners
The differences between a Strategic Buyer and a Private Equity Firm exit
Gayle’s experience, transitioning out of the business and handing off her role and clients

Quotes

“The more you learn about the different things available, the more you’re going to figure out what you want.” - Ryan

“We did something very innovative, that no one else had ever done; we actually hired an underwriter from an insurance company because we wanted to focus on having a set-up of support people that were the top in their industry, that were going to give our clients A+, level 10 care.” -

“You don’t need--to live the life you want to, doesn’t take as much as people think.” - Ryan

Takeaway:

Learning from other people’s journeys can help you refine what you want. This will help you be able to approach the out-of-the-blue offers and your eventual growth plan with the knowledge to be able to create the options you want.

Links and Resources:

Gayle McCann, LinkedIn

ARKONA Boot Camp

Reach out to me if you have questions about the boot camp!

You can also reach out to me via email at rtansom@arkona.io or on my LinkedIn

About Gayle:

Gayle an experienced executive and entrepreneur with a demonstrated history of working in the employee benefits industry.

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We are on episode 4 of the Value Growth Series.

Does the thought of hiring or managing a sales executive give you a stomachache? Then you have to listen in on today's episode.

I’m chatting with Gary Braun about his experience scaling a business from $1MM to $400MM and how they did that through systematizing their sales force. Since then Gary and his bother started Pivotal Advisors, a sales management consulting firm, helping organizations assess and execute on their sales strategies.

Today Gary explains the 6 components of a health sales organization and what you can do to systematize your sales... which help grow your company and make it more valuable!

Growth Strategy
People
Process
Measurement
Rewards & Recognition
Execution

One of the biggest weaknesses that Gary sees in his decades of experience is the lack of training for sales leaders. Too often companies promote their "rain maker" to management and expect them to succeed without any training.

We’re going to be debunking and demystifying what people often think are the common sales problems (performance, compensation plans, managing the "rain maker", hiring, etc.) and what you can do about it using the 6 components.

What you will learn:

The 6 components that make up a high performing and sustainable sales organization
How to systematize your sales organization just like any other department
How to hire, retain and train a top sales executive
How to eliminate your intimidation behind and building running a sales department
How to tie your sales forecast to your financial budget and strategic plan
How to approach sales compensation plans (the dos and don'ts)
How to identify and hire hunters vs farmers

Objections: The Ultimate Guide for Mastering The Art and Science of Getting Past No (Jeb Blount)

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Today we’re talking about the role of a CFO and how timely, accurate and useful financials can help you see into the future of your business and make your company more valuable

I have with me, the co-founder and my business partner at Arkona, Pat Hobby. During his 25+ year career as an outsourced CFO, Pat has been a part of over a dozen acquisitions and is one of the most brilliant people I know.

Don’t worry… if you think this episode sounds boring, think again. Pat breaks down what it takes to turn your company into a cash generating machine by putting together world class financials (in a way any Visionary can understand) and how they can take your company to the next level AND a higher valuation.

Pat will be talking about how to take your income statements, tie them to your balance sheets, and then understand how your budgets and your cash flow statements should all tie together to reflect your strategic plan. We’re also talking about how to take the information, KPIs, and data you need in order to know if you and your business are moving in the right direction.

Tune in. It’s worth it. ;-)

What you will learn

The difference between a true CFO and a Controller
The 3 financial statements that should tie together to help you see the future
How your strategic plan should be integrated into your financials
What goes into a good company budget and how to start (even if that word gives you a stomach ache ;-)
How to tie your sales forecast to your financial budget and strategic plan
Some of the top KPIs to measure and monitor to ensure your company is moving in the right direction
How to consistently measure EBITA, normalized EBITDA and cash flow
What it can be like to manage your bank versus your bank managing you

Quotes

“Your financials should reflect how well you are doing in your strategic plan.” - Ryan

“If you’re tracking the cash generated, based on sales, it should be around 20%. But if you see a trend where it’s gone from 20 to 10%, there’s something wrong.” - Pat

Takeaway:

Attend our ARKONA bootcamp. If you own a company, if you’re an entrepreneur, or if you run a company, you will be able to take the steps in this episode and apply it to so many different aspects and portions of your professional life.

Links and Resources:

Pat Hobby, LinkedIn

ARKONA Boot Camp

Reach out to me if you have questions about the boot camp!

You can also reach out to me via email at rtansom@arkona.io or on my LinkedIn

About Pat:

Before Pat Hobby became the co-founder of Arkona, LLC, he started with a background in accounting and numbers, as well as being the CFO of quite a few successful companies. Now both Pat and Ryan run ARKONA as well as the ARKONA bootcamp.

We started Arkona with a mission to help entrepreneurs and business owners get clarity and control on how

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Today’s episode is all about how to build a strategic plan which is value-growth-centric. There are 8 areas of your business that need to be both balanced and nurtured: planning, leadership, sales, marketing, people, operations, finance, and legal. You need to pay attention to each of these functional areas. The areas which are normally weakest or often neglected in businesses are the planning, finance, sales, and marketing areas. I’m talking with Greg Meredith today, to help by talking about strategic planning. We’ll be talking about the importance of having one, debunking some myths around it, and how you can develop one to help you and your business thrive.

Greg has devised a plan which takes 10 steps, which will help you build the plan which will help your business grow and become more valuable. Even if you’re already trying to implement EOS or Rockafeller plan, these steps will help you develop a strategy you need before you can effectively use an EOS plan in order to implement your strategic plan.

What you will learn:

What is Greg’s background and experience?
What is strategic planning?
Why is strategic planning important?
What are Greg’s 10 steps to devising a strategic plan?
How can you implement these steps?
What is the difference between goals and strategies?

Quotes

“Strategic planning is the process by which you come up with compelling strategies.” - Greg

“Too many times, I’ve seen it where it’s a passion or an interest of the owner so they just keep doing it, but it’s the Sunk-Cost Fallacy.” - Ryan

Takeaway:

There are 8 areas of your business that need to be both balanced and nurtured: planning, leadership, sales, marketing, people, operations, finance, and legal. You need to pay attention to each of these functional areas. The areas which are normally weakest or often neglected in businesses are the planning, finance, sales, and marketing areas.

Look at your strategies and apply the Opposite Rule: if the opposite of your strategy is absurd, you need to keep working. For example, if your strategy is to “hire great people”, the opposite is to “hire terrible people”. That’s not a strategy, that is absurd. No one would ever do that.

Links and Resources:

Greg Meredith, LinkedIn

Greg Meredith, email: dgmeredith@gmail.com

ARKONA Boot Camp

Reach out to me if you have questions about the boot camp!

You can also reach out to me via email at rtansom@arkona.io or on my

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Podcast #177: Ken Sanginario
Hosted by Ryan Tansom

Learn how you could double the value of your business by de-risking your company specific risk and focusing on the 8 functional areas of a business

We are kicking off a mini-series on How to Increase the Value of Your Business. The 4th principle in the 5 Growth & Exit Principles is, INCREASE Value. Once you know what Your Drivers (Principle #1) and have your 3 Financial Targets identified and on track (Principle #2) and a rough idea what your ideal exit and timeline is (Principle #3) then you are ready to grow the value of your business with the end in mind.

Regardless of whether you want to exit your business next year or 20 years from now, if you focus on creating value but reinvesting in your business, making your cash flow more sustainable, predictable and transferable, you will create many more exit options and have a much more valuable business... it's the only way to run a business!

Ken Sanginario is the founder of Corporate Value Metrics and creator of the Value Opportunity Profile. He is also an educator who teaches business owners about the importance of intrinsic value. He has a myriad of certifications and credentials that make him the ideal guest for this subject.

If you are a business owner or looking purchase a business today’s episode is chalked full of information about the Value Opportunity Profile and Company Specific Risk. This standard system will help business owners create a business that stands up to due diligence and draws in the ideal buyer.

We also discuss the disturbing trend that is surfacing in the market. Many baby boomers are getting ready to go to market, and there aren’t enough buyers to help them all. Because of this issue, only 6-7% of baby boomer sellers get a favorable outcome from their sell.

Ken is quick to explain how his assessment system is important to the baby boomer issue. He also explains how the assessing process came about and how it has reached an international audience.

What you will learn: * Ken’s time as a business consultant. * His experience as a CPA, CFO, and his multiple credentials. * How Ken designed the Value Opportunity Profile. * Why Ken felt the need to create a standardized process. * The Company Specific Risk metric and what it means. * The 3 traditional approaches of value assessment. * Why the market approach is a shaky approach and multiples are meaningless. * Why the income approach is considered the one true method. * The pros and cons of value assessment approaches. * The 3 parts of the discounted cash flow method. * The 8 primary categories to create maximum value. * The 50 subcategories that are based off the prime 8. * How Ken’s system is connected to due diligence. * The 2 components of cost of capital. * What is intrinsic value? * The difference between a financial and a strategic buyer. * The baby boomer issue and how younger business owners can help. * Run your company at the highest quality at all times.

Takeaways: If you are a business owner, Ken’s program is essential to maximizing your business’s value. You need to focus on intrinsic value and create a business that is ready to sell. The more work you put into your value building, the more confident you’ll be at the negotiation table.

Links and Resources:

Corporate Value Metrics
Ken’s email address
508-870-5805

About Ken: Ken Sanginario is the Founder of Corp

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Host: Ryan Tansom

Happy Holidays, everybody! Today’s episode centers on reflection. We’re going to take a stroll through the most popular podcasts of 2019 and recap their best tips for entrepreneurs. Some of the topics I’ll cover include: Growth planning; social capitalism; serial entrepreneurship; financing options; and exit planning. (To name a few.) What better time than now to take a close look at your operations and efficiencies and see what improvements you can make next year?

So if you’re ready to learn how to operate an even better business or get a pinch more out of a deal, this podcast recap is for you. I even break down what the real Growth & Exit Planning principles are that Arkona and I work with every day as well to give you the best start to the New Year possible.

What you’ll learn:

The top Life After Business interviews from 2019
The top stories of owners who started, grew and sold in a variety of ways
An explanation of the 5 Growth & Exit Principles
How each of the top interviews relate to one of the 5 Growth & Exit Principles
How to focus on long term value creation with the end in mind using the 5 principles
Stories of entrepreneurs who figured out what they wanted from their business and why
Ways to increase the value of your business
The 3 financial targets you should identify and monitor
The 5 main categories of exit options
How to work with your team of advisors to optimize your growth and exit

Principles #1 – YOUR DRIVERS

What drives you to work in your business?

You’re choosing to work in your business (otherwise you’d be doing any of a hundred other things), so why are you doing it? The answer to this question will tell you so much about what you should be focusing your energy on. If you’re no longer passionate about the business you have, perhaps it’s time to shift gears. You might balk at the idea of exit planning, but that’s exactly what you need. Whether an exit means turning into a passive owner or out-right retiring, you need to start planning what your business looks like without you at the helm. You’ll be pleasantly surprised about how many opportunities this opens up for you to rediscover your passion in life and make sure you’re on the right track for it.

Here are the top episodes on Principle #1 from 2019:

174: The Entrepreneurial Leap With Gino Wickman
172: How To Create A Vision To Align Your Business & Your Life With Chris Yonker
170: How One Week Killed The Perfect Billion Dollar Deal With Sunny Vanderbeck
164: What Should I Do With The Company That I've Built? - With Hannah Paramore
157: Chasing Perfection: Shatter The Illusion; Minimize Self - Doubt & Maximize

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Today we are talking to tax strategy and asset protection specialist Todd Ganos. We’re talking about tax law and how to be both compliant but also save the most on taxes. Todd and I talk about how to facilitate and optimize a plan in order for you to get exactly what you want each year. We also talk about some of the stories Todd has run across, where clients and business owners have lost out on millions of dollars when they don’t think far enough ahead.

What you will learn:

Who is Todd and what experience does he have?
Stories and situations where people lose millions of dollars when they don’t think ahead
Different ways to get your advisors to collaborate
How to facilitate and optimize your plan
How to get the best outcome and save the most on taxes
How to build the plan that gets you what you want
What is an advanced ruling? What are the treasury regulations?
The difference between tax attorneys versus advisors versus accountants

Quotes

”If you understand what good looks like, you can hire the right people because you know what you’re trying to get to.” - Ryan

“If someone responds in a defensive way, you know they’re probably wrong or they don’t know how to be wrong--which is a problem regardless.” - Ryan

“The goal is now--before you pull the ripcord (years before!)--start building your team around you so you can optimize your plan.” - Ryan

Takeaway:

If you understand what you want and what you’re trying to sell for, you can watch out and look for the right tax attorney for you. You don’t have to be an expert in all the different strategies (from legal to taxes). Your main goal, as an owner, is to hire the right people and get people next to you, who are the smartest in their field, who don’t have big egos, and that know how to collaborate. And if they don’t know an answer to a question, they’re going to collaborate with all of the other designations and they’re going to go find the different ways that they can go optimize your plan for you.

Links and Resources:

Todd Ganos, Forbes column

Integrated Wealth, website

Todd Ganos, email: todd@integratedwealth.com

ARKONA Boot Camp

Reach out to me if you have questions about the boot camp!

You can also reach out to me via email at rtansom@arkona.io

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On today’s episode, I’m talking with world-renowned entrepreneur, EOS founder, and author Gino Wickman about what it takes to make an entrepreneur. I was honored to be able to talk with Gino about his process, what makes an entrepreneur, what tools he has to offer for new entrepreneurs, and how he builds a business. In this episode, you should be able to find pertinent information whether you’re brand new to business, have been in business for a while, or if you’re looking to sell your business and start something new.

What you will learn:

What is an entrepreneur? What is not an entrepreneur?
The 6 essential entrepreneurial traits you need to have to be a great entrepreneur
How do you identify what type of company you should buy?
How to find out if you’re truly having fun and avoiding burnout.
The assessment to determine if this is really for you
How do you go forward in the next stage of the business?
The 8 disciplines for increasing your odds of success
The 9 stages of building a business

Takeaway:

If you own a business, read Entrepreneurial Leap and reflect on: “Did you do the right things? Are you sitting where you are cause you might have missed a couple of steps? Is there a gap analysis you can do in order to figure out how you could have gone about this and why you are dealing with some of the challenges you are dealing with? Entrepreneurial Leap is the manual to help you start if you haven’t started or bought a business just yet.

Links and Resources:

Entrepreneurial Leap by Gino Wickman, Amazon

E-Leap.com, website for free tools, assessments, and chapter of Gino’s new book

EOS Worldwide, website

Rocket Fuel: The One Essential Combination That Will Get You More of What You Want from Your Business by Gino Wickman, Amazon

ARKONA Boot Camp

Reach out to me if you have questions about the boot camp!

You can also reach out to me via email at rtansom@arkona.io or on my

Entrepreneurial Leap: Do You Have What it Takes to Become an Entrepreneur?

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If you’re listening and you own a company, and you’re trying to figure out how to handle conversations with your second-in-command, align your objectives with your eventual growth and exit plan, or if you’re trying to figure out how to hire a second in command, this is the show for you.

Today I’m talking with John “JT” Thelan, who used to work in Corporate America as the second-in-command for a company that (under his wing) grew from 4 mils to 10 mils in revenue, then helped sell the company for 11 times EBITA. JT explains what the process was like, what it’s like being in the head of a second-in-command, and how to make sure that everyone is on the same page.

What you will learn:

Who is JT and what is his background in business?
The key metrics that JT processed which helped him grow companies
JT’s journey from sales and publishing to his most recent position
How to find a good second-in-command
JT’s preferred onboarding procedures (onboarding is like dating)
JT’s experience with bonus structure and normalized EBITA
What it is like to be a second-in-command
How to make sure everyone is on the same page

Takeaway:

The benefits of having a great second-in-command and the process of finding one. There are huge returns (as seen with Steve and JT) to finding a great second-in-command, getting on the same page, and compensating them correctly. It is worth so much money if you focus on value creation as it relates to the value of your company, instead of focusing on annual income.

Links and Resources:

Jonathan Thielen, LinkedIn

JT’s cell: 612-720-2594

Rocket Fuel: The One Essential Combination That Will Get You More of What You Want from Your Business by Gino Wickman, Amazon

ARKONA Boot Camp

Reach out to me if you have questions about the boot camp!

You can also reach out to me via email at rtansom@arkona.io or on my LinkedIn

About JT:

JT is a growth leader who has leveraged the principles of leadership to create accountable teams, operational discipline, and strategic growth strategies. As President, he sold shareholders company for 11x in 2019. JT builds scalable SaaS B2B and B2C sales growth strategies driving revenues, profits and engaging customer experiences. He has h

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Today I’m talking about aligning your principles with your business and life with Chris Yonker, who is a world-leading vision maker and transition alchemist. He aids people in breaking through to their sales and business goals by helping them in four different aspects of their lives: physical, mental, spiritual, and emotional.

Chris Yonker has a background in neuro-linguistic programming, a seventh-degree blackbelt and a thought leader in personal performance. He takes all of that experience and uses the information to help his clients eliminate resistance in their life as an entrepreneur and their vision for their personal and professional future.

What you will learn:

Who is Chris and what is his background?
Building businesses to get to an outcome versus their love for business
How behavior drives outcomes
How NLP (neuro-linguistic programming) works
Replicating outcomes through mastery and sensory acuity
Power vs. Force by David Hawkins
Creating a business for the wrong reasons
How should we be making decisions?
How you can go through an evolution as an entrepreneur without whiplash
Who is advising you?
The importance of self-calibrating
What are your rules for happiness?

Takeaway:

What if you didn’t have to be that person, that struggled in order to still have success? Being aware of what you want and why before you have that anxiety or feel imprisoned in your business, is the most important part of being able to engineer the exact outcome that you want. Being able to look inward and doing that reflection will get you to that point.

Links and Resources:

Chris Yonker, website

Chris’ Vision Workbook

Power vs. Force by David Hawkins, Amazon

Conscious Capitalism by Rajendra Sisodia, Amazon

The Infinite Game

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Today on the show, I’m with Chad Peterson (and his beard), who is here to share his story about growing and selling six companies (including a mortgage business back in the 2000s back when the financial crisis hit). He is here to share the lessons he has learned, the pros and cons of selling six different companies, and how he has become the top in his field. We also talk about how valuable and important your passion for your business is and why that can be a deciding factor on if you should sell your company.

What you will learn:

Chad’s background in flight school and mortgages
“When you’re doing well, is the time to sell.”
What is a “quantum leap jump”?
When not to sell your company
Being passionate versus being too emotionally attached to your business
The different types of businesses Chad has built in the past
The books Chad has written
Chad’s game plan with building and selling his businesses
Where there is no passion, there is no profit
What happens when hatred comes into the equation
What to do when you are too financially trapped in your business

Takeaway:

Learn about what matters, regardless of the timeline. Even if you’re having fun, think about your business in the way a buyer would look at it. Look at what your exit strategy is, regardless if it is five or ten years out. This will help you shift your mindset and build a healthy business that will have a more transferable cash flow and be more enjoyable for you and your clients.

Links and Resources:

Peterson Acquisitions, Website

Chad Peterson, LinkedIn

Contact Chad Peterson via phone: 913-207-5895

ARKONA Boot Camp

Reach out to me if you have questions about the boot camp!

You can also reach out to me via email at rtansom@arkona.io or on my LinkedIn

About Chad:

Ever since Chad was young, he knew he was destined to fulfill his own destiny. He was always self-sufficient and he knew that he was always an enterpriser. Even when he was in his teens, he built his own window cleaning company and his own lawn/landscaping company. These helped him pursue his education when he attended flight sc

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On today’s episode, I’m talking with Sunny Vanderbeck. He’s here today to share his wild and crazy ride as an entrepreneur and now as a private equity investor. Through his professional and personal journeys, Sunny realized that “business” is so ingrained in people who you are and what your legacy is, which is why he started Satori Capital. Sunny and I talk about how to figure out what is important to you, how to determine what’s important when you sell your business, and how to make your business even more valuable than it is now.

What you will learn:

Sunny’s professional and entrepreneurial background
How to determine what’s important to you when you sell your business
What you should look for in a buyer
How to make a list of who you care about and how you should figure out what you want to do with them during your exit
“The One-Year Trap”
How the same things that make your company more valuable will make it more transferable
Ways to ask yourself one of the most important questions as a CEO, founder, or owner:
At 5:00 PM, what are your employees’ mindsets?
How does that impact your culture, your business, and your legacy
The moment you decide to sell to a third party, the entire process is optimized for two things (1) the highest price and (2) the highest probability of close
How to ask the crazy questions

Takeaway:

It’s not just about your money, it’s about your legacy. What can you do with your company now and as you plan your exit strategy, in order to cement the kind of legacy you want? Write down who you care about, and what your optimal future is.

Links and Resources:

Sunny Vanderbeck, website

Satori Capital

“Selling Without Selling Out” by Sunny Vanderbeck, Amazon

ARKONA Boot Camp

Reach out to me if you have questions about the boot camp!

You can also reach out to me via email at rtansom@arkona.io or on my LinkedIn

About Sunny:

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On today’s episode, I’m talking with Tech Guru founder and EOS expert, Daniel Moshe. We’re talking about how he started his business, how he grew it, how he balanced and dealt with personal and professional challenges. We also go over his business partner (Micah Thor), how he followed his passion, and his return on capital.

When Daniel was going through burnout, he was able to make the hard decisions rather than just having a knee-jerk reaction. He could have the difficult discussion, implement EOS, decouple ownership from management, and put a plan in place.

What you will learn:

Daniel’s background as an entrepreneur
The story behind Tech Guru
Daniel’s other passion: working with 14 entrepreneurial leadership teams by helping them build their dream businesses
The concept that you are not your business
Daniel’s path to that realization
Delegating and elevating to your unique ability
The importance of a great business partner
The difference between ownership and W2 pay
Daniel’s experience with EOS
The biggest challenges that Daniel’s clients deal with
How to find your purpose and meaning outside of business
“Clarity Breaks”
Daniel’s advice for anyone who’s in the middle of “The Chaos”

Takeaway:

How can you develop a life after business while still owning and running a business? How can you reframe your mindset so you can see that your business is merely an asset? You can run your business (on autopilot) while you pursue other passions.

Links and Resources:

Daniel Moshe, LinkedIn

Strong In Six

TechGuruIT.com

ARKONA Boot Camp

Reach out to me if you have questions about the boot camp!

You can also reach out to me via email at rtansom@arkona.io or on my LinkedIn

About Daniel:

Daniel is passionate about entrepreneurship and small business and equips leadership teams with the tools and technologies to grow their companies. As foun

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Today I’m talking with Paul Moffett about what a family office is, and what selling a business to a family office is like. We’re talking about the difference between a family office, an independent office, and a private equity firm. Which is right for you? Who is a good candidate for your business?

What you will learn:

Paul’s background
What will it be like selling to a family office
What is a family office vs a private equity
The difference between those and independent offices
How Encore One is different from other family offices
Who is a good candidate for a family office?
The incentive to sell to a family office
How the management structure works
What are the questions you should ask of family offices?
What the economy looks like for a family office?

Takeaway:

There are a ton of different options out there. Is a family office a good exit strategy for you? How can it help perpetuate your legacy? How can a family office ensure your happiness? How do you know if a family office is right for you?

Links and Resources:

Paul Moffatt, email: Paul.Moffatt@encoreone.com

Paul Moffatt, phone: 952-656-4539

Paul Moffatt, LinkedIn

ARKONA Boot Camp

Reach out to me if you have questions about the boot camp!

About Paul:

As Director of Business Development for Encore One, Paul is responsible for sourcing and evaluating potential investments, structuring, and negotiating transactions, and working with portfolio companies. Prior to joining in 2017, Paul enjoyed a successful 16-year career in commercial banking, most recently as a Vice President in the Twin Cities Commercial Banking Group at U.S. Bank serving the banking and broad credit needs of the middle market. Paul lives in St Paul, MN with his wife, two boys and a golden-doodle. Paul enjoys working out at his neighborhood gym and family time; as well as non-fiction, volunteering and golf when he can get those in.

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On today’s show, I talk with recession expert Jonathan Slain about his experience, parts of his recession plan, the importance of having a recession plan, and how to find the value of your business. Jonathan also talks about the book he and his cowriter (Paul Belair) wrote, “Rock the Recession”.

Jonathan is a business owner, a recession expert, an author, and an entrepreneur. He and his business partner and coauthor, Paul, have written a workbook and accompanying book about preparing for a recession (“Rock the Recession: How Successful Leaders Prepare for, Thrive During, and Create Wealth After Downturns”) and have a website dedicated to the topic, where you can find information about their programs, organizations, book (and workbook), and where you can find blog posts.

What you will learn:

The story behind the book, “Rock the Recession”
Jonathan’s background and experience
Paul’s background and experience
Jonathan and Paul’s exit from their businesses
The reason it is difficult for people to think about the future of their business, future exit strategy, and recession plans
The background behind the initial “Rock the Recession” workbook
What babyboomers scan do to transition to retirement
The first step: assessing your situation
Who you need to talk work with to assess your situation
Second gear: How to tune up your business
Freeing up people who aren’t A & B players
When do you pull the emergency brake?

Takeaway:

The importance of whiteboarding your recession plan so you can prosper in the future recession. Do you understand how ready you are for the next recession? Do you know what your company’s value is right now?

Links and Resources:

Jonathan Slain, LinkedIn

Recession.com

Jonathan’s free 20 question assessment

“Rock the Recession”, Amazon

ARKONA Boot Camp

Reach out to me if you have questions about the boot camp!

About Jonathan:

Jonathan Slain and his coauthor and business partner, Paul Belair, founded Recession.com to give entrepreneurs a free tool to assess their recession readiness at Recession.com/Ready.

Rock the Recession: How Successful Leaders Prepare for, Thrive During, and Create Wealth After Downturns

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My guest today is Dan Cooper, an author and entrepreneur. We talk about the book Dan has co-written (“Sharpen: A Guidebook for Business Ownership and Adventures in Leadership”), “plain glass versus stained glass”, his experiences in business ownership, his transition from being a CEO to life after business, part of his soul-searching journey, and his advice about looking in the mirror. What is the point of gaining the world if you lose your soul?

What you will learn:

Dan’s book and his entrepreneurial history
How Dan co-founded ej4 (“YouTube for the Enterprise”)
“Riding the Wave” versus having a plan
How Dan changed his business model (service-based to training/content-based)
Dan’s process in growing his business
Dan’s “looking up” moment
Being the CEO of a successful company to “just being a dude”
What Dan learned and what he would have done differently
The importance of the coffee-lunch call, circles, and life plans
How Dan learned what he wanted from business (outside of money)
Why your ego is getting in your way and in the way of your business
What executive coaching can do for you
How can we use our businesses for good?
How to look at how you are spending your time
Dan’s definition of leadership
Dan’s advice for “past Dan”

Takeaway:

What is the ultimate goal of your company? How can you look in the mirror, set your ego aside, and address what is actually there for you and your business? Ways you can use your business to calculate your return on impact. What is making you happy? How can your business affect that? How are you married to your business?

Links and Resources:

Dan Cooper, LinkedIn

Acumen

Sharpen, Website

“Sharpen: A Guidebook for Business Ownership and Adventures in Leadership”, Amazon

ej4

ARKONA Boot Camp

Reach out to

Sharpen: A Guidebook for Business Ownership and Adventures in Leadership

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Today’s guests are Alexander McCobin (CEO of Conscious Capitalism) and Dan Golden (owner of BFO). We’re talking about “Conscious Capitalism”, a book and movement that I’ve mentioned a lot on the show. Alexander, Dan, and I talk about what got us into the movement, the fundamentals of the movement, how capitalism and “doing good” can overlap, and how to make these conscious decisions.

What you will learn:

Alexander’s background
Dan’s background
What is the “Conscious Capitalism” movement?
The four principles of conscious capitalism
How to improve the value of your company
Short-term versus long-term decisions
Tangible examples of conscious decisions by companies, which create value for people
How Conscious Capitalism helps businesses make changes
The future vision for conscious capitalism

Takeaway:

How can you do good and make money at the same time? Find out how conscious capitalism helps you with your exit strategy, avoid burnout, and find out how to grow yourself and your company in a way that fulfills you.

Links and Resources:

Conscious Capitalism, the website

Conscious Capitalism, the book

BFO

Alexander McCobin

Dan Golden

The Conscious Capitalism 2019 CEO Summit

ARKONA Boot Camp

Reach out to me if you have questions about the boot camp!

About Alexander and Dan

Alexander McCobin is CEO of Conscious Capitalism, Inc., dedicated to elevating humanity by improving the practice and perception of business. Capitalism is fundamentally a human endeavor, it is the way for human beings to ethically engage with and help one another. This underlying insight of Conscious Capitalism differentiates it from so many other approaches to business and economics and is needed now more than ever.

Alexander holds a BA in philosophy and economics from the University of Pennsylvania, an MA in philosophy from the University of Pennsylvania, and an MA in philosophy from Georgetown University.

Dan Golden is a veteran digita

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Today’s guest is Hannah Paramore, the founder of Paramore Digital. We’re talking about what you can do before you hit burnout and what you can do with your business after you’ve built it.

What you will learn:

Hannah’s professional background
What it was like as she started her first company
Where Hannah was when she realized her relationship with business changed
What to do when you lose your energy?
What are the signs that you’re jaded with your company?
Hannah’s exit process
The emotional impact of the integration process after closing
Phantom anxiety and indignities
Rebuilding identities after closing
Finding the sense of accomplishment outside of business
Hannah’s advice for entrepreneurs before burnout

Takeaway:

If you’re the CEO, losing confidence about the business can make it difficult to come in every Monday. How do you separate yourself emotionally from your business so you can see it as an asset? What should you do with what you’ve built?

Links and Resources:

Hannah Paramore, website

Hannah Paramore, LinkedIn

Hannah Paramore, Instagram

Hannah Paramore, Twitter

Hannah Paramore, Facebook

ARKONA Boot Camp

Reach out to me if you have questions about the boot camp!

About Hannah:

Hannah was raised in a church, by a housewife mother and a preacher father. She worked her way up through administration and middle management in various companies. After four layoffs in two years (after the dotcom bubble burst), she decided to take on her own contract job. A few years later, she realized that she had built a great client list, hired employees, and had started a company on her own.

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Today I’m talking with Mike Sowers about his emotional journey as an entrepreneur. From starting, building, systematizing, and selling his first company, to reinventing himself, Mike shares his story in an authentic and real way. Hear about the whole process without the rose-colored glasses.

What you will learn:

Mike’s full journey as an entrepreneur
How Mike systematized, grew, and sold his first company
The importance of knowing what your strengths are (in leadership/business)
The investment, timeframe, and the process of building a systemization
Business and parenting (and lessons Mike learned from his mother)
How Mike reinvented himself and how he found his calling in life
How introspection and business work together
Getting from “Someday I will…” to following your passion while working with your business
The real emotional toll of possibly selling your business
The reason behind creating a platform like the CREative Commercial Real Estate Show
The importance of doing good by people
Why Mike is going to the ARKONA Boot Camp

Takeaway:

Understand what you’re dealing with so you can learn how to process these different things financially and emotionally before you sell your company.

Links and Resources:

Mike Sowers: Mike@commercialinvestorsgroup.com

Commercial Investors Group Facebook Page

CREative Commercial Real Estate Show

The Commercial Investors Group

Simon Sinek’s “The Infinite Game”

Northstar Real Estate Conference

ARKONA Boot Camp

About Mike:

Mike believes he was called to humbly and gratefully find pathways to creatively unlock potential in people, places, and ideas. He is the Managing Partner and CEO of Commercial Investors Grou

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Today I’m talking about ESOPs (or Employee Stock Ownership Plans) with Dave Diehl, CFA. Dave is the CEO of Prairie Capital Advisors (one of the leading ESOP specialists in the country), based out of Chicago. Prairie Captial is unique because of their range of expertise, which covers both ESOPs as well as selling to a private equity firm. They really have the best interest of the client in mind. Dave talks about the basics of ESOPs in layman’s terms so everyone can understand the benefits of this type of exit process.

What you will learn:

Dave’s background
A brief history of ESOPs
How is an ESOP an exit process?
What does the process of an ESOP entail?
How an ESOP gets valued
What your roles and responsibilities are when working with a trustee
How you get your money (percentage upfront vs. what percentage comes over time)
All the tax benefits which come with the ESOP process
How ESOPs impact the culture of your business
What are the pros of an ESOP?
What are the cons of an ESOP?

Takeaway:

Are you a viable candidate for an ESOP? There are a lot of pros that come with selling to your employees.

Links and Resources:

Prairie Capital Advisors

David Diehl, CFA

ARKONA Boot Camp

About Dave:

Dave Diehl is the Chief Executive Officer of Prairie Capital Advisors. Dave provides closely-held businesses with a complete understanding of the best available options for their ownership transition needs. He expertly executes projects for mergers and acquisitions (M&A), management buyouts (MBO), Employee Stock Ownership Plans (ESOPs), estate planning and other corporate finance purposes. Dave serves as a trusted advisor to a diverse range of clients nationwide delivering highly strategic consultation.

With extensive end-to-end management experience and a focus on his clients’ success, Dave helps ensure an exceptional ownership transition experience. Dave is a CFA Charterholder and is on the board of directors of two companies – a manufacturer of plastic parts and a financial consulting firm. He is also a frequent speaker in forums around the country on topics including ownership transition, valuation, capital management, and business sale. He is also a past chair of the Advisory Committee on Valuation with the ESOP Association.

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Today I’m talking with Daniel L. Grimsrud from the law offices of Best & Flanagan LLP. Dan and I talk about what the role of a mergers and acquisitions (M&A) attorney, how due diligence can help you keep the value you want, the importance of finding an exit strategy early, and how to hire and work with a team of advisors.

What you will learn:

Dan’s background
What does a Mergers and Acquisitions (M&A) Attorney do?
What does an M&A Attorney NOT do?
How does that compare to the “big box” lawyer firms?
What does the due diligence process look like?
What do M&A Attorneys look for?
What to look for (and look out for) when finding an attorney for you
Why look for an exit plan early?

Takeaway:

Due diligence can be difficult and tedious but is worth the time and effort.

Links and Resources:

Best & Flanagan

Dan Grimsrud

Growth and Exit Bootcamp

ARKONA Boot Camp

Promo Code: LAB10 for 10% off, (good until September 9th)

About Dan:

Dan started in accounting but decided to law school knowing he wanted to help people buy and sell their own businesses. He serves as an advisor to privately held companies and tax-exempt organizations of all shapes and sizes, providing thoughtful and practical advice on a variety of issues including structure and governance, contract and regulatory matters, tax, and transition planning and mergers and acquisitions. In addition, Dan works with members of the firm’s litigation and dispute resolution team to identify and implement practical solutions to governance and management disputes. He specializes in:

Completion of dozens of M&A transactions representing buyers, sellers and other constituents in transactions involving amounts ranging from a few hundred thousand to several hundred million dollars.
Planning and execution of a variety of corporate reorganizations, including tax-free spinoffs, combinations, and conversions involving multiple entities and owners.
Resolution of shareholder disputes, including several litigated matters.
Design and implementation of various strategic initiatives to improve tax, operational and governance efficiency and facilitate transition planning.

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Today I’m talking with Chris Ronzio. He is an author, a coach, a speaker, an investor, and an entrepreneur. He is the founder and CEO of a tool for growing businesses, called Trainual, as well as a business consulting agency, called Organize Chaos.

What you will learn:

How Chris fell in love with entrepreneurship
How to effectively and smoothly sell a business
Finding a hidden value of your business
The importance of “There has to be a better way”
How Chris builds a business
Why a playbook is important
The first steps in order to adopt a playbook

Takeaways:

You need to capture the things you and your employees have learned in your business. The asset in your business is your knowledge of the business.

Links and Resources:

Chris Ronzio

Trainual

Trainual Worksheet

Organize Chaos

100 Hacks to Improve Your Business

Design Pickle

ARKONA Boot Camp

About Chris:

Chris Ronzio started his first business when he was 14, and throughout his entrepreneurial journey, he developed a passion for technology, efficiency, and making business easier. Chris spent a decade building a national video production company that would net over $3 million and sold that business before turning 25, at which point he started a consulting agency called Organize Chaos. After working directly with hundreds of entrepreneurs, Chris and his team created a software tool to help organize small and growing businesses.

He is also an investor, part-owner, and/or on the board of 5 other companies, an Inc Magazine columnist, and the author of “100 Hacks To Improve Your Business.” As a speaker, Chris combines his experience as a life-long diabetic, a serial entrepreneur, startup leader, and athlete to share unique lessons and actionable insights that resonate with all types of professional audiences.

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Duane Smith is the CEO of True North Companies (a business which aims to help entrepreneurs strategically). In this episode, I talked with calm, cool, and collected Duane about how businesses can thrive as long as they have the five key elements of success. We also talked about his “tuition payments”, the theories behind his structural entrepreneur platform, and what the five key elements are and how you can improve on them.

What you will learn:

The importance of creating and following your vision statement
The difference between ownership and leadership
What is a perpetual legacy transition plan?
The 5 key elements of success
What is Duane’s structural entrepreneur platform?
The importance of building the environment which can attract and build performance
How you build transparency in a company
The importance of growth, your business culture, client experience and operation, finance & accounting

Takeaways:

Try to determine what you want and why. What are the targets and strategies you are trying to execute? How do you consistently execute those things in the day-to-day functions of the business while also building a culture which wraps around all that?

Links and Resources:

Duane Smith

True North Companies

EntreFest

ARKONA Boot Camp

About Duane:

Duane Smith started off in the insurance business and life was great until interest rates skyrocketed and he suddenly needed to foreclose on the people he went to church with. That’s when he knew he needed a change.

He is a jack-of-all-trades, having worked with insurance, risk management, mergers & acquisitions, succession planning, and volunteering for the Chamber of Commerce, and development committees.

When working with their clients, Duane morphs into a professional partner. In this position, he is able to work closely with their clients in order to assist in strategic succession planning, mergers, and acquisitions. His experience and intuition allows him to construct personalized packages for each client, in order to meet their needs. He can also work as a consultant in order to guide organizations to success.

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When Mike made it big, he lived the lifestyle and grew an ego the size of his business. But after the funds ran out, that’s when he learned his biggest lesson about entrepreneurship.

Today I talk to Mike (Motorbike) Michalowicz about his financial heartattack, the best way to get started, and the first step to building a valuable company.

What You Will Learn:

Who is Mike Michalowicz?
What did Mike do after his financial heart attack?
What is the root cause behind the way entrepreneurs view profit?
How “putting your tennis shoes on top of the lid of the toilet” can help
The five types of bank accounts every business should have
How healthy is your business?
The definition of TAPs
The definition of CAPs
Which expenses have a proven ROI
The danger behind using OPM
Using Occam’s Razor in entrepreneurship
The best way to get started
The correlation with valuations

Takeaways:

How do you create a cash machine, regardless of how big you or your business are? Mike talks about you how to take your first steps when you want to build a valuable company (to increase the cash flow), because after you’ve built your business into an ATM, that’s when you should think about an exit strategy.

Resources:

Mike Michalozicz

Facebook Fan Page

Twitter

Instagram

Profit First

ARKONA Bootcamp

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Sue Hawkes is the award-winning author of the book, Chasing Perfection: Shatter the Illusion; Minimize Self-Doubt & Maximize Success. In this episode, she about the basis and philosophies behind the book.

Chasing Perfection is a book about business leadership written by a woman, for women. However, imposter syndrome can happen to anyone. Sue brings her personal and professional experience to her book and this episode in order to tackle the topics of imposter syndrome, founder’s syndrome, vulnerability, and the concept of saying no.

What You Will Learn:

Who is Sue Hawkes?
The story about “Chasing Perfection”
The difference between men and women when it comes to leadership
What is imposter syndrome?
The role of vulnerability in strength
How being vulnerable can help you bond but can reinforce your confidence
What to do when “Fake it til you make it” turns into burnout
Why it is important to have honest “truthteller” people in your life
Peer Learning
Founder’s syndrome
Insistent, incremental improvement
How to use actionable practices to conquer imposter syndrome
Know when you should say no
The end result of discipline and focus
How to funnel entrepreneur momentum and energy
The importance of volunteering for your professional career and your personal well-being
Which group dynamics are more vulnerable, authentic, and honest
The breaking point of imposter syndrome

Takeaways:

Are you saying yes to too much? We are all genetically wired to go full speed but, in order to stay sane, it is important to delegate, slowly implement elements of self-care, and find someone you can trust and confide in.

Links And Resources:

Sue Hawkes.com: https://www.suehawkes.com/

LinkedIn: https://www.linkedin.com/in/suehawkes/

Twitter: https://twitter.com/SueHawkesYESS

“Chasing Perfection” on Amazon:

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If you need to change the game of your business, increase its value, and create a culture where everyone is moving in the same direction, take a listen to this episode. Today, I talked with Jack Stack (author of “The Great Game of Business”).

Jack did hard time. And by that he means, he dealt with hard decisions back in 1983 when he and 12 other managers were desperately trying to save the jobs of 112 people at International Harvester. Together, they were able to scrape together $100,000 and used it as a launch pad, in order to transform International Harvester into SRC Holdings Corporation, which is a thriving company with 100x the employees that International Harvester once had. With 1,600 engaged employees working to operate 14 business units across the country, they’re now managing over $600 million in sales. Listen to Jack’s story about how he helped save the jobs of hundreds of people, and created one of the most successful companies in remanufacturing.

What you will learn:

The story of SRC Holdings and its origin story
How transparency can build a strong business
What happens when you teach people the fundamentals of business
How to convert a tremendous amount of debt into equity
The importance of teaching employees instead of juggling cash
Business is no different than a game of Monopoly
There isn’t anyone teaching people how business works, when that’s really what they need.
How the great game of business works
The importance of building the confidence of your employees
You can’t have values without performance
The importance of teaching people debt
With information comes responsibility
The power of delegation
Retention will be the key to succeeding in the future
Why it is important to talk to other entrepreneurs
The importance of vulnerability in a company

Takeaways:

Why not play the right game? Are you struggling with the same things that other entrepreneurs are struggling with? Why not get everyone on board? Why is transparency so important?

Links and Resources:

Jack Stack and “The Great Game of Business”: https://www.greatgame.com/jack-stack

Twitter: https://twitter.com/Gr8GameBusiness

Instagram:

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If you are listening to this and wondering who could buy your business, or if you want to buy a business yourself, this episode is for you. In this episode, you’ll hear the story of Mike Wickam, a corporate refugee who spent a few decades turning around big divisions of companies like Verizon. He acquired a ton of knowledge about how to build teams and grow sales. But after years of this, he found he was losing his positivity and becoming cynical. Mike left and started his own consulting company – at least until one of his clients, a plumbing company, was in dire straits. Then he took out an SBA loan and collateralized everything to purchase this dying company and turn it around. He managed to succeed in saving and building up the business, then exiting in year five, just as he planned. Listen to Mike’s story about how he dropped out of the corporate world, started his own business, purchased a struggling business, turned it around, then exited, retired, and finally un-retired.

What you will learn: * Where Mike’s career started and how he ended up in the corporate world * How to prune the people who aren’t on the team * How Mike moved away from the corporate world * What it was like not having the corporate infrastructure to enable big moves * Why a distressed business appealed to Mike, and how to value one * Why Mike took out a loan for a company that was losing money * How Mike planned to make the company work * KPIs Mike was looking at * Where Mike’s ability to plan came from * Mike’s triggering event * The process of selling the company * What retirement was like for Mike * Life-after-business plans

Takeaways: Do you have a plan for buying, selling, or retiring? If not, it’s time to start making one.

Links and Resources: Mike's Email The Unforced Rhythms of Grace & Gratitude

About Mike Mike Wickam is the Vice President of Gratus Capital, LLC. Mike leads Gratus Capitals’ operating companies, lending his support, guidance, and leadership. He received his B.A. in Communications from Bethel University and his MBA from California State University – San Marcos. The first 20 years of his career was spent in sales and general management positions with companies such as GTE, AT&T, Verizon, Cox Communications, and Verizon Information Services. In 2010, Mike founded SalesVenom Corp. to help small businesses grow their sales presence and position their companies for future exit options. Mike bought and operated one of his clients and successfully grew it and sold it and his consulting practice in 2017. He has served as an Associate Professor (Adjunct) teaching sales and marketing at Bethel University’s undergraduate program and has designed business courses for their CAPS/Graduate School program. In 2018 Mike successfully published his first book, The Unforced Rhythms of Grace & Gratitude, a series of short stories about the men and women that lived, challenged, and motivated him to become a first-generation college graduate and achieve success. Mike has lived and worked in Illinois, Florida, Minnesota, and California. Today he lives in the Twin Cities with his wife Molly, kids Blake and Savannah, and one really mean cat named Norm.

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Mary Key is a successful woman entrepreneur who wants to encourage other women entrepreneurs to step up and throw their hats into the ring for leadership roles. Mary has a Ph.D. and has written four books. Today, she tells me about her latest book Seizing Success: A Woman's Guide to Transformational Leadership. She explains why she wrote the book and what she noticed during her research for it. We discuss how women change the dynamics of their companies and how this leadership difference is the future of CEOs.

What you will learn: * Who is Mary Key? * Why women are the future of business leadership. * Mary’s time with Inc. Magazine. * The Key Women Leadership Forum * Mary’s other books. * The gender bias that holds women back. * How women lead differently. * Strengths women bring to leadership roles. * How the corporate climate is changing. * Stumbling blocks that affect women the most. * The importance of being assertive. * What are transformational leaders? * An overview of Mary’s book Seizing Success.

Takeaways: Is there a woman CEO you could hire? Be open-minded in your search and consider the value women provide in business.

Links and Resources: GEXP Collaborative Key Associates Inc. Seizing Success: A Woman's Guide to Transformational Leadership by Mary Key Mary’s books Mary’s email

About Mary Business thinking partner, trusted advisor, executive coach, speaker, and author, Dr. Mary Key heads Key Associates, Inc. (KA), an organizational transformation consulting firm committed to the development of leaders and organizations. Key has an outstanding track record of helping leaders and organizations grow and thrive. KA has helped clients produce breakthrough results and works with individuals, teams, and organizations in areas such as leadership and team assessment and development, strategic planning, hiring the right talent, conflict resolution and effective execution – all leading to improving your focus and productivity. KA has worked with Fortune 500 companies, Inc. 500 winners, various government agencies and not-for-profits. Among others, KA’s clients have included: Ericsson, Nokia, Nissan, Infiniti, Tenet Healthcare System, Baycare Health System, Baptist Health Care, Bausch & Lomb, Wyeth Nutrition, CitiFinancial Retail Services, Mission Healthcare System, Media General, Stanford University, Circuit City, G.D. Searle, Cooper Industries, Dorn Technology, Museum of Science & Industry, National Aquarium in Baltimore, Georgia-Pacific, Florida Steel, Lake Ontario Steel, Jack Morton Worldwide, Jagged Peak, Lore International, Metal Industries, Incarnate Word Health Systems, Prevent Blindness America, Vology Data Systems, VectorLearning, Tampa Bay Trane, Bayshore Solutions, myMatrixx, The American Rental Association, Tampa Port Authority, Morton Plant Mease Foundation, Peek plc., the Province of British Columbia, and various agencies in the states of Florida, Georgia, North Carolina, Texas and Virginia. KA has also consulted in Europe, Asia, and Latin America. Key has helped leaders and their companies achieve exponential growth through a system of Right Focus, Right People,

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Kevin Short is the author of Sell Your Business for an Outrageous Price: An Insider's Guide to Getting More Than You Ever Thought Possible. A must-read for business owners who need to do some real homework on the sale process. During today’s episode, Kevin tells me why he wrote the book and why companies are willing to pay outrageous prices for an acquisition.

He walks me through Clayton Capital’s process and has some deal breakers and keys to performing good due diligence. He also has insight into the current market and why the climate is changing and should be taken advantage of now.

What you will learn: * Why Kevin wrote his book. * The difference between financial and strategic buyers. * Why a seller should avoid financial buyers. * How the Clayton Capital team finds the right buyer. * How a client’s inside market knowledge is beneficial to Kevin and his team. * How Kevin aligns client wants with the right buyer. * The difference between business brokers and investment bankers. * Things that are deal breakers for a buyer. * Why due diligence is so important to a buyer. * The role of a good experienced financial team. * What is a 330 H-10 Election? * Advice for telling employees about a sale. * How to cope with deal fatigue.

Takeaways: Hearing these stories will build your knowledge and prepare you for your business sale.

Links and Resources: GEXP Collaborative
Sell Your Business for an Outrageous Price: An Insider's Guide to Getting More Than You Ever Thought Possible by Kevin Short
Clayton Capital Partners

About Kevin: Kevin Short is the Managing Partner and CEO of Clayton Capital Partners, a St. Louis-based investment banking firm specializing in merger and acquisition advisement. Beginning in 2007, Thomson Reuters, FactSet Mergerstat and Investment Dealers’ Digest all ranked Clayton Capital Partners as a top U.S. M&A firm. In 2017, Acquisition International M&A Awards awarded the firm the distinction of being the Best M&A Investment Banking Firm. It was also named a 2017 finalist for U.S.A. Boutique Investment Bank of the Year by the M&A Atlas awards. Clayton Capital Partners is also the winner of the Wealth & Finance Investment Bank of the Year.

Kevin is also the author of Sell Your Business For An Outrageous Price published by AMACOM. The book has received 11 awards, including the Axiom Book Award Bronze Medal for Entrepreneurship, Indie Book Award, USA Best Book Award, The Great Midwest Book Festival Award, San Francisco Book Award, National Indie Excellence Award, New England Book Festival, International Book Award, The London Book Festival Award, Book Excellence Award and was a New York Book Festival Finalist. Many of the awards are from international competitions! The book synthesizes Kevin’s experience in selling mid-size companies ($10MM - $250MM in

Sell Your Business for an Outrageous Price: An Insider's Guide to Getting More Than You Ever Thought Possible

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Scott Fritz is the author of The 40 Hour Work YEAR, a short read about his POD model. Scott gives talks on his method of exiting a business that is both beneficial to you and healthier for the business. He shares the triggering events that led to this life-changing system. Some would say Scott’s story is impossible but his approach is logical and actionable. If you are considering exiting your company but you are too tied up in it to make it a reality, Scott has a method that you really need to know.

What you will learn: * Scott’s presentation Transition, Position, Acquisition. * Why he wrote The 40 Hour Work YEAR. * Scott’s “mirror moment” and what he did about it. * The Transition Plan out of the business, the beginning. * How to create a culture of intrapreneurs. * How 9/11 slowed things down. * What ego really means in business, and getting past it. * Scott’s rule of thumb for engaging his employees to step up. * The #1 metric that Scott considered the most important. * Scott’s “weed-eaters” and how it improved the business. * The importance of an organizational chart. * The POD model and how it works. * Why your culture could be the problem. * The team that helped Scott exit. * The types of buyers that approached Scott. * Scott’s 3-step process to Angel Investing. * Scott’s final thoughts.

Takeaways: Start thinking about transitioning out of your business. Reframe how you view your business. Look at it as if you are working out of it. You'll be happier and more successful.

Links and Resources: GEXP Collaborative Growth Connect The 40 Hour Work YEAR by Scott Fritz Scott Fritz on LinkedIn Scott’s email

About Scott: Scott Fritz currently oversees acquisition funding and strategy for SGI Property Management. SGI operates in 3 states and manages over 1,300 properties. In 2010 Scott authored The 40 Hour Work YEAR. The book chronicles Scott’s entrepreneurial journey first-hand as he shares strategic business methods, action-focused exercises and the mindset philosophy that allowed him to achieve The 40 Hour Work YEAR and become a passive investor in his own business. Using his book as a platform, Mr. Fritz facilitates workshops and is a keynote speaker for dozens of groups every year. Mr. Fritz acquired Atlantic Insurance, a property and casualty agency, in 2010. After rebranding and repositioning, the agency was sold in December of 2012. Scott founded Growth Connect in 2008. By leveraging business coaching and exit planning services, Growth Connect specializes in transforming businesses into assets. Since 2008 Scott has facilitated over 400 strategic focus sessions. As an active Angel Investor since 2001, Mr. Fritz has invested in over thirty separate ventures. His involvement with these companies ranges from a passive investor to a business coach and advisory board member. Mr. Fritz founded Human Capital in 1997. He grew the company into a nationwide player with 2007 annual revenues of $170 million dollars. This hyper-growth landed Human Capital and its affiliate di

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Buckle up for a long episode this time. I promise though you will walk away from this one reflecting on your personal situation and maybe it will help you make some decisions. My guest is Steve Harlamert, at the age of 24, Steve’s father died suddenly, leaving the family business to both Steve and his sister.
The business was a grocery supplier and there was no clear roadmap for the company. Steve decided to stick with the business but his sister wanted out. After she left, Steve set about learning everything he could and humbled himself to be mentored by the more experienced people in the business.
Steve grew the business successfully and built something he could be proud of. That story is inspirational in itself, but then Steve sold his company to a private equity firm and changed the lives of many of his employees. We discuss the emotional fallout of leaving a company and how Steve has coped with that loss. He also has insight into what his experience has taught him about people, business, and life in general.

What you will learn: * Inheriting a business at 24 and coping with unexpected death. * How Steve moved on even without a roadmap from his father. * The lessons he learned from the company’s more established leaders. * Why Steve’s sister left the business and the buyout. * The common problems within a family business. * The employees become family. * Steve’s advice about how to avoid building a dictatorship. * How to better serve your customer. * Why Steve made an acquisition to grow the company. * So many executives rush to restructure, that’s a bad idea. * How to have diversity in your feedback but still be respectful. * Things that CEOs should do. * Steve’s tips to success. * The ESOP (Employee Stock Option Plan) that changed everything. * Mistakes Steve made with his successor. * The pros and cons of the ESOP. * The 2 ½ years Steve took structuring a private equity deal. * His experience with the firm. * The hard transition to life after the business. * The hurt feelings and reconnections that have made the experience worthwhile for Steve.

Takeaways: What do you want? What's important? Is it a combination of money, legacy? What kind of exit will line-up with those wants?

Links and Resources: GEXP Collaborative
Steve on LinkedIn
Steve’s email

About Steve: Steve began his career at the age of 18, the second generation to work for the family business, Harlow Marketing, Inc., a food brokerage company that sourced, marketed, and distributed products to The Kroger Co. Shortly after he earned his BA degree in marketing from the University of Dayton, the untimely death of his father resulted in an accelerated learning curve when Steve stepped into leadership, assuming the role of vice president. In 1997 Steve became the president of Harlow Marketing, where he began to oversee all operations of the company. On the company’s 25th anniversary, Steve purchased HRK Sales & Marketing, Inc., which led to a merger of the two businesses, re-named Harlow-HRK Sales & Marketing, Inc. Under Steve’s leadership, the company grew from 60 employees to over 300 employees in 24 states. Steve sold the company in 2014 to his employees via an E

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Mike Jackness is a hardcore entrepreneur who has built and exited many e-commerce brands. Mike began with affiliate marketing and cut his teeth in the online poker world and grew into legitimate e-commerce businesses. He started with Treadmill.com, Color It, Icewraps.com, Wild Baby, and then took his experience and shaped it into Ecom Crew. Ecom Crew is Mike’s podcast and blog that provides real-world value to business owners and e-commerce professionals. He tells me what he learned from his multiple exits and why he is always moving forward and avoiding boredom.

What you will learn: * Mike’s experience with entrepreneurship. * How he got into affiliate marketing and the online poker business. * The reasons Mike walked away from his poker business. * How he exited the company and managed to set up a passive income. * The lessons he learned from affiliate marketing. * Entrepreneurship is an addiction. * The 6-month hiatus that led to Ecom Crew. * Why Mike returned to entrepreneurship. * What is Ecom Crew? * How Ecom Crew has changed Mike’s view on business. * Entrepreneurship is not for everyone. * How to be real with your audience. * How to build strong brands. * The downside of creating an office culture. * The sale process of Color It. * Mike’s plans for the future.

Takeaways: Reflect on why you have your business before burnout sets in, what's the point? What do you need financially to be successful? What are your options?

Links and Resources: GEXP Collaborative
Ecom Crew
Ecom Crew email
The One Thing by Gary Keller
Conscious Capitalism by John Mackey
The Entrepreneur Roller Coaster: Why Now Is the Time to #JoinTheRide by Darr
en Hardy

About Mike: Mike has been involved in online marketing for over 10 years. During the poker craze of the early 2000s, he ran one of the largest poker affiliate companies in the world with over 60 employees (He even owned part of the Canadian Poker Tour!). After Black Friday (the day congress basically made it illegal for Americans to gamble online) he ventured into e-commerce with Treadmill.com. He sold that company in 2014 and have since then started multiple other e-commerce brands with total revenues over $7million annually. Today he’s based in San Diego but he lived throughout the world including Las Vegas, the Cayman Islands, and out of a Class A motorhome while touring North America.

The ONE Thing: The Surprisingly Simple Truth About Extraordinary Results

The Entrepreneur Roller Coaster: Why Now Is the Time to #JoinTheRide

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Father and son team Chris and Graham McConnell are the founders of Nth Round, a software platform that allows business owners and potential investors to find each other. Nth Round allows employees and outside investors to bid for shares in a company. The idea is that the platform simplifies the process of getting funding and liquidity for a business. Chris and Graham tell me how they created the blockchain system Nth Round is built upon. We discuss who benefits from this platform and why they felt it was needed in this current market. Nth Round strives to “level the playing field” for all parties involved and take the flow of capital away from private equity firms and smoke-filled back rooms. These guys are being hailed as game changers, tune in to hear why.

What you will learn: * Graham’s background in software and finance. * Chris’s background in business and private equity. * The problems the guys saw within the private equity world. * How Nth Round was developed to fight these problems. * How Nth Round works. * How companies come to an agreement on the value of their business. * The 3 target markets Nth Round appeals to. * How Nth Round equals the playing field for everyone involved. * How their system is different from private equity and M&A. * Why venture capitalists have mixed reactions to Nth Round. * The goals for the company moving forward. * How video is a great tool to keep business owners and investors in touch. * The FCC’s reaction to Nth Round.

Takeaways: People are trying to fix the market. Private companies are the backbone of America and the system is broken. If you need liquidity or investment in your business don’t just settle for the first answer you get. If you know what you want, there is a way to get it, just use all the resources you can to do it.

Links and Resources: GEXP Collaborative

Nth Round

About Graham: Graham is an entrepreneur with strong passions in finance and technology, especially software development, cyber-security, and blockchain protocols. After stints at TA Instruments and Savana, Inc., Graham joined Relay Network, where he served as a product owner, managing priorities for a team of twelve software developers and test engineers. Drawn to finance, Graham then joined AJO Partners ($25B AUM), a top-tier quantitative investment firm, where he oversaw software development. Today Graham runs all aspects of NthRound operations: from product development to sales and marketing, to customer support.

About Chris: Chris is a recognized technology entrepreneur and executive. He has extensive experience with blockchain programming, artificial intelligence, surface science, process control, and public and private finance. After starting at Dow Chemical, Chris co-founded CFM Technologies, a global semiconductor capital equipment manufacturer that grew to $80 million in sales and 400 employees. It went public in 1996 (NASDAQ: CFMT). Chris went on to form The Founders Group, and later Adondo Capital, a quantitative equity hedge fund based on computational linguistics. He holds eighteen US patents. For NthRound, Chris focuses on strategy and technology.

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Peter Lehrman is the CEO of Axial, an online platform that connects business sellers and buyers to find the best merger and acquisition partnership possible. Peter comes from an entrepreneur family. He studied at Stanford and learned the ins and outs of M&A through the private equity industry. During his time in private equity, Peter saw a very inefficient process that inspired him to develop Axial. He shares how his platform closes information gaps for both sellers and buyers. We discuss the wealth of information business owners can utilize to be better prepared for the M&A process and how Axial promotes those resources.

What you will learn: * Peter’s time in business with his brother and early experience. * His time in private equity and what he learned. * The inefficiencies that Peter hoped to correct with Axial. * Who does Axial serve? * Peter’s opinion on the “Baby Boomer Exodus.” * The 2 major information gaps Axial tries to fill for their clients. * The importance of reputation in M&A transactions. * How a seller can find a serious buyer. * Axial’s commitment to educating their clients. * Selling a business cannot be delegated out to someone else. * The 3 drivers of business value.

Takeaways: Use resources like GXP Collaborative and Axial to educate yourself on the selling process. You are the owner of your exit experience and the more homework you do the smoother the process.

Links and Resources: GEXP Collaborative

Axial

Middle Market Review Peter’s email

About Peter: Peter is CEO of Axial, responsible for driving the company’s vision to be the trusted platform where private companies connect with capital. Prior to Axial, Peter worked in private equity at SFW Capital Partners and was part of the founding team at Gerson Lehrman Group, where he helped build the company’s dominant global technology platform for on-demand business expertise. He earned his undergraduate degree from the University of Virginia and received his MBA from Stanford Business School.

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Ilan Jacobson is the Founding Partner & CEO of FirePower Capital. It has become the largest independent mergers and acquisitions firm in Canada. During today’s episode, Ilan tells me what he suspects will happen in the M&A market and why the current system is really overly complicated. The economy is going to be undergoing some major changes over the next few years. M&A and private equity firms are going to have to look at smaller businesses and deal with a totally different type of business owner. Ilan explains how these private equity firms are going to have to adapt and what you the business owner need to be aware of when considering the M&A and P.E. route.

What you will learn: * The beginnings of FirePower Capital and Ilan’s background in Venture Capital. * The importance of a healthy company ecosystem. * Why debt to equity is stupid. * How private growth capital is going to change the M&A market. * Why Ilan focuses on enterprise value. * The dumb ways to rationalize the burn of money. * Ilan’s market predictions for the private equity sector. * How the P.E. market will change. * How people can prepare for these changes. * 3 tips to make your business marketable and valuable.

Takeaways: If you are considering private equity and mergers and acquisitions for your business, use your common sense. Trust your gut and surround yourself with people who can help and guide you through the process.

Links and Resources: GEXP Collaborative
Ilan Jacobson on LinkedIn
Ilan’s email

About Ilan: Ilan Jacobson is the Founding Partner & CEO of FirePower Capital and has transformed the firm from a small 4-person family office into a 30+ strong investment banking and private capital powerhouse. Ilan leads FirePower Capital in all its endeavors, setting its strategic direction, providing top-level guidance on key transactions undertaken by the Investment Banking division, and assessing new direct investments for FirePower’s Private Capital funds. Under his leadership, FirePower invests in Canada’s entrepreneurs by financing their growth directly with private debt or equity and helps them complete their most critical transactions.

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My guests today are Chris Shipferling and Jason Somerville both of Global Wired Advisors. Chris and Jason have a combined background in merger and acquisitions and digital marketing. Global Wired Advisors specializes in e-commerce businesses looking to diversify into traditional marketplaces. Chris and Jason tell me how they take their experience, that usually is used for huge, monstrous companies and make it accessible to the lower end of the multi-million level companies. They share some examples they have seen within their business and the opportunities that many businesses seem to be overlooking. Including traditional brick and mortar businesses making their brand available to the online market path.

What you will learn: * Chris and Jason’s backgrounds and meeting a need for their clients. * The more choices you offer, the more value you can provide a buyer. * How Global Wired Advisors is different from traditional M&A. * The hit and miss nature of the e-commerce space. * The change in thinking within the market regarding risk-pricing. * How the market, in general, is evolving. * The various strategies to diversify your business. * The 3 keys buyers look at when considering purchasing your business. * The importance of educating yourself before selling. * Jason and Chris’s process when they start with a new client. * Things you can do to prepare your business for diversification.

Takeaways: If you are a brick and mortar business call someone like Quiet Light Brokerage, or Global Wired Advisors and discuss your options. The online space is a cheaper option that won't last for long. If you are on the flip side on the online e-commerce side then start taking your business in a more traditional direction. There is a lot of opportunity for diversification.

Links and Resources: GEXP Collaborative
GEXP Accelerator Program
Global Wired Advisors
Life After Business Podcast

About Chris: Chris Shipferling is a Founder, Managing Partner and Head of Business Development for Global Wired Advisors. Chris began his career 15 years ago in consumer product sales and has held various Sales and Digital Marketing Executive roles at companies ranging in size from $20 to $300 million. Since 2013 Chris has focused on high level consulting for multi-million dollar omnichannel, digitally native, and Amazon-based private label and re-seller brands. Chris is adept at both Vendor Central and Seller Central Amazon businesses and that experience is why Chris has come on board with Global Wired Advisors. Chris brings rich multi-channel digital expertise, helping both sellers and buyers reach their full potential by maximizing sales on their native platform before and after the sale. Whether entering or exiting the internet space, we seek to make that transition as profitable as possible for both sides.

About Jason: Jason is one of the Founders and Managing Partners of Global Wired Advisors. Jason began his career in investment banking almost 20 years ago and spent the first ten years of his professional life executing capital markets transactions for Fortune 500 and Fortune 1000 companies. After completing hundreds of transactions with a total value of over $150 Billion, he became a serial entrepreneur. For the next seven years, he bought, built and sold small and medium-sized online and traditional businesses. In 2016, he started Global Wired Advisors with Joe Hogg, Chris Bodnar, and Chris Shipferling so that, together, they could use their depth of capital markets, mergers

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Ben Vandenwymelenberg (VW), is the founder of Woodchuck USA and the author of The World Needs Your Fcking Ideas.* Woodchuck USA specializes in wood products that can be presented as unique gifts. Items like customized wood paneling, journals, and other stationery are getting people’s attention because of the Buy One, Plant One program. The Buy One, Plant One program is the driving mission of Woodchuck USA. When a customer buys a Woodchuck USA product, Ben and his team plant a tree somewhere in the world. It is a business with a purpose and the future of a millennial driven economy. Ben tells me what inspired his book and why he thinks more people need to “release their inner entrepreneur.”

What you will learn: * How Woodchuck USA began. * The products and services provided by Woodchuck USA. * Woodchuck USA’s social mission. * The Buy One, Plant One program. * Why the Buy One, Plant One program works. * Finding the “why” in your company mission. * Agreeing on a collective why company-wide. * Why Ben believes social capitalism is the future of business. * The 3 misconceptions Ben found when writing his book. * How to release your inner entrepreneur and make a difference. * Why you need employees who share your why. * The concept of a Conscious Circle and how changing it can make all the difference.

Takeaways: Does your company have a “why?” You should! Having a mission in your company adds value and profit to your company’s bottom line and reputation. Social capitalism is the future of business and essential for reaching the millennial consumer.

Links and Resources: GEXP Collaborative
GEXP Accelerator Program
Ben’s website
Woodchuck USA
The World Needs Your F*cking Ideas: How to Start a Business That Will Save Our Universe by Ben VW
Conscious Capitalism, With a New Preface by the Authors: Liberating the Heroic Spirit of Business by John Mackey

About Ben: Ben Vandenwymelenberg (VW) made his first wooden phone case in college. That unique item soon grew into a successful business that created creative wood products and a passionate mission. Ben and his team wanted to create American jobs and encourage a love of nature. Woodchuck USA’s Buy One, Plant One program has done just that. To date, Woodchuck has planted over 2 million trees worldwide and has become a flag carrier for the social capitalism movement.

The World Needs Your F*cking Ideas: How to Start a Business That Will Save Our Universe

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Brent Beshore is the CEO of Adventur.es, a private equity firm. Adventur.es has a totally different approach to private equity that makes them stand out in the industry. Brent and his team have even written a book to help business owners navigate the tricky and messy world of Mergers and Acquisitions. We discuss the book and why Brent thought it was important to write it. He explains why he prefers employees who don’t have previous experience in the private equity space, and how it makes Adventur.es different from the traditional private equity firm.

What you will learn: * How Brent stumbled into private equity. * How Adventur.es raises money. * The lessons Brent learned in the early days of his business. * Why Brent and his team wrote The Messy Marketplace. * What makes Adventur.es unique in the market. * The benefits of over-communicating with your clients. * How Brent treats his clients. * What normally goes wrong in a private equity firm’s approach. * The 4 key elements Adventur.es keeps in every deal. * You shouldn’t need a Ph.D. to understand your deal structure. * Why Adventur.es doesn’t use traditional financing. * The broken private equity system what it means for the market. * Why lower markets can’t get traction in this culture. * Brent’s “do no harm” rule.

Takeaways: M&A is a messy world and Brent’s book is a great resource to help business owners get a grip on the complicated ins and outs of private equity. Do your due diligence and take the time to really research your prospects before you jump into anything. If you are interested in the accelerator program, then you can reach out to me at ryan@gexpcollaborative.com or LinkedIn. We also have a page on the website with more information.

Links and Resources: GEXP Collaborative
GEXP Accelerator Program
Brent on Twitter
Adventur.es
The Messy Marketplace: Selling Your Business in a World of Imperfect Buyers by Brent Beshore
How To Acquire Your First Small(er) Company by Brent Beshore
Buy Then Build: How Acquisition Entrepreneurs Outsmart the Startup Game by Walker Deibel
Conscious Capitalism by John Mackey

About Brent: Brent leads the Adventur.es firm, and more specifically the acquisition and diligence teams while supporting portfolio company oper

Buy Then Build: How Acquisition Entrepreneurs Outsmart the Startup Game

The Messy Marketplace: Selling Your Business in a World of Imperfect Buyers

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Cindy Eckert (formally Whitehead) is the founder of a Sprout the first pharmaceutical company to develop Addyi, the first female Viagra. In the mid-2010s, Cindy sold her company to a bigger pharmaceutical company but soon found she made a mistake.

The program Pinkbator is searching for women entrepreneurs wanting to improve the lives of women and the world in general. Cindy is very passionate about her mission and the company she built. She takes me on the journey of Slate (her first pharmaceutical company), Sprout, and finally The Pink Ceiling, She tells me about her billion dollar exit and how her purchaser disappointed her in the end.

Cindy was so disappointed by her company’s “adopted parents” that she sued for the right to take the company back. I ask her how she managed it and she credits creative deal structuring and a great legal team. She won the case and built The Pink Ceiling, a business incubator that is dedicated to empowering, educating, and giving women entrepreneurs a chance to grab capital opportunities.

What you will learn: * Why Cindy became an entrepreneur * Why she gravitated to pharmaceuticals * Cindy’s fascination with women’s sexual health and why it is important. * The beginning of Slate and how it led to Sprout. * How to “Be the Workhorse.” * The qualities Cindy looks for in her team. * The danger of having the wrong partner and being selective about investors. * Why you should be accountable to investors. * The benefits of an awesome legal team. * The stipulations Cindy included in her sale agreement when she sold Sprout. * How those stipulations helped her win the company back in court. * The Pink Ceiling and Cindy’s view of the future.

Takeaways: You need to know what you are passionate about and what you want your company to be. Then you need to align your passion and vision with your investors, employees, and eventually potential buyers. Maintaining this alignment makes all the difference with whether you will be pleased with a sale or not.

Links and Resources: GEXP Collaborative
The Pink Ceiling

About Cindy: A self-made serial entrepreneur and vocal advocate for women, Cindy Whitehead-Eckert defies convention. In her industry, in her companies, in her outcomes. Her work today in The Pink Ceiling/Pinkubator continues to break barriers by investing in and mentoring other women to get to her same outcomes. She’s on a mission to make women really rich. You cannot miss Cindy. Everything she touches turns to pink.

Over a distinguished 24-year career in healthcare, in only the last 10 she has started and sold two businesses for more than $1.5B. First Slate Pharmaceuticals, which redefined long-acting testosterone treatment for men then Sprout Pharmaceuticals which broke through with the first ever FDA-approved drug for low sexual desire in women — dubbed “female Viagra” by the media. After selling the company for $1B in 2015, she successfully fought to get the drug back and launch it on her own terms.

Cindy has made waves, and made her own success, creating mission-driven companies that deliver big. Her results have become a widely covered business success story featured in major media outlets. She is most proud of helping others take command. The profoundly positive impact those companies have made in people’s lives is what keeps her coming back for more.

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My guest today is a CPA named Vincenzo Villamena. Vincenzo began his financial career in New York and decided to move to South America for a change of pace. He is the founder of Online Taxman and Global Expat Advisors. He specializes in M&A (merger and acquisition) and international tax services. We discuss how moving to lower tax brackets can save you tons of money on the sale of your company. The catch is, you have to jump through the hoops to keep your previous state off your back. Vincenzo shares what some of the benefits of living abroad are for former business owners and why it isn’t an overnight process. We also explore the pros and cons of asset sales and stock sales. If you are a business owner and have considered moving to “greener pastures” after you sell your company, Vincenzo may have a strategy that will work for you.

What you will learn: * Vincenzo’s life in New York. * Why he moved to South America. * His specialty in international tax services and international investing. * How a long-term plan can improve your tax situation. * Depreciation recapture, what is it? * What is the 179 Strategy? * The changes the new U.S. tax codes have made to the 179. * The differences between an asset sale and a stock sale. * The main sorting buckets for assets. * The things you need to consider when designing a deal structure. * Why a “fact pattern” is important when you move from states or countries. * The issues that come up with e-commerce deals. * When an international move a good idea? * The Foreign Earned Income Exclusion. * The Puerto Rico strategy. * How to reach Vincenzo.

Takeaways: I mention an accelerator program with GEXP Collaborative during this episode. Our first event should be in August with more on the way. If you are interested in the accelerator program, then you can reach out to me at ryan@gexpcollaborative.com or LinkedIn. We also have a page on the website with more information.

Links and Resources: GEXP Collaborative
GEXP Accelerator Program
Global Expat Advisors
Online Taxman

About Vincenzo: Vincenzo Villamena, CPA, is the founder of Global Expat Advisors and Online Taxman, specializing in offshore structuring and US tax for international corporations and individuals. Prior to starting his own firms, Vincenzo served as a partner at 4 Corners Inc., where he advised high net worth individuals in private equity investing and tax matters. Vincenzo worked in audit, tax and valuation during his time with PricewaterhouseCoopers, involved in Fortune 100 audit engagements and M&A transactions, giving him the knowledge to perform analysis in valuation, corporate finance, and technical accounting issues. He has both a Masters of Accounting and Bachelors of Business Administration with distinction from the University of Michigan’s Stephen M Ross School of Business.

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Have you ever thought about opening a restaurant? Most entrepreneurs can say yes. However, there are a lot of headaches and unseen layers to the hospitality industry that leads to a high failure rate. My guest is Matty O’Reilly and he has made a career of buying restaurants and revitalizing them. Matty is passionate about helping restaurants survive and decreasing the failure rate we see today.

We discuss some of the reasons why restaurants fail and how Matty has been able to dodge that bullet. He has been buying, managing, and selling restaurants for sixteen years and learned every sector of the restaurant business. He is a smart business owner who really knows his industry inside and out. He is currently pursuing his MBA and has plans to launch a consulting service to entrepreneurs in the hospitality industry.

What you will learn: * Matty’s background in the restaurant business and ten years in management. * Why he chose to the hospitality industry for a career. * How banks are contributing to the failure rate of restaurants. * Matty’s first experience with his own restaurant and how he made it work. * Why it is better to purchase an existing restaurant. * Matty’s approach to revitalizing his restaurants. * What he looks for in new purchase and how he deals with the sellers. * How ego can work against a seller. * Why Matty is getting his MBA. * The benefits of a reactive business model. * How Matty decides if it is time to sell a business. * Why he never got into the real estate side of the industry. * What Matty is doing now and his plans for the future.

Takeaways: Early on in this episode, I make a couple of announcements. One is a book I will release with Jim Carlisle, called Ripcord How to Grow and Exit Your Company, that should be out soon. Also, I mention an accelerator program with GEXP Collaborative. If you are interested in the accelerator program, then you can reach out to me at ryan@gexpcollaborative.com. We also have a page on the website with more information.

Links and Resources: GEXP Collaborative
GEXP Accelerator Program
Matty O’Reilly on LinkedIn

About Matty: Matty O’Reilly is an entrepreneur who has been working in the restaurant business for 16+ years. He worked his way up through every role in a restaurant and began buying his own restaurants in 2010.

He currently owns Delicata Pizza in St. Paul, Republic in Minneapolis, and Bar Brigade in St. Paul. He was also nominated for the Twin Cities Business Magazine 100 People to Know in 2019.

Matty has sold seven restaurants to date and hopes to launch a consulting firm for struggling restaurant owners. He is currently pursuing his MBA and looks forward to a new phase in his career.

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My guest today is John Garuti III. John spent the majority of his career in his family’s tile business. For anyone who has worked in a family business John’s story is all too familiar. He tells about his family dynamic during those years and why he finally asked his father to sale the company instead of taking it over himself.

The sale process took two years to complete. It was a tedious due diligence and heavy negotiation process. John describes what it was like work for the company after the sale and dealing with the resentment of the management. We discuss the pain of laying off long-time employees and adjusting a different company culture. Sometimes, the grass isn’t always greener on the other side.

John now works for a company called Digital Acquisitions, a boutique SaaS brokerage that specializes in digital businesses.

What you will learn: * The history of John’s family business. * How he got involved with the business full-time. * The family dynamic that led to a lot of frustration for John. * How John dealt with an uncooperative atmosphere. * Why John finally decided to leave the company and ask his father to sell. * The main problems the company had on the basic level. * Why location is important in a sale. * The headaches of due diligence. * Why egos can delay a sale. * The two-year selling process that led to employee relation issues. * John’s earn-out deal. * How the company changed and why John felt it was worse. * How the relationship to his dad held out. * When John knew he wasn’t staying on with the new owners. * What he would have done differently. * John’s reflections on the situation in hindsight. * What John is doing now for Digital Acquisitions.

Takeaways: John’s story is completely relatable to anybody who has worked in a family business. The most important takeaway of his story is, make sure clear and direct expectations are set for anyone in the business, family or not. There needs to be a culture of accountability and a clear vision for the business. Also, keep your family business separate from the family estate so that they are not tied together and stressing the family dynamic.

Links and Resources: GEXP Collaborative
John on LinkedIn
Digital Acquisitions

About John: Growing up in Queens, New York within a small family business, John’s experience begins with 15 years of leadership which successfully ran a manufacturing plant. After experiencing the sale of his family’s business, he became hooked on the process of M&A. Combining this with a passion for digital marketing he found his calling as an online business broker. John is always thrilled to discuss ideas and strategize solutions with clients.

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Rand Fishkin grew Moz alongside his mother during the mid-2000s. Once they found some venture capitalist investors, Rand was ushered into the CEO role. Moz became a giant in SEO consultation. They raised millions of venture capital and built an impressive reputation.

Rand tells me what it was like being CEO of such a big company. He talks about the pressure of venture capitalism and how his thinking changed during his time with Moz. The balance of customer service and the bottom line tend to weigh out differently when investors are involved. Rand expresses his opinion about venture capital and private equity investments. He also encourages alternative funding paths and explains his involvement in TinySeed, a startup accelerator.

Rand is currently working on a software called SparkToro. The goal is to help marketers and businesses research their audience and target market. He has made some major changes to his approach to SparkToro and he’s very honest about what he learned from his time at Moz.

What you will learn: ● What was Moz and how it began.
● What happened when venture capitalist investors approached Moz.
● How venture capital investments change the business.
● Rand’s push into the CEO position.
● How the attitude toward SEO changed over time.
● The reasons Rand left Moz.
● How he coped with the exit.
● The unfair stigma of self-funding.
● The benefits of venture capitalism.
● The benefits of private equity.
● The 2 mindsets a founder can have after an exit.
● Why Rand is involved in TinySeed.
● What SparkToro is doing differently than Moz.
● Ask yourself, what do you need to feel successful?

Takeaways: I’m really excited for Rand and the future of SparkToro! Rand’s story reminds me of the basic questions you need to ask yourself when you are planning your company’s roadmap. Why are you in the business? What is your main goal? How do you find capital and potential partners? Do you like your partners? Ask yourself all of these things.

Links and Resources: GEXP Collaborative
SparkToro
Rand on Twitter
Rand on LinkedIn
Lost and Founder by Rand Fishkin
Small Giants by Bo Burlingham
Finish Big by Bo Burlingham
TinySeed

About Rand: Rand runs most of the show at SparkToro. He was formerly co-founder and CEO of Moz, co-founder of Inbound.org, and author of Lost and Founder: A Painfully Honest Field Guide to the Startup World. He doesn’t take himself too seriously, but he does have a bit of a chip on his shoulder, and is deeply passionate about making SparkToro a great company (at least, by his own peculiar standards).

Small Giants: Companies That Choose to Be Great Instead of Big, 10th-Anniversary Edition

Lost and Founder: A Painfully Honest Field Guide to the Startup World

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Brian Forcier returns to the show to discuss the exciting development of the 2017 Tax reform and especially the component of the bill that focuses on Opportunity Zones. Brian is the managing partner in Titanium Partners, an investment firm. He tells me about the U.S. Treasury sponsored program and how it can be a game changer for your business.

Opportunity Zones are rural areas in America that never fully came back from the 2008 recession. Titanium Partners have dove into this new program and are helping their clients take advantage of the numerous benefits. Brian shares some of those benefits and which business investors would do well to take advantage of the program.

What you will learn: * Welcome back, Brian Forcier to the show. * What is Titanium Partners and what do they do? * How Brian and his team develop long-term relationships with clients. * What is a 1031 exchange and what does it do? * What are Opportunity Zones? * The 3 steps to investing in an Opportunity Zone. * How simple it is to register the investment as a fund. * How are Opportunity Zone investments different from 1031 exchanges. * The importance of reinvesting in an Opportunity Zone deal. * Why you shouldn’t solely focus on Opportunity Zones. * The time window for the program and possible extensions. * Why nobody is really talking about this. * Who should look into this opportunity and who shouldn’t. * The top 5 concerns Brian sees his clients have with the Opportunity Zone option.

Takeaways: Don’t jump on this just because it’s cool. Make sure Opportunity Zone investments are a smart play for you. It needs to fit into your plan. Don’t try to shoehorn it in, and make sure you consult someone like Brian before you completely jump into it.

Links and Resources: * GEXP Collaborative * Titanium Partners * Conscious Capitalism by John Mackey * Brian’s previous episode

About Titanium Partners: Titanium Partners operates primarily in the Midwest and the Western US; advising high net worth individuals, family offices, and private businesses on new business developments.

Titanium Partners focuses on investment advising and private placement partnerships. Titanium Partners handles acquisitions and sales of commercial real estate and business assets across all investment classes.

Currently, Titanium Partners is looking to network with Advisors such as Business Brokers, Real Estate Brokers, Attorneys, Accountants, and Family Office Managers looking for alternative investment options in the private capital space. Titanium Partners plays multiple roles in a variety of investments every day and we have handled hundreds of transactions, worth over $800 million dollars.

Conscious Capitalism by Mackey, John (2014) Paperback

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Jill Nelson is an entrepreneur who studied business as, in her words, “an act of rebellion.” She wound up as a receptionist for a business broker. She learned firsthand what buyers are looking for in a business acquisition and what gives a company value. That experience led her to build an answering service called Ruby Receptionist.

She built a unique product and culture that made buyers flock to her door. Jill explains how she built such a strong culture and made sure Ruby had value beyond the bottom line. Jill’s story is a perfect example of how to do it right and go to market on your own terms. She is still CEO of Ruby Receptionist but she sold her company in a stock sale to a private equity firm. She walks me through the process and explores how it was so different from any other experience she’s had previously in her career.

What you will learn: * Jill’s decision to study business. * How she built Ruby Receptionist. * The struggle to get Ruby off the ground. * Why metrics are so important. * The things Jill believes contributed to her success. * Jill’s motto: easy to hire, hard to empower. * How she built a unique and valuable business culture. * How Jill dealt with the sales process and due diligence. * How to create organic growth by empowering. * Why an investment broker was a key part of Jill’s deal. * How finding alignment with buyers is a lot like dating. * What life is like as Ruby’s CEO. * Jill’s advice to the audience.

Takeaways: Jill is a textbook example of the five principals.

She had the vision of what she wanted.
She aimed for targets to build value into her business.
She researched her exit plan options and found the right one for her.
She created a system that could run without her.
She was on top of due diligence and hired the right people to help her.

Links and Resources: GEXP Collaborative
Ruby Receptionist
Jill on LinkedIn
Jill on Twitter

About Jill: A driven entrepreneur passionate about building a one-of-kind company, Jill Nelson has grown Ruby Receptionists into a nationally recognized organization for its inclusive, people-powered company culture and its record-breaking position as one of Oregon’s fastest growing companies for the past 11 years. Since founding the company in 2003, Jill has led Ruby to double-digit revenue growth every year, and in 2015 sold the majority share of Ruby for $38.8 million to Updata Partners.

In addition to her own entrepreneurial endeavors, Jill has been recognized by her peers, receiving the Pacific NW 2017 Ernst & Young Entrepreneur of the Year Award and named the 2017 Oregon Technology Executive of the Year—the first woman to receive this recognition.

A fervent supporter of local business, Jill has served on the board of Entrepreneurs Organization in a variety of roles including President of the Portland chapter and acted as a mentor in its Accelerator program, successfully helping business owners reach the $1,000,000 revenue mark.

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Welcome back to Life After Business. This episode is part two to my interview with Michael Kaplan. Michael was a financial partner in a carpet cleaning business called ZeroRez. To recap, episode 135 is the companion episode to this one. During the last episode, Michael told the story of how he got involved in ZeroRez and how they grew a 300 thousand dollar business to 18 million.

This episode, Michael explains why he exited the business and how his relationship with his partner changed. Michael and his partner had an agreement laid out since day one. There was a clear protocol to solve problems established. As time went on, however, the agreements began to erode. Michael honestly explores how the communication broke down and the last straw event that led to what he calls “the Mexican Standoff.”

Michael is very candid about what happened in his partnership and he doesn’t shift all the blame to his partner. It is a real glimpse of how business partnerships work and why you need to lay all your cards out and stick to your guns.

What you will learn: * A quick recap of part one of this interview. * How the original partnership began and the initial agreements. * How Michael protected himself when other partners left. * How they handled the first departures. * What is a “shotgun clause” and why do you need one? * A change in capital structure. * A new Omaha location and the lessons learned from the experience. * An offer to purchase equity in the franchise. * Why they didn’t just buy the franchise. * The beginning of agreement erosion and the issues that developed. * The launch of new locations and the success and growth rate. * Addressing the problem of “meddling” with the technicians. * A change in company culture and Michael’s view on it. * Why he left the leadership team and the fallout. * The last straw that led to Michael’s exit from the company. * The Mexican Stand-Off that got Michael out of the bad situation. * The lessons learned from the experience. * How Michael vets business relationships now.

Links and Resources: GEXP Collaborative
Red Hook Investments
Michael’s email
Booya Capital Partners
Life After Business Episode 135

Takeaway: Make sure you have solid agreements with any partners from the very beginning of your business. Be transparent and make sure everybody is on the same page.

After erosion of partnership agreements and some company culture issues came to light, Michael exited ZeroRez. He credits the use of a “shotgun clause” for diffusing the situation and teaching him something about his business expectations moving forward.

He currently works with Red Hook Investments, a firm that specializes in turnarounds, private equity, and cash infusions.

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Today’s guest has a story so big and honest, I had to break it into two episodes. Michael Kaplan was a financial partner in ZeroRez, a Minnesota based carpet cleaning company. He is super authentic and honest about what it was like to scale a 300 thousand dollar business up to 18 million.

Part one of this interview focuses on how Michael stumbled into the carpet cleaning business and the ups and downs that he and his partners encountered. We discuss the mistakes Michael and his partners made with money and hiring. Both are costly to a business. Michael also leveraged an economic downturn and existing radio budget to work in the business’s favor. It is really an impressive story of a radio campaign changing things overnight.

I ask Michael to tell me about how they handled the sudden growth and what the business did to encourage repeat customers. He answered with brutal and refreshing honesty that I think every business owner should hear. If you really want to know what it’s like in the trenches in a business, today’s episode is an accurate depiction.

What you will learn: * Michael’s early experience in startups, law, and how he wound up in the carpet cleaning business. * What the purchase of ZeroRez looked like and why it was a bad deal. * The mistakes that Michael and his partners made early on. * How the 2008 housing crisis worked in ZeroRez’s favor. * The radio budget and how it transformed the business. * The things Michael thinks made the company successful. * The hiring mistakes that ZeroRez made early on and how they corrected them. * Why investing in good people can help you fix outgrown SOPs. * How Michael shifted his mindset to a value-based one. * The cliffhanger for part two.

Takeaways: Michael’s story is a great example of what it takes to build a company. It takes balls and you can’t just be passive. Part two of this interview has some great nuggets about working with partners. Everybody has drama in their business, especially behind closed doors. Having a partner changes how you do anything in a business and part two showcases that.

Links and Resources: GEXP Collaborative
Red Hook Investments
Michael’s email

About Michael: Michael Kaplan spent most of his 20s thinking he would go into some sort of law practice. However, he found himself partnering with a friend to purchase ZeroRez. After a few stumbles and lucky economic breaks, Michael and his partners were able to scale the carpet cleaning business to 18 million dollars. He currently works with Red Hook Investments, a firm that specializes in turnarounds, private equity, and cash infusions. Tune in for the second part of this interview to hear Michael’s complete story.

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Bill Smith is a principal consultant for Navigate Group, a strategic business solution provider. Navigate works with business owners and high-level executives to find ways to save the company money through tax benefits and expense evaluation. It is a win-win situation that provides leverage to your company and takes a lot of the stress out of the equation.

Bill tells me about the leverage funded program and the other services Navigate offers to its clients. We cover who should use this service and why it is essential to getting your business past a hump and moving into a new stage of growth. He also shares why CPAs and banks tend to love Navigate’s involvement and why insurance guys don’t so much. If you’ve hit a wall in your business, then today’s episode is a must-listen for you!

What you will learn: * How Navigate got started and why they exist. * Why you want Navigate involved in your end-game. * The 3 silos of service Navigate provides its customers. * How Navigate is different from other loan services. * Navigate partners with CPA firms. * How Navigate’s deferred compensation contract works. * How the system works for the client. * How the system works for the banks. * The 3 events that will end a contract and what happens next. * The pros and cons of release mechanisms in your deals. * A typical Navigate policy. * Why Navigate prefers a narrowed focus of services. * Who should use Navigate’s service? * The changes to and 4 components of the RND Tax Credit.

Takeaways: You should totally look into this! Call Bill! Call me! This company is providing something valuable and there aren’t a lot of downsides to the process. Look into the Navigate Group and see it’s something worth your time.

Links and Resources: GEXP Collaborative
Bill on LinkedIn
Navigate Group
617-529-8577
Life After Business Episode 131
Life After Business Episode 107

About Navigate Group: We are a unique group of professionals bringing active consulting services to a wide range of clients. Our unique ability to dig into a business and ask the right questions allows us to bring true value to Business Owners, CEOs and CFOs by providing solutions that increase overall profitability and cash flow. Navigate Strategic Resources will increase overall profitability while providing cost reduction solutions and consulting services. We are a Trusted Source increasing business value and guiding our clients with sound business solutions.

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Troy Berg is the owner of Dane Manufacturing. Today he tells me about purchasing the company and how he grew the business by 3x! Troy is a great motivational speaker and has smart advice for my listeners.

Troy credits 8 acquisitions for his impressive business growth. He used a combination of organic growth and M&A deals. Troy covers both of these subjects and has some awesome insight. He shares his experience with hiring salespeople and why he believes A-players will pay for themselves. We also discuss why M&A is a broken system and how you can work around that brokenness.

We also discuss the baby boomer problem and how young entrepreneurs can court these business owners and help relieve the problem. Troy is a firm believer in a positive attitude and having confidence in your abilities and business vision.

There are tons of great takeaways from today’s episode and no matter if you are an established business owner or just getting started.

What you will learn: * Troy’s career “working for the man.” * His shift to the “get in the black or you’re going back” mindset. * How Troy approached the deal with Dane Manufacturing. * Why it is hard to say no and why you need too. * How Dane Manufacturing grew 3 times in 3 years! * What is organic growth? * How Troy used organic growth to find great team members. * The 5 things you need to look at when hiring a top-notch salesperson. * Why advisors aren’t interested in completing a deal. * The 3 steps to a successful M&A deal meeting. * Why attitude and belief are essential. * Don’t worry about the money. * The benefits of using an SBA and other advice for finding the right bank for your deal. * The baby boomer problem and how to combat it. * The deal that didn’t happen for Troy and why it didn’t work. * Troy’s book recommendations. * Troy’s final 2 pieces of advice for the audience.

Takeaway: First and foremost, it is important that you have confidence in your abilities and your vision for your business. Do your homework and look for the investors, partners, and advisors that will help you get where you want with your business and career.

Links and Resources: GEXP Collaborative
Troy on LinkedIn
The Entrepreneur Roller Coaster: Why Now Is the Time to #JoinTheRide by Darren Hardy
The Compound Effect by Darren Hardy
DaneMfg.com

About Troy: Troy graduated with a Mechanical Engineering Degree in the 1980s and worked in several manufacturing industries. He worked in the Aerospace and Automotive industry building NASA Space Shuttle and large commercial & military jet systems and then went on to work in the elite production engineering department in a car assembly plant helping launch new car model introductions.

While pursuing his Master’s Degree in Operations and Business Management, he decided to leave Corporate America and start his own company over twenty-four years ago. That original start-up company was merged with his current company in 2001 after they purchased Dane Manufacturing. They purchased two other ‘Add-on’ companies to join with Dane in 2007 and 2009.

In 2013, they started another division inside Dane that manufactures our own products for the residential green energy markets making Geothermal

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St. Paul & Minnesota Foundations (SPMCF) helps charitable organizations and investors determine the purpose of funds and measure their impact. It gives funds to the right people, for the right reasons.

Luther Ranheim is a gift planner at SPMCF. He connects professional advisors, clients, and community members with philanthropic resources to help them reach charitable giving goals. Also, Luther assists non-profit organizations with planned giving and endowment opportunities.

Where do you want to put your money? How much should you put in? What’s going to be done with it? What are the tax ramifications?

Luther shares how philanthropy, charitable donations, and non-profits give you a sense of purpose and fit into your life after business. Let Luther and SPMCF guide you on your journey.

What you will learn: * Luther’s background in financial services. * Why Luther transitioned to fundraising and philanthropy. * SPMCF grants assets to charitable organizations and helps set up philanthropy tools. * The definition of philanthropy, and how it works. * How conversations identify your passion, purpose, and possibilities. * The challenges that come with fundraising and philanthropy. * The number of nonprofits that SPMCF works with and success to significance stories. * How to find charities and become involved by using your knowledge to make an impact. * Who do you know? Who can you call? Connecting with the right people. * One of the silver linings with baby boomers retiring is the significant transfer of wealth. * How to track, measure, and evaluate return on investment (ROI). * SPMCF’s process to evaluate and assess organization’s potential to receive funds. * The different ways to address your “why” and financial targets. * Luther offers an overview of donor-advised funds and how they are used. * What are the different tax implications and write offs? * Entrepreneurs who sell their business lose their platform for funding charitable donations. * Create a structure to leave a legacy and continue to support the community.

Takeaways: Anyone can be a philanthropist. You don’t need to have millions of dollars. Find your passion, something that’s near-and-dear to your heart, to make an impact. There’s a way to include philanthropic planning as a part of the exit strategy from your business. Connect with SPMCF to talk about the possibilities of adding a charitable component to your business transition.

Links and Resources: GEXP Collaborative
St. Paul & Minnesota Foundations (SPMCF)
Luther’s email address
651-325-4206
Stephanie Breedlove
The Halftime Institute
Taxes and Selling a Business: How to Calculate Net Proceeds with Ryan Turbes

About Luther: Luther Ranheim was born and raised in Minneapolis. His love for the Twin Cities is an integral piece to his job as a gift planner at St. Paul & Minnesota Foundations (SPMCF).

Luther combines his early career knowledge in banking with more recent non-profit development experience. Previously, he worked for Wells Fargo Private Client Services and Bremer Bank. Recently, he has been involved with non-profit development for the MacPhail Center for Music, Greater Twin Cities United Way, Minnesota Orchestra, and Alzheimer’s Association.

He graduated from Lawrence University. Currently, Luther serves on several boar

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Ken is quick to explain how his assessment system is important to the baby boomer issue. He also explains how the assessing process came about and how it has reached an international audience.

Links and Resources: GEXP Collaborative
Corporate Value Metrics
Ken’s email address
508-870-5805

About Ken: Ken Sanginario is the Founder of Corporate Value Metrics, creator of the Value Opportunity Profile® (“VOP®”), and developer of the prestigious new Certified Value Growth Advisortm (“CVGAtm”) training and certification program.

Ken has more than 30 years of experience providing executive leadership and strategic advisory services to private middle market companies, developing and executing business improvement initiatives, turning around distressed operations, managing M&A transactions, valuing companies, and securing equity and debt growth capital.

He is an instructor in the training and certification programs of the Alliance of M&A Advisors, Pinnacle Equity Solutions, and the Exit Planning Institute, teaching about business value growth in each program. He also serves on the advisory board of the MidMarket Alliance as its educational leader, and serves on the Boards of Directors of several privately held companies.

Ken is a frequent speaker at national and regional conferences and private busin

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Matt Boettner is the CEO and President of All Safe Global, a compressed gas company. Matt came into the business in 2009 and bought it from his brother in 2013. Matt shares his story about approaching his brother about joining the company. He came into the company with the mutual understanding that he would buy the company.

Matt studied the art of the deal at brokerages he worked for and learned how to build a complex deal structure that benefits everybody. We discuss some of these lesser-known equity tools and how Matt used them to create his deal with his brother.

We also discuss the future of All Safe Global and what Matt gives advice for business owners considering finding equity partners.

What you will learn: * Matt’s first attempt and failure in the tech sphere. * What he learned from this failure. * The lessons learned from his jobs afterward. * What he learned from his time at a brokerage firm. * Matt’s opinion about brokerage firms and how to find a good one. * Matt’s time with WinMark. * How he became involved in All Safe. * A brief history of the company. * Why Matt saw opportunity in the compressed gas industry. * The beginnings of the deal structure he made with his brother. * The methodology they agreed upon. * How Matt’s M&A background came in handy. * The capital stack they agreed upon. * The types of debt that are available. * Why debt can work well for a company. * The levels of debt Matt used in his deal with his brother. * The importance of an intercreditor agreement. * Matt’s strategy to repay his creditors. * Why you need a cushion in a deal. * How Matt found equity partners. * Lenders are not one-size-fits-all, do your homework. * Matt’s goal for his business in 2019. * The importance of good financial records.

Takeaways: There are tons of tools out there to create a deal structure. As a business owner, you need to know about those tools. Understand what options are available to you and create a deal structure that suits your situation.

Links and Resources: GEXP Collaborative
Matt on LinkedIn

About Matt: Matt Boettner began his career in the tech industry. After his first company failed he embraced his talent for financials. He learned how to structure deals at a mid-market brokerage firm and became quite comfortable with complex deal structures. In 2009, Matt joined his brother at All Safe Global. He came into the business with the understanding he would buy his brother out. In 2013, that buy out went through.

Matt is an accomplished leader with experience in start-up, private and public company roles. He is an expert in general management and leading growth initiatives for mid-size operations. He has experience with leading acquisitions, IPOs, business valuations and public/private company debt and equity financing.

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Stephanie Breedlove was the CEO of a payroll and tax accounting firm for households. The focus of their company was families that wanted to legally pay their nannies and caregivers of elderly family members and have a reliable system for it. This new market took off and the company grew to impressive numbers.

After 25 years, Care.com approached Stephanie about purchasing her business. She takes me on that emotional journey and gives some great insight on how the process worked. She is very open about the financials of the business. One of the most open guests I have ever interviewed.

Stephanie tells me how she and her husband saw a need for what was at the time a novel industry. This episode is a great look into the nuts and bolts of merger and acquisitions and what it really takes to do it right. It is also a great example of even if you do put in the work, there will still be snags and problems that come up along the way. Stephanie shares how she navigated those and why she’s glad she took the time to know what she needed from the sale for herself and the good of the company.

What you will learn: * Stephanie’s background in business and entrepreneurship. * The beginnings of her payroll and tax firm. * The 2 year, 4 month growth trajectory and bringing Stephanie’s husband into the business. * How they found their first clients. * Switching their mindset from “small firm” thinking to “big business” thinking. * How Stephanie and her husband learned about their industry and market trends. * Why “what-if” talks were beneficial to Stephanie and her husband when discussing the future of the business. * How they went about preparing the company for growth. * The conversations Stephanie and her husband had before going to market. * Why they decided to sell. * How emotion and ego can ruin a deal. * The relationship with Care.com and how the sale negotiations started. * Why Stephanie and her husband didn’t tell their executive team about the sale. * The team of advisors that Stephanie took into her negotiations. * The start and stop talks with Care.com and how Stephanie handled it. * The hang-ups that stalled the sale and how they were resolved. * What it was like to work for Care.com. * The positive effects of Stephanie’s earn-out and why it was good for the company. * Stephanie’s book All In. * What she does now to keep busy. * The natural high of entrepreneurship. * What’s next for Stephanie?

Takeaways: Stephanie is a rock star example of how to do a merger and acquisition right. Even if you are well versed in business, it still important to keep learning. Figure out what you want from your business and what you would want from a sale of that business and you will be better prepared for the process. Keep in mind, even if you do put the time in and do everything right, there are going to be hiccups along the way. That’s just reality.

Links and Resources: GEXP Collaborative
All In: How Women Entrepreneurs Can Think Bigger, Build Sustainable Businesses, and Change the World by Stephanie Breedlove
Stephanie on Twitter
Stephanie’s website

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Today’s episode is a change of pace. I recently did an interview with the Quiet Light Podcast and I wanted to share it here. The founder of the Quiet Light Brokerage, Mark Daoust speaks to me about my experience with selling our family business and what I learned from the process.

Specifically, we talk about strategic sales. I have learned a lot about building a good pitch for a buyer and I share that with Mark. If you aren’t familiar with my story and the path that led to Life After Business and GEXP Collaborative, this episode will answer a lot of your questions.

What you will learn: * My entrepreneur journey and joining my dad in the family business. * The reasons people leave money on the table during a deal and how to avoid it. * Why due diligence is so important and will kill any deal if done wrong. * Strategic sales vs. marketplace sales * How to think like a buyer and present your best pitch to a potential buyer. * How to get your financials and value adds in perspective for the buyer. * Know your market and be proactive in finding potential partners and buyers. * The pros and cons of strategic sales. * The circumstances when a strictly financial sale makes more sense. * Good growth strategy is good exit strategy. * The importance of having a great team of advisors.

Takeaway: I really enjoyed my time on the Quiet Light Podcast. Mark and his team are really good at what they do. You can contact them through the Quiet Light Brokerage site which is down in the resources section. You can also reach me through LinkedIn and the resources I gave Mark during our interview. Just check out the resources section below.

Links and Resources: GEXP Collaborative
Life After Business Podcast
Quiet Light Brokerage
Quiet Light Podcast
Me on LinkedIn

(In case you want to feature Quiet Light Brokerage and/or GEXP Collaborative)

About GEXP Collaborative: Ryan, Brandon, and Jim met at a National Exit Planning Conference. We hit it off with a shared extreme passion to change the way business owners look at the growth and exit of their company(s).

We come from different backgrounds (Entrepreneur, M&A Attorney and Investment Advisor) but hold the same belief that the advice that business owners receive is fragmented and doesn’t align in a comprehensive plan.

We created the GEXP Collaborative™ to bring together an ecosystem of different skills and perspectives to ensure that each business owner that we work with achieves the successful growth and exit of their businesses. From experience, we provide our business owner clients with recommendations based upon good judgment to achieve their objectives.

About Quiet Light Brokerage: Late in 2006, Mark Daoust, received a call from a good friend and fellow entrepreneur who was considering selling his 8-year-old web hosting website. Just 10 months prior Mark had sold his own profitable website and was looking for a new direction.

Quiet Light Brokerage was founded with this phone call.

A lot changed since that first phone call in 2006. Today, entrepreneurs recognize Quiet Light Brokerage as a leading voice and authority in the emerging niche of selling and buying profitable websites.

Today, over 500 websites have been sold and Quiet Light has over $100,000,000 in total transaction value. Even though they are recognized as one of the most successful website brokers in the marketplace, they still ta

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Colin Engstrom is my guest today. Colin is the former owner of a Bozeman, Montana commercial cleaning company. He bought the company off of Craigslist and took a disassembled business and grew it to forty-three employees. He also made some crazy profits with the company.

Colin and I discuss how he grew the company and the goals he had at the beginning. He explains why he sold the company and what he learned from the process. Colin is genuinely curious about entrepreneurship and asks some great questions. He has learned some helpful lessons and he is still willing to learn more, this was a really fun interview.

What you will learn: * Colin’s move to Bozeman. * How Colin found his cleaning business on Craigslist. * How buying from Craigslist worked. * Colin’s goals for the business in the beginning. * How he structured his company. * How Colin grew the business. * Colin’s ideal employee. * How Colin dealt with clients. * Why Colin decided to sell the business. * Why he didn’t try outsourcing. * Why Colin wishes he hired a broker. * What he would have done differently. * The factors Colin will consider with his next deal. * Should you tell the employees? * Colin’s advice to the audience.

Takeaways: If you know you want to sell, know your exit options, growth possibilities, financial targets., and how to maximize your company. Then hire the right people to make it happen.

Links and Resources: GEXP Collaborative
617-710-1660 — Colin’s phone number
Colin’s email

About Colin: Colin Engstrom is the previous owner of Elite Commercial Cleaners in Bozeman, Montana. He purchased the company in 2014 and sold it in 2018. Colin studied finance at Bryant University and is continually learning more about entrepreneurship every day.

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Alex McClafferty moved to the U.S. to join WP Curve in 2013. He poured his heart and soul into the company and grew the company to incredible heights. Slowly Alex and his business partner went their separate ways and GoDaddy came a-courting.

Alex describes what it was like to sit down with one of the biggest companies in the internet space. He also goes into how he approached such a big deal and when it was time for him to move on. Alex left a lot of money on the table when he left GoDaddy. He explains why he left and what he would say to other people in a similar situation.

What you will learn: * Alex’s early career and move to the U.S. * How Dan and Alex built WP Curve. * When to dissolve a partnership. * Alex’s advice for people having partner issues. * How Alex prepared for his meetings with GoDaddy. * The importance of building a great M&A team. * How Alex worked with GoDaddy to make the deal go smoother. * The ups and downs of M&A. * Why Alex exited GoDaddy before his earn-out was completed. * The 2 questions you should ask yourself before changing jobs. * Alex’s final thoughts.

Takeaways: 1. Alex took a lot of risk with his deal with GoDaddy. If you do your homework and prepare for the meetings you will walk away with a better deal and relationship. 2. If you ever decide to walk away from a business deal, make sure you really consider what you are doing and why you are doing it.

Links and Resources: GEXP Collaborative
Productize.co
Alex’s email

About Alex: Alex McClafferty coaches founders of SaaS & productized service companies. In 2013, he joined WP Curve when the company was doing $478 in monthly revenue. By 2015, the company built a remote team around the world and grew revenue to $1MM ARR.

In December 2016, GoDaddy acquired WP Curve.

With the help of a rockstar team at GoDaddy, the WP Curve team, rebuilt and then relaunched the product as WP Premium Support. Alex left GoDaddy in 2018 to pursue business coaching full-time.

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With 2018 coming to a close and the Life After Business podcast in the middle of it’s second year, I figured it was time for an update on how the podcast has been doing and what my favorite episodes were in light of our 5 Growth and Exit Planning Principles.

Podcast stats and updates as of Dec 2018: * 125 episodes have been recorded * A new episode has been launched each week since mid 2016 * 200,000 total downloads since I started the podcast * Life After Business averages 4,000 downloads per episode * ZERO marketing dollars have gone into the podcast… it’s been all organic sharing and subscribing! * It’s on on the major channels + iTunes + Google Play + Spotify + Sticher

If you are interested in interviewing for one of the 5 individual consulting engagements I am opening up for 2019, you can schedule your interview here using my calendar link – SCHEDULE NOW

The 5 Growth & Exit Planning (GEXP) Principles:

Episodes to listen to in each of the 5 GEXP Principles: 1.) Your Vision * Employees Are What Make a Company Valuable * Build a Platform and Run the Business like You Are Selling Tomorrow

2.) Financial Targets * How Much Do You Need to Sell Your Company for? The Goal: Lifetime Cash Flow * Business Valuations: Deep Dive with a Certified Business Valuator * Taxes and Selling a Business: How to Calculate Net Proceeds

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Tom Heller is a former business owner who reached out to me on LinkedIn. He joins me to tell me about his purchase and sale of his printing company. We discuss how he became an entrepreneur, how he found the company that would become the core of his identity, and how he began to untangling himself from the business to sell it.

Tom’s story is a really common story and he is a great example of how to move forward after your sale. He shares how his life has changed and what he would suggest to lifetime entrepreneurs looking to make the transition out of the daily grind.

What you will learn: * Tom’s background in marketing. * The growth process of Tom’s business. * The pros and cons of sudden business growth. * The mistakes Tom made at the beginning of the business. * Why you need to include an attorney in your business. * The importance of embracing who you are in your industry. * Why Tom decided to exit his company. * The struggle of being professionally unemployable. * Why there is no set equation to calculate the value of your business. * Why Tom used a value-based price system. * Tom’s due diligence process and lessons from it. * How Tom dealt with his role change within the company. * How Tom transitioned out of the company. * Tom’s new life and future plans.

Takeaway: When you decide to sell your company, think 1-4 years ahead so you can place your business in a favorable position to sale. To get the best deal and outcome from a sale, you need to be mindful of what you are doing now and how it will affect your company down the road.

Links and Resources: GEXP Collaborative
Tom on LinkedIn
Implementing Value Pricing: A Radical Business Model for Professional Firms by Ron Baker

About Tom: Tom Heller has been working in the communication field for more than 20 years. He is a resourceful leader, visionary, entrepreneur, and creative thinker. He has worked with some high profile clients and built some genuine goodwill with clients and stakeholders alike.

Tom studied design and visual communications at the University of Minnesota and marketing at the University of St. Thomas. He was the owner of Soulo Communications and exited the company as the executive account director.

Currently, he is a martial arts instructor at his local YMCA and is active in his church. He is now the director of marketing for Nativity Lutheran Church and has plans to use his experience and talents to benefit the church and his community.

Implementing Value Pricing: A Radical Business Model for Professional Firms

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Mike Mooney, the author of Reputation Shift joins me today to discuss something that affects all of us. Reputation.

We discuss how your reputation affects your business, your sale prospects, your future connections, and a ton of other things you don’t think about. Mike defines what reputation means to him and how you can be more aware of your own reputation.

What you will learn: * Mike’s background in the motorsports industry. * The generational attitude toward reputation and the impact of social media. * Mike’s definition of reputation. * The 2 keys to reputation. * The Reputation Equation. * How to consciously build your reputation. * The 3 steps to designing your reputation. * How to be proactive in your reputation building. * Why you need to manage your reputation yourself.

Takeaways: As the leader of your company, you need to be mindful about how you treat people. Your business culture reflects on yours and your company’s reputation. Be positive, be authentic, and be proactive in creating a reputation you want.

Links and Resources: GEXP Collaborative
Mike on Instagram
Mike on Twitter
Mike on LinkedIn
Mike’s website
Reputation Shift: 5 High–Performance Truths for Success by Mike Mooney

About Mike: He has developed a trusted reputation over the last 25 years at senior-leadership posts in the fast-paced and high-profile world of motorsports where he delivered dynamic business results and – more importantly to him – nurtured long-standing relationships.

Having led numerous crisis and reputation management efforts over his career, Mike is a go-to resource for those in repair mode, but also those wanting proactive-branding and business-driving strategies.

Mike’s experiences in motorsports led him to write the acclaimed book Reputation Shift – 5 High-Performance Truths for Success. The book delivers actionable strategies and step-by-step plans for readers to protect, harness, and strengthen one of their most valuable and precious assets – their reputations!

Mike is a graduate of Elon University where he earned a degree in Corporate Communications and where he was lucky enough to meet his future wife. He, his wife and three children live in Charlotte, North Carolina.

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Walker Deibel began his entrepreneurial journey like a lot of us, with a startup. But by 2004 Walker had found a far more effective business model called acquisition al entrepreneurship. During today’s episode, Walker tells me how he stumbled onto acquisitional entrepreneurship.

We also discuss what he looks for in a potential purchase. He promotes his book on the subject Buy Then Build: How Acquisition Entrepreneurs Outsmart the Startup Game and shares what he hopes to create from it.

What you will learn: * Walker’s business background. * Why it is harder to build a startup from scratch. * The 3 types of startup entrepreneurs and the difference between them. * What is an acquisitional entrepreneur? * The 4 types of businesses in the Acquisitional Entrepreneur Matrix. * Why Walker likes to focus on online businesses. * Why you shouldn’t assume a business’s circumstances till you get all the information. * How to recognize opportunity and take advantage of it. * The lessons Walker learned from the sell of his first company. * Why you need to sell your business before it peaks. * The types of businesses that Walker really likes to buy.

Takeaways: Your business looks totally different to a buyer. Go online and check out a broker’s site. Get a feel for your current market and see your company from the buyer’s perspective. You will see so many opportunities for value building and growth.

Links and Resources: GEXP Collaborative
Buy Then Build: How Acquisition Entrepreneurs Outsmart the Startup Game by Walker Deibel
Buythenbuild.com

About Walker: Walker Deibel is an acquisition entrepreneur. He has co-founded three startups and acquired seven companies. Walker is the Managing Director for Centra, which currently owns and manages three companies. In addition, Centra is a partner in over a half dozen firms covering: distribution, manufacturing, education, childcare, film, and television production, enterprise Software, online content, and eCommerce.

Walker is the bestselling author of Buy Then Build: How Acquisition Entrepreneurs Outsmart the Startup Game

He holds an MBA from the Olin School of Business at Washington University in St. Louis where he received the Declaration of Accomplishment in Entrepreneurship from the Skandalaris Center of Innovation and Entrepreneurship. He is a Certified M&A Advisor, former SEC licensed stockbroker, and helps online entrepreneurs exit their firms as an advisor.

Walker has produced almost a dozen films and had premieres at some of the world’s most esteemed festivals, including Sundance, SXSW, and Toronto International Film Festival.

He lives in St. Louis, Missouri with his wife and their three children.

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Dr. Tom Deans and I discuss a topic that is way too common in the business world. Gifted family businesses. This traditional approach to business is still very much alive and well, but Tom is of the opinion it is a practice that needs to die. The author of Every Family’s Business is a firm believer that every business should be sold, including to family members.

Tom presents a logical and compelling argument that business owners need to get out of their own way and allow their company to go to market. Buying your family company is a much healthier model that makes sure that the right people own and run the company. Tom defends his position and explains how he came to his opinion.

What you will learn: * Tom’s professional background. * Why the book is considered controversial. * The 2 camps that have the strongest resistance to Tom’s message. * The typical family business story and what’s wrong with it. * Why Tom joined his family business. * The importance of family meetings and open conversations. * Tom’s goal for the book. * How to redefine the term “legacy.” * Lessons all aging founders need to take away from Tom’s book. * How to discourage family animosity and misunderstanding. * Tom’s second book, Willing Wisdom. * The conversations every family needs to have regarding the business. * How to run a family meeting. * Give your family the freedom to be themselves.

Takeaways: Sit down with your family and have a family business meeting. Discuss all the financial stuff, all the past and current disagreements, and just try to get to an open and healthy place. For the sake of your family and the business.

Links and Resources: GEXP Collaborative
Every Family’s Business website
Willing Wisdom website

About Tom: Tom Deans Ph.D. is the author of Every Family’s Business: 12 Common Sense Questions to Protect Your Wealth, selected by the New York Times as one of the Top Ten Books Business Owners Should Read.

With more than a million copies in circulation, Every Family’s Business is the best-selling family business book of all-time. The sequel, Willing Wisdom is also an international best-seller that answers the question “How prepared is your family to inherit?”

His research and thought leadership on the subjects of wealth transfers, preparing heirs and family dynamics has made him an in-demand speaker. Since the release of his first book in 2008, Tom has delivered more than 1000 paid speeches in 20 countries. He has also provided advanced training to advisors employed by the world’s largest financial institutions, law firms, and accounting firms.

His thought-provoking and contrarian approach to business succession planning and family wealth transitions leave audiences motivated to take action and to work closely with their advisors.

Dr. Deans is also the Founder of the Willing Wisdom IndexTM a new digital client engagement tool for advisors to use with prospects and clients to answer the question: “How Prepared is Your Family to Inherit?”

The Willing Wisdom Index is offered as a subscription service to advisors who want to build a bridge to the next generation of inheritors. It is also used by advisors as a sales wedge to pry HNW clients from advisors who offer no estate planning support. For more information on the Willing Wisdom IndexTM, visit www.WillingWisdomIndex.com

Dr. Deans is a frequent guest commentator on the subjects of business succession planning and intergenerational wealth transfer

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Today I am joined by Dave Kauppi, an investment banker with MidMarket Capital. We discuss the technology/software industry and what makes it different than traditional companies. Dave specializes in M&A (mergers and acquisitions.) He explains how he got into the tech industry and shares some examples of deals and business models he has seen over the course of his career.

We explore what makes a company worth the investment to a buyer and how you can make sure you use that value to your advantage. It is very important that you do the due diligence for your company so you know what makes you different and how that difference can be leveraged.

What you will learn about this episode: * Dave’s career background. * Who MidMarket Capital serves. * How the tech industry has changed over the years. * The pros and cons of the recurring revenue model. * How to convert your company to a recurring model. * Companies that are accidental software providers. * How the market dictates the value of a software company. * Common contingents that are included in tech company sale deals. * Dave’s Kindle book. * Dave’s tips for negotiating with experienced buyers. * Dave’s parting words for the audience.

Takeaways: It is very important that you keep an eye on the big picture. You need to know what makes you different in your field and how that is valuable to a potential buyer. Then you need to use that value to negotiate terms that are also good for you.

Create a business that is sellable and can go on without you and educate yourself about your industry market.

Links and Resources: Selling Your Software Company: An Insider’s Guide to Achieving Strategic Value by Dave Kauppi
MidMarket Capital
GEXP Collaborative
Dave’s email
269-231-5772

About Dave: Dave began his Mergers & Acquisitions practice after a twenty-five-year career with a Multi-Industry background that included banking, high tech, and services. While in the leasing industry he gained a reputation for “finding a better way” through creative deal structure. During one fiscal year, Dave’s region successfully negotiated over $200 million in financing transactions. He was instrumental in negotiating three multi-million dollar strategic partnerships in the service industry and launched and managed a very successful division. In his M&A practice, Dave has completed transactions that range from succession planning exits to finding strategic buyers for healthy, rapidly growing companies seeking a partner to provide scale, to division divestitures, to troubled companies.

His career focus has been in sales and sales management and he has received numerous awards for sales excellence. He brings his strong negotiating and facilitating skills to his practice, successfully managing transactions to a win-win result.

Dave graduated from The Wharton School of Business, the University of Pennsylvania with a BS in Economics with a concentration in Finance. He received an MBA with a concentration in marketing from DePaul University. Dave is a Certified Business Intermediary (CBI), a licensed business broker, and a member of IBBA (International Business Brokers Association) and the MBBI (Midwest Business Brokers and Intermediaries).

Selling Your Software Company: An Insider's Guide to Achieving Strategic Value

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ITR Economics’ senior consulting advisor Alex Chausovsky speaks to me today about the current and possible future U.S. economic predictions. We discuss the slow down on its way during the 2020s and the chance of depression in the 2030s. Alex explains why he believes these trends are possible and what a business owner can do to be prepared.

Alex explains how ITR gets their data and what services they offer their clients. These services include consulting, market forecasting, and public speaking.

What you will learn: * My visit to the Vistage Summit. * Welcome, Alex Chausovsky to the podcast. * Alex’s business background. * ITR Economics’ mission. * How ITR collects their data. * The current state of the economy and what to expect in early 2019. * The economic slow down of the 2020s. * The economic crash of the 2030s. * Why recession cycles are predictable. * How trade policy affects the economy. * The 3 factors that drive an economy. * Why immigration is important to the U.S. * The industries that are suffering at the moment. * The reasons a depression or recession happen. * Why timing is everything. * Recessions are times of opportunity. * How other global economies affect our economy. * The steps that can extend government programs such as social security. * How healthcare contributes to the problem. * “People behave the way they are incented to behave.” * Alex’s parting thoughts.

Takeaway: You need to build your business to sell. Think ahead and plan for economic downturns, upswings, and be a step ahead of any predictions. Learn to be nimble and adjust with the economy.

Links and Resources Big Debt Crises by Ray Dalio
GEXP Collaborative
How The Economic Machine Works by Ray Dalio
Summary: Factfulness: Ten Reasons We’re Wrong About the World–and Why Things Are Better Than You Think by Hans Rosling
Prosperity in The Age of Decline: How to Lead Your Business and Preserve Wealth Through the Coming Business Cycles by Alan Beaulieu & Brian Beaulieu
Vistage Summit
Alex on Twitter
Alex on LinkedIn
ITR Economics
Alex’s email

About Alex: Alex Chausovsky is a highly experienced market researcher and analyst with more than a decade of expertise across subjects including macroeconomics, industrial manufacturing, energy efficiency, automation, and advanced technology trends. He has consulted and advised companies throughout the US, Europe, Brazil, China, and Japan for the last 15 years. Alex is currently responsible for providing reliable industry and company forecasts, presentations, webinars, and economic consulting services for small

Summary: Factfulness: Ten Reasons We're Wrong About the World--and Why Things Are Better Than You Think by Hans Rosling

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Tom Stewart is the Executive Director of the National Center of the Middle Market. He joins me today to talk about the silent majority of middle market companies in the economy. Tom and his team research a segment of business that little is known about. Through this research, the Mid Market Center has found critical data that all business owners should know about their company.

Tom and I discuss the 7 factors of growth, the 3 types of entrepreneurs, and the 9 value points that all businesses need to consider when they are assessing their company. Tom explains the methods that lead to this information and how business owners can benefit from the data collected. We also dive into a study Tom was recently involved in regarding M&A (Mergers & Acquisitions) and the information gleaned from it.

If you are a middle-market company or you have hopes to be one someday this episode will offer a roadmap for your business growth. Tune in to hear how you can use this data to take your business to the next level!

What you will learn: * What is the National Center of the Middle Market? * Who is the “middle market?” * Tom’s background in business. * Why middle market companies are important to the economy. * The 3 purposes of the Mid Market Center: Education, Research, and Outreach. * How innovation happens in business and what does the middle market have to do with it. * The importance of having this knowledge about your company for investors. * The cluster analysis and surveys conducted by the Mid Market Center. * The 7 Factors of Growth. * The 3 Groups of Leader Types. * The 2 factors that are uncontrollable by management. * A recent M&A study and the findings. * The 9 value points of fitness for a company. * Tom’s final thoughts.

Takeaway: Take advantage of all the resources GEXP Collaborative and the National Center of the Middle Market have to offer. This data is a playbook for business growth. Pay attention to the 7 growth factors, which type of entrepreneur you are, and look at all 9 of the value points mentioned today. This information is important for a healthy growth strategy.

Links and Resources: GEXP Collaborative
Tom Stewart on LinkedIn
The National Center of the Middle Market

About Tom: Thomas A. Stewart is the Executive Director of the National Center for the Middle Market, the leading source for knowledge, leadership, and research on mid-sized companies, based at the Fisher College of Business at The Ohio State University. Stewart is an influential thought leader on global management issues and ideas: an internationally recognized editor and publisher, an authority on intellectual capital and knowledge management, and a best-selling author.

Before joining the National Center for the Middle Market, Stewart served as Chief Marketing and Knowledge Officer for international consulting firm Booz & Company (now called Strategy&), overseeing the firm’s intellectual agenda, major research projects, and strategy + business magazine. Prior to that, he was for six years the Editor and Managing Director of Harvard Business Review, leading it to multiple finalist nominations for a National Magazine Award. He earlier served as the editorial director of Business 2.0 magazine and as a member of the Board of Editors of Fortune magazine.

His new book, Woo, Wow, and Win: Service Design, Strategy, and the Art of Customer Delight (co-authored with Patricia O’Connell), was published by Harper Business in November 2016. He is also the author of Intellectual

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Michael Dash is the CEO and President of Parallel HR Solutions. He is a life-long entrepreneur and the ultimate example of just how messy a business partnership break-up can be. We talk about the early days of Parallel HR and how a six-month commitment turned into eleven years. Michael also tells me about how he got tangled up in a six-year lawsuit and nearly lost his sanity in the process.

After discussing his fall, he shares how he found peace of mind again and changed his life for the better. Today’s episode is a cautionary tale about how to keep your ego in check and when to know to cut your losses.

What you will learn: * Michael’s business background. * How Michael got into the staffing service business. * The early years of Parallel HR and the move to Utah. * How Michael and his partner structured the business. * Why he decided to buy his partner out of the company. * How the buy-out led to a lawsuit and a counter lawsuit. * The danger of emotional decision making. * The 2 people not to ask advice from during a lawsuit. * How flow consciousness helped Michael make positive changes in his life. * The importance of small changes. * The power of positivity. * How the six-year lawsuit was settled. * Michael’s future plans moving forward. * The 5 principles of activation. * Michael’s final thoughts.

Takeaways: 1. Make sure your business structure is set in stone. Have the hard conversations and discuss how a big business change will be handled before tempers flare and lawyers are called. Avoid ambiguity and lay it all out in the beginning. 2. Keep your ego out of business decisions. Logic is the key to running a business, know why you are in the business and keep the why in mind so you don’t get sidetracked by personal feelings.

Links and Resources: GEXP Collaborative
Ignite Journeys
Michael’s Thrive Global Articles
FATE: From Addict to Entrepreneur
Michael Dash on Instagram
Michael Dash on LinkedIn
Michael Dash on Facebook
Michael Dash’s website

About Michael:

Michael grew up in a small town in New Jersey where he developed his passion for entrepreneurship while working with his father. Michael learned the value of hard work and the importance of a strong worth ethic during this time.

He went on to study at the University of Maryland. He began his career in sports advertising and soon began working with a childhood friend in the staffing business. In 2007, he followed a business opportunity to Utah. This was the birth of a thriving technology talent acquisition firm called Parallel HR Solutions where he is the CEO and President.

Michael is also an active community member and philanthropist. He supports and is a member of the Leukemia Lymphoma Society’s Team-in-Training fundraising group. He is also a part of several national organizations such as Young Entrepreneur Council (YEC) and The Founders Organization. He has plans to finish his book Chasing the High early next year.

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This episode concludes my 3 part series on evaluating your business. To recap, my first episode on this topic was about improving the value of your business. Brandon Hall discussed his experience with business valuations and why they are important. The second episode featured Ryan Turbes, Ryan is a CPA who painted a realistic picture of payout and what a buyer looks for in a deal.

This episode focuses on value building and the 8 key value drivers that buyers consider when purchasing a company. John Warrillow returns to my podcast to explain the value builder system and how it streamlines the due diligence process. There are a ton of resources and tools we will share with you during this episode, so tune in to learn how to create a clear roadmap to getting the best price possible for your business.

What you will learn: * A recap of my business evaluation series. * The importance of creating a company that will run without you. * John’s background in business. * The beginnings of The Value Builder System company. * What his company does. * The Built to Sell podcast. * The Value Build survey and what it means for your business. * John’s typical customer. * Industry standards have nothing to do with company value. * The 8 key drivers the Value Builder System uses. * What to fix first based on your value builder score. * Why earn-outs are an imperfect tool. * What are vendor take-backs and how do they work? * The benefits of a high value builder score. * The cash flow teeter-totter and how it affects a deal. * How to find recurring value in your business. * What is monopoly control? * John’s advice on how to avoid shiny object syndrome. * John’s parting words for the listeners.

Takeaway: Obviously, you need to get your value builder report and see the areas your business needs to improve. Value builder reports are free, only take a few minutes to complete and give you a roadmap that will make your sales process smoother.

Link and Resources Built to Sell Podcast
GEXP Collaborative
The Value Builder System
John Warrillow on Twitter
Built to Sell: Creating a Business That Can Thrive Without You by John Warrillow
The Automatic Customer: Creating a Subscription Business in Any Industry by John Warrillow

About John: John Warrillow is the founder of The Value Builder System, a company that helps business owners improve the value of their company. As of 2017, The Value Builder System has served 40,000 users.

John is the author of the bestselling book Built to Sell: Creating a Business That Can Thrive Without You, which was recognized by both Fortune and Inc Magazine as one of the best business books of 2011. Built to Sell has been translated into four languages. John’s next book, The Automatic Customer: Creating A Subscription Business In Any Industry was released by Random House in February 2015.

Prior to starting The Value Builder System, John started and exited four companies, including a quantitative market research business that was acquired by The Corporate Executive Board (NYSE: CEB)

The Automatic Customer: Creating a Subscription Business in Any Industry

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I continue my 3 part series on company valuation with a conversation with Ryan Turbes, the CPA manager for Boulay Accounting. The last episode we talked about certified valuations. Today’s episode focuses on how much you actually walk away with after a sale otherwise known as the net proceeds.

Ryan is a numbers guy and he tries to make today’s topic accessible to the audience. We discuss the standard process Ryan and his team follow and the various caveats that pop up from time to time. He has worked both sides of the deal structure. so he shares what both the seller and the buyer are looking for during a negotiation.

Net proceeds are a tedious journey and nobody gets their money upfront. However, Ryan can help you get a realistic picture of what to expect from your sale.

What you will learn: * Why Ryan chose to be an accountant. * How the buy-side and sell-side differ. * Why you need a transitional CPA for a business sale. * What is EBITDA? * The steps Ryan and his team follow in the early stages of negotiation. * What is an add-back? * When should you make changes to your business? * How working capital affects the process. * When not to use a 12-month revenue measurement. * How to prepare for the net proceeds process. * The variables that affect the deal structure. * Why buyers want an asset deal. * Why sellers want a stock deal. * When to use a 338-H10. * What is a waterfall? * How installment payment agreements work. * How earn-out agreements work. * How employment agreements work. * The importance of a good negotiation team and attorneys. * The importance of a 1031 exchange. * How the 2017 tax law changes have changed the sale process. * Why you need to start planning early.

Takeaway: The first thing you need to consider when planning to sell is how much money you will need in retirement. If you haven’t listened to my interview with Brandon Wood about lifetime cash flow, then check that out before you start.

You’ll find more information on business value in my previous interview with Brandon Hall. Ask yourself what your business needs to be worth and take steps to get to that goal.

There are a number of tools that can help you at least begin the important net proceeds conversation. You’ll find those resources on GEXP’s website.

Tune in for my last installment of this series with John Warlow to get the full benefit of today’s episode.

Links & Resources GEXP Collaborative
Boulay Group
Ryan’s email
Ryan’s direct line – 952-841-3104
Basic Waterfall & Net Cash Proceeds

About Ryan: Ryan is a manager at Boulay and is one of the leaders in the firm’s transaction advisory services practice. In addition to working with transaction services, he specializes in attest, tax, consulting and accounting services for clients in a wide variety of industries including construction, professional services, manufacturing, and insurance agencies.

Ryan is proactive in helping his clients with their accounting needs and leads attest and transaction engagements. He prides himself on providing cost-efficient and practical solutions to his clients. He presents creative ways to help clien

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Welcome to the first episode of my three-part series about evaluating your company. I start my series with Brandon Hall, the owner and founder of BGH Valuation. Brandon and his team access businesses so they can comfortably go to the negotiation table.

We discuss how Brandon evaluated businesses and that means for the business owner and their company’s prospects. It is important for you to know your company’s worth. Brandon can help you get your numbers and be more confident when you approach buyers, loan officers, other legal processes (such as divorce.)

What you will learn: * The other guests I will be including in my 3 part series. * Brandon’s beginnings in accounting and the beginning of BGH. * Why people come to Brandon and his team. * What is a certificated valuation? * How technology has changed valuations. * Common misconceptions about the process. * Why people need valuations. * How valuations are like investments. * The role EBITA plays in a valuation. * The two things owners need to consider during an evaluation. * How the income method works. * What to look at when comparing markets. * The importance of defined end goals.

Takeaways When you get an evaluation of your company, you need to consider your buyer’s point of view. Don’t make it complicated and know when to ask for help. Educate yourself on the process so you aren’t blindsided. Visit our GPX site for some resources and look into valuation.

Links and Resources GEXP Collaborative
BGH Valuations
Brandon’s email
763-777-7140

About Brandon Brandon Hall, the owner of BGH Valuation Services, LLC, resides in Monticello, MN with his wife, Gloria and four children Piper, Rowan, London, and Leo. Brandon worked for various small construction companies growing up and has always possessed an entrepreneurial spirit.

Brandon received his Bachelor of Science in Accounting at Saint Cloud State University. Brandon started his accounting career in public accounting, where he worked for two firms over the span of 3 years providing tax and auditing services.

Brandon then continued his career working for Polaris Industries, Inc. In his time there Polaris acquired 4 companies and Brandon had the opportunity to be involved with different aspects of the acquisitions. Brandon also worked at Best Buy Corporate where he provided accounting support for the Information Technology division.

Brandon has obtained his Certified Valuation Analyst® Designation and is a proud member of the National Association of Certified Valuators and Analysts (NACVA). Brandon has also obtained his Certified Machinery & Equipment Appraiser Designation with Nebb Institute. Brandon also is a Certified Business Mentor with Score Mentors. Brandon continues to enhance his status, credentials, and esteem in the field of business valuations, financial forensics, and other related advisory services.

Brandon enjoys golf, hunting, sports, and spending time with his family.

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I welcome Daniel Goldstein, the President and CEO of Folience, to the show. Folience is an investment firm that specializes in ESOPs (Employee Stock Ownership Plans). ESOPs are an intriguing business strategy that every business owner should consider.

Daniel explains what ESOPs are and why they are a viable option for exiting founders. He has an impressive professional background and he has a unique perspective on ESOPs and family legacy businesses. Daniel outlines what Folience offers their clients and what they look for in the ideal candidate.

What you will learn: * Daniel’s banking background. * Folience’s history and movement to ESOP. * ESOPs are not socialist. * How company boards operate in an ESOP. * What does a trustee do for the board? * The legal side of an ESOP. * Folience’s goals for their partners. * What does Folience do for their companies? * How Folience is different from a private equity firm. * How watching company demographics can cultivate new talent. * When owners and employee owners get their payouts from the company. * E stands for “engagement.” * Why ESOPs have to pay fair market value and what that entails. * What Folience looks for in a possible company partnership. * Folience’s success to date. * Daniel’s final thoughts.

Takeaway: An ESOP is a serious option for business owners and should be looked into. GEXP Collaborative offers an ultimate guide about ESOPs. We also have a ton of resources for company owners who want to learn more about ESOPs. If you are interested in more information, reach out to me or the website.

Links and Resources Daniel’s email
Folience
GEXP Collaborative
GEXP Ultimate Guides

About Daniel: Daniel Goldstein is President and CEO of Folience. He has 25 years of executive leadership experience that spans five continents and an irresistible wanderlust that’s carried him to more than 50 countries. It’s a spirit for exploration that’s essential as Daniel shares Folience with the world in his role as chief ambassador and educator.

Daniel also guides investment strategy, which includes acquiring, integrating and advising each of the brands in the Folience portfolio.

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The executive managing director of Watermark Advisors, Hagen Rogers tells me about his approach to M&A (mergers and acquisitions) counseling. He discusses the common issues he saw in the M&A process with is his clients. We explore how these issues changed his approach to M&A and what lead to Watermark’s service model.

During today’s episode, we explain why M&A is like a bridge and how Watermark helps their clients across. The “bridge” model is a great visual and simplifies how the M&A process works. Tune in to learn how to cross the bridge and come out on the other side with a great deal and solid business relationship.

What you will learn: * Hagen’s background in corporate banking. * What Watermark Advisors does for their clients. * The problems buyers have during the M&A process. * The problems sellers have during the M&A process. * What are contingency fees? * How to avoid these fees. * Why people agree to contingencies. * What is “the bridge?” * The ulterior motives of small investment banking firms. * The 3 phases of the bridge. * How to make your company a “top athlete.” * The 8 items that make a top athlete company. * Why strategy is the most important. * What is marketing positioning? * Why timing is everything. * The things that go wrong during the integration phase. * How buyers erode a company’s potential. * Why M&A is NOT like a marriage. * Hagen’s parting words for the audience.

Takeaway: Your company is like an athlete. You need to train for your company exit and you need a coach to get you through the process. That’s what Watermark Advisors or someone like them can do for you.

Links and Resources GEXP Collaborative

February Training (mentioned during the episode)

Watermark Advisors

Watermark Advisors on LinkedIn

About Hagen: The more than 100 client assignments that Hagen Rogers has successfully completed in his 21-year investment banking career include sell-side, buy-side mergers and acquisitions, public and private capital financings, valuations, expert witness testimony, and fairness opinions. Prior to directing Watermark, Mr. Rogers served investment banking clients as Vice President at Wachovia Securities. He began his career with NationsBank in corporate banking and with Chase Securities in investment banking. He is a member of the Financial Executives Network Group. In addition, since 2007 Mr. Rogers has spoken nationally to hundreds of CEOs on the topic of “How to Win in Investment Banking Transactions,” in Atlanta, Birmingham, Greenville, Knoxville, Los Angeles, Louisville, Phoenix, San Diego, and Seattle. Mr. Rogers started Watermark Advisors in 2002.

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David Mann is an expert storyteller. He helps companies identify who their customer is and how to communicate with that customer. So many businesses make the mistake of making their marketing and sales pitch about themselves. David proves that a potential client wants to know how you can help them and advance their business.

We talk about how to craft your company’s story so that you have a clear vision of the company’s future. If you don’t know how you help the client, how can you help them? This approach also helps with potential exit strategies and finding strategic partners who will carry the business into its new phase without you.

David’s technique sounds simple but it is a complex way of thinking that leads to some heavy conversations. If you are struggling to find your audience, David Mann can offer some clarity.

What you will learn: * David’s background in theatre. * Why storytelling is effective. * How products use storytelling to make a sale. * Why it is hard to translate that method to a service provider. * The two things your potential customer cares about. * What is a story? * How do you fit into the customer’s story? * What makes a story good or bad? * How to make the customer your main character. * The importance of the first impression. * How business exits and mergers change your company’s story. * The benefits of a live presentation. * How to structure the ideal presentation. * Are you selling an experience? * How your story influences the potential buyers you approach. * The questions to ask yourself when creating your company’s story. * The importance of an outside perspective during the process.

Takeaway: Bottom line, figure out what your customer wants. Once you know what they want, you can meet that need and create a story that will show them that is what you do. If you understand their problem, you can be the solution to that problem. When you decide to exit your business, the problem will help you identify the right buyer for your company and offer a new era of success for the business after you are gone.

Links and Resources GEXP Collaborative

David’s website

David’s email

About David: David Mann brings his unique array of talents to every engagement. He’s a playwright, an actor, and a director. He has taught performance skills for 25 years. And for the past decade, he has made professionals across the nation more successful by sharing performance secrets with them.

David has spoken at events for many Fortune 500 companies, he has conducted training seminars for corporations nationwide, and he has helped lawyers win millions for their clients – all by using principles he learned as an actor, director, and playwright. David has directed and performed in plays at such internationally recognized theaters as the Guthrie, the Children’s Theater Company, and the Great River Shakespeare Festival. He is a recipient of the Bush Artist Fellowship for Storytelling, and he currently directs classic plays for theaters in the thriving Twin Cities theater scene.

A former high school te

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Jennifer Fondrevay is the founder of Day One Ready, a consulting firm for business owners going through mergers and acquisitions. Jennifer specializes in keeping the human element of selling businesses in the forefront.

Today, she tells me about her experiences with M&A and how she has met a need that many businesses don’t think about until after the fact. That need, of course, is keeping your employees and more importantly middle managers in the loop about their future with your company once it is sold.

Jennifer is in the process of writing a book for these middle managers and other team leaders who may find themselves working for a merged company. It’s called Now What? A Survival Guide for Navigating and Thriving Through Acquisition.

You will learn about: * Jennifer’s background in advertising and marketing. * How she got into M&A. * Who her book is for and why she launched Day One Ready. * Why M&A is important to a business. * Why incorrect valuation is the main reason businesses fail the first year after a merger. * The culture clashes that happen after a sale. * Painting a clear picture of a company’s future is critical. * How Jennifer provides transparency to the M&A process. * The types of leaders you need to include in this process. * Emphasizing how the employee fits into the new system. * The stats of failure for an M&A business during the first year. * The steps to considering people first. * The importance of respect. * Jennifer’s parting advice.

Takeaways: The fact is your company will change after a merger. You need to ask the right questions and include the right people in your company to create a uniform and clear representation of how the business will change for the employees just looking for marching orders. If you show respect to your employees it will go a long way.

Links and Resources: GEXP Collaborative

Jennifer’s website

Now What? A Survival Guide for Navigating and Thriving Through Acquisition

About Jennifer: From working with a wide variety of Fortune 500 companies, start-ups, and small businesses, Jennifer has seen countless growth strategies fall short because a workforce cannot pivot to adapt to change as effectively as leadership anticipated. In hindsight, it’s easy to see why people strategies broke down, but by then it’s too late to intervene.

Jennifer Fondrevay is the organizational transformation guru companies need to keep their growth strategies on track. While data is increasingly used to guide business decisions, Jennifer helps ensure the human component of a company’s plan, such as culture, productivity, and retention remains a cornerstone of success during times of change rather than an inhibitor. Serving as an advisor to senior leadership and a liaison to middle managers, she is a much-needed resource who guides companies safely through unfamiliar waters.

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Brandon Wood is one of my partners in GEXP Collaborative. He has decades of financial experience and is a partner with Solidity Financial. Today’s topic is how to use your numbers to get the best possible exit option for your situation.

Many business owners tend to forget that their business fuels their lifestyle. Brandon shares how doing the research and due diligence for your business will show you if your post-sale income will maintain your current lifestyle. He discusses how to calculate the value gap for your business and how to shrink it. We also discuss outsized returns and how they affect value gaps.

Rushing to a sale is always a bad decision and Brandon helps us slow down and take the time to really be prepared for the negotiation phase.

What you will learn: * Brandon’s early career in finances. * How risk drives the need for understanding your numbers. * Observations Brandon has made about risk. * What is value gap? * How to cope with a large value gap. * The factors you need to consider when calculating your business’s value. * The process Brandon and his team take clients through for value calculation. * The variables that will affect a business’s value. * What are outsized returns? * What outsized returns mean for a value gap. * The problems that come up with a surprise offer. * How to optimize your exit options.

Takeaway: Understanding your numbers is one of the most important things you can do. To get what you want out of the exit, knowing your numbers will make your options clearer.

Links and Resources: GEXP Collaborative

About Brandon: Brandon leads the operations and project management teams for GEXP Collaborative™. His management experience spans two decades, where he has directed multidisciplinary teams in treasury operations, risk management, compliance oversight and financial modeling. He helps bridge the elite strategies of our GEXP design team with the personal financial dynamics of each client. Brandon is also a partner at the family office firm Solidity Financial.

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Chris Steffl is the owner of MVP Service Solutions, an insurance wholesaler that offers 1000s of products from over 100 carriers. Chris’s background in insurance and finances gives him a unique perspective on the relationship between insurance and business. We discuss the common mistakes and problems business owners have when setting up their insurance needs.

Insurance is a complex part of exit planning. Chris explains how insurance can make or break a deal structure. We explore the ways insurance can be used to build cash flow, reduce financial risk, and help your employees prepare for the next stage of the business. Insurance is a highly customizable aspect of a business. Chris shares how he helps business owners prepare for the worst and make the best decisions for their company.

What you will learn: * Chris’s background in insurance. * The benefits of working with Chris and MVP. * The most common problem Chris sees with clients. * How to decide the value of your business. * Why you should review your policy every two years. * What is a key man policy? * How disability insurance works. * How to plan for being removed from a business. * The benefits of term policies. * How permanent policies work. * What is a variable policy? * What is guaranteed universal life insurance? * Chris’s observations from the business. * How insurance can be a retention tool for your employees. * When can you deduct insurance from your taxes? * Common insurance issues that come up during estate planning. * Chris’s advice to the audience.

Takeaway: Do you have a plan B? And if you don’t you should. Do you know what you want from your business? Does your insurance allow stability and lock in your key employees? These are all questions you need to ask yourself. Insurance is a customizable thing, but how can you customize it, when you don’t know what you want to achieve? Plan ahead and make sure to include everybody in the process.

Links and Resources GEXP Collaborative
MVP Service Solutions

About Chris: Chris is Executive the Owner at MVP Service Solutions, an insurance wholesaler with deep experience and resources. He provides highly specialized insurance solutions to business owners such as employee benefits, property and casualty, personal, life insurance and much more. For over 17 years Chris has been heavily involved in industry circles and is highly involved in the Insurance Industry Associations.

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Links and Resources GEXP Collaborative
MVP Service Solutions

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Jodi Nielsen and David Deshotels are Cost Segregation Services Incorporated team members. CSSI is a cost segregation firm. The company performs cost segregation studies for business owners to get the optimal value out of their business.

Jodi and David join me today to tell me what cost segregation is and why business owners should consider it. They have tons of examples and reasons for choosing the cost segregation model. They also have reasons for why not to do it.

If you actually own your business’s building, cost segregation is a great option to pull value out of it. Jodi and David will tell how they can help. Today’s episode is a must-listen for any business owner with a building.

What you will learn: * Welcome, Jodi and David! * What is Cost Segregation Services Incorporated (CSSI)? * Why “friends don’t let friends overpay their taxes.” * How will the new tax codes affect business owners? * Why cost segregation is the best method of depreciation. * Straight depreciation vs. cost segregation * Why the government allows cost segregation. * The strategies to reduce recapture. * Why not to do cost segregation. * Why a cost segregation study is a great negotiation tool. * How cost segregation helps with the IRS. * Jodi and David’s final thoughts.

Takeaway: Teams like CSSI are useful to help you see the big picture. You need to know what you plan to accomplish from a cost segregation study. Everything CSSI looks at is connected, and the information they find for you is to your benefit.

Links and Resources: GEXP Collaborative

CSSI

Jodi Nielsen – 651-210-1921

Jodi’s Email

About Jodi: Jodi Nielsen is a National Sr. Account Manager with Cost Segregation Services, Inc. (CSSI) Jodi offices out of MN. She oversees the Engineered based Cost Seg. studies for her clients. The studies provide an additional tax benefit for building owners by the acceleration of a building’s depreciation. Jodi provides 1 CPE credit courses for Tax professionals across the country educating them on Cost Segregation, Tangible Property Regulations, PAD, QIP, 45L and 179D. Working with all different types of building owners across the United States is her passion.

Jodi provides clients with the incredible tax benefit to take advantage of, thru the defendable CSSI calculated study which is the IRS preferred method. Jodi has a bachelor’s degree in Nuclear Medicine. Her past positions have been as an Administrator of a Medical Clinic, co-owner of a shipping and packing company and a consultant for multiple businesses for strategic financial growth opportunities by creating cash flow.

Jodi provides the complex information in an easy to understand format. Assisting owners to take advantage of the additional Cost. Seg. tax benefit opportunity, which enables them to be able to use their money to grow their business and make more money is a blessing she enjoys every day.

About David: David is part of the CSSI team of present

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My guest today is Scott Schwefel. Scott is a business coach, leadership, and team trainer. He has had a bumpy road during his time as a struggling entrepreneur. We talk about 3 of his businesses and how each one has taught him something about himself and the importance of good team dynamic and communication.

Currently, Scott is a speaker who promotes the Discovery method of business management. He is a facilitator and an enthusiastic trainer of the Discovery system. Discovery is a communication method that he has found to be essential in team communication. We discuss why he so passionate about improving business culture and communication and how you as the listener can find the passion you need to keep a business going.

What you will learn: * Scott’s early days in college, and a change in career. * The Pro Net Marketing experience and what it taught Scott. * The importance of having a good spouse who will support your entrepreneurial dreams. * Scott’s time in the food industry and what he learned. * What it is like working with a venture capital investor. * The mistakes Scott and his partner made in the food business. * How to measure the value of a business when there was no profit. * The beginning of Benchmark. * Why Scott chose to go into a tech business. * Knowing your team and the role you play within it. * The 2000 tech crash and how Scott bounced back. * How the Discovery method changed how Scott does business. * How Scott rebuilt Benchmark. * What Discovery can do for your business. * What Discovery can’t do for your business. * How to build a company that doesn’t need you. * Why Scott loves what he does. * The benefits of CEO peer groups. * Scott’s advice for the audience.

Takeaways: Today’s takeaway is all about passion and knowing why you are in your business. Do the work ahead of time and figure out why you want to own a business. When you know why you are running the business you can hire the right people and keep doing the things you enjoy about it. Know what you are passionate about and stick with it.

Links and Resources: GEXP Collaborative Scott’s Ted Talk Discover Yourself Scott’s website

About Scott: A serial entrepreneur, Scott founded and grew Minnesota’s largest technology training company to over $12 million in sales, and then sold the company in 2003. His company was named one of the 50 fastest-growing private companies in Minnesota in 1997 and 1998, and he was named to Minnesota’s 40 under 40 list of successful top executives. Scott then founded and grew Insights Twin Cities to over $3 million in sales and sold it to Insights in Scotland in 2014.

For over a decade Scott Schwefel has been speaking and teaching new communication strategies to companies and associations globally. He has presented in Paris, London, Amsterdam, Geneva and Shanghai and Kuwait, and he has also trained and coached over 1500 CEOs personally. He is a published author, has lived remotely with the Hadza and Maasai tribes in Tanzania, Africa and is

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My guest today is Scott Schwefel. Scott is a business coach, leadership, and team trainer. We talk about 3 of his businesses and how he sold 2 of them for over $1,000,000 (but not without a challenge or two) and how each one has taught him something about himself and the importance of good team dynamic and communication.

Currently, Scott is living the life of his dreams as a speaker who promotes the Discovery method of business management. He is a facilitator and an enthusiastic trainer of the Discovery system. Discovery is a communication method that he has found to be essential in team communication. We discuss why he so passionate about improving business culture and communication and how you as the listener can find the passion you need to keep a business going.

Links and Resources: GEXP Collaborative
Scott’s Ted Talk
Discover Yourself
Scott’s website

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Mike Rynchek is the founder of Spyder Trap, a digital marketing consulting agency. He sold it to Bright Health in 2017. He walks me through the history of Spyder Trap and how he transitioned the company for Bright Health’s use. He had to settle client relationships that didn’t fit into Bright’s new direction. Relationship is a big word for Mike. He spent most of his energy focusing on his company’s reputation. As well as building good working relationships with his clients.

We discuss how Mike scaled his business and how he prepared it for sale. He also stresses the importance of integrating your work into life, rather than trying to find a “balance.” It is a point that many people don’t consider when they examine their family/work life relationship.

You will learn about: * Mike’s entrepreneurial background. * How Mike got involved in consulting. * The services Spyder Trap offered their clients. * The milestones that marked Spyder Trap’s growth. * Why Mike chose hustle over strategy. * The benefits of using a service model. * The benefits of maintaining good client relationships. * How Mike created recurring revenue in his business. * The 3 Rs Mike follows in his businesses. * Mike’s goals for the business. * The opportunities that lead to Spyder Trap’s sale. * Why Mike chose to sell to Bright Health. * The emotional side of letting go of clients. * The questions you need ask before you consider selling. * Finding integration in your work and family life. * Mike’s advice to the audience.

Takeaway: Mike raises an interesting point about finding integration in your work and family life. There is a difference between integration and balance. Integration is ideal because balance is very unrealistic. Ask yourself what is important to you? How will those things change when you sell? Is that what you want? Ask all these questions and really self-examine yourself before you even consider selling your business.

Links and Resources GEXP Collaborative
Mike on LinkedIn
Mike on Twitter

About Mike: Mike Rynchek considers himself a natural born entrepreneur. He began his company Spyder Trap in college at St. Cloud State University. In 2017, he sold the company to Bright Health, a former client. After staying on for a year with Bright Health, he moved onto other endeavors. Mike now works as a consultant for numerous technology companies and Fortune 500 companies.

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Everybody thinks about the big payout when they sell their business. However, very few people are prepared for the emotional toll the sale takes on them. My guest today is Laura Rich a successful former journalist who founded a publication called Street Fight. She took her experience of selling that business and built a community for other entrepreneurs who find themselves lost after the post-exit.

The Exit Club is a podcast and an online community that helps post-exited entrepreneurs find a new focus and passion. Laura and I discuss the depression that sets in after the business sale. It is real and it is hard to talk about with other people. She tells me about her sale of Street Fight and why she chose to sell. She also offers some insight on what The Exit Club has taught her about the entrepreneur experience.

You will learn about: * Laura’s background in journalism. * The pressures Laura dealt with after her business sold. * Laura’s new focus on post-exit transition. * Why Laura found her exit from the company isolating. * The trouble entrepreneurs have discussing their emotional reactions to their sales. * Experiences Laura has heard while doing The Exit Club podcast. * How to find your new passion. * Why Laura sold Street Fight. * The 4 stages of the post-exit transition. * Why entrepreneurial post-exit is similar to how athletes, veterans, and retirees experiences. * How to avoid getting stuck in your business. * The difference of post-exiting with millennials and gen-xers versus baby boomers. * The early days of Street Fighter. * The questions to ask yourself before you sell your business. * How planning can ease post-exiting stress. * The due diligence process and the surprises that come up. * Why you need to avoid “rebound” businesses. * Laura’s main points from today’s conversation.

Takeaway: Exiting a business is a complicated and wild emotional ride. It is important that we know as entrepreneurs that we all go through a post-exit lost feeling. You are not alone in the “what now?” feeling.

Links and Resources The Exit Club

Laura Rich on LinkedIn

About Laura: Laura Rich is a former journalist who wrote for Condé Nast, Adweek, Fast Company, The Industry Standard, and others. After moving to Colorado, she founded Street Fight. She sold the company in February of 2017 and found a need for entrepreneurs during the process. Today, she hosts The Exit Club podcast, a show that helps entrepreneurs who have exited their companies cope with the emotional aspect of an exit.

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Mike O’Neill is the director at Stone Arch Capital. Stone Arch is a mid-market, mid-western based private equity firm. I met Mike on a panel, during which he gave a very clear and articulate explanation of how the “second bite of the apple” works for companies who work with private equity firms.

Today, Mike and I discuss why business owners choose to work with a private equity firm. He also gives us some insight into how it works from the firm’s side of the deal. Mike covers who Stone Arch serves, what they offer to their clients. He also touches on how the firm gets their money and what Stone Arch considers before they enter into a deal.

You will learn about: * Mike’s background in family business. * How he got involved in private equity. * Who Stone Arch serves and what they offer them. * Private equity customers are the investors. * How Stone Arch calculates the value of your business. * The importance of maintaining a positive relationship. * The 3 reasons people seek out private equity firms. * Establishing expectations on both sides of the partnership. * Why Stone Arch consults market experts before moving forward. * The process of “getting the second bite.” * The 3 levers that every business needs to pull to make their private equity deal work. * The importance of working with the right people. * Being in the business of creating goodwill. * Mike’s final advice for my listeners.

Takeaways: Planning an exit involves so many decisions. It is important that you research and are aware of all of your options. There is so much to think about that it is okay to seek out advice and counsel. Private equity is an option and it is a lucrative option, but consider everything before you are completely committed.

Links and Resources Mike on LinkedIn

Stone Arch Capital

GEXP Collaborative

About Mike: Michael O’Neill joined Stone Arch Capital in 2008. His primary responsibilities include sourcing, reviewing and structuring new investment opportunities for the firm. He also has experience in add-on acquisitions, debt and equity financing and supporting investment management activities from the board level.

Prior to joining Stone Arch Capital in 2008, Michael was an investment banker at Lazard Middle Market. While at Lazard Middle Market, Michael focused on mergers and acquisitions transactions within a variety of industries, including industrial products, oil and gas services, business services, food and agriculture, and technology.

Mike lives in Edina with his wife, son, daughter and dog. In his spare time, he enjoys running, drinking local beer, and letting the Iowa Hawkeyes get his hopes up.

Michael is a graduate of the University of St. Thomas (B.A. in Finance and History) and the Samuel Curtis Johnson Graduate School of Management at Cornell University (M.B.A.).

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The co-founder of HAAWK, Inc. Ryan Born joins me for today’s episode. Before HAAWK, Ryan was the founder and CEO of AudioMicro, Inc. AudioMicro was a media rights management company. Its most successful venture was AdRev. Ryan explains what that service was and why he felt it worked.

We take the journey with Ryan through AudioMicro’s beginnings, the pivots, the changes in the media rights industry, and what life was like after AudioMicro changed owners. This episode is a great example of the struggle and the hustle many entrepreneurs face on a daily basis.

What you will learn about: * Ryan’s early career as a CPA. * His time with WireImage and what it taught him. * The only two things that generate wealth. * The changes in the media rights industry. * The problems Ryan saw with the system. * How AudioMicro and microstock changed the system. * How Ryan raised the capital for AudioMicro. * The mistakes he made early on in the business. * Ryan’s advice for building an effective pitch. * Why EBITA is important and not important at the same time. * Other factors that buyers look at during a sale. * Why you need to break even as soon as possible. * The struggles AudioMicro had in the beginning. * The list of avenues AudioMicro tried that didn’t work. * Why you need to choose your investors wisely. * How AdRev worked. * Why Ryan didn’t hire an investment banker for his sale of AudioMicro. * The indicators that it was time to sell. * The dance Ryan and his investors did to get offers. * How getting the best offer is like playing poker. * The benefit of having a knowledgeable team around you. * What happened after AudioMicro sold. * The beginnings of HAAWK. * The thing Ryan is doing differently with HAAWK. * Ryan’s parting words for the audience.

Takeaways: Ryan had a great point in today’s interview. If you want to own a business, try. All you can do is try and see what happens. Know what you want in your business and take steps to achieve it.

Links and Resources: Ryan Born’s Website
Ryan on Twitter

About Ryan: Ryan Born started his career in the Atlanta office of Price Waterhouse Coopers’ (PwC) Assurance and Business Advisory Services Practice where he gained experience in an array of industries. He later transferred to New York City to broaden his experience in the firm’s Tax and Legal Services division. After PwC, he served as VP of Finance and Financial Controller at WireImage.com during which time the Company was acquired by Getty Images for $208 million. After WireImage, Ryan angel invested in Internet Marketing Inc. (a 2012 Inc 500 company) and NewCondosOnline.com, the largest one-stop resource for finding and comparing new condo developments, where he also served as CFO. Most recently, he relocated to Los Angeles and founded AdRev / AudioMicro, Inc, which ranked as the #5 fastest growing media company in the USA as part of the 2015 Inc 500, the #1 fastest growing company in the San Fernando Valley (by the SF Valley Business Journal in 2014), the #6 fastest

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My guest today is Jeff Smith. Jeff is a serial entrepreneur who has owned a variety of businesses ranging from a literal brick and mortar business to his current endeavor Jet Dental. He has gained a lot of experience from each of his companies. However, the one constant he has built his business model on is bringing value to the customers and the industry as a whole.

We discuss what Jeff considers valuable in a business and how he keeps the balance between planning for a sale and passionately growing his business. Business should be fun and Jeff has some practical tips on how to keep it fun and still make smart business decisions.

You will learn about: * Jeff’s entrepreneurial beginnings in the high tech industry. * The goals he had for his first business. * His time in the internet filtering industry. * Why he invested in his company and why it was a good decision. * The value of strategic planning. * Why you need to stick to what you know. * How Jeff tries to disrupt any industry he enters. * Jeff’s goals for Jet Dental. * What Jeff means when he says, “filling a hole in the market.” * How Jet Dental has disrupted the industry. * When to know to leave the company. * The importance of keeping your emotions in check. * Why you should try to keep the same advisors from deal to deal. * Why you need to know your priorities and stick to them.

Takeaways: If you take anything away from this episode, it should be to plan for your exit. If you do all the work of structuring an exit plan beforehand, it is done and you don’t have to worry about anymore. Knowing your business is always ready for sale takes a lot of pressure off you and allows you to enjoy the present day-to-day fun of running a business. Also, set your priorities early on so that exit planning is easier for everyone.

Links and Resources Jet Dental

GEXP Collaborative

Jeff’s email

About Jeff: As CEO of Jet Dental, Smith leads a growing company dedicated to improved Oral Health for employees in business’ and organizations nationwide. We take a World Class Dental Team to the workplace making dental care more convenient and accessible to everyone in the workplace.

As CEO of Alliance Health, Jeff Smith led a growing company dedicated to helping people with chronic conditions better manage their health through VIP customer care and technology-driven solutions. Under his direction, Alliance Health has:

Smith started his career working for industry giants including Proctor and Gamble, and Toshiba. Since striking out on his own, he’s spent more than two decades starting or acquiring six companies, including Cerberian, ClearPlex and Beehive Brick and Stone, bringing them to successful exits.

Other professional highlights include several award recognitions including:

2013 Ernst & Young Entrepreneur of the Year (West Region)
2013 Ernst & Young Entrepreneur of the Year National Finalist
2014 Utah Business Magazine’s CEO of the Year

Alliance Health has a

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Roger Sippl is the founder and former CEO of Informix Software. Roger began his career in computer science during the early days of the computer age. He was diagnosed with Hodgkin’s Lymphoma during college, Roger explains how this life and death situation changed how he approaches business.

After the health scare, Roger switched his major to computer science and found a need for cleaner and more efficient database management software. We discuss what the software business was like in the early days and how it has changed over time. Roger has a lot of experience with running public companies and building companies to sell. He shares what he liked about his time in the software business and why he decided to focus more on investing and business mentoring. Roger also has some useful advice for new entrepreneurs who want to build a lasting company.

You will learn about: * Roger’s business background. * The cancer diagnosis and how it changed his life. * Why Roger switched to the software business. * His goals for the company in the early days. * Why Informix became a public company. * What it was like running a public company. * Why Roger left Informix. * How the software industry has changed over the years. * What Roger considers when looking to invest in a company. * The common red flags Roger sees when he evaluates a business. * Roger’s parting advice for the audience.

Takeaways: Today’s biggest takeaway is to be aware that every business has a relevance window. Your company’s value will change with the market. Make sure you are prepared to sell your company when it is the most valuable.

Links and Resources Roger Sippl Creative Writing

About Roger Sippl Roger Sippl is a Silicon Valley software pioneer, entrepreneur, and innovator. His 30 years of contributions have helped shape the enterprise software technology landscape of today. In 1980 he founded Informix Software, and was CEO for 10 years, taking it public in 1986. Under his leadership, Informix pioneered SQL relational databases, report generators, screen data entry packages, 4GL application development tools, and scalable OLTP database technology. It is now a part of IBM, after peaking at a $4B market cap as a public company.

Sippl was also co-founder and Chairman of The Vantive Corporation. Vantive became a leader in CRM, became a public company, peaked at a $1B market cap, and is now a part of PeopleSoft/Oracle. In 1993, he founded and was CEO of Visigenic Software, helping pioneer distributed object computing and the concept of the application server (based on CORBA, prior to the J2EE standard) in enterprises. Visigenic was acquired by Borland, after becoming a public company. After the Visigenic IPO Mr. Sippl earned the “Golden Hat Trick Award” from Cristina Morgan at JP Morgan/Hambrecht and Quist for three Silicon Valley IPOs.

In the mid-nineties, Sippl became a founding partner of Sippl Macdonald Ventures. He invested in several successful software companies, including Illustra (acquired by Informix), Broadvision (IPO), SupportSoft (IPO) and Red Pepper (acquired by PeopleSoft). In 2002, Sippl founded Above All Software, a composite application platform that used web services and service-oriented architecture (SOA).

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Mark Jordan is an investment banker who joins me for today’s episode. Unfortunately, many business owners don’t know why it is crucial to hire an advisor before and during a sale process. Mark gives the audience an overview of the investment banking sphere and the scope of the services offered by most firms. He works with a “middle market” firm and explains what the middle market is and what the other tiers are for context. We discuss Mark’s company’s process during a sale and you get a real appreciation for the legal side of a company sale.

So, if you’ve ever wondered why you need an advisor to help with your company’s merger or sale, today’s episode will answer all those questions.

You will learn about: * Mark’s decision to work in the “middle market.” * The broad scope of investment banking services. * The 3 tiers of the investment banking market. * A breakdown of Mark’s team’s process during a sale. * Why value drivers are important to the process. * When to hire an investment banker to sell your business. * The standard costs you can expect from the banking tiers. * How Mark manages seller expectations. * The bait and switch problem in the market. * Why hire an investment banker. * The importance of shopping around. * More about Mark’s sale process. * The biggest mistakes business owners do during their sales process. * Why LOIs (Letters of Intent) mean nothing. * The importance of being prepared for due diligence. * Why M&A attorneys are essential to the process.

Takeaway: This episode takeaway is simple, be prepared for a sale, know what you want from a sale, run the business like you always plan to sell it, and understand the role of an investment banker in the process. That way you know why you need to hire one and avoid unnecessary headaches.

Links and Resources Vercor M&A Advisory
Mark’s email
770-851-9952 (Mark’s direct line.)
GEXP Collaborative

About Mark: Mark Jordan, VERCOR Managing Principal, brings a unique, multi-disciplined approach to VERCOR by drawing on his advanced tax strategies, estate and financial markets knowledge. He holds an MBA from Baylor University and BS in Business Administration from the University of Arkansas as well as numerous designations.

Mark began his career providing business succession and estate planning. Through this experience, he observed a void in services available to middle market business owners who wanted to exit their businesses. Mark created unique processes and systems to enhance the probability of a profitable sale for these owners. The company grew into VERCOR, a middle market mergers and acquisitions firm with 5 offices in the US. Mark has also started, acquired and sold a number of businesses including a real estate acquisition and management company focused on office buildings in Atlanta and investment properties in Florida.

Mark is the author of Selling your Business the Easy Way, Driving Business Value in an Uncertain Economy and co-author of Selling Your Business: A Pra

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Arlin Sorensen is the founder and CEO of HTG Peer Groups, a consulting, coaching, and legacy planning company. Arlin began his life on his family farm in rural Iowa. After learning how to maintain computers and accounting software, in the early days of the technology, Arlin founded Sorensen’s Computer Connection in 1985.

After a rocky early 2000s, Arlin pivoted the company through M&A creating Heartland Technology Solutions. HTG or Heartland Tech Groups began around the same time. In December 2012, Arlin sold his IT company to West Iowa Telephone and in January 2018 sold HTG Peer Groups to ConnectWise. Arlin’s journey to a sale was a long and complicated one.

Arlin tells me how he filled talent gaps in his team on the road to company growth. He explains how his mindset changed as the team changed. HTG has completed ten successful mergers and acquisitions over the years. He walks me through the process of an acquisition and shares why planning is a key part of any successful business.

You will learn about: * Arlin’s background in farming and IT management. * How Y2K changed Arlin’s business. * The mindset change that caused Arlin to try M&A. * The first company acquisition and the awesome team that developed after it. * The second company acquisition and the shift into peer group consulting. * How the new team helped get Arlin and his business become more financially disciplined. * What is a platform and how to use it effectively? * The factors Arlin and his team consider during an acquisition. * The changes Arlin made to the company with every acquisition. * Why HTS was sold. * Arlin’s non-negotiable conditions to a sale and why they were important. * Arlin’s advice to the listeners. * Planning is key.

Takeaways: It takes a lot of hard work to plan a company exit. Know what you want from a business sale before you even start looking for a buyer. Have some non-negotiables to vet the right candidate. Have a legacy goal, a life after business plan, leadership plan, and business plan, when you plan the path is straight and decision making is a lot easier.

Links and Resources: Arlin Sorensen LinkedIn

Arlin on Twitter

Arlin’s email

GEXP Collaborative

About Arlin: Arlin Sorensen serves as the CEO and Founder of the Heartland Companies which includes HTG Peer Groups. When he is not traveling to speak and consult, Arlin is home on his farm in Iowa with his wife Nancy. He is a proud “Pop” to four precocious grandchildren who serve as daily reminders of why he is intentionally living to leave a strong legacy of faith and integrity. He loves making a difference in the lives and companies of small to mid-market business owners.

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Ryan Moran is the founder of Capitalism.com and the host of the Freedom Fast Lane podcast. Ryan is a natural born entrepreneur who has recently made an eight-figure business sale! He tells me how he was able to achieve such a massive payday and what he has learned from the long road to it.

We explore what it means to be an entrepreneur. We also tackle the pitfalls of not doing due diligence during a sales negotiation and the pros and cons of working with a private equity firm.

You will learn about: * Ryan’s background in business. * What working for Dunkin’ Donuts taught him. * The skills he picked up along the way. * How to create value for your customers. * The importance of optimizing your channels for your business. * The businesses before the big sale. * How the sale of Shear Strength began. * Understanding your leverage in a business negotiation. * What Ryan would have done differently in hindsight. * Why entrepreneurs are attracted to e-commerce. * How Ryan built a relationship with his private equity firm. * The benefits the PE firm brought to the business. * How they structured their deal. * Life after the sale. * The lessons Ryan learned from the process. * The “who” is more impactful than the “how” in business. * Successful entrepreneurs play the long game.

Takeaways: 1. You hold the prize. You are the one they want. If you built your company properly, your cash flow is valuable to everyone involved. Don’t give away your company for a check. 2. Set your own terms! Know what you want from a sale and a potential buyer.

Links and Resources Ryan’s Instagram
Freedom Fast Lane
Capitalism.com

About Ryan Moran: Ryan Daniel Moran is one of the most sought after and well-respected leaders on Entrepreneurship in today’s market. As a serial entrepreneur, author, and investor, Ryan’s main focus is on creating lifestyle freedom — helping people create lasting businesses and investing the profits wisely while enjoying a higher quality of life, and working less.

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Linda Nottingham joins me today to talk about her experience selling her healthcare insurance agency. SIN began as a joint venture with a like-minded business partner. After a successful growth in their business, and personal events, Linda’s partner left the company. She recounts what it was like to make that transition.

Eventually, Linda decided to sell her company to a larger insurance company. She had high hopes for the merger in the beginning, but she soon learned what is said around the negotiation table isn’t always honored after the fact. Linda tells me how she bounced back from her disappointing experience and found a new path as a business mentor.

You will learn about: * Linda’s background in education. * How she stumbled into healthcare. * The small insurance agency Linda founded with her business partner. * How they build the largest private company in Chicago for the time. * Why Linda and her partner decided to go into insurance. * How their partnership was structured. * Why Linda’s partner left the company and how they handled her departure. * How Linda found the best people in her industry. * The process of the company’s sale. * The issues that surfaced after the fact. * The importance of finding a capable attorney. * Why Linda sued her buyer. * How she coped with the aftermath. * Linda’s time in retail. * What is SCORE? * The power of admitting mistakes. * How to be a good CEO.

Of all the things you wished you’d known to do, today’s guest has covered a couple of the super important ones in business. Linda Nottingham had the spectacular experience of being on bad terms with her acquirer — both in the sense of poorly worded terms in her sale agreement and being on bad terms with the individuals themselves (and going as far as lawsuits on both sides).

If that doesn’t catch your interest as an entrepreneur, I don’t know what will. Linda’s situation is all-too-common and can happen to anybody, but here are some key points to take away from her experiences.

Document, Document, Document Everything you do with your partners or potential buyers that pertains to the sale of the business should be documented. Despite wanting to see the best in everybody, you really have to protect yourself. And, honestly, if your buyer is upfront and honest with you, what issue could he or she have with committing verbally agreed-upon terms to paper? So you want to ensure those clauses and stipulations get in there in ink, not just a handshake or verbal agreement.

The one huge boon Linda had working for her was having a buy-sell agreement in place from day one. Before her company earned any revenue or had to make any big decisions, she and her partner sought a professional to write up a buy-sell agreement for them which covered what would happen should one of them need to leave the company. This saved them so much hassle when Joan’s husband got sick and she had to leave the company sooner than anticipated. By following the document they created before a time of stress and need was upon them, Linda and her partner were able to complete their buy-out discussions in 30-40 minutes.

Can you think of how many man hours they saved by doing this early? How much money? And also, how many personal relationships stayed intact by having this document agreed upon in times of cooler heads?

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My guest today is Cammie Greif. Cammie is a co-founder of TaxAct. In the mid-1990s, Cammie and three of her former co-workers decided to build a highly profitable tax filing software. With a focus on growth and profit, TaxAct was born.

In 2004, Cammie and her partners sold the business to TA Associates a private equity firm. During today’s episode, Cammie shares what it was like to run a multi-million dollar company and how the sales process worked out for them. She stayed with the company for fourteen years so she has seen a good chunk of the business cycle.

In the mid-2000s, TaxAct was sold again to InfoSpace (now known as Blucora.) Cammie tells me about walking away and finding a new purpose. We follow Cammie’s story through their humble beginning in the first floor of a former mortuary to being the third biggest tax service software on the market. Tune in for this incredible story!

You will learn about: * Cammie’s time with Parsons Technologies. * How Cammie found her 3 partners and their initial shareholder agreement. * The tremendous effort put toward clear communication with the TaxAct leadership. * The early milestones for the company and what they did when it didn’t happen. * Are you building a profitable or a growth-oriented business? * Cammie’s focus on building a profitable business. * Why Microsoft failed in the tax software space. * The move to an online service. * The 2002 sales pitch and due diligence. * The sell to TA Associates in 2004. * The expectations of Cammie and her partners. * The truth about private equity firms. * Why TA? * The changes made by TA. * The unexpected blow to the business during the first year with TA. * How Cammie and her partners corrected the problem. * How TA was able to help during that time. * Returning to sale plans. * Reading in a succession team for a sale pitch. * The agreement with HR Block that fell through. * The sale to InfoSpace. * What it is like selling to a public company. * The final deal structure. * Cammie’s move into startup mentoring. * The importance of recognizing trends and patterns in business. * Cammie’s advice for the listeners.

Profitable businesses. We’d all like one, but how many of us started out thinking, “My business is going to make a profit in year one”? Not many. For our guest today, Cammie Greif, however, that’s exactly what she did. She and her three co-founders decided that profit was their first and foremost step and that they would do whatever they had to do to run a profitable business.

Bootstrapping a Startup You work hard. We all do. But when it comes to getting your enterprise off the ground, are you willing to go without pay for two years? Very few of us could commit to that just to see the revenue of our business grow so we can reinvest it in our company, rather than pay ourselves. However, Cammie’s own business plan was just that—go in with the bare minimum, work hard and cash in later.

The lessons new entrepreneurs should take (or even repeat entrepreneurs who want to focus on a profit rather than growing the business) from this is: you can make do with a lot less. You don’t need the newest and greatest, unless you’re in the highest of tech businesses. You really don’t need that fancy art, fashionable sitting area or expensive scotch — okay, the scotch maybe… but honestly, there are so many areas you can cut co

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My guest today is Corey Northcutt, the founder of the Northcutt agency. The company is highly successful and Corey has built an impressive SEO and Cloud service. However, it wasn’t always that way. Before Northcutt, Corey was a co-founder of Ubiquiti, a web hosting company. That company grew wildly, but it became a nightmare once the four business partners involved began seeing dollar signs.

Corey tells me about his time in a highly political and stressful business. His story is a cautionary tale about how to structure your company in the beginning to maintain a fair balance of power. Corey left his company in a massive blow-up that left him aimless and shell-shocked. He tells me how he found his direction and how he’s done things differently this time around with Northcutt.

You will learn about: * The beginnings of Ubiquiti. * How Corey pivoted into other services. * Why Corey chose his first business partner. * When Ubiquiti merged with one of its clients and two more partners joined the team. * The benefits of catering to a niche market. * The initial partnership structure Corey and his partners used. * The issues Corey and his partners had. * Lessons Corey learned from dealing with potential buyers. * The cracks that appeared within the partners’ relationship. * The toxic environment that developed during the sales process. * How Corey left the company. * Life after the buy-out. * The lessons Corey took from his time at Ubiquiti. * Why does Corey choose not to work from an office? * Corey’s advice to the audience.

Office politics is a little more serious than we give it credit for. On today’s show, we talk through a ‘hostile work environment’ that’s hard to make a joke out of. Corey Northcutt experienced first-hand what it’s like to have your baby ripped away from you—and there was nothing he could do about it.

Founder, Smounder As Corey found out, it didn’t matter one little bit that he was the originator for Ubiquity, his web hosting company. Yes, he owned the domain name and he had done a lot of the back-end work to get their servers up and running, but in the end, that wasn’t enough to get him anything better than a buyout.

Unless you have the right operating agreements or other paperwork in place that cements roles, expectations, salaries, etc., you lose a lot of your authority (and in this case importance) to a company when you bring on partners. And most of us need partners! Someone has to fund the expansion or figure out how to distribute on a wider scale.

One of Four And here’s the other fun factor. Once you bring on your partners, you become a voice among many. While there are a lot of ways this can work for you, there are also a lot of ways it works against you. The biggest detractor to multiple partners (especially without a tie-breaker) is decision making. Your voice, which used to be 100% of the decision making process is now only 25%, for example. So unless at least two of your other partners agree with you, you’ll never have final say on something.

This bleeds into the exit process as well. If everyone is after something a little different, it’s hard to align operational goals, let alone exit ones. Someone wants the most about of cash possible, someone wants to stay on as a developer, someone wants to sit on the board with stock options and earnouts. That’s

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My guest today is Anthony Bahr, the vice president of Strategex, a customer research firm. Customer research dives into your customers’ experiences and compiles your strengths and pain points into a presentable report. Our conversation focuses on two aspects of customer due diligence. We look at it from both the buyer’s and seller’s perspective. Strategex serves both parties in a sale to give an honest bigger picture of the company’s worth.

Anthony highlights the benefits of using Strategex to give both the seller and the prospective buyer peace of mind during the negotiation process. He walks through the process his company undergoes when doing customer due diligence and reflects on some of the recurring themes he is seeing in recent research.

You will learn about: * How customer due diligence is different from traditional market research. * How both sellers and buyers can benefit from hiring Strategex. * The key aspects customer due diligence shows the client. * Customer research can improve organic growth and control the message you want to convey to a potential buyer. * The triangular approach to making sense of the data collected. * How customer due diligence can direct a business decision. * The importance of having good fundamentals in your customer experience. * How customer due diligence can affect a customer contract negotiation. * How Strategex filters through all customer feedback. * The top 5 points highlighted in a Strategex report. * The common trends Anthony is seeing in recent research projects. * A recap of Anthony’s takeaways. * Why you need to take the emotion out of business deals.

Today’s guest provides lots of real-world experience regarding customer due diligence—and he should, as he works for a company that provides in-depth, unbiased reports on this very topic to clients before they buy (or sell) a business.

Let’s start with the big question…

What Is Customer Due Diligence? Honestly, this is something I wish we had done before we sold our business. It’s not that we would have wanted to restructure all our contracts or even add a few new customers; rather, we would have been able to address any risks associated with the clients we had at the time and therefore address any possible concerns our buyer had, leading us to possibly better terms or price.

However, we did not, and this is why I started the show.

So what is customer due diligence? It’s something that comes up eventually, usually after an LOI or some other legitimate expression of interest, when a buyer inevitably contacts the clients he or she will be gaining once this deal closes. Essentially, customer due diligence is contacting your current customers and finding out how satisfied they are with your services and if they have any plans on increasing, decreasing or maintaining their present contract with your business.

Sounds simple, so why doesn’t every business do this anyway?

Most of us are afraid of the answer to these questions. The rest of us perhaps don’t want to put in the effort. However, you don’t have to do it yourself! Companies like Anthony’s exist for that sole purpose—and, as he notes, it can be a lot easier for a third party to get honest answers from your customers than it can be for you, the owner they have worked with for 20 years.

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Today’s episode is part 2 of my interview with Bobby Kingsbury, a principal at the private equity firm MCM Capital. During this half of the interview, we are joined by Marc Calcaterra, a shareholder of the Torsion Group. We explore the private equity process from the perspective of the seller. Marc tells me why he chose Bobby and how Bobby helped make the best decision possible for his company. Also, he explains why private equity was the best solution for his situation.

Marc and Bobby walk us through the process they went through to make Action Industries a healthier and more successful business. If you missed part 1 of this interview and topic, go back and listen to episode 91 to get caught up with today’s guests. Trust me, you’ll find some really valuable information in these conversations.

You will learn about: * Welcome back, Bobby Kingsbury. * Introducing Marc Calcaterra of the Torsion Group. * How Bobby and Marc met. * The importance of establishing a relationship with your client and learning their situation. * Marc’s situation with Action Industries. * How Bobby and Marc began building their relationship. * The options Marc considered before calling Bobby. * Why private equity was the best solution. * The role of the Quality of Earnings report. * Why you should hire an outside financial professional to appraise the company. * The headache of dealing with 8 partners in one business. * How Bobby kept Marc motivated through the process. * The due diligence process and why it was the longest MCM Capital has ever done. * Lessons Marc learned from his time working with MCM Capital. * How to align all your key players’ interests. * The deal Bobby structured for Marc. * Pulling together the best executive team and strategically planning the future. * The value a board gives a company. * Why outside opinions matter in business decisions. * How to establish a trust and comfort level with your client. * Bobby’s and Marc’s parting thoughts.

You will remember from last week’s episode with Bobby Kingsbury that we discussed the private equity process and why they might be the best fit for you when it comes time to sell or get funding. Bobby went on to explain his role and that of his company, MCM, in the process and how a seller can best attract this kind of buyer.

Well today, we’re going to see if that’s all bunk from one of Bobby’s own clients. Marc fills us in on what it was like deciding to use private equity, why it was the right choice for him and his businesses and the aftermath of the sale.

Why Private Equity? In Marc’s very specific case, he had a pre-existing relationship with Bobby and so had already built up a significant amount of trust in him personally as well as professionally. However, even before Marc approached Bobby about the sale, he consulted his business partners about the right avenue to take in terms of the business’ future.

The first key thing here is figuring out what’s in the best interest for the business. Marc didn’t have the capital to buy out all the other owners, and no one else wanted sole proprietorship to take the business to the next level. So, in order to grow the business, they knew they’d need to get an investor or a buyer. To that end, they explored the various types of buyers out there and found that private equity best aligned with their goals based on the types of deals they offered and the struc

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My guest today is Bobby Kingsbury, a principal at a private equity firm called MCM Capital. MCM has been in business for 26 years and invests in small to medium-sized niche businesses. On today’s episode, Bobby tells me how MCM screens its potential investments.

We discuss how the private equity business works and how MCM Capital stands out among their competitors. He offers the questions the equity firm asks a potential client and also the questions the business seller should ask the equity firm. Bobby also stresses the importance of having clean financial records to present to the equity firm. He suggests ways to better present your business to get a clearer and firmer price point for your business.

There are a lot of nightmare stories out there regarding private equity firms. However, MCM Capital is one of the more honest firms that want to give their sellers the best deal possible. Bobby explains MCM’s motives in their screening process and assures listeners that MCM Capital wants to be a partner with companies, not a dictator.

If you are considering working with a private equity firm, this episode is a good resource for you. My next episode will be the second part of this topic. Mark Calcaterra, one of Bobby’s sellers will join us to describe what his experience with Bobby and MCM Capital. So, you will be seeing both sides of the process.

You will learn about: * Welcome to part one of this two-part topic. * MCM Capital’s business history. * What Bobby and MCM look for when evaluating a client. * How MCM does business with their clients (where do they get the money?) * Why private equity firms are necessary. * What MCM does for a small business. * What to ask a private equity firm before you begin due diligence. * How to build a relationship with potential clients. * How to provide value to a firm instead of just money. * How Bobby partners with the business owners. * What to expect when doing due diligence. * The benefit of getting a Quality of Earnings (QOE.) * How to create a win-win situation along with an equity firm. * Why an owner needs to be involved in the company. * Rep Warranty Insurance reduces risk. * What do things like customer and supplier concentration tell an equity firm about your business? * How Bobby helps a business owner move in a strategic direction. * What Bobby and MCM look for in a business team. * The importance of a CFO for your business. * Hiring is a form of investment in a company. * How to keep a business owner involved in the company. * When can a business owner walk away from the business? * Bobby’s parting thoughts.

Today we’re taking a look at private equity from an insider’s perspective. Bobby Kingsbury (who you may remember from a previous show of mine) talks about how private equity works, in general, and how his company is doing business differently, in particular.

You’ll want to pay close attention to this show if you are even contempla

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My guest today is Vicki Raport, one of the founding members of Quantum Retail Technology. Vicki was on the front lines of Quantum’s sale. The story she has to tell is impressive and is a clean-cut example of how a company sale should happen. We discuss the journey Vicki and her partners took to build a successful business and how they kept a delicate balance between five (yes, five) founders. They pivoted the business from a SaaS to an Enterprise model, Vicki explained how they reached that decision and what it meant for the business as a whole.

If your goal for your business is to build a lucrative company and then sell it, Vicki’s story is inspirational and fascinated.

You will learn about: * Vicki’s background and the career change that was the beginning of Quantum Retail Technology. * How Vicki used skill sets to find the right people for her team. * How Quantum Retail Technology pivoted into “deployable software.” * The pros and cons of Enterprise software and what is it? * What triggered the sale plans. * How Vicki and her team planned for the company sale. * The failed attempt to maximize the business. * The importance of being intentional in business. * The team’s goals for the company sale. * How to hire the right investment banking firm. * Why the chosen buyer was a good fit. * How Vicki and her team handled running the company during the sale negotiation. * How Vicki’s employees responded to the sale. * What Vicki would have done differently. * The importance of hiring the right lawyer. * How to cope with emotional and mental drain during a sale.

Today’s show highlights some very interesting and useful points for any entrepreneur. Not only did Vicki Raport and her four partners build a well-respected and profitable business, but when they sold, they got the cleanest contract out of the deal. They got the terms they wanted and the company they sold to fulfilled each and every one.

So what did Vicki do differently that helped her achieve such a desirable outcome?

Intention Is Everything When Selling A Company Vicki attributes her success to great intention. She had intention in design, action, planning and execution. When she started her company, she knew she wanted to work in the market she was familiar with and so contacted a bunch of her old coworkers to see if anyone else was interested in developing a business.

By drawing from five different founders, their business (Quantum Retail) was able to utilize multiple skill sets and strengths. It quickly became a successful industry giant whose clients, while not numerous, were mighty and well-known. As with most entrepreneurial endeavours, Quantum started out as a single-purpose business catering to one client’s needs and then developed more of a portfolio as they gained more clients who had other needs in the same market.

Vicki’s story is a great example of capitalizing on what you know and building off of that until you are an indispensable service (or product) in your particular market niche. The only difference is in the intention; in the planning. Thoughtfulness, intention, planning, due diligence… whatever name you need to give this concept of acting with intention, do it. The better prepared you are and the more contingencies you plan for, the greater success you will achi

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My guest today is Erin Weed. After a tragic death of a friend, Erin founded Girls Fight Back! A women’s self-defense and personal safety organization. Erin traveled the U.S. speaking on college campuses and keeping the memory of her murdered friend alive through awareness. Erin wouldn’t consider herself an entrepreneur, but an activist that built a business out of her passion project.

During today’s episode, Erin tells me about the growth of Girls Fight Back and how she was able to take the business internationally. She also shares why she made the decision to sell the company and move on to the next stage of her life. Businesses can easily become the cornerstone of someone’s identity or purpose. Erin’s story is a great example of out-growing a business and knowing when to let it go.

What you will learn about: * Why Erin founded Girls Fight Back. * How partnerships with martial art and self-defense programs helped get Erin her audience. * The personal effect her friend’s death had on Erin. * How Girls Fight Back became international. * How Erin structured one of her seminars and presentations. * What exactly did Erin sell to her buyer? * The danger of letting your business become your identity. * The process Erin went through to sell her business. * The personal changes she went under during this process. * Mistakes that Erin made early on in the business. * Erin’s new business Evoso and her DIG process. * Erin’s advice to our listeners.

What are you passionate about in your life? What social issues ring near and dear to your heart? What if a past tragedy is the exact impetus you need to get your enterprise up and running? Today’s guest shows us exactly how you can be both a social justice warrior and still run a cash-positive business. Erin Weed talks about making a legacy out of her friend’s tragic murder by building a business devoted to helping women live a life without fear where they can defend themselves if necessary and have the tools they need to succeed.

What has your business done for others today?

Enterprise by Surprise So many entrepreneurs don’t choose this path. Most fall into entrepreneurship by accident. If there’s an exposed market niche or an under-serviced segment, you can bet an entrepreneur will find a way to fulfill that need. One trend we don’t see enough of is businesses that are created to help a social issue or injustice get resolved. Today’s guest did exactly that: created a business to resolve a social injustice (women who live life in fear that they will be attacked and therefore pass on major life opportunities that their male peers do not have to due to considerations of personal safety).

In Erin’s own words, “Girls Fight Back gives women’s safety and self defense seminars at high schools and colleges across the world. We also have a product line that all supports that messaging.” So not only did she establish a business that would help thousands of women across the globe, but she also managed to make it a profitable business that could be sold to another like-minded ‘activist entrepreneur’.

The lesson here is that you never know who has been affected by a tragedy like yours and who could benefit from your healing process. While Erin has extrapolated this experience and grew beyond her initial need to be

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My guest today is Sherry Deutschmann, the founder of LetterLogic and currently Sunset Ventures. Sherry began LetterLogic in direct response to her previous employer’s lack of interest in improving business practices. She built her own business doing the exact same service, but with one key difference, she implemented an employee-first business model.

The model changed how her business grew, including creating a unique culture. Sherry’s intimate business model made her business desirable to clients and buyers alike. LetterLogic was included on the Inc 5000 list eleven years in a row!

Today, Sherry shares what lead to her decision to sell LetterLogic and what she would have done differently in hindsight. Employee-first companies are a rare business model, but the results can be shockingly impressive. Sherry makes a good argument for the business model and also warns against the downside of selling a business built on the employee-first mindset.

You will learn about: * Sherry’s business background and how LetterLogic began. * How Sherry pivoted from outsourcing to moving her services to in-house. * Sherry’s initial goals for the business. * Why she decided on an employee-first business model. * How profit sharing changed Sherry’s company culture. * The customer reactions to Sherry’s way of doing business. * How an expensive mistake drove Sherry to sell the business. * The way Sherry’s mindset changed once the due diligence started. * Why Sherry hired the business broker she did. * The types of buyers that were interested in LetterLogic. * The must-haves Sherry had to sell her business. * The 15% profit share of the sale Sherry gave her employees. * Why Sherry wasn’t satisfied with being on the company board. * The ways the company changed after the sale. * What Sherry would have done differently. * Transitioning into an angel investment firm. * Sherry’s upcoming book.

Do you know the full value of company culture? It may surprise you to learn just how much value you, as an entrepreneur and business owner, can get out of establishing an employee-first culture. Sherry Deutschmann talks real numbers and how her company profited under this business model.

Employee Centric Business Model One of the values near and dear to Sherry’s heart is paying it forward. As most entrepreneurs do, she established her business after discovering a severe lack in her industry for client care and company culture—she found herself endlessly apologizing to her clients on behalf of the cold culture at the company she worked for. Enter her first entrepreneurial step: selling everything to better fulfill this very niche market service gap.

She started her business in her basement and refused to compromise on her values. As she worked to grow her company, she made sure that her employees had as much buy-in to what she was doing as she did.

How did she make that happen? She started doing some research into how to make her employees more invested in the business. What she came up with as unique approach to the market which included raising her minimum wage to more than double the state average and even employing profit sharing. And she found that neither of this things negatively impacted profit;

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My guest today is Larry Anderson. Have you ever wondered what you would do if your biggest client suddenly dropped you? Larry has experienced that first hand. He is an “accidental entrepreneur” that came back home to help with the family business. Since getting his start in the industrial repair field, Larry has pivoted into many technology niches including contract manufacturing and most recently, the online freelance market.

During today’s episode, Larry walks me through his business experience and offers some hard-learned lessons. He is inspirational for his tenacity and flexibility within his industry. If you are looking at a possible pivot, Larry Anderson is an excellent example of staying positive and moving forward.

You will learn about: * Larry’s entrepreneurial background. * How industrial repair and contract manufacturing differ. * Lessons Larry learned from his first business sale. * The ups and downs of serving just one large client. * Why the contract manufacturing industry changed. * What came after the big blow? * How Larry pivoted * Finding the right buyer and business broker. * The importance of doing due diligence before exiting the company. * What Larry would have done differently.

Today’s guest covers a couple of big risk topics, namely lack of customer diversification and technical expertise. We all get into our businesses to satisfy a need and should never undervalue our expertise in that market, but when it comes to expanding to areas we aren’t familiar with (including selling our business), it’s best to reach out to others who have a greater understanding of these areas. For Larry Armstrong, these two factors caused him to become an entrepreneur in the first place and have led to the reason why he is on the show today.

Diversifying from Your Biggest Customer Is Mandatory to Increase Company Value When it comes to customers, there is safety in numbers. Larry, however, had a business where one client made up 99% of their revenue. While that wasn’t a concern for him at first because that client was so reliable and they had such great communication, it eventually became a bit of an issue. As much as you want to trust the people you work with on a daily basis, the bottom line is that each one of us has to look out for what’s in our best interests. When Larry’s client eventually came to the conclusion that different services would better suit their needs, Larry was left holding the bag and putting money into a company that wasn’t putting out returns.

Eventually the client let Larry know that his services weren’t required anymore, but Larry had already been hanging on for two years and not turning a profit. While there are some businesses that do only have one or two major clients, it’s important to get as much information from them as possible about their future plans so you’re not left in the lurch—or, better yet, go out and actively seek new clients so your portfolio is more diverse.

Another way to decrease risk for your business, without necessarily expanding your clientele. Go for long-term contracts and renewable contracts. The more locked-in a client is, the more likely they are to stay. Clients stay where they’re comfortable and well taken care of, so as long as you are fulfilling your contractual obligations with this client, you should have no issue getting a long-term contract from them. This gives you an idea of the stability of your future earnings by those who agree to stay for the

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My guest today is Karim Marucchi, the CEO, and owner of Crowd Favorite. Today we discuss the misconceptions people have about web-based businesses, in particular, digital service businesses. Many people assume that because a digital business has no inventory there isn’t a way to sell it. Karim debunks that type of thinking. He explains how a service company, especially a digital company, can find the right buyer if they put the work in and build the best brand and service possible.

We explore what makes a service business valuable and how to scale it effectively. Karim offers some great insight on how to build the best team for your niche. He also emphasizes the role of partnerships in digital business and how to make a business connection your ace in the back pocket.

What you will learn about: * Karim’s background in business. * What are professional services? * How digital services are similar to the restaurant industry. * The 2 types of sales that digital founders do most often. * The real value of a business. * How to build a profitable reputation. * How to overcome the hurdles in the digital business model. * What successful business owners do in their business. * Finding your strengths and building your digital business with them. * How to build an effective communication system within the company. * The way business culture evolves organically. * How to find the right business partner. * How to avoid burn-out. * How to identify your musts in a sale process. * The reasons owners sell their companies. * The right reasons to sell a business. * How to negotiate a smart earn-out agreement.

Digital services is a tricky market. Since there’s very little that’s tangible about these businesses, valuing them can be difficult… but, as today’s guest notes, goodwill can be measured. Karim Marucchi talks about the similarities between digital services and restaurants in terms of goodwill, brand and staff and how to capitalize on those key elements.

Would You Like Fries With That? Service, service, service. Restaurants might be a cheesy example to use (pardon the pun), but it’s a very visceral one which can provide concrete and familiar examples for us to better digest the intangible world of digital services. However, both require a high level of service where the customer is very rarely wrong. Why is that?

Digital services are just that: digital. You can’t touch them, but they add value to every business and most individuals around the globe. Knowing this, there is an industry for each service created and if you’re in this type of business, you need to be able to cater your company to meet those needs. We’ve discussed adding recurring revenue to your business before, so imagine what’s possible if you begin employing digital services?

If you know your niche, you can usually add a plus or upgrade (think: fries) to that client’s portfolio.

What’s for Dinner? As Karim notes, no restaurant specializes in all kinds of foods. The same applies to digital services. While you may be able to do everything under the sun, your business should focus on the three or so things your business does the best. You go to Pierre’s for fine French cuisine, not Thai, though you could still get your fill

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Mike Paton joins me today to talk about how EOS® (the entrepreneurial operating system) and Traction can help you accelerate your business. Mike is the “visionary” of EOS Worldwide. He is a consultant to the massive client base looking to EOS® to identify the problems and strengths of their businesses. He shares what his job entails and how someone like him can help a struggling business.

As an adopter of EOS® in my own business, I highly recommend this operating system for small businesses. It is a great tool. Mike and I explain the two-year process that businesses go through to get their business into a healthier state. EOS is not a quick process, but it is totally worth the time and resources invested in it.

You will learn about: * Mike’s book with EOS Worldwide’s founder called Get a Grip. * Mike’s business background. * What is EOS? * How to use EOS in your business? * The 6 components of the EOS process. * The importance of working with the “big picture” in mind. * Common results Mike sees with his clients. * Why EOS works. * How to clarify roles within the company. * What is the integrator role in a company? * What is the visionary role in a company? * Finding and maintaining passion in the business. * How EOS works for family businesses. * Why EOS is a great option for businesses.

We’ve talked in the past about making things easier in your business by using all the tools you have available to you. Today we’re talking specifically about EOS, or Entrepreneurial Operating System, as a way to free up some of your time and help you run your business more efficiently. Not every company is a good fit for EOS, of course, but our guest today (Mike Paton) says it’s important to pick just one operating system to work with so everything aligns in the software world and also between the humans who use those systems.

Transparent Operations Mike identifies six key areas to assess when looking at implementing an EOS®. Typically once EOS® is in place, if there are issues in these key components, you’ll see evidence of that pretty quickly and therefore be able to get to the root of the problem. In Mike’s own words, here are the 6 key components of EOS® in order to gain Traction® that you should evaluate:

Vision — Getting everybody on the same page with where you’re going and how you plan on getting there;
People — Making sure you have great people in your business so you can achieve your great vision;
Data — Running the business on a handful of objective numbers rather than the feelings, egos and emotions that so often are the basis of decisions in an entrepreneurial company;
Issues — Because when your vision, people and data components are strong, your organization is transparent. This means all your problems, challenges and obstacles are smoked out. You need to be good at issues resolution at this point. Get good at recognizing, prioritizing and resolving your issues for the long-term greater good;
Process — Getting the most important stuff in the business done the right and best way every time, even when you’re not there to manage everybody closely. It creates consistency and

Get A Grip: An Entrepreneurial Fable . . . Your Journey to Get Real, Get Simple, and Get Results

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My guest today is Sabina Teshler. Sabina is the founder and current chairperson of SET Creative. SET is a consulting agency for businesses wanting to take their brand recognition to the next level. The company was sold to WPP as an attempt to bring SET to a wider audience. The choice was the right one and now Sabina works to keep her business culture the same as it was when she was CEO.

During today’s show, we discuss how Sabina and her business partners decided to sell the business. She explains why she chose to sell the business when it was “on top” and why she recommends that to any entrepreneur. She stresses the importance of building a good team and knowing which direction you want to move in as a company. Her confidence in her team and business is inspiring.

SET Creative is a rare story that has a happy ending at the end of the sale. That’s not by accident. Sabina shares how she and her team negotiated and challenged their deal to their optimal outcome. Tune in to hear how to sell your business the right way.

What you will learn about: * Sabina’s journey to entrepreneurship. * The importance of meeting the client’s needs. * The difference in “working on the business” and “working in the business.” * The importance of hiring the right team. * Building an executive leadership team that will add value to the business. * Why Sabina and her partners sold SET Creative. * How the sale affected the company’s vision. * When to create an exit plan. * When to call an advisor. * How to negotiate a favorable deal. * The importance of knowing what questions to ask. * Why you need to be able to “walk away.” * The 3 assets Sabina and her team brought to the negotiations. * The deal structure that Sabina negotiated. * Why business owners should expect some turn-over after a sale. * Sabina’s new role as a cultural leader. * What Sabina would have done differently during the negotiations. * Sabina’s advice to the listeners.

Today we are talking to Sabina Teshler who has gone through a rather successful exit which she managed to keep in line with her own vision and needs. Not only that, but she got the full value she was looking for to keep her solvent for the future. It wasn’t rocket science that allowed her to achieve all these things; rather, it was preparing early and not being afraid to sell when the time was right.

Prepare For a Business Exit Early Sabina is not the only person who has told you that preparation is key in life and business. However, perhaps her story of being prepared equalling lots of cash and a happy business transition will be the motivation you need to start your own preparations today.

When you start thinking about the integral aspects of your business that add to your life, the key things you want to continue when you’re gone and other such considerations, you can figure out what you want and need to get out of your eventual exit. Bo Burlingham talks about this in his book Finish Big because so many people undervalue how important knowing what you want and why you want it is when you go to sell your business. You will see greater happiness knowing what you’re after and going for it from the start than if you sell without the end in mind a

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My guest today is Loren Horsager, the CEO and co-founder of Mobile Composer. Loren has been working in software development for 25 years. Mobile Composer helps identify software development opportunities for companies to target niche areas of their market. All industries can benefit from a software application.

Loren shares how software can increase value to a business, especially when it comes time to sell. Mobile Composer helps clients sit down and actually plan their software development in a logical and constructive manner. He discusses his company’s process of finding the specific niche that will benefit the client. In today’s online world, establishing a source of recurring revenue is key to attracting good quality buyers. Mobile technology done right gives a business a leg up on their competition.

You will learn about: * Loren’s software development background. * What Mobile Composer does for their clients. * Why pivoting into software begins with your market. * Common issues companies have when developing a SaaS product. * The importance of planning all aspects of software. * How to measure an increase in value to a business. * How to build a product that is maintainable and adaptable.

What do your company do for recurring revenue? If you answered “nothing”, you’re not the only one. However, our guest today says that developing a recurring or passive income source for your business can triple your value—so maybe it’s time to look into what avenues are available for you to expand into and allow you to tap into this revenue stream.

Lorne Horsager has been in software development for 25 years and knows his stuff. The examples he gives within the show of various industries and the way they provide SaaS or other recurring revenue services are well-rounded and can really spark your imagination of what is possible. Here are some key things to focus on when looking for a passive revenue source within your business.

Know What You Do As with anything regarding your business, you really need to know what you’re about before you can go dumping money into a new product or service. If your company doesn’t typically use software, it can be even more daunting to develop some SaaS to help retain clients or improve your services. However, the end investment is worth it both financially and personally as it tends to save you a ton of time on the back-end (think automatic scheduling, billing or other similar rote service you do daily). Your client and your staff will thank you for streamlining some of the more tedious tasks.

If you are a subscription-based service or already have recurring revenue, no one needs to tell you just how valuable it is to have that predictable revenue ticking over each month without you having to actively seek out new business. Everyone’s dream, right? But there are always avenues you haven’t thought to explore or packages you have yet to create.

So it comes back to knowing your business. Know who you’re selling to and the present market conditions. Take stock of your employees and your operational efficiency. What elements of your business could be improved through software in some way? If you can’t come up with anything, ask your staff! They run the front lines and deal with all those daily headaches that you no longer wish to (good work on that, by the way). If your f

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My guest today is Bill Casey. Bill is the Vice Chair of the Transaction Advisory Services department of EY (Ernst & Young Global Limited.) He has been an employee of EY for 35 years and has seen many market changes come and go. Bill has an MBA and a background in audit, a solid career choice he believes for anybody wanting to get into the financial sector.

During today’s show, we discuss the 2018 M&A Firepower Report. Bill shares some of the trends emerging in this year’s report. We speculate what that could mean for the economy and how American tax reforms are affecting the trends. Bill also gives some foolproof advice for business owners thinking about selling in 2018. We cover the traits that are making companies attractive to buyers and how a seller can make their company more enticing in this current climate.

You will learn about: * Bill’s financial industry background. * The M&A Report basic overview. * How markets are blending their services to better serve the consumer. * The benefits of embracing technology in business. * How to create good synergy to attract a buyer. * The role data analytics is playing in business planning. * How to prepare for a seller’s exit. * The reasons sellers are selling to private equity firms. * The 3 factors to consider during a sell, other than the price. * Know what you want to accomplish with your sale. * Why cash deals are becoming more common. * How to build a great team to run your company. * The main thing a seller should focus on when selling. * How to align your team regarding the future of the company. * Strategies a seller and a buyer can use to achieve alignment. * Bill’s advice to future sellers.

What are the key things you should do to prepare your company for acquisition? Bill Casey, with his 35 years at EY, says it all comes down to due diligence (or reverse due diligence). This isn’t just your run-of-the-mill due diligence, however. You need to take a close look at your company’s operations from both the tangible and intangible aspects.

Dual Merger and Acquisition Due Diligence At this point in the game, every entrepreneur knows about due diligence—at least in terms of the financials. So before you think about selling your business, make sure your books are in order. You need to know them inside and out, including where your weaknesses are, liabilities, potential legal kerfuffles and the state of your assets before you pass the business on. No buyer wants to acquire a company that is riddled with unknowns or risks that could potentially impact the future earnings or cash flows of its acquisition.

But that’s not where your due diligence should stop. You need to evaluate your intangible assets as well. Things like goodwill, customer/client retention, your employees and even your reputation and company culture all add (or detract!) from your business’ value. Brand names have power and impact the market, just by reputation alone. Does your company do that? Do people vie for positions at your company when they come up because you are so well-known for a cool company culture or how you treat your employees? These and other intangibles impact your intrinsic value just as much as your tangible assets do.

Build the Value of Your Business by Building Up Your Intangibles

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My guest today is Rob Dube. Rob has been a successful businessman since high school. He and his business partner have been running their businesses together ever since. Now Rob is the president and co-founder of imageOne. imageOne is a print managed business that began as a toner cartridge refurbishing company. It has since become one of the top companies in the Top 25 Small Businesses in America on the 2017 list of Forbes Small Giants. Rob has developed a strong relationship with his employees and himself through the practice of meditation. Unlike most of my guests, Rob sold his business in 2004 and bought it back in 2006.

During today’s episode, we discuss why Rob bought back imageOne and how he runs it better now. We also discuss Rob’s new book, Donothing, and his journey to discovering the benefits of meditation. Rob has developed a constructive relationship with numerous business leaders, including author Bo Burlingham. Bo is a wise business writer who has helped many business owners build better companies. Rob shares how Bo’s work has helped him restructure his business and personal life. Rob has figured out how to fortify his business and business culture, if anything can be taken away from this episode, it’s business is a constant learning experience.

You will learn about: * Rob’s early business experience. * The bumps and setbacks along the way to imageOne. * How Rob was able to find his company’s focus. * The events that led up to the 2004 sale. * The reasons why Rob and his partner bought imageOne back in 2006. * How Bo Burlingham’s book Small Giants helped Rob restructure his company. * The 6 qualities of “small giant” businesses. * Rob’s relationship with Bo Burlingham and what he has learned. * Other books and tools that have helped Rob build his business. * The long-term goals for imageOne. * How meditation has helped Rob get focus and clarity. * Silent retreats, what are they? * Rob’s leaders silent retreat event. * Rob’s advice to listeners.

How often do you do… nothing? With so much on your plate, it can be hard to find a quiet moment just to breathe. Today’s speaker, however, recommends doing just that. His success, and many others who have been on this show, derives from those moments he is able to clear his mind of the endless barrage of questions and concerns that run through his head from the moment he awakens to the time he falls asleep.

Why is this, exactly? Focus. Being able to clear your mind and be present in the moment helps you gain focus and perspective to better tackle the things that matter in life.

The Value of Nothing Rob Dubé is no stranger to building and exiting a company. In fact, he has built and exited the same company he currently owns today. Rob re-purchased the successful print managed business he sold after only 18 months of being an employee, rather than entrepreneur. His painful process of reaching that decision was helped along by meditation—by doing nothing.

It hit him one afternoon, when his family was out enjoying the nice weather and he was sitting inside, bordering on tears, from his anxiety over the stress of the office. Sound familiar? Even if you’re telling yourself you’re not that stressed out, that your business is fantastic and smooth-operating and you wouldn’t change a thing… chances are, you could benefit from taking a breather.

And tha

The Great Game of Business: The Only Sensible Way to Run a Company

Focus: The Future of Your Company Depends on It

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Today I dive into the topic of tax reform with my guest, James Markham. James is the Global Tax Middle Market Leader for EY (Ernst & Young Global Limited.) We discuss this exciting time in U.S. business history. Some people are thrilled about the upcoming tax reform (it takes effect this year) and others are scared stiff. James and I try to take some of the confusion and misunderstandings out of the new tax laws. So, hopefully, we are able to ease your mind about the new changes.

If you have plans to sell your company this year or you are just a little nervous about the 2018 tax reform, join us to get some perspective!

You will learn about: * What does tax reform mean for U.S. business owners? * Where to go to get accurate information about the 2018 tax reform. * Why you need to check, check, and triple check your analysis to make the right decisions for your business. * What the tax reform means for PE firms (private equity.) * The changes that will change “the game” in the long run. * Expect a boom in international business interest. * Why this is a good time to review your current business deals and revise them accordingly. * Why high tax areas will suffer from this new tax reform. * New financial caps that will take effect with the new reform. * Make sure you are ready! * The 3 highlights James has for the audience.

This week we’re talking taxes. Typically on the show, I like to cover topics that help owners survive the selling process, particularly in terms of what comes next. Today, we’re going to talk about how taxes impact the sales process, why making a quick choice to save some money now could negatively impact your sale price and what you can do to minimize the risks of changing your tax strategy.

2018 Tax Reform: Exceptions, Exemptions and Expenses Tax laws have changed, and we need to keep up. While some changes are exciting and titillating, they are rather complicated. Things cannot continue as they were, right down to that weekly round of golf you play with your top clients on Thursday afternoons. Essentially, you are no longer going to be able to entertain your clients like you used to.

The new tax laws stipulate that you can expense meals, but not the entertainment that often goes alongside them. While many of us groan at the initial thought, the impact is actually much greater than simple inconvenience on our parts, personally, as the business owner. While trying to cater to high-end clients by taking them to one of the top golf courses in the area or out on the boat along the beach is very common and oftentimes expected on the clients’ part, you can no longer expense this. So your golf club membership, sail boat, box seats, etc. now much be paid out-of-pocket. Can you still afford these expenses? Will the businesses you used to frequent (and pay for out of the company’s coffers) survive after having lost your usual patronage?

One other change that will have a definite impact on your business is the ability to 100% expense a purchase immediately—but is that going to be the game-changing tax break you’re looking for? Well, maybe. But maybe you’d rather have the tax break over the course of several years. On either side, your expensing choice comes down to what you and your business need.

The impact of these changes will be far-reaching. While it’s not possible to predict all of the effects we will see on our community, or our country,

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My guest today is Rob Walling. Rob is a serial entrepreneur that built one of the most successful ecommerce marketing platforms on the market, maybe you’ve heard of it… Drip. We discuss Rob’s early entry into the world of business and how he became a giant in the tech space. He lives by 3 main principles that have guided him on his entrepreneurial journey. He shares why these principles are so important to him and how he came to the conclusion he needed them. Let Rob’s insights help you take a closer look at your own principles and what drives you!

You will learn about: * Rob’s early years selling goods to his classmates and what he learned from it. * How Rob found his way into the world of coding and software development. * How DotnetInvoice started it all. * The system Rob developed to keep his companies and his profits growing. * The 3 principles Rob looks for in any business endeavor. * How Rob found purpose in his work. * The purchase of HitTail and how it changed things for Rob. * Why Google was a driving force to sell HitTail. * Drip’s origin story. * The best advice Rob has ever gotten. * The decision process for selling Drip. * Separating business from emotion and how Rob kept his mind on his goals. * Rob’s advice to the listeners.

Today’s guest shows us just how important knowing yourself really is in terms of business success and happiness. Rob Walling has built and sold two successful businesses while sticking to his principles and ensuring he’s getting the dollars he needs to live the life he truly wants. Through hard work, education and self-knowledge (including acknowledging your limitations!), you can achieve the freedom you need when the time comes to exit your business.

Principle Is Principle It might seem like common sense to say that money matters, and rightly so. However, Rob’s own principles of freedom, purpose, and relationships have enabled him to achieve his business and life goals. Living by his principles got him the principle he needed to back his investments, build his companies and live the life after business he wanted.

Rob learned the value of money at a young age, and discovered his entrepreneurial spirit in eighth grade. He was opportunistic — he saw a market niche he could exploit and went to town. He became a salesman at his school. He would purchase items, marked them up and sell them to his peers. Many entrepreneurs start out in a very similar manner: they have a need that is not being fulfilled and they find a way to fulfill it.

He wanted to be able to help out at home and have the financial freedom to buy the things he wanted. This motivation carried him into his next adventure, and his first big success, by showing him that you can make money if you have the right market niche and the drive to capitalize on it.

Find Your Niche Rob went out and tried and failed at multiple small businesses after college, but nothing really gained traction until he went back to his roots: he found software that fit a niche marke

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Do you know what role your business plays in your life? Building a business is like building a safety net; not only can you build your financial freedom, but you can also change your life and the lives of the people around you while having fun and enjoying yourself. Today we’ll be talking to Marcelo De Fuentes. He started his own market research company after getting laid off in the 1990s. He’s going to talk to us about how he built the company and how he sold it. We’ll also discuss what Marcelo’s life was like post-sale. Sit back, relax, and enjoy the insight that Marcelo shares.

You will learn about: * When and why Marcelo decided to be an entrepreneur, as well as how he jumped in with both feet. * The benchmarks Marcelo met while growing his business. * Some of the goals Marcelo wanted to reach as he continued to invest in is company. * What it meant to Marcelo to create a valuable company, as well as how he invested in his employees to build human capital. * What influenced Marcelo’s views on what would define a valuable company. * Why Marcelo went down the route of partnering with someone else, as well as how the partnership transpired. * Details of the negotiation process and how the deal progressed with an agreed-upon formula. * What Marcelo learned from two other companies who wanted to buy the company. * What it was like going from being a solo entrepreneur to becoming a partner, as well as how the rest of the process to a sale unfolded. * Some of the mixed emotions that Marcelo went through as he sold his business. * How Marcelo created a personal safety net after he sold his company by continuing to create value and grow. * Some of Marcelo’s current goals and projects.

Altruism and business go together far better than most of us realize. As entrepreneurs, we’re often so focused on getting our business up and running and performing well that we don’t stop to think about the impact we’re having on our community, or the world at large. Is it our responsibility to do so? Marcelo De Fuentes argues that yes, it is, particularly as we look to the future.

However, Marcelo assures us we can still have good profit margins while creating a more positive work and living environment.

Altruism and the Entrepreneur You’ve noticed that market gap and have built a bespoke business which perfectly fills that niche. Good for you! But are your employees happy? Do you have a good ecological impact? How big is your carbon footprint? What are you doing to further the society around which you’ve built your business?

Let’s not get too crazy, here, by trying to tackle all these points. Instead, we’ll look at the impact Marcelo’s business model had on his business and how that is now applying to his newest venture, Fundary, and what that company is enabling an entire country to do.

It’s About Your People, People We’ve heard this before: company culture and employee happiness is tantamount to business success. We’ve studied why, we have entire departments devoted to securing a functioning workplace and we even acknowledge that most people prefer companies that offer bonuses and benefits.<!--

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What does a great exit look like? How do you accomplish one? Geoff Green is on the show today who is the author of The Smart Business Exit. Geoff started off his career as an M&A attorney and has been a business advisor, value building advisor, and exit strategist for over 30 years. We talk about the different variables needed to build a sustainable business that is highly transferrable and valuable. Geoff explains how navigate all the variables that go into accomplishing a great exit that includes being happy in your life after business.

You Will Learn About: * Geoff’s journey from an M&A lawyer to a business and exit advisor * What is involved in a great exit * How to take control as the business owner over the process of who you sell to and when you choose to sell * Putting yourself in a good position emotionally to be happy post-sale and down the road * The importance of starting or thinking about having a community outside your business * The “uncomfortable truths” about your business * What type of business owner you are * Focusing on building a highly sellable business * Getting into the mindset of thinking like a buyer and looking at your business differently * Working out your renewed purpose

In this podcast, Geoff Green talks about the absolute necessity of planning for your life after business — which could not be more perfect for this show. He spent ample time as a corporate lawyer and learned all about the inner workings of a deal. However, he noticed a distinct lack of planning for what happens after the exit… and that this was creating an undue amount of stress on business owners.

When someone asks you “What are you going to do after you sell your business?” Do you have an answer ready? Do you feel happy and excited to exit your business? Well, you’re not alone if you answered negatively to both of those questions and felt a smidge of panic.

Preparing for the Inevitable You’re going to exit your business some day or another, so why aren’t you preparing now? Time after time, we’re told to prepare early for the sale of our business so we don’t get nasty surprises during due diligence or negotiations. However, rarely are you asked, as an entrepreneur, “Have you planned for life after your business?”

This is why I created this podcast, and why I’m grateful to host people like Geoff who truly understand the importance of thinking about what comes next.

Since we know that we are going to have to leave our business eventually — and yes, maybe ‘over your dead body’ but one day even that will happen! — we need to embrace the planning process. You can even treat it like a business plan: what are your needs, what goals can you set to attain those needs, what action plans can you put in place to achieve those goals and what type of framework do you need to ensure your action plans are successful?

The Uncomfortable Truth To borrow from Geoff’s book, The Smart Business Exit: Getting Rewarded for Your Blood, Sweat and Tears, you need to face some uncomfortable t

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Do you want to be armed with the best negotiation practices and strategies before bringing your company to market? Today we’re going to be talking to Chris Voss, FBI veteran, CEO of the Black Swan Group, and author of Never Split the Difference, which was named one of the seven best books on negotiation. You’re going to learn how to get the best deal for yourself from one of the best negotiators on the planet. We’re going to talk about practical tactics you can use to level-up the playing field and put yourself in control throughout the exit process.

You will learn about: * Some of the details of Chris’s background and how he got into negotiating. * Information on tactical empathy as described as Chris’s book, and why it helps with negotiation. * The brain science behind how people react in times of stress and when negotiating or communicating with others. * Some of the primary things people can do before they go into a negotiation situation. * The “black swan theory” and how it can help you in your negotiating. * How a business owner can figure out why a buyer is interested in the first place, which will help with negotiations. * Specific tips on calibrating questions and the only way you should ever pose a “why” question. * When, why and how to say, “How am I supposed to do that?” as well as an example of how it worked for someone Chris knows. * Chris’s perspective on the words “no” and “yes.” * Tips for how you can get someone else to represent your interests well. * How to separate negative emotion from the process of negotiating.

Today we’re talking about emotional intelligence as it pertains to word choice at the negotiation table. Seems simple, right? Well, if you think you have it mastered, you’re dead wrong. Without even meaning to, we can incite emotions by our poor word choice (after all, what was your first reaction when I told you that you were flat-out wrong? I’m guessing you didn’t smile and agree with me). Knowing that, what can we do about it?

Enter Chris Voss, ex-FBI kidnapping and hostage negotiator who now uses his skills in the business field. He gives the rundown on some crucial preparations you can make before entering the ring with your potential buyer (or seller!) so you can avoid these costly mistakes.

Calibrate Your Words We calibrate everything. We set our thermostats, GPS and music levels ‘just so’. So why are we less careful with our words? To top it off, we are told our whole lives that what we say matters — perhaps you’ve been told that your words hurt after a particularly strong-worded argument. Despite this excellent advice, we still try to dominate negotiations as if having the biggest vocabulary or the best numbers are enough to secure the deal.

Chris Voss says no. In fact, you run the risk of doing the opposite if you’re not careful. Let’s say you’ve got a buyer sitting across from you who says that they can’t do something because of X, Y or Z reason and you say the innocuous words, “I understand” in an attempt to bring the conversation around and work through this barrier. You’ve just shot yourself in the foot, effectively, because now your adversary is on alert because you’ve just reinforced their negative feelings rather than simply acknowledged them and let them pass.

This leads us to the next point…

Negative Emotions Impa

Upward Spiral: Using Neuroscience to Reverse the Course of Depression, One Small Change at a Time

Getting to Yes: Negotiating Agreement Without Giving In

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An Entrepreneur’s Journey to a Sale

Have you ever wondered what the entrepreneurship journey looks like? There are a lot of components! Today we’re going to be talking to Kelly Caldwell. Kelly is a successful entrepreneur who started with a wildlife science degree and working in a zoo and ended up growing her business to $25 million in revenue and then sold it to a public company. She’s got a great story, and you won’t want to miss it!

In this episode, you’ll learn: * The first decision that Kelly made in order to jump into entrepreneurship with both feet. * Information about Kelly’s early career experience that led to her starting her own business. * Some of the challenges and milestones that Kelly met shortly after starting her business, including how she handled the cash cycle. * The direction that Kelly wanted to go in as the business grew, as well as how she shifted from growth mode to big-business mode. * Some of the considerations that Kelly had to keep in mind as she looked forward to selling, as well as what she thought the probable outcome would be once she sold. * How Kelly kept her employees in mind as she considered interested buyers. * What Kelly wanted in terms of both price and terms from a sale and how it turned out. * The emotions that Kelly went through when she went through the sale and integrating with the new company. * One thing that Kelly might have done differently on her entrepreneurial journey. * What Kelly is doing now in her life after business.

The entrepreneurial process is different for each of us, this is true. However, there are some core similarities all entrepreneurs share: we start with a passion to do or fix something, discover a niche for it and then exploit that opportunity in the best way possible.

Meet Kelly Caldwell, co-founder of AK Environmental, who saw the opportunity to delve into the niche market of environmental assessments (predominantly for the energy industry), and who managed to have a successful exit from her company 12 years later. So how did she do it?

Develop the Right Relationships As with all great entrepreneurs, Kelly recognized her limitations. She entered into a partnership with her friend Amy who had strengths in the areas Kelly did not — Amy did sales and client retention, all the business-building stuff, and Kelly tackled the financial side. Each was incredibly happy with this setup since it played to their natural talents and interests and kept them working together.

To top that off, they had excellent communication. Throughout their entire business relationship, they kept the communication lines open for everything from run-of-the-mill business issues to more complex conversations about future development and exit planning. Amy, for example, was ready for retirement after the ten year mark; Kelly was ready to exit the company, but unsure if she would continue working after or not. The two of them had open and honest conversations about the situation and came to the mutual decision of selling their company — provided they could find the right buyer.<

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Have you ever heard about the statistics surrounding transferring a family business? There’s the daunting 30-13-3 rule, which means that 30 percent of companies successfully pass to the second generation of a family, 10 percent to the third, and 3 percent to the fourth. Today we’re going to talk about how family businesses have better longevity than other types of businesses

Our guests today are Carrie Hall, who leads the Ernst & Young Family Business Center, and James Bly, who had a family business consulting firm (Family Enterprise Business Services) that he sold to Ernst & Young. They have some insight to share on how you can raise your chances of success as you transfer your family business to the next generation

In this episode, you’ll learn: * The backgrounds of both Carrie and Jim and how they led them to Ernst & Young. * Some of the facts surrounding the transfer of family businesses to the second and third generations. * Some of the milestones that successful family businesses reach before and during transitions * The importance of transferring business vision and how families manage it through the generations with governance models. * How to address the financial reporting as the business grows and changes through the decades * How to analyze and identify the gaps between the different skill sets represented by subsequent generations, as well as tips on working around these gaps. * Some thoughts on structuring the actual transfers * Considerations for splitting the estate and the wages when skill sets are disparate and responsibilities are intertwined. * One of the key differences in terms of governance between businesses with successful generational transfers and those that do not succeed with transfers. * Why a framework for decision-making is vital.

Your business was hand-crafted and designed by you. You put your heart and soul (maybe even your blood, sweat and tears!) into building your empire — and now you’re starting to think about passing your business onto the next generation. Or are you? Well, according to our two podcast guests today — Carrie Hall and James Bly — who are well-versed in the area of family business and succession planning, you need to be doing this as early as possible if you want your business to survive the transition and become a multi-generational business.

What’s the Reality of a Successful Business Transition? The ‘survival rate’ of a business transition is roughly 30% from the first generation to the second, 13% from the second to the third, and 3% from the third to the fourth. While this might seem dismal, and you’ve probably had it explained to you in a negative way, this is actually pretty striking. Multigenerational businesses are strong and have a higher survival rate than non-family businesses. Who knew?

To put this into perspective, the average lifespan of a company today is 15 years compared with 50 years in 1920. So if you have a family business that has transitioned from your parents to yourself, you have already blown this statistic out of the water. If you want to challenge the Japanese (who have 20,000 businesses that are more than 100 years old!), you need to get started on your succession planning. In the US, the biggest piece of the upper middle-market corporate pie (80% of it, actually) is going to multigenerational businesses. So why don’t more busi

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Have you ever wondered how you can avoid paying taxes when you sell your business? Today we are going to be talking to Brian Forcier, whose years of experience at Titanium Partners and also as a real estate investor have taught him how to defer taxes and make selling your business possible. He does a great job explaining the 1031 exchange. Will it fit into your exit plan? Find out by listening!

In this episode, you’ll learn: * Some information on Brian’s background and how he got into the real estate market after first studying to be a doctor. * What the 1031 is, what it applies to, and why it’s important * What a qualified intermediary is and what they do, as well as some of the rules you’ll encounter as you go through the process of selling. * Different ways to invest in real estate and some of the benefits of each. * Where depreciation fits into the decision to use the 1031. * An example of a frugal business-owner who built up his estate plan from the ground up. * Where a 1031 exchange wouldn’t work well; you shouldn’t use it just to avoid taxes, because some circumstances make it less than beneficial. Brian also talks about some alternatives. * Steps to take before using the 1031 exchange and considerations to keep in mind when negotiating. * The importance of seeking out the right help for your transaction. * A story that illustrates what’s possible when you use the 1031 exchange and why Brian does what he does.

You know you’re going to pay some taxes when you leave your business. But do you realize how much you might be on the line for? Brian Forcier discusses tax strategy on how to avoid paying taxes that could keep you from achieving your post-sale financial goals.

Depreciation and Deferment You buy a thing, it depreciates over time. We know. But now that you’ve depreciated out, you’re going to pay tax on the full amount—unless you know how to defer your taxes. Financial advisors will likely suggest you massage your EBITDA or perform another fantastically clever workaround. But sometimes the philosophy of KISS (keep it simple, stupid) is best.

Let’s avoid those capital gains and consider another form of deferment: purchasing a like-kind property which you can operate as a business, if you wish, or which runs itself.

1031 Exchange What is a 1031 exchange? As defined under Section 1031 of the United States Internal Revenue Code (26 U.S.C. § 1031), a taxpayer may defer recognition of capital gains and related Federal income tax liability on the exchange of certain types of property.

While your financial advisor might not like the idea of you settling into another piece of property when you sell your business, it might be the perfect revenue and tax deferment solution for you. Doing a 1031 exchange is an underrated tax solution for your exit—whether you’re heading into retirement, or you want something ‘for now’ to offset the taxes you would otherwise pay.

As Brian says, a 1031 exchange is kind of like playing Monopoly where you trade four houses for the hotel, but the beauty is you don’t have to give two of your houses back to the IRS when you buy the hotel.

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Have you ever wondered if you’d regret selling your company once the deal is done? Bobby Martin, who sold his company for 26 million dollars, shares with us his exit journey and what he wishes he’d have done differently. Today, he’s an angel investor at eight companies, a business owner, and an author. If you want a peek at what it’s like to be on the other side of an acquisition and merger, you won’t want to miss today’s episode.

In this episode, you’ll learn: * When Bobby decided to become an entrepreneur and how he jumped in with two feet. * How he grew his company, First Research, and some of the major milestones that he hit during its growth. * How Bobby created business value by figuring out his business model, going to market, and pricing his services. * The triggering event and inner dialogue that made Bobby want to sell his company. * How Bobby came up with the price that he wanted for the business and how he actually agreed to sell. * Information about Bobby’s experience about closing and what happened afterward and why he now wishes he’d read Bo Burlingham’s book, Finish Big. * What Bobby wishes he would have done differently and why it was harder than he thought it would be to sell his business. * How Bobby recalibrated himself and reset his mindset so he could move onto the next step in his business journey. * How knowing what you want out of your business is important.

Being an entrepreneur is a highly emotional process. Not only does it require an emotional investment when you first come up with your business concept, but you also need to maintain your passion to drive the value of the business. So what happens when you eventually sell? This podcast with Bobby Martin covers the question of ‘what happens next’ and what you can do to build a valuable business (to someone other than yourself).

First Find Your Market Bobby worked as a calling officer for a bank and discovered very quickly just how inefficient their processes were. He recognized that if marketers and sales people, particularly, had access to better quality (and more targeted) information, they could do their jobs more effectively. However, this discovery and his offer to do the market research to provide this information were rejected by the bank.

While that wasn’t ideal, it also pushed him to start his own business. Entrepreneurs often start their businesses due to an unfulfilled need—if they can’t get it from the market, they build a business from which they can. So Bobby started a company called First Research which followed his passion for knowledge and satisfied the market niche he had uncovered.

Finding markets can mean creating your own. Bobby now had a business with which he could do research on other companies and industries and sell to those

The Hockey Stick Principles: The 4 Key Stages to Entrepreneurial Success

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Have you ever wondered what goes on in the world of venture capital? Today we’re going to be talking to Jeff Grabow, the US Venture Capital Leader for EY. He’s going to share the ins and outs of the venture capital world, how it’s different from other types of investments, where the money comes from, and so much more. Jeff has 25 years of experience, so you won’t want to miss his insight as we dive into this topic.

In this episode, you’ll learn: * How Jeff got involved in the venture capital world and what his journey has been like. * What venture capital is versus other type of investment types. * Where the capital sources come from in this type of investment. * Jeff’s thoughts on maintaining a certain percentage of ownership as a venture capitalist. * What the process looks like from the entrepreneur’s perspective when it comes to establishing a partnership. * Jeff’s thoughts on situations where things went very well and when they didn’t go so well when it came to venture capital. Jeff also talks about questions that people should be asking as they evaluate their successes or failures. * Why expectations and honest evaluation is so important for entrepreneurs. * Thoughts on the new trend of corporations who are getting into venture capital thanks to the current market landscape. * Ways that people can go out and do the introductions and comingling between entrepreneurs and potential partners. * The latest big ideas and movement as it pertains to venture capital and Jeff’s best advice about balancing your optimism with a cushion.

“Just throw money at it” isn’t something we actually say in our lives, with intention. You never look at a problem or opportunity and put your money into it without looking at your options. Well, neither do venture capitalists… even though their name derives from the saying, “nothing ventured, nothing gained.”

In this podcast with Jeff Grabow, we explore the ins and outs of the venture capital world including when and why to ‘throw money’ at a business as well as the typical concerns you should be aware of before you do.

Why Venture Capital? Sometimes, as Jeff points out, you just need cash. You don’t need an idea guy, you’re not interested in a marketing guru and you certainly don’t want to step away from your business — but you need funding. Your baby is hitting its growth spurt (or you’ve turned it around from near-disaster) and now someone needs to feed it. This is where VC firms (and to some extent angel investors) come into play. You could turn to private equity, sure, but your idea important to you and you want to find someone who matches your goals and who is a fit for your company.

So, you look to someone who understands the risks and rewards available to an early investor: a venture capitalist. These guys know what they’re doing in terms of investments; it’s all they do

Platform Revolution: How Networked Markets Are Transforming the Economy―and How to Make Them Work for You

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Have you ever wondered what the perfect strategic sale looks like? On today’s show, we’re going to be talking to Josh Elizetxe, who was extremely successful at managing his company at a very young age. Within six months of deciding to sell, Josh successfully created a market and sold his company to one of his strategic partners. He’s going to share some of the best wisdom and insight that we’ve had on this show. Tune in to learn what Josh learned, what he’d have done differently, and what he’s up to now.

In this episode, you’ll learn: * When Josh decided to become an entrepreneur and how he decided to take the lead in his venture. * Some of the goals Josh made and milestones he met as he snowballed his company from startup to success. * Some of the benchmarks that Josh had been tracking mentally so he knew he had gotten to the point where it made sense to sell. * The trigger when Josh knew that he was not doing what he should have been doing. * How Josh managed all of the factors that go into the decision to sell, the tactical strategies he used, and his tips on making the transition. * Thoughts on valuing a company and setting a price, as well as convincing a potential buyer that the company is worth that price. * How Josh picked the partner he picked and how he removed emotion from the decision.

How do you value the power of your own two hands? Josh Elizetxe learned just how valuable building something from nothing can be, particularly in the digital world. Today’s podcast explores how to properly build a successful and profitable business out of nothing and capitalize on its specifics for a strategic sell for the highest dollar.

What do you need to do to be a successful entrepreneur? Simply put: work for it. Josh poured all he had into his work. Starting at the age of fifteen, Josh immersed himself in his hobby of computers (learning about them, playing on them, and eventually building websites on them) until he was a master of his craft. It took time, energy and prioritization.

What Makes You Unique? Josh was surprised to hear from advertisers after he started his blog. He had built something for himself which was a labor of love — his first blog was about the new iPhone coming out (which he coveted) and was the tech review that has become standard today. He was before the curve. This is vital in being successful, we all know, so how can you take the product you have (or hobby or service) and capitalize on it? This is your time to shine. Find what makes you unique in the market and customize what you’re offering to further help yourself stand out.

Josh did this by accident. But he capitalized on it with intention.

Say Yes After he built his first blog site for himself, he started hearing from advertisers. This was at a time when the Internet was still an enigma and there was no trust in transactions conducted on it

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Today we’re going to be talking to Kieran Folliard. He moved to the USA from Ireland at an early age and has successfully sold some of the most popular bars and restaurants in Minnesota and launched 2 GINGERS Whiskey. We’ll talk about how he built his business by following his passion as well as how he has exited. You won’t want to miss today’s show!

In this episode, you’ll learn: * How Kiernan decided to become an entrepreneur and about his experience moving from Ireland to the United States. * How Kiernan’s passions fit into the equations and why exploration was key. He also talks about how his parents were supportive. * How starting an Irish pub solved a problem that Kiernan encountered in Minnesota. * How Kiernan overcame some of the challenges that accompany opening a restaurant, which is known to be a difficult type of business to open. * How Kiernan went about hiring a team and making sure that everyone’s skills were complementary. He also talks about how he established a vision with his team. * The emotions that surrounded backing away from one venture while starting another. * Considerations Kiernan kept in mind as he developed and grew 2 GINGERS. * How Kiernan structured his business transitions. * What Kiernan is applying to his business model to ensure longevity. * Where Kiernan gets his ideas from, what he’s trying to accomplish, and what the future may hold.

Passion. It’s what got you into this business, and it’s what will drive you through it. But what value does passion have in terms of our future successes and can it be turned into equity? Today’s podcast with Kieran Folliard explores the idea that following our passions can lead to greater business success and a strong legacy.

So what’s the value of passion?

Passion as Drive Kieran’s passion drives him from enterprise to enterprise. He learned at a young age that anything is possible if you have the determination and work ethic to achieve it, so he has spent his adult life making his dreams a reality. His great love for his culture—including its beer and whiskey!—spurred him to pursue his dream of creating the perfect Irish pub in Minnesota, of all places.

Kieran’s passion for exploring took him to Saudi Arabia to operate a dairy farm—yes, a dairy farm in the desert. His passion for Ireland led him to open his own Irish-themed bar and even make his own whiskey, called 2 Gingers. From there, Kieran has branched into the food industry and is working on high-quality and award-winning products which focus on nutrition and flavor. Passion has driven him to multiple successful enterprises and keeps him actively looking for the next big thing.

Combining the things we love with the things we do doesn’t always work out. You need to have the discipline to see the venture through to the end. In business, you also need to be able to create something that is sustainable and valuable to someone other than yourself—so

how do you value passion?

The Equity of Passion The thing with passion is: You can’t measure it. You can’t tell how successful an idea will be simply from the desire to make it a reality. However, there are aspects to passion which lend themselves to valuation.

As with most assets that are difficult to mea

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Today we’re talking to Brad Yasar, who has had multiple exits already. He is trying to change the way our world works as an investor and a thought-leader in blockchain technology. He’s learned a lot from selling his businesses, and we’re going to talk about his exits, tax planning, and blockchain technology, which will revolutionize how we do business.

In This Episode You’ll Learn: * Some of Brad’s background, how he became an entrepreneur and where he started as a young child. * What ideas and experiences Brad had that triggered him to sell his companies as well as some of the takeaways he had. * Why tax planning is so important and how Brad went about establishing his preferred tax structure. * Some of Brad’s insights on balancing passion with planning for the end. * Thoughts on going from a service business to a technology company. * Information about what blockchain technology is, how it works, and how it’s relevant to business today. * The differences between an authoritative system and a decentralized system and how commerce is affected. * The types of businesses that are likely to be affected positively and negatively in the future thanks to blockchain technology.

Takeaways: 1. The correlation between passion and your exit strategy: Remember that the money is not what it’s all about. 2. The technology of blockchain can totally change the world we live in, so it’s imperative that you understand where your business fits. 3. Entrepreneurs who want to revolutionize their industry should know that there are ways out there to build platforms and systems that will allow you to effect change.

Links and Resources: Solidity Financials Growth and Exit Planning

The Innovators

brad@krowdmentor.com

Brad on Twitter

About Brad Yasar: Brad is an entrepreneur, investor, mentor, and advisor who has started and bootstrapped several companies from inception to maturity over the past 20 years. Brad is currently the co-founder and Managing Partner of Krowd Mentor, a strategic crowdfunding advisory firm focusing on ICOs, cryptocurrencies, blockchain, and token powered organizations.

As the co-founder for Blockchain Investors Consortium (BIC) with over $2 Billion dollars allocated to blockchain and cryptocurrency projects and has access to extensive dealflow and experience analyzing disruptive technologies. Brad has participated in dozens successful crowd sales, which have r

The Innovators: How a Group of Hackers, Geniuses, and Geeks Created the Digital Revolution

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Today we’ll be talking to Dr. Sherry Walling. A clinical psychologist, Sherry has a ridiculous amount of education and is incredibly smart. She has some great insights into us as entrepreneurs and how we operate and balance our businesses and families. Today we’re going to talk about her education and her work with entrepreneurs and startups. She’ll share some insights on what makes us tick and how we can look at ourselves differently. We’ll also talk about questions to ask yourself before a transition and how we can balance the way we interact with our businesses and how we interact with our kids.

In This Episode You’ll Learn: * Information about Sherry’s education and how she translates this into working with entrepreneurs, which is a world with few guidelines. * Some of the problems that Sherry sees with entrepreneurs and entrepreneurism and how she addresses these issues. * The four main values that entrepreneurs use to decide how to spend their time and what to focus on, as well as some of the liabilities of those values. * How entrepreneurs really feel about their businesses. * Tips on how to diversify your passions and not focus too much on your business to the detriment of other things in your life. * Ways to keep in touch with yourself through deep breathing, journaling, and self-assessment. * Thoughts on planning for bad things that might happen. * How opening a second or subsequent business changes an entrepreneur’s mindset. * Some of the topics that Sherry and her husband talk about on their podcast.

Takeaways: 1. You just have to sit down and figure out what’s important to you and what you’re getting out of the business in terms of passion, purpose, and satisfaction. It takes real work; diversifying isn’t always fun at first, but it’s necessary. 2. You might need to have a “funeral” for your business and mourn for it if you want to be at peace with what you want to do next in life. 3. It’s vital to take time to take a deep breath, meditate, go to the gym, or whatever it takes to self-reflect and take yourself outside of the day-to-day “doing.”

Links and Resources: The Value Vantage

ZenFounder Podcast

The Entrepreneur’s Guide to Keeping Your S**t Together

Wait But Why – The Tail End

About Sherry Walling: Dr. Sherry Walling is a licensed clinical psychologist and the co-host of the ZenFounder podcast.

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Today we’re talking to Travis Steffen. Travis has exited seven companies so far, and he’s going to share what he’s learned along the way, including lessons learned from a botched exit. He will help us understand what builds a successful business. We will also touch upon following our passions and how to find happiness as an entrepreneur when you’re always chasing the next best thing. He’s got some great tips, so you won’t want to miss it!

In This Episode You’ll Learn: * The first time Travis decided to become an entrepreneur and how he funded his first company. * The types of businesses that Travis has run and how he got into them. * Travis’s mindset as he gets into his businesses: What is he trying to accomplish? Does he keep the end in mind? Travis discusses how he used opportunities as stepping stones. * One particular example of the sale of a company that Travis wishes he’d handled differently, including what he’d do now that would significantly increase the value of the business when it came time to sell. * Travis’s thoughts on how people can switch industries based on his experience. * How people can free themselves from what they’ve built: Travis recommends steps to follow. * How Travis’s different exits have changed his mindset on what constitutes a successful finish. * Travis’s definition of meaningful work and happiness as well as where he finds his fulfillment. * Travis’s best advice for the exit journey, before and after.

Takeaways: 1. It’s important to systematize internal processes. If you’re doing things more than once, figure out a way to never have to do it again. 2. It’s important to find your passion. We are always chasing the numbers and the competition, but it’s more important to figure out the “why.” 3. Buyers just want an investment. They want cashflow with a good ROI. Know that your baby will eventually be someone else’s investment.

Links and Resources: The Value Advantage

Viral Hero

Bax.co

About Travis Steffen: Travis Steffen, author of Viral Hero, is a serial entrepreneur with 7 successful exits (and a few crash-and-burn failures) to his name. As a growth engineer, he specializes in building products that grow themselves.

After nearly a decade of running startups, Travis began to adopt a different way of building products by building the viral loops first, then finding product details that fit inside those structures. After seeing this strategy work, he set a goal to gain a deeper understanding of viral marketing mechan

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Today we are going to be talking to Erik Huberman. Erik found that discovering a company’s unfair advantage and exploiting it through digital marketing and sustainable business processes can take a company and its profits to new heights.

Erik is the current owner of Hawke Media, has sold multiple companies and is on the Forbes 30 Under 30. He started Hawke Media three years ago with just seven employees and he has scaled it to 150 employees today. He’s also a cofounder of Arrowroot Capital. Today, we’re going to talk about how to build a sustainable business that is profitable and that gives you the option to sell whenever you want. Erik will explain the three pillars of marketing and how to make good decisions.

In This Episode You’ll Learn: * How Erik grew up with the entrepreneurial mindset, as well as how he went from small opportunities to a full-fledged business. * Some of the things Erik has done to accelerate the growth of Hawke Media. * Some of the things Erik did that ended up paying off when it came time to exit despite not building with the intent of selling. * How he ended up selling his first business. * How Erik’s mindset has changed when it comes to valuing companies. * The dynamics Erik uses when setting up deal structures for either investing or selling. * The types of industries and unfair advantages that Erik looks for when determining whether or not to take a risk. * Some things that Erik has seen work and not work when it comes to raising funds. * The three marketing pillars that Erik focuses on: Nurturing, awareness, and trust. He also talks about what most people are missing the most when it comes to these pillars. * Erik’s top tip on hiring people. * Erik’s definition of a sustainable business

Takeaways: 1. The importance of knowing what your unfair advantages are and leveraging them. 2. The importance of knowing how you can let the world know about your unfair advantage and what unique value you can bring to others. 3. The importance of knowing how you can build a sustainable and profitable business that will give you exit options later.

Links and Resources: Hawke Media

Erik on Facebook

Erik on Twitter

About Erik Huberman: Erik Huberman is the Founder & CEO of Hawke Media, a full-service Outsourced CMO based in Santa Monica, CA that launch

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Today we are talking to Jim Zuehlke, who will be speaking about a board of directors: why they’re important, how to build one, how to compensate them, and how to upgrade the talent of your current board of directors. Jim has tons of experience as a builder of a boards of directors. Although many perceive a board of directors or board of advisors to be solely for extremely profitable companies, the truth is that any company can benefit. Today’s episode is a must-listen for anyone who wants to take their company to the next level.

In This Episode You’ll Learn: * Jim’s background and how he got into his business, as well as how he got into building and developing boards of directors. * What Jim asked candidates for boards of directors and what many of them have in common. * The difference between a board of directors and a board of advisors and why the former is important. * Where to start in forming a board. Jim lays out the steps to follow as well as some of the common mistakes companies make. * Your obligation in compensating your board of directors. * The factors that make a successful operating board and why it’s helpful to compare it to marriage, as well as balancing out the skillsets of the people involved. * How to know that you’re not where you should be with your board of directors as well as tips on how to make changes. * Jim’s recruitment process for someone who doesn’t have a board already. * The typical set of subject pillars that Jim uses as he blends groups of people together, as well as Jim’s thoughts on diversity on boards and how that will change in the next decade or so

How to Build a Board of Directors Takeaways: 1. Jim gave a very clear definition of a board of directors as well as how their role differs from those of a board of advisors and from a CEO’s peer advisory group. 2. If you have a family business or a business with a crucial CEO, having a board of directors to be the voice of reason can eliminate some of the politics that goes along with having multiple invested interests. 3. It’s important to know the qualities of a great board member and Jim gave us some excellent qualities to look for when searching for the expertise a company needs.

Links and Resources: Cardinal Board Services

Principles

About Jim Zuehlke: Jim’s company, Cardinal Board Services, is passionate about maximizing the effectiveness our clients boards. Whether it be a Board of Directors or the Board of Advisors, they help organizations with board formation, bylaw creation, recruitment & hiring of directors as well as facilitating the initial board meetings.

His clients range in size from $30M to over $1B companies from a variety of industries including manufacturing, construction, technology, CPG, wholesale apparel and medical. Our clients are mostly private companies seeking to grow their business, transition to a new generation or bring in outside management.

Full Transcription: Ryan: Welcome back to the Life After Business podcast. Today’s guest name is Jim Zuehlke. Jim is on the show today to talk about how to build a board of directors, why a board of directors is important, the functions that the board of directors plas, actually how to strategically build them with the different roles and experiences, and then what happens if you need to upgrade your talent of your board if you already have a board of directors set up. Jim has a ton of experience to be able to speak to this because he started his company, Cardinal Ma

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Today on the Life After Business podcast, we’re going to be talking to Ken Sanginario. Ken is the founder of the Corporate Value Metrics and the creator of the Value Opportunity Profile and the Certified Value Growth Advisor. He’s got a lot of experience and he has developed a system that shows business-owners how to develop and implement a strategic plan. He’s going to give us some background on the work he’s done and some tips on how to fund your growth through your process. Sit back and relax; you won’t want to miss this episode!

In This Episode You’ll Learn: * Some of the milestones that got Ken to where he is today. * The first thing Ken would do when getting into a turnaround in order to keep the company running. * The importance of having a cash flow statement. * The main things Ken looks at to determine the value of a particular company, as well as how its value would relate to transferability. * How Ken would advise a business-owner who is in the middle of a crisis. * Some of the categories that Ken keeps in mind when figuring out a business’s valuation. * Some specific challenges that Ken has helped companies overcome. * Why it’s so hard for consultants to get business-owners to change. * Why having a process you can measure is essential.

Today’s podcast centers on the concept of value: value today, and value enduring. We have no greater asset than ourselves when we start a business, this is true. But we need to grow our businesses into stand-alone, fully functioning organizations that do not require our constant input and upkeep.

The issue is: how do we get from here to there?

Categorize Your Business Value Prioritize Ken Sanginario has identified 8 key points that all business owners need to consider. These are as follows: planning, leadership, sales, marketing, people, operations, finance and legal—and these breakdown further into 47 subcategories. Ken developed his role as a turnaround consultant with these points in mind and has successfully saved business and business owners alike from bankruptcy time and time again.

These categories are not, of course, the alpha and omega of successful businesses—but they are pretty darn close. Ken has implemented his working business valuation model into a software program, as well, to aid struggling business owners on a wider plain.

Every company is underperforming to some degree, even ones which are strong and profitable. This makes a turnaround consultant a vital part of your advisory team. Where a consultant adds value is by providing measurable ideas. If you’ve had a consultant approach your business in the past with lots of big ideas, but zero ways to measure these ideas, then you have not experienced a real consultant. True advisors are able to provide points (or, in this case, categories) to you which you can measure and evaluate over time so there are real progress points to show your increased business value.

What Business Value is Valuable? Your best and truest valuation—the value of future cash flows—depends on sustainability, transferability and predictability.

If your co

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Today we are talking to Jim Sulciner. Jim bought his business, RTD, a decade after becoming an engineer and after having a career in marketing. He experienced double-digit growth for over 12 years before selling to a very large company. He sold for a multiple of EBITA that is nearly unheard of and gave himself some great options. He’s going to talk to us about all of his business milestones.

In This Episode You’ll Learn: * How Jim started his career and what caused him to take the leap into entrepreneurship. * How Jim managed to purchase RTD after only having purchased a home – how he structured the deal and what the transition looked like. * Jim’s thoughts on the difference between a founder and an entrepreneur and how he strove to have an entrepreneurial strategy when it came to growth. * What Jim’s goals were and how he measured his benchmarks when it came to reaching those goals. * Details on how they balanced cash and handled employees. * Where Jim got the ideas for his excellent practices that ultimately allowed him to sell for so much. * What triggered Jim to want to sell. * How Jim managed two offers, how the would-be buyers valued the company, and how he ended up structuring the eventual deal. * How Jim transformed his life after his exit.

Takeaways: 1. Jim had experience as a buyer and a seller. This was invaluable because he already understood the buyer’s mindset when it was time to sell. 2. Jim implemented value-building techniques that ended up being extremely beneficial to him when the time came to exit. He had profit-sharing with his key executives and was very specific with his AP and AR. 3. Jim had patents that raised his company’s value over and above the business profits and growth. This combination really boosted his buyer’s confidence.

Links and Resources: The Value Advantage

Email Jim

Jim on LinkedIn

About Jim Sulciner Jim Sulciner, a sales & marketing executive and entrepreneur, is highly experienced in growth and leadership of startups to midsize companies with an emphasis in recruiting, sales, and customer relations. Most recently as CEO,, Jim guided RTD Company through an acquisition by Measurement Specialties (NASDAQ MEAS) at seven times EBITA. This culminates 25 years of experience in a variety of sales channels — direct, manufacturing representatives, and distribution. His technical experience includes project management, ISo 9001, and lean manufacturing.

Jim was educated with a double major in Chemistry from the University o

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Today’s guest is Dan Zugell. Dan is the ESOP guy. Dan works for Business Transition Advisors and has been doing ESOPs for 19 years. The reason I wanted to have Dan on the show is because there are a lot of different messages about ESOPs out there. I wanted to get the full ESOP 101. Dan explains law changes, previous failures, how to value the business, payouts, finance structure and more. He totally demystifies the process including what life is like before and after ESOPs.

In This Episode You’ll Learn: * Dan shares how he got involved working with ESOPs by accident. He was helping a business owner exit and discovered that ESOPs were a great way to exit. He ended up starting and running the ESOP department at MetLife. * Employee Stock Ownership Plan is a qualified retirement plan. The primary investment is the stock of the company. There are a lot of tax benefits for everyone involved. Employees get shares with no out of pocket costs. * Good candidates for ESOPs need a company worth 5 million or more with 20 or more employees and about a million in payroll. * They are also an excellent vehicle for passing a business from one generation to another. * Dan shares concerns that may rise when looking into ESOPs, and how they are an internal sale with no outside buyer or influence. * Tax advantages include deferred capital gains tax, the company gets to write off the sale over a period of years, the company becomes an S Corporation and the profits aren’t taxed by federal or state bodies, and estate planning advantages. * The ESOP borrows money from a bank and buys the company stock. The company uses the tax savings to make ESOP contributions that pay off the loan. * Dan’s company takes the ESOPs to the banks. Financing is a combination of a bank loan and the seller taking back a portion of the note at market rate interest. * What life is like before and after an ESOP. The company owner can still sit on the board and run the company after establishing the ESOP. They even get board fees, salaries, and perks, but they can’t take money out of the company for personal use. * How to pick a trustee and how they ask for the financials. * The importance of preparing for liability and paying employees when they retire by making sure the company knows their numbers and plans properly. * Share allocation. The shares are given out over time. An example would be 5 shares a year over 30 years.

Takeaways: 1. The amount of control you have over the process of an ESOP with the structure and financing enables you to reverse engineer your goals into the actual structure. 2. You still have control over running the business after a properly structured ESOP s

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Today’s guest is Cathy Demers. Cathy started her career at IBM and Microsoft before developing a startup with her business partner. With a $10,000 investment, they built up their business and eventually went public for $20 million. Today she’s going to share with us the challenges she encountered along the way.

In This Episode You’ll Learn: * All about the day that Cathy decided to become an entrepreneur, what her business idea was, and how she and her business partner went about gathering up the money needed for them to get started. * How Cathy got into using recurring software before it was popular. * Why the partnership needed investors and what type they were looking for, as well as why they chose the angel investor that they did. * Cathy’s thoughts about the negotiation process. * How the growth process went once the company went public, as well as some of the stressors that Cathy didn’t anticipate. * Some of the key things that had to be done to prepare for the IPO. * What the process was like, Cathy’s emotions, and how her day-to-day role changed. * The decision to exit: how Cathy and her partner knew it was the right move. * What Cathy did after she exited the company.

Takeaways: 1. Start with the end in mind. If you have an IPO goal, you need to start working now to make your company valuable. 2. He who has the money wins. Money and influence will dictate the outcome of your sale. 3. Every business is a game. Being an entrepreneur means playing strategically and knowing what a win entails.

Links and Resources: BusinessSuccess.com

The Business Success Cafe

Cathy on Facebook

Cathy on LinkedIn

Cathy on Twitter

About Cathy Demers: Founder of BusinessSuccess.com, and host of the Business Success Cafe, Cathy Demers is known for her direct but friendly and supportive style as well as her business savvy and “let’s get ‘er done” approach. She combines the wisdom that comes from her vast business experience with her unique talent for helping business owners get fantastic results by being clear, staying focused, and taking inspired action.

When it comes to proven business success, Cathy Demers is not a “wanna be”. In fact, she co-founded a company with a tiny $10K investment and successfully launched an IPO, turning it into a publicly listed company worth over $20M.

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Exiting your business with zero regrets is a goal that many of us have. Today’s guest, Troy Schuette, owned a waste disposal business for 23 years. He made his decisions carefully so he knew he’d be able to exit happily without wishing he’d done things differently. He’s going to talk to us today about the process he went through, from creating his valuations to choosing his buyers to finally signing his closing documents. You won’t want to miss Troy’s story!

In This Episode You’ll Learn: * How and why Troy decided to become an entrepreneur. * Where Troy got his passion: Garbage, recycling, and scrap were not actually his passion, but they were the vehicle for his passion. * Some of the pitfalls of growing too quickly, as well as what finally clued Troy in that he had lost his passion. * How Troy, with the help of his father, decided to sell and how he determined the value. * The mental process that Troy went through to choose a buyer. * Some of the lifestyle changes that went along with exiting the business. * The emotions that Troy went through on the closing date. * How Troy told his employees about the sale of the company. * What Troy did to let his brain rest after he exited his company.

Takeaways: 1. Self-reflection: Troy recognized that he wasn’t happy anymore and he knew himself well enough to make a plan that he would be happy with. 2. Knowing numbers: Troy really had to know what his business was worth in order to take a calculated risk and make a good decision. 3. Retirement: You need to make sure you’re going to spend your days with who you want and do what you love. Make retirement into just having a blast all day, every day.

About Troy Schuette: Email Troy

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Financing is an important aspect when buying or selling a business. The SBA can play a huge role in this process. An important step in the process is knowing where you are trying to go before knowing what tools you will need to use. When structuring a deal the fundamentals come first before the deal structure.

Today we’ll be talking to John Thwing who is known as The SBA Guy. John has closed over 400 SBA financed transactions and is currently at Anchor Bank. Today, John shares a ton of insights about SBA structure, the loans, how they work, and the role the lender plays in relationship to the buyer, seller, and broker. He also provides great insights on all the deals that he has done, and what constitutes a qualified buyer for going into a business and how a seller can use the SBA to exit their business.

In This Episode You’ll Learn: * John shares how he started at his first bank in the mail department and ended up becoming The SBA Guy today. * How the role of the SBA is to guarantee loans for financial institutions. * Deal structures and restrictions with SBA financing. * How the SBA tool may not be a good fit and how John helps sellers and agents recognize that. * How cash flow is the driver of value, and banks want loans that will be repaid. * Due diligence, determining value and prequalifying for financing. * How SBA lenders validate 3 years of tax records for ecommerce businesses. * Marketplaces for matching buyers and sellers. * How hiring an appraiser is not always the best first step. * Change of ownership is not part of the SBA loan structure. * Qualifying buyers and looking at liquidity, transferable skills, background, and expenses. * Discuss financial fundamentals and listen to the market and your advisors.

Takeaways: 1. The resume and skill sets of the buyer and the seller building themselves out of the company affect the transferability of the business. 2. Going from a technician to an entrepreneur to becoming an investor and replacing yourself. 3. Make sure that your lender understands the structure of the SBA being a tool.

Links and resources: Valued Advantage

SBA

Anchor Bank

About John Thwing: John Thwing is The SBA Guy. John is one of the busiest lenders in Minn

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The valuation of your life work and business is a direct reflection of the leadership remaining in place after you exit. What does it mean to build a company of leaders? How do you do that? What does it mean to be increasing wealth so everyone profits?

Today we’ll be talking to Kevin McCarthy, the Chief Leadership Officer of On-Purpose Partners, a deep strategy and planning business advisory firm. Kevin is also the author of several books, including The On-Purpose Person and The On-Purpose Business Person. Today he’s going to talk to us about how to find your purpose and his multi-decade journey trying to reinvent how an entrepreneur can change his or her business.

In This Episode You’ll Learn: * Information about Kevin’s background that helped him get where he is now as the CLO of On-Purpose Partners. * Where entrepreneurs go off-course when it comes to identifying and sticking to their purposes. * What purpose means to Kevin as well as how having purpose minimizes confusion. * How the On-Purpose Pal can help you stay aligned with your values, as well why Kevin recommends a two-word purpose statement. * How to figure out your purpose without having a tragedy. * How an amortization chart can help you get on track with your purpose, as well as what “hellegation” means and how it might apply to you. * Tips on how finding your purpose relates to your exit plan. * An explanation of the Chief Leadership Officer title.

Takeaways: 1. The greatest fear is that of exposure: You don’t have to have it all figured out. 2. Balance vs. integration: Being able to integrate everything in your life is important. 3. Hellegation: It’s the state of not being able to delegate, and it’s vital to get past it.

Links and resources: Valued Advantage

CLO Now

On Purpose

The On-Purpose Person

The On-Purpose Business Person

I’m OK–You’re OK

The E-Myth

The On-Purpose Pal

More Books by Kevin McCarthy

Onpurpose.me

About Kevin McCarthy: Kevin McCarthy is a natural entrepreneur with a classic business school education. His MBA is from The Darden School on the grounds of the University of Virginia, and his undergraduate BS business degree is in Business and Economics from Lehigh University. He lives in Winter Park, Florida, which is near Orlando.

The best ways to get in touch with Kevin are through OnPurpose.com, by email, and through LinkedIn:

Email Kevin

Kevin McCarthy on LinkedIn

The On-Purpose Person: Making Your Life Make Sense

The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It

The On-Purpose Business Person: Doing More of What You Do Best More Profitably

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Today on the Life After Business podcast, we’re talking to Tim Hall. Tim’s story is so amazing that I just had to get him on the show. Tim was an executive at Cartoon Network and worked at Hasbro. Then Tim had the opportunity to buy the division of Intel. He was able to grow that business to 85 million dollars in revenue, but when the business climate changed and the economy went into a recession, Tim realized he’d missed his exit. Sit back and relax as you listen to what Tim would have done differently, opportunities he didn’t take, and much more.

In This Episode You’ll Learn: * Tim’s career journey, full of twists and turns, beginning when he was a young teenager. * How Tim jumped feet-first into Intel, which is what he considers his foray into entrepreneurship. * How he kept the cash flowing in his early days at Intel, later called Digital Blue, when he bootstrapped through the first five years. * How factoring works: Tim explains recourse and nonrecourse factoring and how it differs from traditional lines of credit. * Tim’s top priorities when the company’s revenue quadrupled. * How the recession in 2007 and 2008 hurt Tim’s business, as well as what he would have done differently.

Backdrop of The Missed Exit: While Tim was in Corporate America working toys and electronics with Proctor & Gamble, Hasbro, and was a top Executive at Cartoon Network he helped launch the Jurassic Park toys, pitched Star Wars toys to George Lucas and even worked with Disney.

Tim saw the opportunity to get into entrepreneurship to buy the division of Intel’s electronic toy division before they shut it down completely. He hired an investment banker and attorney to make sure they knew he was serious and then approached them to purchase the division they were going to use as that year’s tax write off.

Through grit, perseverance and sheer passion Tim grew that small division he bought for $500,000 into an $85 Million dollar company with $11 Million in EBITDA. He learned a ton in the trenches as an entrepreneur and found out the hard way what the risk is trying to reach for the next revenue or value milestone…

Takeaways: 1. The next run on the ladder is not always revenue- or size-based. Tim wanted to hit a particular dollar amount so bad that he was blinded by what was going on around him. Don’t become so fixated on a particular benchmark that you lose sight of what it’s all about. 2. Don’t make all of your life goals strategic to your business. Focus as much on the rest of your life as you do on your work. That will help you make better decisions overall. 3. Don’t miss your exit when the timing is good. Good tim

Shoe Dog: A Memoir by the Creator of Nike

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Wayne Rivers is the co-founder and President of The Family Business Institute, Inc. that has been around for over 28 years. He is an author of four books on family business and has been quoted in many articles for large publications like Forbes, Fortune, BusinessWeek, Entrepreneur, The New York Times, and *Washington Post. Wayne is also a Wall Street Journal panelist**, a speaker, and has appeared on the Today Show, CNN, MSNBC, *and CNBC.

Needless to say, he really knows his stuff! In his 28 years at The Family Business Institute, Wayne has worked with many families in all kinds of situations. On the podcast, he tells us stories of different encounters he has had with families over the years. His main goals are business prosperity and family harmony for all of his family business clients. The biggest question they have to answer first is, are you a business family or a family business?

In today’s episode, you will learn: * How to prosper in a family business and also have family harmony * How to avoid complacency in your business * The importance of reinventing your business * Significance of bringing in good talent * Bridge management techniques * Importance of modelling out your financials to make decisions * Defining roles, responsibilities, and compensation in family businesses * Phantom stock arrangement for non-family members * Key elements of a good buy-sell agreement * Reasons for keeping real, solid financials

Wayne explains how a family business needs to plan ahead for successions to make sure everyone is on the same page with where the business is going. Family businesses need to bring in top talent, not just keep it in the family. He also discusses how these days you always have to be looking to reinvent the business and not become complacent.

“A business’s destruction is sewn, today, with those seeds of complacency because it’s so unbelievably hard to sustain anything over long periods of time. You’ve got to reinvent but the second component of that is so important. It’s the most important thing that I could share with family businesses, is you’re in a people business. Even if you’re in the IT business, you’re still in the people business. If you’re not out there creating a new vision, reinventing your company and then attracting the best people all the time, you’re not going to make it,” says Wayne.

Listen to the full episode to hear more words of wisdom on family business from Wayne Rivers. Thanks to Wayne for sharing his experience with us and I hope you all enjoy today’s episode! Please leave me any comments you have in the section below.

To help out this show, leave an honest review on iTunes. I read every review and your ratings will help the Life After Business Podcast gain exposure and hopefully help more business owners to exit happy!

Contact Information and Bio for Wayne: Email: wayne.rivers@familybusinessinstitute.com

LinkedIn: https://www.linkedin.com/in/wayne-rivers-3948451/

Twitter: https://twitter.com/FamBizDoctor

Company Website: https://www.familybusinessinstitute.com/

Company Facebook: https://www.facebook.com/FamilyBusinessInstitute/

Wayne Rivers is the co-founder and President of The

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Today’s guest’s name is Cody McLain. Cody is a serial entrepreneur. He’s in his late 20s and has already sold multiple businesses. At the age of 15, he started a web hosting company and grew it up to $600,000. Unfortunately, he partnered with an individual involved in penny stocks who defrauded Cody in his business and he lost it all.

Cody then started another venture, grew it, sold it, and had an entire period of reflection where he was trying to figure out what it means to live a life of happiness. Who did he want to be now? He was searching for his ‘why’ and went on to start multiple other ventures including his current company, SupportNinja, that has over 200 employees and $4 million in revenue.

In today’s episode, you will learn: * What it is like to sell a company young and not know what to do next * How hiring key people can free up your time and focus * The importance of looking outside of day-to-day business operations * The need for meaning, drive, and motivation as an entrepreneur * The journey of self-discovery and how to find your ‘why’

Cody and I touch on a lot of different subjects about how to systematize your business and how to keep culture and values in a company while growing it to a place that you can actually replace yourself. We discuss the process of hiring a CEO that can replace you to take the company to the next level so you can focus on the things that you like.

Cody shares a lot of his wisdom and experience with us on the podcast including what it was like on the day he sold his company. He explains how he continuously searches for that ‘why’ in life.

“It still comes back down to that meaning, that ‘why’ and wanting to accomplish something, wanting to change something. That drive is still there yet I take time to appreciate what I have,” says Cody.

Thanks to Cody for sharing his experience with us and I hope you all enjoy today’s episode! Please leave me any comments you have in the section below.

Contact Information and Bio for Cody: Personal Website: http://www.codymclain.com/

LinkedIn: https://www.linkedin.com/in/codymclain/

Twitter: https://twitter.com/codymclain

Company Website: https://www.supportninja.com/

Company Facebook: https://www.facebook.com/supportninja/?pnref=lhc

After founding his first company in middle school, Cody has gone on to build and sell a variety of million dollar enterprises. His first two companies were in the web hosting industry which led him to open an office in India and provide outsourced support to other hosting companies. Today he is the founder and Executive Chairman of SupportNinja, an outsourced services company for I.T. companies and startups alike. SupportNinja handles the back-office and front-end Customer Support for a wide range of online platforms, apps and SAAS providers around the world.

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Today’s story is about a gentleman named Thomas Smale, Founder of FE International which is an M&A firm specializing in the sale of SaaS, e-commerce and content based businesses. Thomas started his career flipping online businesses. He would buy $50 to $100 websites, build them up, and then sell them for profit.

Thomas started realizing that there was a huge potential market for this and people started going to him and asking for advice. He built an instructional e-course and then ended up building FE International to where it is today with his business partner, Ismael Wrixen. They have done $100 million in transactions, over 500+ deals.

In today’s episode, you will learn: * How to grow the value of your business to get more out of your sale * The importance of building recurring revenue streams * The value of making your business attractive to a wide range of buyers * What your IP is worth in a sale * Importance of proper exit planning * The three key business models * The three categories of buyers

Thomas and I take his wisdom and his experience from the volume of transactions and deals that he’s seen to shed light on what the top online businesses are doing to grow valuable companies and sell to the people that they want to. In the episode, we discuss three different key business models in the online space and three different categories of buyers out there. Thomas talks about increasing the value of a business by systematizing operations and potentially putting a recurring revenue stream in place as a part of the owner’s exit plan.

Contact Information and Bio for Thomas:

Email: thomas@feinternational.com

LinkedIn: https://www.linkedin.com/in/thomassmale/

Twitter: https://twitter.com/ThomasSmale

Company Website: https://feinternational.com/

Company Facebook: https://www.facebook.com/FEinternational/

Company Twitter: https://twitter.com/FEIntl

Thomas is the Founder of FE International. He is a serial online business entrepreneur and expert. In his early 20s, he began building and selling small online companies. This turned into a full-time career when he founded FE International in 2010, growing the business with zero funds from ground up and consistently doubling annual revenue, as well as the average deal size. Thomas specializes in advising in the M&A of SaaS, e-commerce, affiliate and content businesses. He has consulted hundreds of internet entrepreneurs on exit strategy, growth and business development.

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Could you survive for 2 years without a salary? Tom Fafinski [Entrepreneur, Attorney, Real Estate Investor, Peer Group Leader] explains how he grew a 7 figure + law firm, only to cut it back to its bones before he grew it back up again and sold for over a million dollars in all cash… up front!

Normally professional service firms get 1-2 times EARNINGS paid on an earnout but Tom had systematized his firm enough to get a stellar offer so he could become a Real Estate Investor and Co-Founder of Virtus Law with his favorite co-worker.

Tom created his dream firm after surviving a difficult sale to a second generation attorney durning the financial crisis because he made the BEST decisions, at the toughest times, and he didn’t rely 100% on the income…

“To be dependent on the business makes you a liability.” – Tom Fafinski

In today’s episode, you will learn: * How an attorney became an entrepreneur * What the sale of a law firm looks like * Why financial diversification from your business is important * What happens when you’re not passionate about your work * How to not become a liability to your company * How to deal with an income squeeze from your business

“You can’t make the best decisions if you rely 100% on the business for cash.” Contact Information and Bio for Tom Fafinski: Email: tfafinski@virtuslaw.com

Personal LinkedIn

Company WebsiteCompany FacebookCompany Twitter

Thomas M. Fafinski is Co-Founder of Virtus Law, PLLC. Tom graduated 13thin his class cum laude at William Mitchell College of Law and was also a cum laude graduate of the College of St. Thomas, with a BA in Finance. Tom is:

a facilitator for 2 Allied Executive CEO/business leader peer groups and has been for nearly 9 years
a facilitator for 2 estate and business law firm peer groups from across the country through a joint project with Virtus Law and WealthCounsel
serves as Chairperson of Community Involvement Program, a $40M non-profit organization helping those with disabilities achieve their greatest life
serves as Chairperson of the Parish Pastoral Council and Parish Administrative Committee for St. Thomas Becket Catholic Church in Eagan
a continuing education instructor relating to advanced estate planning concepts, especially for real estate investors, through Kaplan Education
a past continuing education instructor for WealthCounsel (has taught nearly 50 program hours), member of the Board of Directors of Junior Achievement Upper Midwest, Roundbank Advisory Council, member of Dakota County Technical College Entrepreneurship Program Advisory Council
a member of the MNSCU faculty
a member of Minnesota Real Estate Investor’s Association
a proud father of 3 exceptional children and 3 average dogs

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Are you feeling stuck in your business or don’t know what to do next? Kenyon Blunt, certified Gazelles coach, Value Builder, and expert in growing and selling businesses, gives his advice on what to do when you hit a wall in your business… Maybe that means you want to move on from it to the next phase of your life or maybe that just means figuring out how to take it to the next level.

In today’s episode, you will learn: * The difficulty of having a business partner with a different vision * How to get “unstuck” * Importance of a network or entrepreneur’s organization * What is a roll-up of a company * Importance of long range plans for your company * Challenges with the turnaround of a business owned by a PE firm

Kenyon didn’t start out as a business coach – he went through his own exit first. During the episode, you will hear more about this journey and the exit option he chose when he was feeling completely burned out. You will hear about the next company he helped to turnaround and the challenges he faced with it being owned by a private equity firmed.

After going through these different exits, Kenyon wanted to help other business owners plan out their exits and grow and sell their companies on their own terms. Every entrepreneur at some point hits a personal or business plateau, just as Kenyon had, and with the help of his training in Scaling Up (Mastering Rockefeller Habits) through Gazelles, he helps people see beyond these plateaus.

The biggest takeaway Kenyon has for us is: “If you think you are stuck in your business and feeling like you are trapped, get some help… Try to get someone to bounce ideas off of. There are a lot of people who have gone through the same problems.”

Thanks to Kenyon for sharing his experience with us and I hope you all enjoy today’s episode! Please leave me any comments you have in the section below.

Contact Information and Bio for Kenyon: Email: Kenyon@kenyonblunt.com

LinkedIn: https://www.linkedin.com/in/kenyonblunt/

Twitter: https://twitter.com/kenyonblunt?lang=en

Website: http://kenyonblunt.com/

Unstuck Website: http://unstuckbook.info/

Buy “Unstuck” on Amazon HERE

Kenyon Blunt is an expert in growing small and medium-sized businesses. He likes to say that he has walked in the shoes of the business owner; he has founded and grown several companies in his career. Kenyon works with business owners and entrepreneurs to get unstuck and he knows how tough this can be especially with companies who have hit a bump in the road. In his last company, Kenyon led the turnaround of a struggling marketing services company. It was this experience and many before that showed him how businesses grow with core competencies he has labeled the Strategic 8: talent management, marketing, sales, operations, customer relationships, financial management, technology and innovation.

Past Accomplishments

Kenyon has a long career

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Do you have a realistic valuation of your company? A lot of business owners never actually know what their company is worth until they go to sell their business. It is important to know this earlier to be able to figure out what exit option makes the most sense.

John Carvalho, president and founder of the middle market M&A advisory firm, Stone Oak Capital, as well as co-founder of Divestopedia, talks about the importance of starting to plan for your exit early so you can have time to get the valuation to where it needs to be. If a change in objectives or change in business is needed, you can back into that if not selling for another few years. The more time you have, the more able you will be to achieve the goals you want when selling your company.

In today’s episode you’ll learn: * How to structure your company sale * Who to find as a likely buyer * How to architect the financing behind the deal * How to reverse back into what you want out of your exit * Making a healthier business before sale

In today’s episode, you will also get John’s expert advice on business valuations, exit options, how deals are structured, financing options, and we have a discussion on return on equity. With 15+ years of experience in the M&A space, John also tells us the three most important variables in value creation, one being to make sure you have a great M&A advisor.

“A great M&A advisor increases value from that timeframe when you start to market the business to the timeframe you close the deal,” says John.

My purpose for starting this podcast was to bring my listeners everything I wish I would have known when we sold our company. I am very grateful this podcast will be an added resource on John’s online publication site, Divestopedia, to further this mission. Co-founded with the founder of Investopedia, Cory Janssen, Divestopedia is an online resource for entrepreneurs who want to sell their business for the best price and terms.

Thanks to John for sharing all of his M&A knowledge with us and I hope you all like today’s episode! Please leave me any comments you have in the section below and let me know what you enjoyed, didn’t enjoy, or want to know more about.

Contact Information and Bio for John: Email: john@divestopedia.com

LinkedIn: https://www.linkedin.com/in/johnpcarvalho/

Stone Oak Capital Website: http://stoneoakcapital.com/

Divestopedia: https://www.divestopedia.com/

Divestopedia Twitter: https://twitter.com/divestopedia

Divestopedia Facebook: https://www.facebook.com/Divestopedia/

John is president and founder of Stone Oak Capital Inc., an M&A advisory firm as well as co-founder of the online publication Divestopedia. For over 15 years, John has served his clients on numerous financial advisory assignments and M&A transactions in various industries. John’s established pro

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Richard Wilson creates and manages single family offices for ultra-wealthy families. He also is the founder of the Family Office Club with membership of over 1,500 families of similar net worth totaling over $1 Trillion in Assets. He started off doing risk consulting out of college and joined the angel investing and capital raising world before positioning himself as the thought leader on family offices.

If you listen, you will learn: * What is a family office * The different types of family offices * How to create a family office to manage your wealth and business * Benefits of a holistic wealth management solution * Importance of building a platform business expanding on your niche * How a family office can reduce chaos and stress

Family Office Defined There wasn’t a ton of knowledge being shared on family offices and Richard saw an opportunity to fill that gap. He saw the extreme benefits of creating a family office for wealthy families. For these individuals, even a 1% mistake on their finances or taxes can be very costly.

Family offices are private wealth management firms that provide a more complete, holistic wealth management solution. They manage everything that affects a family’s balance sheet. They don’t just look at stocks, bonds, market exposure, etc. – They essentially manage everything in your life that has anything to do with finances and investments.

Richard talks about three different types of family offices – single family offices, virtual family offices, and multi-family offices. He works with single family offices for the ultra-wealthy individuals working with families worth $50 million up to a couple billion! Single family offices are set up for just the wealth creator and their family. A single-family office has a staff that only serves that family all day long unlike the other two options.

Family Office Deal Flow As previously stated, a family office manages to a family’s balance sheet. A family that has this high of net-worth usually has a portfolio including real estate investments, different businesses, and other assets. The office manages all of the family’s deals, income, and cash flow. They help mitigate risk and losses rather than just chasing returns.

The family office staff has to understand the goals of the family. Usually the wealth creator of the family is passionate in a certain industry where they have built-up industry experience and connections. It is important that the family office has excellent deal flow within their niche industry. Richard explains the staff should continuously be looking at deals and making decisions that will “sweat for you (the family) day in and day out” without too much oversight.

“People need a family office if they want to reduce chaos and stress, have a more holistic mindset and oversight on their assets and their service providers that are serving them, define their strike zone and their goals more, organize and prioritize their deal flow, and then as a result do all that so they have less taxes, less fees paid hopefully, as well as better returns because you are more focused and organized in what you’re doing. A little formalization can save a lot of time and grief,” explains Richard.

Selling to a Family Office When selling a business, people sometimes do not think about selling to a family office. The reality is family offices buy companies all the time. There is a lack of knowledge of where to find a potential family office buyer and the benefits this kind of sale may prov

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Dyanne Ross-Hanson started Exit Planning Strategies in 2005 when she realized the business owners that she worked with didn’t give much thought to how they were actually going to get out of their businesses. She saw a need to educate these owners and develop intentional plans for ownership transition.

If you listen, you will learn: * Why rewarding and retaining key employees is so important * Four design variables of an incentive program for key personnel * Difference between cash based and stock based incentive plans * Different ways you can structure cash based incentive plans * Ways to transition ownership financially to family members * Tax implications for different incentive plans

Key Employee Retention “The reality is that as an owner prepares for that inevitable transition, they recognize the importance of building as much value in the company as they can,” says Dyanne.

There are many value drivers to look at when exit planning. Nothing is more important than recruiting, establishing, and retaining your “key bench.” This should be top priority well before talking about the sale or transition of your business. If you don’t have an employee retention or incentive program in place, you need to look into it ASAP!

Key employees will help grow the company before the sale and make the actual deal more valuable because of their extensive knowledge and skill sets in the business. A solid employee retention program should be in place when these people are recruited and hired. You can assume that key performers will ask for it as a part of their compensation plans.

Employee Incentive Plans If an employee retention or incentive plan is structured correctly, the plan will pay for itself. It should be a win-win for the business owner as well as the employee.

Dyanne explains, “These key employee incentive plans aren’t an additional line item on your balance sheet or on your income statement. If properly designed, they are being completely funded by increased profit.”

Not only should the program fund itself, when you go to sell your company, you should get a better multiple as well with the promise of these key people as continued employees.

Cash or Stock Based Plans You can structure your employee incentive plan to be cash based or stock based. Cash based plans are much more common and can include a cash payout, phantom stock option, deferred stock, stock appreciation, etc.

Phantom stock is the most popular cash based plan. It gives a sense of ownership mentality to the employee without making them an actual minority owner. They don’t have equity in the business but have the characteristics of it. There is an annual award amount put in place and this would be broken up into units that are put into an account and fluctuate based on the actual value of the company stock. The best part about this option for the business owner is that if the employee leaves, they get a payment and don’t have to deal with minority ownership issues with them.

Dyanne cautions if choosing a stock based incentive option that you should never give equity away in a compensation package before the employee has proven their value. You want to make sure this person will actually be an asset to your company as well as a key employee for any potential future owners.

Key Podcast Takeaways The biggest mistake that some business owners make is they find an amazing key executive that they think may fit well or positively change their company culture and can take them to the promised land financially and decide to give them huge immediate cash bonuses or equity to lock in the relationship.

The vision of having this person to help possibly relieve some of t

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Stuart Sorkin is a lawyer and CPA who spent many years working for large accounting firms before starting his own law practice. His broad range of experience allows him to see how tax, financial, and estate planning are intertwined and become extremely important when selling a business. He took everything he learned working with large clients on business plans and estate planning and co-wrote a book called “Expensive Mistakes When Buying and Selling Companies.”

If you listen, you will learn: * Top mistakes made when buying or selling a business * The importance of exit and post-acquisition planning * How estate planning and the sale of the business are intertwined * What is a Monte Carlo Analysis and how it can help with exit planning * How key employees can increase the value of the business * Keeping an up-to-date due diligence library will make the sale and transition easier * The six ways an entrepreneur can exit their business

Planning, Planning, Planning “Every entrepreneur exits his business in one of six ways,” says Stuart. “He sells it to family, he sells it to management, he sells it to a third party, he becomes an absentee owner, it gets liquidated, or he dies.”

This is where planning comes in. If a business owner chooses not to have an exit plan that involves one of the first four choices, then the company will either be liquidated someday or they will die working in the business. An exit plan includes planning for the sale as well as post-acquisition.

What is your real number? What are you going to do with the rest of your life? Stuart explains that many entrepreneurs have an inflated view of the value of their business and do not understand what needs to be done to fulfill their long-term financial plans. A vague exit strategy will set the deal and their life after business up for failure.

Tax and estate planning are a part of financial and exit planning. Estate planning is big in family business scenarios. “It is not what you leave your kids, it’s how you leave it to you kids,” states Stuart. A business owner can save a lot in taxes or save their family that burden if they set up their plans ahead of time and look at all implications.

Stuart stresses that one of the most important things is to have someone that is the quarterback and makes sure the right people are involved at the right time. You need to have someone who knows how these deals are run and how to set yourself up for success.

Become An Absentee Owner Stuart gives the advice that business owners should have a plan that includes striving toward becoming an absentee owner to get the most value from their business. It is all about transferable value. How easy would it be for a seller to come in and take over operations?

Smart owners bring in key employees or partners to handle areas of the business they are not necessary the most skilled at and also teach them to run the business without them. These key employees become essential in a successful acquisition.

“By locking up your employees before you are in acquisition mode, you also increase the likelihood of success,” says Stuart.

Get Ready for Due Diligence A business owner has to act like they are selling their business at any time. Having a due diligence library is part of this process. If someone would come with an offer tomorrow then everything would be ready. All the corporate records, annual minutes, financial statements, projections, etc. should be kept in one place and updated annually with the correct information.

When you have to gather everything

Expensive Mistakes When Buying & Selling Companies: And How to Avoid Them in Your Deals

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Mike Nunez founded AffiliateManager.com with his brother but always wanted to work for Channel Intelligence in Orlando. After a random encounter with the CEO of Channel Intelligence, he was called up to work for them. Six years later Channel Intelligence was acquired by Google for $125 million in an all-cash deal.

Now Mike’s back growing AffilateManager.com into an industry leader by applying all the techniques he learned selling to Google.

If you listen, you will learn: * How a start-up company operates with the clear goal of acquisition * The importance of taking advantage of networking opportunities * What Google looks for when acquiring a company and how to align your business to be ready for an acquisition * The importance of having a clear vision and initiatives in your business * How Google handles acquisitions and the merging of employees * Having a solid team of employees is everything

Channel Intelligence Mike Nunez always wanted to work at Channel Intelligence in Orlando. They were a good company with a great reputation. Mark knew he couldn’t get hired there right out of college so built up his experience. He discovered affiliate marketing in college and ran a few different affiliate marketing programs at different companies as well as working on his own business.

While networking at a conference, he met the CEO of the company he always wanted to pursue. Eight months later he was recruited to work for Channel Intelligence (CI). CI just received $15 million in funding so the company grew to around 150 employees in 2007, six years before they were acquired by the big guy, Google.

Aligning with Google Channel Intelligence was a provider of technology to companies that enabled customers to buy their products online. They were active in over 30 countries working with over 850 retailers such as Best Buy and Target.

Acquisition was always the goal at Channel Intelligence. The owners were very transparent about this. They never talked about going public or staying private. Every employee knew this and marched toward the same goal.

In 2012, the CEO of Channel Intelligence left the company and the new CEO provided much needed focus. He helped align the company with Google and Google Shopping. They focused only on their “Where to Buy” feature on websites as well as feed syndication.

Google soon came knocking after analyzing the company. Google had big goals for Google Shopping and wanted to acquire the company to be able to hit their goals quicker. It was a strategic acquisition and after some back and forth and due diligence, Google acquired CI for $125 million, 4X their gross revenue.

“Everybody was very excited. We all felt like we were getting called home by the Mothership. We were all just super excited to be acquired by Google. Everybody gets to put Google on their resume,” says Mike.

Life After Google Mike loved working for the Mothership but had more of entrepreneurial spirit. He wanted to change people’s lives and make more of a measurable impact. After 4 years with Google, he left to put more time into AfflilateManager.com.

“The thing that us entrepreneurs want is that we want to feel like we are making an impact. In one year after the Google acquisition I sold more than Channel Intelligence had acquired in the 13 years prior. It was significant yet the impact on Google’s bottom line was the smallest of decimal points of percentages,” says Mike.

Mike now works with medium sized businesses at AffiliateManager.com. Unlike Channel Intelligence and Google, he does not focus on the big fi

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Fresh out of college with the urging of his Dad, Tim Keran took over the daily operations and management of the family printing business, Western Graphics. He quickly grew the company from $3 million in revenue with 25 employees to $11 million with over 50 employees at its peak.

If you listen, you will learn: * How Tim used professional management techniques to run the family business * Open-book management practices * The benefits of a peer group * Importance of improvement projects which hold all employees accountable * The list of 6 key points Tim needed for the perfect sale of his company * Importance of exit planning and a clear plan for your “second act”

Family Business Tim watched his Dad start the family business from scratch and started working in it as a janitor in his teenage years. After a few more years and some more education, Tim started as a Controller out of college. Since his Dad was not the management type, he pushed Tim to take over as soon as he was ready.

At 27-years-old he started to take over the operations of the company. With a background in accounting and obsession with learning different business practices, he brought in some professional managers to help run the company more like a business instead of like a family.

“The journey there for me was the ability to take a small business kind of running ad hoc and putting it more in a professional model. I put some process behind some of the madness that happens in a small business,” says Tim.

Tim bought the business from his Dad in 2001 and owned it for another 15 years. By the time he decided to sell, he had been in the business for 36 years.

Deciding to Exit Tim built a great company culture as well as a profitable company. His management style was people and culture, then the numbers. He empowered his employees which motivated them to take ownership of improvement projects which helped the company run more effectively and efficiently.

He loved being an entrepreneur but was more interested in business in general – growing a company and culture – versus the printing business. He wanted to work with business owners and help solve their business puzzles as he had done in his own company. Pushing 50-years-old he asked himself, “Am I ever going to do this?”

It took him awhile to admit it but finally in a peer group setting he came to the conclusion, “I think I am going to sell Western.”

Tim sat down with his Financial Advisor / CPA and drew up a list of friendly competitors to talk with about selling the company. They eventually realized their company with 8 million in sales was too small for a financial buyer to run it as a standalone business. They were going to be a “tuck in” to a larger company. Tim came to terms with this but had six main goals he wanted to accomplish with the sale which he talks about in the interview. These six things had to be met for him to feel good about the sale and where his employees were going.

Second Act Knowing what he wanted to do in his “second act” helped get Tim through the emotional part of the exit. Some business owners do not plan for life after business which can leave them in a lonely spot after a sale. Tim had a passion to work with other business owners and knew this is what he wanted to do.

“I knew what I wanted to do in my second act, I called it. Now I am helping other business owners build great businesses and hopefully a better life for them. My second act was really clear for me and I moved right

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Dr. Patrick Porter is an entrepreneur, award-winning author, speaker, consultant, and the creator of BrainTap Technologies which uses technology to reformat how the mind works and thinks. Dr. Porter and his newest BrainTap technology helps people tap into their minds full potential through light, sound, and frequency.

If you listen, you will learn: * How to use technology for a meditation experience * How technology can offset the stress overload that we encounter * The four primary brain wave states * How to retrain and refocus your entrepreneurial mind * Not just what to think, but how to think * How to train your brain to function at its highest peak potential

Positive Changes At an early age, Dr. Porter had experience with meditation and relaxation techniques. His dad taught him the techniques using the Silva Relaxation Sound to work on his concentration and focus. Later in life Dr. Porter learned about Neuro-Linguistic Programming which was all about digitalization and relaxation. This lead to him creating his first business, Positive Changes.

Positive Changes turned into one of the largest self-improvement franchises using mind-based technology. This made Dr. Porter a highly sought-after expert within the personal improvement industry. The company quickly grew when they implemented a training program of the brain technology. It continued to grow strongly until some bad hires were made and their decisions changed the course of the business.

Dr. Porter decided to get out of the business and continued to receive a payout and royalties for the technology he created. The new management of Positive Changes eventually decided to stop paying him royalties and therefore ended up in a court battle with Dr. Porter. It ended in his favor and the company could not use his technology in any future sales so quickly fell apart.

After his non-compete was over, Dr. Porter got back into the brain game with the urging of a friend travelling around and doing shows with the mind-based technology. This is where the idea of BrainTap Technologies was born.

Training Your Brain “A lot of people think our brain is fixed. Our brain can change. You can literally retrain your brain. You can use technology, like the Brain Tap, to bring your brain back into balance and start getting the best life now instead of waiting for life to happen,” says Dr. Porter.

There are four primary brain wave states and BrainTap helps you “tap into” these different states through light, sound, and vibration. It teaches you to go to these different brain wave frequencies, which depending on your goal and the program you choose, will help you relax or give you more energy.

“We call it tai chi for the mind,” states Dr. Porter.

Listen to the podcast to find out more on the different brain states and how BrainTap can change how you think.

The Entrepreneurial Mind “The mindset of an entrepreneur is different than the mindset of an everyday worker. That’s why there are only so many people that are successful in business,” says Dr. Porter.

Entrepreneurs tend to hit a burnout phase at some point. You work yourselves to the bone and cannot seem to shut it off at the end of the day. The brain gets stressed out and does not function at its highest peak at this point. When you can’t sleep because you are thinking too much about what to do or where to go next, you are missing a brain wave frequency called Theta which is the bridge between fears and frustrations and deep peaceful sleep. Again, BrainTap helps train your brain to move through these frequencies so you can learn how to relax or recharge your brain.

“The greatest pharmacy on Earth is not on the corner, it is in between our ears. It

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Dan Faggella founded a Brazilian Jiu-Jitsu Academy to pay for college and grad school which sparked the idea for his eCommerce business, Science of Skill. Science of Skill was created for the sole purpose of eventually selling it and using the exit money to fund an artificial intelligence market research company. He grew Science of Skill past $2 million in revenue, sold it in 2017, and TechEmergence was born completely funded by the exit.

If you listen, you will learn: * How recurring revenue helps the value of your business * Importance of finding a marketing channel that ensures consistent profitability and growth * Having key employees that can run the company without the owner can increase the value of the company and provide for a smoother transition/exit * Importance of knowing how the processes of your company tie into growth and profit * How to figure out and analyze the core metrics of your business * Finding the right broker makes a ton of difference when selling a business

Building Up Science of Skill Dan went from owning a physical Jiu-Jitsu gym to starting an eCommerce business. He started taping the Jiu-Jitsu seminars he was giving in person and putting them on the internet. He took the curriculum he used and studied himself and turned the videos, information, and skill development exercises into monthly subscription based lessons which would allow the company to have recurring revenue.

“I had it impressed on me early on that recurring revenue is a good thing. Recurring revenue is going to help you sell for a higher margin. Recurring revenue is going to give you less nightmare than businesses that don’t have recurring revenue. The only reason I was able to sell that gym was because it was recurring so I think that lesson kind of traveled over. I transferred that to an online business model I could run from anywhere,” explains Dan.

The Jiu-Jitsu videos and information quickly extended out into general self-defense and self-protection lessons which attracted a broader audience to Science of Skill making the company more diverse and valuable to a buyer.

Starting With The End In Mind TechEmergence was always the goal at the end of the tunnel. Dan wanted to start a purpose led business in AI technology by growing and selling something highly profitable. He spent half his time giving Ted Talks, writing articles, and building a media business around artificial intelligence and spent the other half of his time selling self-defense materials on the internet.

Dan wanted to sell Science of Skill quickly to fund his AI research company. He thought it would take a year or so and ultimately, it took over three years. He didn’t realize when founding the eCommerce business that it would be so difficult to sell.

“I thought I am going to flip this bad boy and call it a day,” says Dan.

Dan was under what he calls a “naïve belief” that he would be able to sell the company easily. In reality, he had to grow the company for four years before a bank would facilitate a seven-figure transaction. The banks required three years of tax returns and valuations.

“Banks don’t like stuff that involve the internet,” says Dan.

He did find a buyer who had previous experience in the eCommerce space with a bank that backed them. They purchased Science of Skill in early 2017. It was three years longer than what Dan originally planned and was anxious to get TechEmergence going on more of a full-time basis.

Lessons Learned Dan learned a lot throughout the process of starting and selling his eCommerce business. Not only shouldn’t you expect to sell a small

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Mark Raderstorf is a Rehabilitation Psychologist by training and lifelong entrepreneur by choice. Mark was working at the University of Minnesota Medical School and decided to launch into private practice back in the 1980’s. He founded Behavioral Medical Interventions, Inc. (BMI), a disability management company and national provider of psychiatric and physical disability management services. For the next 15 years before selling the business, he helped people with injuries or disabilities in their emotional, psychological, or vocational adjustments.

If you listen, you will learn: * How important referral relationships and reputation are to a service business * The impact key employees/shareholders have on the value of a company * The importance of having a coach/consultant during a company sale * How employees are the key asset in a service business sale * Having a plan for the sale of your company and your life after business can relieve stress and help with the adjustment

From Psychologist to Business Man Mark describes himself as a service-oriented individual. His passion for helping people was sparked by a traumatic event in his brother’s life. His older brother had a football related head injury and almost died from an aneurysm which dramatically changed the trajectory of his career. This experience was eye opening for Mark and he knew he wanted to help people in similar situations.

Mark’s small private practice grew from Raderstorf and Associates to Behavioral Medical Interventions, Inc. when he was becoming too busy to handle the incoming business all on his own. He hired one person after another and the company continued to grow even through the financial downturn of 2009. The key to their success was a little bit of luck mixed with good relationships and reputation in the industry.

Working on a Sale Mark took on more and more with the business which caused stress and worry. At the age of 50, he contemplated if he wanted to continue with the business for the rest of his life. He was spending more and more energy managing people and customers. He couldn’t “turn it off” at the end of the day and it was taking away from time with his wife and kids.

“The business can just gobble you up if you let it. You gotta draw a line somewhere,” says Mark.

Mark found himself spending less time impacting the daily lives of people which was why he went into psychology in the first place. He decided he wanted to do something different and figure out what his encore career was going to be.

It took Mark two to three years to get his company ready to sell with the help of a CFO advisor. He brought in key employees to increase the value and marketability of the company. He tried to first sell to a private equity group but the deal went nowhere. He talks more about his experience in the podcast and what he learned throughout this process.

Eventually Mark did sell to a partner, Crisis Care Network that later rebranded into R3 Continuum, whose services were a natural complement to BMI’s.

What’s Next? Even though he could have stayed in the business and possible sold for more at a later stage, Mark does not regret the decision. It was his time to sell. The plan for Mark was to sell the business, take a sabbatical to Ecuador with his wife, and figure out what to do with the next stage of their lives.

“The more time and energy you can spend on what’s next around the corner, the better the adjustment is going to be. It is really hard when you’re selling a business because all the focus is on getting business ready…It is important not to get too far down the road…It is impor

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Jay Coughlan, former CEO of Lawson Software, took the company public at $200 million and grew the revenue to $430 million. Besides CEO of Lawson Software, he is also known for other titles including former CEO of XRS Corporation, a father, a son, and a convicted felon. After a devastating accident, Jay spent time in jail and completely redefined his life.

If you listen, you will learn: * The five bold choices to help you rise above your circumstances and redefine who you are * How not to live “comfortably numb” * How eliminating negative self-talk will make you more confident * A quick three question debrief exercise to help turn failure into a learning opportunity * The importance of knowing and performing activities that give you energy * How to apply the five bold choices to your business and take some action

The Accident Back in 1998, Jay and his father went out to a local hunt club and then a bar afterward. Jay drove drunk and ended up hitting at train at 60mph. Jay was devastated when he woke up in the hospital to find out that his father did not survive the accident. Before even leaving the hospital, Jay found faith. After receiving forgiveness from God and eventually from his entire family, he decided he wouldn’t let this low point in his life define who he was. He was a convicted felon and went on to serve a 6-month jail sentence but wasn’t going to be a victim of his circumstances.

5 Bold Choices “Life is going to throw all of us a bunch of opportunities and a bunch of challenges. Those opportunities and challenges are going to demand a response,” says Jay.

Jay’s response to his circumstance was to rise above and make choices that would help him be defined by something else, something better. He was being asked at speaking events how exactly he was able to do this which he describes in his book, “Five Bold Choices: Rise Above Your Circumstances and Redefine Your Life.” Jay created his current company, TruBalanced, and now consults business leaders and speaks at many events using these lessons he learned in his past and choices he made for his future.

The five things, in addition to faith, that was driving Jay are listed below. He goes into these five things much more in depth in the podcast:

Clarity: Keep the important things important
Accountability: Take responsibility for your life journey
Adaptability: Anticipating changes ensures growth
Confidence: Keeping things in proper perspective
Balance: Life is a marathon, not a sprint

Applying to Your Business You can apply the five bold choices to your business and be able to take action:

Clarity: Business owners must have the clarity of knowing what is important, what is urgent, and what is not. Prioritizing is key. You can’t do everything.
Accountability: There is a motivation in your accountability to do things with your family in addition to your business. The main thing about accountability is it’s about continuous learning. You have to learn from both your successes and failures.
Adaptability: You must embrace change. “You need to embrace the ability to adapt versus fight it,” says Jay. If you are not thinking about where your company may go or even your “Life After Business,” you are not thinking through the realities of what is going to impact you and your family on an ongoing basis. If you don’t adapt, you

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Bob Moesta, current President and Cofounder of The ReWired Group, created the Jobs To Be Done Theory along with Harvard Business School Professor Clayton Christensen. The theory has successfully helped Moesta start, build, and sell several startups and launch over 3,500 products over the years. It is the main method used in his current occupation which helps business owners reevaluate their companies and drives them to really understand their customer to be a more profitable and valuable company.

If you listen, you will learn: * What businesses are mistakenly doing that cost them customers and sales * How to use the Jobs To Be Done Theory to reevaluate your company * How to define progress and what that looks like to you * What causes people to make progress * How to frame your product or service as a solution to your customer * How context can create value

The Backstory and Theory From an early age, Bob Moesta always had a notion of questioning and wanting to know how things work. He always took apart things and put them back together. Because of his dyslexia, it made it hard for him to read and write but he learned by questioning and listening.

He took this way of learning and his knack for product development and created the Jobs to Be Done Theory which is described in the book “Competing Against Luck” written by Clay Christiansen.

“People don’t buy products or services, they hire them to do a job in their life,” Moesta explains in the podcast. When you ask people what they want out of a product or service, they usually have no clue. They know what their desired outcome is which is what a company must understand to be able to sell to them.

Moesta goes into a business and intently interviews new, current, or previous customers about the company’s product or service. His goal is to find out what actually made them switch to or away from the product. What caused them to buy or choose a different product? What was their struggling moment that caused them to make progress? The Jobs to Be Done framework allows you to see the struggling moment leading to the customer’s purchase.

Putting Theory into Practice After multiple customer interviews, business owners should be able to have an idea of what they should be focusing their business or messaging on. Some businesses need to completely reevaluate how they bring their products or services to market and may have to change their focus entirely.

“You can sit in a conference room all day and guess what people will say,” says Moesta. Actually understanding why a customer purchases your product or service will help you position the product in a way that makes the consumer see you as a solution rather than just another product.

“The moment that a customer or consumer struggles, they care about something and want something better. The more you find struggling moments and understand the progress they want to make, then you can design better products,” says Moesta.

You have to understand what causes people to value something over something else. This knowledge will not only make better products and drive revenue, but can help cut costs of marketing to the wrong people or in the wrong way.

Value & Progress Bob’s main reason for doing what he does it to ultimately create value for companies. Bob and his team help businesses grow by understanding what their customers need in order to progress into a sale. The customer interviews conducted may result in a company having to change their offeri

Competing Against Luck: The Story of Innovation and Customer Choice

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Most people say that business isn’t personal, however if you’ve ever owned or currently run a private business, you know that statement is completely false… your business is a reflection of you and all your values. Your business and your life are inevitably intertwined.

Marc Miller, Owner and Chief Happiness Officer at Imagine IT, has made happiness his life’s work after experiencing a tragic family event. Even though life threw him a very challenging curveball, he is on a mission to figure out “what it takes to be happy” even if it comes from an unlikely place.

If you listen, you will learn: * How to keep running a business when you experience a family tragedy * Four principles of happiness * How to use your business to teach your values * How to make happiness actionable in the workplace

A Family Tragedy Over two years ago, Marc’s son, Gunnar, was in a fatal accident. Gunnar had issues with substance abuse and depression, but that is not what took his life. He was over 14 months sober and wiped out on a skateboard and died.

After this tragic and devastating accident, Marc wanted to do something to honor his son. He started a non-profit, The Gunnar Project. He didn’t want to create another youth addiction non-profit so decided to go another route with it.

“Gunnar had this unique ability to make people happy,” explains Marc. Marc decided to focus on the idea of happiness for the non-profit. The mission of the Gunnar Project is to inspire young adults and others to wake up every morning and pursue happiness.

What Makes Us Happy? Happiness is an intangible thing. It is a buzz word in our society today. Marc has read tons of books and research articles on happiness and outlines the four main principles of happiness in the podcast which can also be found on the Gunnar Project website:

Healthy people find more happiness than those who are sick or unhealthy.
People who learn, create, teach, grow are happier than those who are bored.
People who are closely connected to others find happiness more than lonely people.
People who are “good”, who have a relationship with a higher power are happier than those who are bad, who lie, cheat, and steal.

Marc urges listeners to plan to intentionally do things every day that make you happy. Outline your day in the morning and avoid doing things throughout the day or talking to people that will make you crabby. Plan and choose to be happy.

“The investment you have to make to be happy every day is a 3-minute investment. If you don’t have 3, 4, or 5 minutes in your day to pursue happiness, you are screwed.”

People may think happiness is this big thing or event. It isn’t a milestone or pot at the end of the rainbow. In talking about happiness being more about the journey, not the goal, Marc says, “Happiness can be found in the little spaces in between the milestones, because that is where the action happens.”

Culture of Happiness Marc has created a culture of happiness at Imagine IT. After Gunnar died, Marc changed his title to Chief Happiness Officer to further his mission to drive happiness with everybody he meets day in and day out.

Talking about happiness at work isn’t a “normal” thing in most companies. Imagine IT puts happiness at the forefront and therefore have a vocabulary around the subject which makes it easier for employees to talk about happiness.

Happiness is actionable within Imagine IT’s culture. It is talked about in weekly

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Paul Spiegelman founded BerylHealth and eventually sold to Stericycle, a global services organization with 25,000+ employees. He was able to take his most favorite part of his job and transition into the role of Chief Culture Officer at Stericycle in hopes of scaling the culture he built and cherished at his first company.

If you listen, you will learn: * How culture can impact business * Three things every employee wants out of their company and culture * Processes to implement and measure culture * Challenges and rewards of transitioning out of a business that is a reflection of yourself

Business Beginnings Paul’s first business was a medical alerts company he started with his two brothers. Within a year of starting the company, a hospital contacted the brothers in need of someone to handle physician referrals and their core business changed. They ultimately became an outsourced provider of call-center services for hospitals across the country taking calls and tracking patients into hospital systems.

A call-center operation can easily become a commodity business but Paul wanted to create value for their customers. They ended up building a great brand around their unique internal culture that drove customer loyalty and profitability. This created extreme value when they eventually decided to exit the company in 2012.

Organizations Are a Reflection of the Leader Paul explains a few different definitions of culture. “Culture is the extent to which team members or employees will do work beyond what is expected of them as well as the vibe that you feel when you walk through the doors of that business.”

“Culture and leadership are really the same thing and as leaders we have to make choices on how we lead. Culture and treating people well is not only the right thing to do, it is good for business. There is an ROI to it. It is as important of a process in our business than any other process we have. Not every company works this way,” explains Paul.

Paul helped create a brand around their culture that not only drove employee loyalty, but that drove customer loyalty. The culture allowed them to sustain and grow. A call-center is a tough place to work but they made it fun for their employees who they cared about, rewarded, and let them be themselves.

Scaling Culture Paul and his brother that was still involved in the business didn’t have any intention of selling but knew it would come at some point. “All I wanted to do was build a great business and sustain it for as long as possible.”

An offer for the business did come up in 2010 and during due diligence, they walked away from the deal to protect their team members. It just wasn’t the right fit. A year later they were approached by Stericycle to become a part of their family, and it was a better fit for their company and culture.

Paul was curious to determine if his current company culture could scale to a bigger company like Stericycle which had been around for 25 years with 25,000 employees in 18 countries. He became Chief Culture Officer of Stericycle after the sale in 2012 with this goal in mind. After some work and overcoming challenges with management, Paul was successfully able to bring his company’s culture and vibe over to Stericycle.

The transition to life after business for Paul was pretty smooth as he felt good about the company taking over his business and he could continue to do the part of the work he lo

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President and CEO of Make-A-Wish Minnesota, Mia Hoagberg, explains that business owners and entrepreneurs should be involved in non-profit work in a way that makes sense to them, their business, and that aligns with their skills and passions.

If you listen, you will learn: * Transferable skills from traditional business to non-profit * What ways entrepreneurs/business owners can get involved and make a difference * How you can leverage your relationships and skills in a non-profit * Mission of Make-A-Wish Foundation and different types of wishes * Three misconceptions of Make-A-Wish Foundation

Transferable Skills from Traditional to Non-Profit Mia didn’t start off her career in the non-profit world. After working in Marketing and Advertising for 13 years and staying home with her kids for 6 years while earning a Masters, she had a change of heart. Mia decided to become involved in fundraising and philanthropy work.

Mia talks in the podcast about what skills were transferable from her traditional work to non-profit work. The most transferable skill she took from one career to the next is relationship building. Fundraising is all about creating relationships with different people. She took her skills of working with clients and vendors in advertising and puts them to good use in her current role.

She also explains how people can use the skills they have in business to help Make-A-Wish or any non-profit they want to be involved with.

Be Involved in a Meaningful Way There are many ways business owners and entrepreneurs can get involved in non-profits. The most important thing, as Mia explains, is for people to get involved in a way that is meaningful to them or in a way that brings joy back to the work that they already do.

She gives an example of a wish that an architecture firm helped with in Minneapolis. A little girl wanted a playset in her backyard and the architects put a plan together for the layout of the backyard and playset to support the wish. Individual people or a company must look at what their goals, objectives, and skills are and tie it in with the work they do with Make-A-Wish to make it meaningful for them.

Entrepreneurs and business owners are usually all about relationships, networking, and connections. Even if a person has exited their business, they still have these contacts and skills that may go unused. These are key skills in fundraising and can be used to help grant someone’s life-changing wish. If you help in a way that aligns with your skills, goals, and passions, the work and impact will be greater.

All About the Wishes “We are all structured around making sure that a child’s one life-changing wish happens and putting everything into place to make sure that happens behind the scenes.” – Mia Hoagberg

Wishes drive everything that Make-A-Wish Minnesota does. They have a budget and work with individuals, schools, corporations, and foundations to raise money, get in-kind donations, and volunteers. They work with other chapters across the country to determine best practices, partner with local sports teams to make wishes happen, and are always looking for more people or organizations to donate things to keep costs down.

There are so many ways individuals and organizations can become involved in Make-A-Wish. It is all about granting life-changing wishes for those that need them.

Check out the podcast episode for more information and see below for a list of upcoming events:

Make-A-Wish MN EVENTS: http://mn.wish.org/news-and-events/calendar-of-events

May 20th: Wish Ball 2017, Hilton Minneapolis
August 5th: Walk fo

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Stever Robbins, Executive Business Coach, podcaster, MIT and Harvard Business School grad, musical writer, producer, actor, singer, investor, and business owner, has made a life out of living in the moment andStever Robbins, Executive Business Coach, podcaster, MIT and Harvard Business School grad, musical writer, producer, actor, singer, investor, and business owner, has made a life out of living in the moment and focusing on the journey, not the goal.

If you listen, you will learn: * What it means to live an extraordinary life * Four major myths of living a successful life * To focus on the journey, not the goal * The four major aspects or questions of journey * How your sense of identity may be limiting the things you do in life

Focus on the Journey Stever spends time looking back at the careers of his clients and going over what their goals had been and where they are today. He finds more often than not that people are not doing what they really want to be doing with their lives even if they have “achieved’ the goal they set out to do.

Most people set a life goal and then figure out how they are going to reach it. Stever explains in the podcast how this is not a smart course of action. Goals will change over your lifetime while you figure out who you are and what you want to be doing with your life. “Things that are attractive to you at 25 that inspire you to create your 40-year plan may not be as attractive at 65,” he explains.

“You don’t know where you are going to want to go because life happens.”

Put yourself out in the world and enjoy the journey. Don’t focus on a goal you made years ago, focus on your journey and allow yourself and your goals to change and evolve. “Decide the journey you want to take and then choose any goal that will force you to take that journey,” explains Stever.

Living an Extraordinary Life Stever set out on a three-year experiment to just follow his heart and see where it went. He allowed himself to do things he had never done before. He put himself out in the world to see what would happen.

He added author, podcaster, producer, and playwright (among other things) to his resume during these three years.

He did not focus on a goal. He focused on taking the journey. He had conversations he wanted to have with people he wanted to have them with and ended up doing things very different from what he was doing before.

Not Just a Business Person Stever urges everyone he meets to not limit their self-identity. He explains in the podcast to not base your identity on one single thing. Someone may identify themselves as a “business person.” Identifying as this only limits your life experience to only what a “business person” can do.

Opening up how you define yourself will allow you to do things you have never thought you would have done before. It gives you more options and opportunities in life. This is the only way you can figure out what you like doing and want to continue to do to make every day of your life extraordinary.

Contact Information and Bio for Person: Website: http://www.steverrobbins.com/

LinkedIn: https://www.linkedin.com/in/stever/

Facebook: https://www.facebook.com/GetItDoneGuy

Twitter: https://twitter.com/GetItDoneGuy

Twitter Handle: @GetItDoneGuy

Stever Robbins creates online and in-person programs to help people “Live an Extraordi

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John Brown, owner of Business Enterprise Institute (BEI), fell into the world of exit planning before there was even a term for the process. As an estate attorney in the 80’s, John was approached by clients wanting to exit their business without a clue how to do it. BEI was born from John’s realization of this unmet need in the marketplace. Now BEI educates, certifies and provides tools to Exit Planning Advisors who help owners create exit plans.

If you listen, you will learn: * The three universal goals every owner needs to answer before exiting their business * Goal vs reality in exit planning * Importance of a written exit plan well before you want to exit your company * Realizations owners have about their business in the exit process * Definition and significance of transferable value * The role a capable management team will play when planning for an exit

You Can’t Exit on Friday Back when John was an attorney in the 80’s he had one of his clients call him up because they wanted to exit their company. He said “that’s great when are you thinking” and they responded, “Friday.”

At that time, John didn’t quite know what “exit planning” totally entailed. However, coming from the estate planning world, he knew in order to truly maximize the hard work of building a business, longer term planning was a necessity.

After some research John realized there were a lot of owners who thought they could just “make the decision” to sell and it would be so. John states in his book, Exit Planning: The Definitive Guide, that “as a consequence of poor or no preparation, owners cannot leave when they want, with the money they need, and/or to the person they choose.” Now after decades in the business, it is clear to John that to exit in one week (or even one year) is impossible if the owners wants a truly successful exit.

What Constitutes a Successful Exit? “It’s All About the Owner’s Goals”

Every owner has a different view of what their life should be like after they sell their company. Certain parts of the process may be more important to one owner versus another.

John and BEI’s mission is to educate advisors so they can simply “help owners benefit from their lives’ work.” Exit Planning Advisors need to ask a lot of questions of the owner and understand their individual goals but also have a clear picture of where they stand on the three universal goals.

The 3 Universal Goals [questions you need to answer]: 1. When do I want to leave the business and what does that mean? 2. How much income do I want for the rest of my (and my spouse’s) life for as long as we live? 3. Who do I want to transfer the business to?

See how we at Solidity incorporate the 7 Steps and 3 Universal Goals in our Value Advantage™ program HERE

John dives deeper into these universal goals in the podcast interview and how they drive the exit planning process.

The Bottom Line A written exit plan will give you the roadmap to the rest of the life of your business. Starting with the end in mind is key to any project, goal or strategy. If you know where you’re going and what is important to you, then you can put all the advice and obstacles you come across into the context of your grander plan. Without a bigger vision you can be lead astray and find there are unintended consequences to decisions you made in a vacuum.

The goal is to build a business and legacy that gives you freedom and options.

“If you know what you want

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After selling his online publication with over 220,000 subscribers, Mark Daoust was approached by a friend also wanting to sell his business. This was the start of what would become Mark’s next adventure, Quiet Light Brokerage, has currently sold over $100M in online companies.

If you listen, you will learn: * What it means to be an online company * The different types of online businesses * How online businesses are valued * How to increase the transferable value of your company * The power of analytics online * How a traditional business can leverage the internet

Where It All Began Mark Daoust didn’t start out in the online business brokerage world. He first worked for an internet company in Maryland and made it through an extreme downsizing where he was then tasked with taking care of hundreds of clients.

Through this experience, he learned a lot about working with online businesses and eventually started an online publication called Site Reference. Site Reference generated revenue through sponsorships of the newsletter as well as direct mailings to their list of contacts.

[clickToTweet tweet=”“In the online world, if you have eyeballs..if you have an audience, you can make money.” ” quote=”“In the online world, if you have eyeballs..if you have an audience, you can make money.” ” theme=”style2″]

Mark was admittedly a little naïve and sold Site Reference for less than what the company should have been worth if he would have made slight changes. It is hard to put a price on a company where he was the sole contributor to the business and all he had was a list of followers. Admittedly, his business lacked transferability.

Making Your Business More Transferable & Valuable Mark now owns Quiet Light Brokerage which is in the emerging niche of selling and buying websites. He helps his clients with what he lacked in his previous business – how to make a business more transferable.

In this podcast, Mark discusses four main things that will impact the value of a company.

Risk
Growth
Transferability
Documentation.

Check out Mark’s Ultimate Guide to Website Value here: https://www.quietlightbrokerage.com/resource/website-value

Marriage of Traditional and Online Business Quiet Light Brokerage works with different types of online companies including eCommerce, service based businesses, software as a service companies, content sites, subscriptions sites, and lead generation sites.

Online companies are not just websites. Traditional brick and mortar businesses that have a company website are not online companies. According to Mark, traditional companies have the opportunity to grow their business in a way they haven’t before with leveraging the internet.

“No one wants to talk to a salesperson. People don’t want to be sold. They want to make up their mind on their own.”

The marriage of online and offline worlds is happening. Mark gives examples and elaborates on this point in the podcast. Business owners do not have to get rid of what they have developed offline but they will need to apply it to the online world to continue to be successful. There is only a ton of upside for their business.

Contact Information and Bio for Mark: Email: mark@quietlightbrokerage.com

LinkedIn: https://www.linkedin.com/in/markdaoust/

Twitter: @markdaoust

Company Website: https://www.quietl

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When approached by an inventor with 7 patents for a new giant fake tree hunting blind, Clint Fiore went out on limb (a very lifelike tree limb) and quit his current job to raise capital, build a prototype, find an angel investor, manufacture, market, and sell what would eventually become Nature Blinds.

If you listen, you will learn: * The process of getting a start-up company going * What it is like working with angel investors * Opportunities and downfalls that may come with angel investments * The trouble with valuing a start-up company * How Clint sold ownership interest and exited his business * How he leveraged his skills and migrated into buying and selling businesses in the middle market

Nature Blinds Comes to Life Clint Fiore was an aviation specialist, pilot, and insurance salesman from Texas. He was a self-proclaimed business junkie but at this point in his life, was not a business owner and definitely not a hunter.

“So here I am, this salesman for an insurance company who is reading business books and all of a sudden I get connected with this dreamer, inventor, artist guy who has patents and knows how to make cool looking stuff but doesn’t know how to do a business. I guess I read enough books by that point where I was like, you know what, I can do that.”

Clint raised money for a prototype of the new age hunting blind which was basically a hyper realistic looking tree that hunters could hide in. He found an angel investor who saw opportunity in the Texas exotic hunting ranch market.

Within a year, the company went from 6 to 50 employees, hit over 2 million dollars, and despite some bumps along the way, continued to grow.

Valuing and Exiting Nature Blinds Being a minority owner of the company, Clint didn’t have control of the vision or direction of the company.

The company started to succeed in more than just hunting blinds. They started selling smaller consumer products that had mass market appeal. Cash was thin because of earlier manufacturing issues so the angel investor, who had ownership in the company, was willing to invest millions more in the company. Great! The catch was that he wanted to be in the driving seat.

“He who makes the gold, makes the rules.”

Clint was given a buyout offer. This was personally rough for Clint as he helped to start the company and get it to where it was.

Clint describes his buyout offer as “fair” but has a hard time putting a value on the start-up. They had millions of fans, were in 25+ states, had intellectual property, etc. How can you put a price on that?

Texas Business Buyers After a forced exit from Nature Blinds, Clint searched for what he was going to do next. He owned, operated, and sold a technology start-up before looking to buy another business.

Looking online was easy but getting a business broker to call you back was the hard part. He realized how disjointed the business brokerage industry was and wanted to change it. Texas Business Buyers emerged and put a new spin on the process.

Listen and learn more about Clint’s journey and exit of his first company and the start of his newest venture, Texas Business Buyers.

Contact Information and Bio for Clint: Email: clint@texasbusinessbuyers.comLinkedIn: https://www.linkedin.com/in/clintfiore/

Twitter: @clintfiore

Texas Business Buyers Website: https://texasbusi

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Chris Yates owned and operated a digital marketing agency, chained to his desk day after day managing employees and client demands. After a call came in from an old employer looking to partner with Chris for his “next thing” after selling his own company, Chris’s life changed and the one he envisioned for himself started to emerge.

If you listen, you will learn: * The process of buying an online company * The risks and opportunities of buying an online company * How online companies are valued * How online businesses are different from traditional business * The 8 different types of online businesses * Criteria (sniff-tests) to decide to buy or not to buy an online business * Where to turn for analysis and advice on this process

The Perfect Partnership Chris and his old employer, David, had differing skill sets that made for a perfect partnership. They had an idea to find online companies, acquire them, and take over their operations. These companies had to be the perfect balance of risk and opportunity to make the deal worth it. Within the first year of their partnership, Chris and David bought 10+ businesses and had triple digit annualized return on their money overall. This “work” and life was way more fun.

Tips and Tricks From Chris’s perspective, the biggest myth or misconception that most people have is that “websites are different than real businesses.” You must treat an online business the same way you would treat a traditional business.

Chris talks to us about the process of buying an online business, the due diligence that goes into the process, his personal recommended “sniff tests,” and other tips and tricks on how to figure out what to buy or where to even start looking.

Entrepreneur Life Can Be Lonely Even though Chris started doing something he really enjoyed and was extremely good at, he was used to being around a company of people. He was not working in an office setting anymore where he could build relationships and friendships or even just have someone to bounce ideas off daily. He started to feel lonely and wanted to share his ideas, successes, and failures with people that would understand.

Chris created a now annual event that brings together people who share experiences and knowledge on investing and buying online companies. His online businesses pay the bills but his passion is now this event that grows every year.

Don’t Be Overwhelmed Chris leaves us with the comment that even if someone is looking to get into the business of buying online businesses, you don’t have to do it alone. Not only can you attend events such as the one Chris describes in our interview, but there are also lots of people that can help you with the technical aspects of the deal.

Online business can be intimidating. He encourages entrepreneurs of all ages to explore this type of industry and don’t be afraid to bring in some help.

There may be some (or a lot) of risk but also an extreme amount of opportunity online. Anyone can make it their passion just like Chris has done and there are communities of people to share in the experience.

Contact Information and Bio for Chris: Email: Chris@chrisyates.orgWebsite: https://www.chrisyates.org/Online Entrepreneurs Event Website : https://rhodiumweekend.com/

Chris Yates is an entrepreneur who actively acquires and manages websites. In addition to buying and selling internet businesses, he also educates and coaches others to safely make money buying and selling websites. He is considered a website monetization expert and can ta

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From zero to $120+ Million in 6 years to bankruptcy, then to the cover of Inc. Magazine and the eventual sale for hundreds of millions of dollars, Norm Brodksy deserves every ounce of praise and money he received when he sold! The battle wounds of his first tragic business venture turned him into one of the wisest entrepreneurs I have ever encountered.

The stories Norm shares with us are incredible! It was fascinating hearing him recount how he used his articles in Inc. Magazine to showcase his selling process with his potential buyers and then rejecting the offer at the last minute despite having appeared on the front page with the headline “Norm Says Yes”.

Norm also shared with us some great real-life examples of how he made his companies so successful. Always to the point, it’s impossible not to be inspired by what Norm has to say.

What are the lessons we can learn from Norm’s first business? Norm was crystal clear that even though there was a change in the marketplace and a variety of external factors, it was up to him to take responsibility and not to slip into the “Groundhog Day Syndrome” as he called it. His first piece of advice was:

[clickToTweet tweet=”“If we blame others or outside forces for what happened, we’re destined to make the same mistakes over & over again.” ” quote=”“If we blame others or outside forces for what happened, we’re destined to make the same mistakes over and over again.”” theme=”style2″]

3 key takeaways: 1. If you want to expand your own empire, don’t pledge the assets from your cash cow to the new risky venture. 2. Don’t get hung up on a sales revenue target. You want to build a profitable business, not just a high volume business. 3. Build your business as if you’re going to keep it forever, but at the same time, build the business as if you need to sell it tomorrow. This looks like a contradiction but as you will see in the case of Norm’s second business, the culture you create with the “keep it forever” mentality is what actually makes the business more sellable.

What was the main thing he did differently with his second business? The first (and most important) thing Norm did was take a look at who he is, what he wanted from his business, and why. At this point in his life as an entrepreneur, he decided the culture, vendors, and clients he worked with were the most valuable parts of a healthy and sustainable business.

Bo Burlingham, the Editor at Large from Inc. Magazine, partnered with Norm on the column when he was selling CitiStorage. He also featured him in his book “Small Giants: Companies That Decide to Be Great Instead of Big“ because there were multiple times Norm had to decide whether he wanted to chase the revenue number again or maintain a profitable and healthy business.

How does Norm define “company culture”? In short, it’s the way the employees are treated within the company. He viewed his employees more like being part of his family than just merely his workers. The best part is, by putting in effort and energy into his culture he was able to enjoy what he did and see the

Street Smarts: An All-Purpose Tool Kit for Entrepreneurs

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This week we have a great story of someone that worked really hard to figure out who she was, what she wanted from her business and life, and why. Tana Green has done some exceptional things along her journey into her second half. She decided to use her current business as a platform to accomplish her life’s aspiration to change people’s lives.

If you listen, you will learn… * How one person used her business to empower her and answer her calling in life * How Tana used her business as a platform to raise $10M for charity * The power of having access to a large workforce and contact base * How real change can happen on a large scale * Lloyd Reeb’s low-risk probes in action: the concept of trying meaningful and fulfilling pursuits until something sticks * The benefits of taking time out to evaluate your own mind * How to create a humane culture in your firm from the top down * The value of the Strength Finder system * The negative connotations of the term ‘CEO’ and how a ‘CLO’ could be the future of corporate governance

Before figuring out what she wanted from her business and life, Tana would find herself breaking down in tears on Sunday night watching Extreme Makeover on TV. The stories were striking a chord deep inside and even though she was very successful in business, she couldn’t help but feel there was something missing… Tana originally thought she could only find fulfillment outside of the world of business but once she understood the massive platform her business offered her, the sky was the limit.

Where was the turning point? Tana attended an event put on by her CPA firm. It just so happened that the keynote speaker was one of our friends, Lloyd Reeb, from the Halftime Institute. After the event she met Lloyd for coffee and decided it was time for her and her husband/business partner, Mike, to get some next level coaching to help them figure out what was next.

What did Tana do next? She determined that her passion was helping women stuck in domestic violence. Her personal experience pulled her to help people in need of an escape from abusive relationships. But what did that mean? After some internal reflection and help from close friends and the Halftime Institute, Tana realized that her company could be used as a platform to magnify the impact she could make. She didn’t need to completely cut ties and sell the company to do what she wanted to do. Owning a company with thousands of employees and having influence in the community gave Tana amazing resources to serve the cause WHILE still keeping her company.

How did she do it? Tana DID NOT DO the typical thing that entrepreneurs do after they come back from a conference. She did not walk back into the business and immediately bark orders on the new direction she was taking with her role. Tana wanted to help change people’s lives and that first started with mentoring and guiding her executive team. Getting her executives on board with the new vision was a slow but effective process. She gave them the resources they needed to become the next level team that would allow her to move into a different and more distant role. Everyone on her team first took their Strength Finders 2.0 to help guide the process. After the Strength Finders, Tana set up a monthly meeting to touch base with her team. She also wrote a book called Creating a World of Difference that she gives to eve

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We have a serious high achiever on the podcast this week – a man who managed to buy 11 companies (one in just three days) and sell his own $42 million company in just six weeks.

After moving back home, Terry Lammers bought the family wholesale fuel and lubricants business. He became prolific in the marketplace by then buying up more and more of the competition. You will not find a man more experienced in the game of M & A…

If you listen, you will learn… * Tricks to avoid nasty taxes in a sale * What you need in place to be able to sell a company in just six weeks * The benefits of recurring income * How Terry used the power of the Value Builder System without knowing it * How best to tell employees you’re selling up * How to use non-compete clauses * The importance of advisors

Where did Terry find the 11 competitors he bought along the way? Terry knew that in the limited area he did business, there was only a finite amount of competition and business to be had. He was always on the lookout for people that were trying to find a way out. Terry knew that once the competition was actually ready to sell, he had to jump on the opportunity.

Some of the acquisitions were a bit more cumbersome and hairy (like the deal Terry explains went bad after the kind-hearted man went back on his word). However, most of the businesses that Terry bought had returns that the best of us could only dream of!

How were most of the deals structured? Terry had a knack for knowing exactly what a business was worth to the seller and how to make it a great deal for both sides. He didn’t just let the professionals dictate the terms and conditions for the deal…he made a huge effort to make it a no-brainer for everyone.

Some of the deals were bonus structures (earnouts), some were cash offers, some were stock purchases, and others were a combination. The only thing on Terry’s mind was to find a way to make a deal fair for everyone involved and get it done!

What did Terry do differently because of his experience buying companies? After buying 11 other companies over the course of owning Tri-County Petroleum, Terry realized that things really needed to be buttoned up if a good deal was to be made. Following are some of the top things he did with intention before the sale of his company:

Signed agreements with all of his customers
Put in place non-compete clauses with key employees
Built out a high-caliber executive team that allowed him to focus on the business and not the day-to-day
Reviewed financials every year
Updated equipment
Leased equipment to clients to make them more sticky
Created a private label lubricant

What about the employees? Terry called everyone into a normal monthly meeting when he decided it was time to tell all of his employees about the sale of the company. There was no guarantee that a job was lined up for each employee under the new ownership…but the good news was that everyone was offered a job but one employee!

The reason the one employee was not hired was they had an entitled attitude during the interview process with their new boss (weird how that didn’t go well!). All the employees were treated very fairly because the buyer decided who they wanted to keep on the payroll. The fact that they hired all but one person showed that Terry had an amazing group of people working for him.

What did Terry do after he sold? After selling the company, Terry sat at home for a few months watching The Morning Show, Doc

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He’s worked in sports management with the likes of Brett Favre, he bought and sold four businesses by the time he was 35, he’s done multiple M & As in his time as an investment banker, and now he’s a bestselling author (Networking is a Contact Sport, Moving the Needle), speaker and coach. He also loves the work of our recent guests Dean Niewolny and Lloyd Reeb over at the Halftime Institute.

With that kind of background and experience you can probably guess, we were not exactly short of conversation! Listen to the show for some absolute gold advice about how to set yourself up for a fulfilling life after business, or read on for some of the highlights…

How did Joe get started? The 8th in line of 8 older brothers, a negative net worth of $50,000 and a love for manufacturing, Joe had no doubts he was destined to be an entrepreneur. He went to the library and built his own database of manufacturing companies, pre internet, with the goal of calling all the owners to see where they were at. Joe’s main goal was to find someone that would be willing to take on a hard working, ambitious young man that would be willing to sell their company over time.

After finding his perfect situation Joe did just that… and then acquired 3 more manufacturing companies before selling!

What happened when he first sold his companies? He sold his companies at a relatively young age because he had 4 little kids at home and was starting to realize that he should reprioritize some things in his life.

After Joe sold he got to work on his bucket list, i.e. single-digit golf handicap, running the Boston marathon etc. But soon it just wasn’t cutting it. In his words: “I thought I’d either have to create a new list or go back to work, or I’m gonna die!” That’s how he ended up in sports management, specializing in acquiring companies on behalf of sports stars.

What has he learnt from the people he’s worked with? Most people don’t have any idea how to pause, call the whistle, and look at the replay. How can you go onto to a life afterwards of passion and purpose if you have not assessed how you have played the game so far? Having intention in the second half is hardest part!

What he noticed about people who succeeded in their second half: Anyone who has successfully transitioned into their second half has taken time to reflect and take a look at who they are and what they really want. In the first half, we are busy working to create a stable household and to provide for our family. Many people measure success on the things we can see, i.e. flash cars, big houses etc., and this is more the domain of the first half. In the second half it’s more about things we don’t see, like respect, dignity and serving others. In the second half it’s about finding a purpose and having a life vision.

Joe’s advice on how to measure your life after business: If your life turned out really great, what metrics would you use? Not enough people really define what success means. They can easily assume they’re unsuccessful, or on the flip side, aim for something they assume will make them successful; but it could all end in tears if they haven’t focused on what success really means to them.

The questions Joe asks himself at the end of each day: 1. What’s the best thing that happened today? 2. What did I do today to create my ideal day? 3. What am I most grateful for? 4. What’s one new thing I learned today? 5. What did I do today to make X dollars for my family? 6. What did I do today to allow God to work through me? 7. What am I looking most forward to tomorrow?

Wise words for the road: “We find things that burn inside of us, and I think we’v

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We speak to a man who has been there and done it… from the business buyer to the eventual seller of his own company. Jamison West overhaul his business model from the traditional IT, time and material (trading dollars for hours), to the new Managed IT Services monthly recurring model. His new business gave him a 15% jump in EBITDA, from the original 4%, so he was averaging to a healthy 17%!

Jamison gained great insight into the whole sale/valuation process during his acquisitions of multiple Managed IT firms and then used this experience to consciously prepare everything in his business before he finally sold to a strategic buyer.

This episode is a perfect example on how to maximize the value of your business while simultaneously achieving the day-to-day efficiency of your business and TRULY moving from the hub to the spoke.

Why did he start acquiring businesses in the first place? There are certain benchmarks in the Managed Service Industry for recurring revenue and overall company size that are benchmarked by a Managed IT Service peer group called HTG. This lead Jamison on a quest to grow organically, AND acquisition, in order to hit the numbers he thought he needed to achieve for a future buyer to pay top dollar.

The first two acquisitions helped add staff and mass to his firm and allowed Jamison in make strides in the direction he wanted to go. The third merger / acquisition proved to be a much bigger challenge due to culture and management, but the right intentions were there!

Why did he change business models from time & material to recurring revenue? Jamison was charging more than a fair price for his time but quickly realized he was needed by multiple clients at once. Obviously he couldn’t be in more than one place at a time and his clients had a top stop on how much they were willing to pay. Therefore, there was a problem that was ready to be solved!

Not only was his time a limitation but the current situation came with serious highs and lows. In order to change the company’s emphasis from the revenue ups and downs of project work, Jamison flipped his business model and expanded so he could provide fixed-fee services and thus improve his own potential scalability.

Ultimately he realized that the clients were not just paying for the time he’s working, they’re also paying for peace of mind and immediate availability to any question that needed to be answered for the business’s technology. To do this he needed a lot of staff. Thanks to advice from his peer group of similar businesses, he decided to increase his price by 20%. He figured that if 20% of his clients left he’d only have 80% of the work to do with 100% of the revenue he had before.

How did it affect his valuation? Like we said soon he had a business that was 17% EBIDTA rather than 4%! In terms of take home dollars, and the formula that his buyer used to acquire his company, it was worth a TON more. Jamison knew if he had locked in contracts that a buyer who collected money the first of each month would pay WAY more than if he had to resell new agreements / time and material each month.

Therefore, it was less risk for a buyer (especially a strategic competitor) to take Jamison’s company and their clients and bring them into their platform. They had more time, energy and resources that they could apply to keep those customers. With a contract in place it allowed them to prove their service, trustworthiness and ability to exceed the client’s expectations before the agreement came due.

How did he structure the deal to sell? He used a specific industry broker that created a slightly different structure than the standart multiple of EBIDTA. It was actually a comp

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We’ve got a seriously wise man on the show this week. Not only did he sell his business for way more than the original offer, he then strategically mapped out the framework for his second half and he is having a blast doing it!

Rob’s goal for his life after business was to go into another venture, but despite feeling restless while working for the company he sold to, he only took the plunge once he had identified an opportunity that met the five strict criteria he’d devised. He is a great example of how good planning can set you up to succeed in a life after business, which of course is exactly why we’re here!

How was the business valued when Rob first bought it? His investor used a multiple on the company’s net income and arrived at a figure. It was then agreed that whatever percentage of the figure Rob was able to pay would ultimately equal the share of the business he would receive. Rob eventually ended up hitting 100% and took full control of the business.

How did he grow the business? The business was strictly grown out of profits. After the initial investor was out of the equation, there was no external financing.

What was the key decision that made his first business a success? They hired a management consultant that forced them to really get a hold of their metrics. In his words: “that was the most transformational thing as CEO – it had the greatest impact”. The increased accountability for all staff made results improve immediately.

One of my favorite things that Rob said was that the metrics and data got him and his employees all working in the same direction. The data became the measuring tool instead of Rob. He was able to move to the same side of the table as his employees instead of being the bad guy “telling” his employees what they needed to do. The data became the “hero” or “enemy”.

They had real time information that measured how they were doing and allowed them to work as a team to march in the direction that was universally visible to everyone.

What was the triggering event that lead Rob to sell? A larger competitor reached out to Rob and asked him if he was willing to sell. In Rob’s mind it wasn’t for sale, but he did provide the bidder with some rudimentary information to help with the process. He turned down two offers but remained in communication and set a price that would work, as well as some conditions.

Rob stipulated that it must be a cash purchase and that the deal had to be concluded in the two months before year end. Miraculously the buyer agreed to the higher price and to all of the conditions.

Why was the deal able to close so fast? A deal of that nature was only made possible because of the data dashboards and excellent book keeping Rob had put in place. Rob was able to provide all the information that the buyer wanted, and much more, almost immediately. The confidence that they buyer had in Rob and his operations eliminated any hidden surprises that may have popped up to derail the deal.

The advantages of a strategic buyer vs. a financial buyer: In Rob’s experience a strategic buyer is easier to deal with. Due diligence is less rigorous and the price they pay is likely to be higher because they have the know how in the marketplace to make a return on the dollar they pay. He’d been receiving enquiries from private equity firms long before the sale but didn’t give them the time of day. Although he wasn’t particularly interested when the strategic buyer first came to the table, he was at least interested enough to volunteer information.

What was it like being an employee after he sold? In Rob’s words: “I never considered myself an entrepreneur until I stopped running the show”. He s

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I run a podcast that is meant to help business owners have a successful exit that keeps their needs, post-exit, in mind. When I met Lisa Schiffman, I was amazed by the type of work she and her business partners are focused on doing for women in business — particularly because this is a male-dominated industry and the stats these ladies are putting out regarding the improvements they’re making across the board are impressive.

Lisa and others at Ernst and Young are running a program called “Winning Women” which offers financial support and backing for female entrepreneurs who wish to grow both financially and professionally with their business, whether that means market research, product innovation or another aspect of the business that they wish to grow.

They did a study on the program for their 10-year anniversary because they wanted to celebrate the successes they’ve had and spread the word about the wonderful work Winning Women is doing in the business world. The Ripple Effect We all know the saying about fishing, which is roughly this: gives someone a fish and they eat for one day; teach someone to fish, and they’ll eat for a lifetime. Well, this organization is teaching female entrepreneurs how to fish — and these ladies are reeling in the big fish!

Winning Women recently had a study done of the impact of their business for their 10th anniversary. The results of that study showed that 83% of Winning Women say they benefited from the advice and mentorship of their peers available to them in this program. A common issue in the business world for female entrepreneurs is finding an appropriate role model or mentor; Winning Women has 430 entrepreneurs in 50 countries around the world available to be a mentor. This is a huge well of ability and knowledge that is unmatched anywhere else in the industry.

On top of that, almost every woman in the program (96% of them!) has said that she feels a unique responsibility to support other women. They do this by hiring or advancing women within their business (90%), being a role model (94%), mentoring women outside of the organization (90%) or even opening a new business with other Winning Women in the program (21%). That is remarkable networking and the best pay-it-forward model I have seen in a mentorship program. Are There Real (Financial) Results? If the mentorship aspect isn’t compelling enough, stats relating directly to the health and success of the businesses themselves were positively impacted as well. For example, Winning Women increased their headcounts by 166% in the last 10 years and also grew their return on average compound annual growth rate (CCAGR) by 35%.

Transactions done by these women have improved, as well. Looking into this year alone, 53% say they are planning to undertake a strategic transaction (43% of them for the first time!) through alliance (47%), merger (18%), acquisition (16%) or an IPO (5%). For those seeking external financing for these transactions (53%) in the next twelve months, 51% are still thinking about doing traditional bank loans while 16% say angel investors, 11% say venture capitalists and 2% say private equity. Winning Women looks to improve industry knowledge in this financing area for these women so that they can be more competitive in the market and garner greater success.

Direct from their website, here are some other fun stats to know: Individual participants average 20% revenue growth annually; in the second year of participation, however, their companies have been known to grow up to 50%. Winners also report increases in entrepreneurial confidence, growth goals, networks and media visibility, to name a few. How Can I Become a Winning Woman? You need to be a female-founded company with 51% own

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We’ve had some excellent discussions about the many benefits that an ESOP can bring, so we thought it was time to go in-depth with someone about their own ESOP exit journey.

Having built up her own highly successful SEO business, Nina Hale has now begun her second half and is in a life after business where she has some great balance and passion in her new ventures. Her story is a great example of how an ESOP can benefit a company every bit as much as it can benefit the seller.

What was Nina’s motivation to go down the ESOP route? Nina felt she could dictate the terms of her exit far better with an ESOP than with a sale to an investment banker or rival. Right from the beginning of the business she was very keen to provide an environment for people to have a sustainable career, so an ESOP was the best way of preserving this culture after exit. It also gave Nina a vehicle to be philanthropic towards the workforce that helped make her company so successful.

What made her get out? She hired a great managing director, Donna Robinson, who was keen to take on more responsibility. Nina then asked her if she one day wanted to run the company, which she did. She said “she was in for the long haul!” This was the beginning of the succession plan.

How did she measure the value of the business? She hired a valuation firm who went through all the usual procedures. Then once Nina hit “her number”, she decided that anything above that should be used to reward the loyalty of her employees. Nina was comfortable with the fact that an ESOP can only ever offer a financial valuation, i.e. a valuation based strictly on her own company numbers. The strategic valuation, where a market competitor may pay a higher sum based on factors such as synergies, future growth and market share, is not part of an ESOP valuation.

What was the legal process? Very cordial and stress-free for the most part, because Nina was able to hire the team for both the buying and selling side of the transaction. It felt like a project rather than a a negotiation.

What are Nina’s current terms? A promissory note, where Nina wrote a loan to the company which the company is paying back to her at a specific interest rate. Because one of the loans was unsecured, a warrant was set up so she would be able to buy a certain amount of stock at a good price. The company has to buy that stock from her a year after the loans are paid off. This keeps her motivated to make sure the company is doing well.

Nina’s explanation of retention stock: Retention stock is part of stock appreciation rights. It encourages long-term loyalty, i.e. a 7-year agreement that doesn’t pay anything for the first two, but then 20% each year thereafter. She wishes she’d have done more of this with the employees.

Wise words for the road: “If you don’t have an exit strategy, you don’t have a strategy.”

“Really understand what your goal is and be true to yourself. Don’t hang on when you need to bring in somebody more professional than you. Sell too soon.”

Contact Nina: Visit ninahale.com

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Valuations, Gross Sale Price and Net Proceeds… What Really Matters? I had a great conversation with Scott Miller in this episode and we tackle some of the most important concerns every business owner have has when transitioning their company, how does gross dollar amount turn into net proceeds in the bank? AND how long does it take to get it and what do I have to do to get it?

Scott is a serial entrepreneur as well as a CPA. He knows what it’s like to be on every side of the fence. Just how can you protect those net proceeds from all the clever tricks a buyer and their attorney might pull? Keep listening for the answers, or if you’re pushed for time, read on below for the show summary….

What is the difference between valuation and net proceeds? The first question to ask, post-valuation and at the beginning of the negotiation after the buyer tries to wow you with the gross sale amount, is “what are the terms?” The figure given as a valuation and the offer that is in the Letter of Intent will be subject to many things, i.e. earn-outs, seller financing, management agreements.

The best way to approach this is to get the baseline figure agreed upon WHILE knowing the EXACT net proceeds dollar amount you are trying to get. Then know where you have leverage with the buyer and know as much information you can gather about why they would want to buy you so you have the upper hand any time there is a negotiation. THEN if you have to give and take KNOW what you are giving up as part of the process just in case whatever you agreed upon doesn’t follow through.

Who prepares the documentation for the transaction? Typically the attorney for the buyer sits in the driver seat of the transaction and drafts up the purchase agreement and sends it to the seller’s attorney. So therefore, documents tend to be drafted with all kinds of intricate caveats to provide a cushion for the buyer.

For example: if it is in the buyer’s best interest to have an asset sale with the classifications of revenue a specific way to help them recapture the expenses and depreciate the purchase in a certain way, they will do that. REGARDLESS of what it means to you and your net proceeds. A few simple reclassification moves might make the buyer a ton more money but it could mean the difference between capital gains and ordinarily income for you (or 30% +/- in taxes!).

How do you guard against getting burned in negotiations with a buyer? In Scott’s words: “Professionals who are well-versed in the world of transactions are really worth their weight in gold. They’re able to distance themselves from the emotion that business owners have typically invested in their company. If things are said during the negotiations to the owner. it’s like calling your kid ugly”

Asset sale vs. stock sale A stock sale is typically favored by the seller because the stock will all be taxed as capital gain, so the buyer is assuming any liabilities going forwards.

In most cases a buyer will prefer an asset sale because they get to allocate the purchase price to assets that typically promise the highest return on capital. For the seller, many of the items they’re selling are ultimately taxable as ordinary income.

What should a seller do to make sure they do well from an earnout? They should attach the earnout to something that’s easily verified, i.e. sales. It’s very easy for the buyer to take it down the road of profitability, but there is a so much more that can be massaged when it comes to profit numbers. A proper exit planner rather than just a standard company attorney will be able to iron these things out.

How w

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We continue the theme of ‘halftime’ in people’s lives by speaking to Lloyd Reeb, an eminent author and speaker who coaches and mentors for the Halftime Institute.

Lloyd shared with us some great advice about how to use an existing business as a platform to do good for others and for yourself, and his own story will strike a chord with many people too. In his words: “I was pursuing the american dream without any sense as to where it was going to take me”

In today’s episode, you will learn: * What the most important question you need to answer as an Entrepreneur * What it’s like to use your company as a platform to live the life you want * The Post-it note exercise to a great management team * How to find the right people to go on the Entrepreneurship journey with you * The 3 steps to find the best path to a great life and business

What was the moment when he realized his corporate life needed to change? At the age of 30 he travelled across Asia and ended up in Manilla to visit a friend who was a missionary. He spent most of the week in Manilla playing basketball with kids and talking to them about faith. After that he went to a 5-star resort in Malaysia and realized he had more fun with the kids in Manilla than he did in the sanitized surroundings in Malaysia.

How did he start the process of change? He looked at his life in the same way as he would look at his businesses. In his words: “you wouldn’t build a business without metrics, but how many of us use metrics for our own life?”

Then his mentor Bob Buford (author of Halftime: Moving From Success To Significance) empowered him further by saying: “You come into my office and give me these goals every year, but you’ve never told me where you want them to take you. Any time you’ve got free, work on the question

‘if your life was perfect; what would it look like?’”

Lloyd’s advice for what you can do today as a family: Ask yourself three questions:

Is there any limit of money you can spend on yourselves?
If there is, what is it?
What is in my kids’ best interest to inherit when I pass away?

How can you find your ‘mission’? The first thing you should do is watch Lloyd’s TEDx Talk. It is amazing and summarized everything you need to know

Lloyd’s big point is for people to understand their mission in life before they make wholesale changes. It might be that their current company/workplace can help them do that or it may be that they have to move on. In his case he defined his mission as being a thought leader rather than an operator, so he relinquished his day-to-day management responsibilities and set about finding fields of work that had thought leadership at the forefront, hence how he became an author.

He has also seen many examples of people using their companies creatively to make the kind of impact they want as part of their mission, i.e. a man who had a company that sold jumpsuits for prisoners created a sub-organization dedicated to preventing convicts from re-offending.

What did Lloyd learn from the battle to change his identity? 1. When you reinvent yourself, you’re going to go through a detox process. You’re addicted to the adrenaline of everyday business so it figures that it may take some time to adjust to a life without it. 2. Understand there is a ‘head journey’ and a ‘heart journey’ in midlife renewal. The head journey is things like ‘what am I going to do with my time?’ The heart journey is the concept of allowing you

Halftime: Moving from Success to Significance

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Today we’re speaking to someone who truly understands a life beyond business. As CEO of the Halftime Institute, Dean Niewolny has been empowering people to find fulfillment in their lives outside of work.

Dean has lived through his very own crisis too. Having spent 23 years in senior exec roles across Wall Street, he can remember staring out of the window one day and wondering what it all meant. That feeling of emptiness persuaded him to sign up to the Halftime Institute as a client, and it wasn’t long before he was given the opportunity to cross over to the other side and become a member of their senior management team.

What a meaningful conversation we had – it’s well worth a listen – but if you’re pushed for time, read on for the summary of the show…

What does the Halftime Institute stand for? Based on Bob Buford’s book, ‘Halftime: Moving From Success To Significance’, the institute offers guidance to people like Dean who find themselves at a crossroads in their career/life. As the title of the book says it is geared towards finding ‘significance’ rather than the endless pursuit of ‘success’.

People find themselves working with The Halftime Institute after they experience what Neil called “smoldering discontent”… They have achieved success in today’s terms but still feel like something is missing. They are on a search to find more meaning in life.

What does ‘halftime’ mean? The concept of halftime started when Bob Buford woke up and had a “success panic” in the middle of the night. He had an epiphany that he was addicted to the kill and the thrill of the deal. He found himself asking, “What’s this all for? Is this it?”

Halftime is not a time of crisis but a time to reflect. It should be a catalyst for purpose, impact, and growth.

Dean has seen the definition of what halftime means change significantly during his time in the business. When he started, it normally meant the literal halfway point in somebody’s life, i.e. at 40-65 they’d look to identify significance. Now he sees people begin the quest for significance ranging from their late 20s to their 80s. It also used to be very male dominated, but now the split is only 60/40 male to female.

How do people reach the awakening? In the case of many business owners and highly successful business people, it’s a significant event like a death in the family or an illness. In Dean’s case it was the realization he was in a state of ‘smoldering discontent’.

Can significance only be achieved outside of work? Not at all – this is a common myth that Dean is desperate to bust. The obvious thought in many people’s minds is to throw away their career and do something conventionally worthy like open a homeless shelter, but it is distinctly possible for people to use their existing platforms to find better fulfillment. According to Dean, 70% of people who complete Halftime programs actually stay where they’re at. They simply find ways to reach significance with what they already have.

How do you find your significance? Dean tried to do it on his own and it was a disaster. He advises you to take a pause in life, ‘figure out your strengths, passions, gifts and what makes you sad, glad and mad.’ Dean says it’s essential to have someone walk you through the journey. There are also great benefits in doing it as part of a group because sharing the journey with somebody else at the same level is a great motivating factor.

What are the main obstacles that prevent people from finding their significance<

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We’ve gone for a different take on this week’s episode by speaking to someone who’s never sold a business. What we like about Matt Shoup is his perspective. The way he has managed to get his business to a point where he can disengage from it whenever he wants is a great lesson for all of us.

As well as the obvious of achieving a good work/life balance, presiding over a business that doesn’t need you is the ultimate goal in maximizing the sale value. In Matt’s case it has also enabled him to be a proper family man, indulge his passion for jiu jitsu, and travel to Spain as and when he pleases.

What got him into the trade? He started working as a painter as a college summer job, but back then had no idea that it would lead to him founding the multi-million dollar painting firm he owns today. It sure was a bumpy road that got him there. Having graduated from college he worked in a bank and in his words ‘lived the American Dream’, i.e. big house, big car and started a family.

Unfortunately he over-extended himself to make it happen, so when he was suddenly made redundant, he had $20,000 of debt to worry about. Before he’d even called his wife to tell her he got in touch with a couple of old painter contacts and then proceeded to throw himself into the painting business full time. He did $500,000 revenue in year one, and now, 15 years later, his company is consistently doing $2 – $2.5 million every year.

What made him change his priorities? He thought to himself one day, “what is life going to look like if I keep up at this pace?”. He felt that he’d miss family time if his company was going to continue to grow. He also realised that the growth was actually hitting his profits, having fallen into the classic trap of chasing revenue rather than profit. He noticed that as they were expanding to other markets/areas, they were losing market share in their original core market, so he reined in the growth and returned to the company’s natural niche.

How did he delegate? Once he felt the business was solid after the re-alignment of the growth plan, he made a list of everything he did on a daily basis and then gradually crossed out more and more of his tasks. He realised he was being a control freak and ‘gave people the responsibility they should have had from the get go’. Then he kept going on vacations. Small at first, but even just a few days away helped focus the workforce in his absence. Before he knew it he was able to go on eight-week vacations without it adversely affecting the company.

How did he cope with letting go? He remembers a moment where his senior management basically threw him out of a meeting and said they’d be able to get more done without him there. He had mixed feelings of pride that he’d achieved the goal of having his company run without him, but he also struggled with the notion that he wasn’t needed any more.

Jiu jitzu suddenly became his salvation. He started to draw analogies with jiu jitzu and the judgment he needed to run a successful business, and that, along with regular travel to Spain, helped fill the void.

Wise words for the road: “I feel that I end up being more effective, efficient and profitable when I put business last in terms of priority, rather than focusing on it all the time.”

“It does not matter about what you think about your company; it’s what your customers and community say about you that will build your brand.”

“Own your worst and show people what you do to make it right.”

Matt’s books:

Become an Award Winning Company

Plant Your Flag

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Pamela Dennis is the author of one of 2016’s best books on exit planning, so we’re super-excited to get her on the podcast. She has her own exit story to tell us about and then was able to package what she learned into a book that is practical and easy to read.

Pamela has been there and done it with her own business, and not just any business, a professionals services firm. Many say that this is the most challenging industry to get top dollar for. Firms are valued at 1 or 2 times earnings because more often than not the firm revolves around the owner and their intellectual property… therefore there isn’t much to transfer or sell. However, not only did Pamela engineer the perfect exit, she managed to achieve what for many business owners is the impossible. She used their intellectual property to license and monetize their professional services business. And what’s more, she has the most exceptional ability to put it into words – there are just so many great metaphors and easy-to-remember nuggets from this interview!

Some stats to start us off: * 75% of small business owners have their retirement equity tied up in the business. * 25-27% small business owners sell for the true value of their business, 20% just close the business all together. * The number of small-medium business owners that are going to turn 70 in the next 10-15 years is going to grow 600% in 10 years and 900% in the next 15-20 years. * Companies that spend 6 months or less selling their business only get 50-70% of the value on average.

Why do only 13.6% small business owners have an exit plan? 1. Because they’re too busy. 2. Because they think it can be delayed. 3. It scares them because they don’t know what they’re going to do afterwards.

How Pamela’s exit plan was aided from the very beginning: Pamela had a very clear vision of what she wanted. She said that her husband tells her that planning is in her DNA. That’s not the same for all of us! However, Pamela gives some great advise on how to put your thoughts to paper.

On one side of paper Pamela mapped out the absolute fundamentals of the business: “What it will be, what it won’t be, the kind of work we want to do, the kind of work we don’t want to do, the clients we want, the clients we don’t want.” This was the framework that helped the business build value year on year. It gave her a clear direction on where she was in relation to her vision for her future.

How was the business value built? Because a professional services business doesn’t have hard assets, higher multiples on pre-tax income is always a challenge. The value Pamela and her firm got came from their track record of hitting double-digit growth targets every year, by hiring partners who wanted an equity position in a growing business, AND more importantly their ability to package their services into protected intellectual property (i.e. licensing out patented training programs),

What was the compensation structure for the partners? Partners would get paid on a percentage of ownership, how much revenue they drove in the year. BUT the more interesting and more important thing they did was tie the executive compensation to how much intellectual property they had created and what the projected revenue was in the next two years. This was how to get people to stop working on the now and look at the future.

Pamela’s advise here is critical. Her experience was that if you don’t build a structure like this everyone in a firm will always look at non-billable hours as time wasted. However the non-billable hours that were spent on the intellectual property building were the exact thing that made their firm worth the top dollar!

“You need bifocals. First to l

Exit Signs: The Expressway to Selling Your Company with Pride and Profit

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After long service as a United States Air Force officer, Todd transitioned to independent practice in family wealth services in 1992. He specializes in asset protection planning and complex tax planning for families that own middle-market companies. In particular, he focuses on tax mitigation for business dispositions. Todd collaborates with a wide range of professionals that touch business sales: exit planners, M&A advisors, accountants, attorneys, and investment professionals. Todd holds a law degree, an advanced legal degree in taxation, and a doctoral degree specializing in finance. Todd is a contributor to Forbes Magazine online; his column focuses on issues confronting families that own middle-market companies.

In this episode, you’ll learn:

How to play “nice” with the IRS
When insurance may or may not be needed in estate planning
Strategies on how to save up to 80% in taxes when you sell
Conflicts to be aware of among advisors during a transaction
What a ‘private letter ruling’ is
Where an Exit Planner can help in your transaction

Nothing like Uncle Sam taking half of your business proceeds when you sell… that’s why you sold your soul and worked your ass off for the last couple decades right?!?!? Good news folks, we’ve got someone on the show today who can show you how. As a partner at the Integrated Wealth Counsel, Todd Ganos is a specialist in tax planning who makes it his business to stay up-to-date with the constantly evolving tax regulations and legal precedents.

If there is one episode of my show so far that fulfils the purpose of “bringing our listeners all the information I wish I would have had before we sold”, this is truly it. I know, based on some of the conversations I have had with Todd, that there were a few things we could have done to put more than 7 figures INTO our pockets had we had the right advisors and the right planning.

Don’t worry this isn’t some boring tax code episode, Todd shares with us colorful stories about what is possible in the shell game of the tax code and what to look out for when hiring your advisors.

Todd shares with us a lot more than the technical detail of tax planning and estate management. He really helped shed some light on the many conflicts of interest that play out among the different parties sitting around the table during a business sale, and how business owners can avoid being caught out by the wrong ‘advice’.

An interesting fact to start us off: 70% of all wealth in the US is in the hands of first-generation business owners. Tax planning and succession management are therefore fundamental to the prosperity of a large section of America as a whole.

“70% of all wealth in the US is in the hands of first-generation business owners.”

General advice from Todd: When selling your business, make sure you use somebody who specializes in business sales, not somebody who spends their everyday working life advising clients on how to properly claim their travel expenses. So often a CPA or attorney is assigned to manage a sale who simply isn’t qualified to do it. Just because your CPA drafted your articles of incorporation doesn’t mean that they are capable of doing the biggest transition IN YOUR LIFE! It’s vitally important that there is someone in your camp who is up with the latest legal rulings and law changes, and who doesn’t have an ulterior motive during the sale (more on this later).

Todd’s method for saving a family business money: In Todd’s words, “there is no cookie cutter solution”, but Todd shared with us a method that has been tested by 80+ favorable rulings from the IR

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What an amazing conversation I was able to have with Andrew Warner; a man who certainly knows his way around business podcasts, having done over 1,300 interviews himself via his own platform on Mixergy. Andrew was MORE than generous because, even with a 2 week old at home, he spent an hour with me talking about his journey as an entrepreneur and what roads he has traveled to get to where he is today.

Andrew gave us some great insight into how he quickly built up a multi-million company with his brother and proceeded to exit the business and the grind it came with, before eventually reigniting his entrepreneurial spirit to get where he is today. There is a lot we can all learn from the vivid and amusing account of where his mind was at during the different phases of his life after business.

In this episode, you’ll learn: * The ideal type of business that kicks out cash * What 1300+ interviews will teach you * The fine line between financial goals and burnout * Why you should find a way to put yourself out in the public * What Andrew’s definition of legacy is

How did Andrew Warner start out in business? Andrew always knew he wanted to sell… whatever he did he wanted to hustle and be passionate about what he was involved in. He found home in a partnership with his brother, trying a few web-based businesses before eventually hitting the jackpot with an online greetings-card business. Once Andrew gained an understanding of affiliate marketing and advertising space for email newsletters, the growth of the company was exponential.

Andrew had some straight forward goals… to put 1 million dollars in the bank. The way to do that was, in his words, ‘to put in pennies and shit out dollars’.

What did he do to make the company grow? By embedding a code that enabled him to capture the data from his greetings-card customers, he was able to harvest a captive audience for his regular newsletters. In the newsletters he would sell advertising space. Then he added another great money-making tool to his greetings-card signup process, selling the right for other companies to be able to offer their services to the same user. At one point he said he was paying 10 cents for each occasion a user populated a form, but was receiving $1.50 every time somebody signed up.

What was his goal? He wanted to get rich and have $1 million in the bank, and leave a company that would outlast him. It took him 2-3 years to reach his goal of one million dollars in the bank but then he struggled to figure out what was next. Because Andrew is one determined dude, he couldn’t help himself but to keep competitions and benchmarks with himself even while he was on his “sabbatical“. He eventually defined it as: “let’s see how far I can run”.

How long did the business last? After only 5 years, and tens of millions in revenue, Andrew and his brother hung up the towel of their company Bradford & Reed. But in his mind he’d wanted the company to last for hundreds of years. On his website he declares his exit strategy as ‘death’ (he’s inspired by the likes Apple and McDonalds, i.e. companies who outlived their owners), so although his business reached the initial financial goal, he didn’t hit his ultimate goal of leaving a legacy.

Why did he stop so soon?

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Our guest this week had to face up to tragedy and the realization that she owned a worthless company before turning things around to make the perfect exit.

When her husband unexpectedly died, Kathleen Ferry had no option but to take over his business – a business that was struggling to adapt to a changing marketplace and one that was significantly over-staffed. Kathleen shared some excellent tips on how to streamline a business, and how planning a certain way can put you in the driving seat when it comes to transferring your business to the successor of your choice!

Where was the company when she took it over? When Kathleen took over, after her husband and the General Manager of the plant were gone, she got the news that the company had been valued at next to nothing. She had no choice but to keep the business going and try and turn things around to keep food on the table for the livelyhood of her and her kids. Her company was $1-2m in debt and needed some serious streamlining.

What were the first key decisions she made? She brought in good-caliber senior staff: a head of sales and an operations manager.

What was the streamlining process? After a year in charge it became clear that not only was the firm over-staffed; there were the wrong staff in certain senior positions. The rewarding of loyalty had been too influential in the process of recruitment. Kathleen cut 20% of the staff but only after she’d brought in an external consultant to prove that this needed to be done. Internally she had discussed trimming the workforce, but nobody would agree with her.

How did she drive the business forwards after the streamlining? She had to tackle the “it’s always been done that way” culture. This involved her spending a lot of time standing on the factory floor and asking staff to explain what they were doing. As a result of this she implemented policy that significantly improved their cashflow, and a $2m credit line eventually became just $10,000 in working capital!

“reduce your working capital of your business and make your business worth a ton!

‘buck the way things have always been done and find ways to reduce your need for capital!’

Then she established a board of directors. This is what she regarded as the most important decision she made – the sounding board proved invaluable.

How did the company cope during the financial crisis? They lost $100,000 per month for a time, but when the marketplace picked up they were in a stronger position than before. The training and realignment of processes they undertook during the down times helped significantly, and because they had reduced their debt to almost nothing, they were better prepared than most to ride out the storm.

“reduce your need for capital and prepare yourself for any downturn ”

“debt sucks… making money and loaning it is better!”

What was put in place to help prepare the company for sale? Before there was a plan to sell, the company had already brought some angel investors to the table. This prompted the company to properly document their entire operation for the first time. Kathleen said this as a very useful exercise when it came to the eventual sale because it helped her understand the true inner workings and value of her company.

How did the sale come about? The eventual buyers were a private equity group who had already acquired companies in the same industry. They were impressed with the potential of doing business with one of Kathleen’s big clients. Despite this interest, it was very much business as usual. Kathleen and the firm still made a 10-year growth plan (because they knew they needed one regarless of what happend

The Goal: A Process of Ongoing Improvement - 30th Anniversary Edition

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Bo Burlingham is an absolute hero. He was Editor at Large at INC. Magazine for years, Author of some of the business book classics like The Great Game of Business, Small Giants, Street Smarts and the Finish Big. His insights in Finish Big on how the greatest entrepreneurs exit on top lead me to create this podcast and build our firm. If it wasn’t for Bo, Solidity Financial wouldn’t be what it is today.

He is undoubtedly the leading author on what it means to be a true Entrepreneur… one where there is a beginning, middle and end to a journey. We felt it was high time we spoke to Bo about his experiences in putting together his trailblazing books…

In this episode you’ll learn: * How the greatest entrepreneurs exit their companies on top * What the REAL journey of being an entrepreneur looks like * How to finish big AND be a small giant * Why 75% of entrepreneurs are unhappy after they sell their companies

Why did Bo Burlingham write the book Finish Big? He’d been working for the magazine Inc for 25 years and never once had he heard anybody talk about the end game for the organization. This suddenly changed when his co-columnist Norm Brodsky received an offer for his company.This eventually formed a monthly column called “the offer”, which was basically an ongoing narrative on the trials and tribulations of the sale negotiations.

The response they had was amazing – it turned out to be a topic that people simply couldn’t read about elsewhere – and it took off so much that at one point, the cover headline was “Norm Decides To Sell”. Alas, because certain things came to light towards the end of the sale,

Norm didn’t sell after all, but the whole process made Bo realize that people were very interested in the subject, and that there was almost nothing else out there for people to read on the matter. So he decided to write his first book, which was to be based on the findings of a series of interviews with business owners who’d sold up.

The regrets of selling a company… Through his interviews Bo found about half of the entrepreneurs were unhappy after they sold. He set about trying to understand the common themes in the back stories of those who were happy versus those who were unhappy.

The 5 things entrepreneurs did to exit their company on top: 1. They felt it was a fair process and got reasonable reward for the work they’d put into the business. 2. They could look back at what they’ve done and feel pride that they’d contributed something to the world. 3. They were at peace with what had happened to the other people that had been on the mission with them. 4. They found something afterwards that they really became engaged in, i.e. something that gave them a life after business. 5. Not an absolute constant but was true of some people…. their companies were doing well without them – they’d built a legacy.

Bo felt that if an owner was missing just one of them, they were likely to have a very bad exit.

How can you passionately grow a company that can thrive without you? To grow a company ‘artistically’ – with the kind of love that forms the basis of entrepreneurship – but then step away so the company doesn’t revolve around you like a hub and spoke can be the hardest part of being a business owner.

Bo says this is the ultima

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Eric Gustafson’s story is a great example of how the very best exit planning isn’t really a plan at all – it’s just a continuation of good business practice.

Eric ran a tight ship, so when all of the stars aligned to make it the right time for a sale, the business was ready for it and the process of sale was a synch. Listen to his story or read the highlights to find out how he did it…

How Eric rode out the storm to become the exit master There was a huge blizzard that brought Minneapolis to a standstill for a month and almost bankrupted his printing business early on in its life. Thankfully things picked up in the following month and they survived, and then it wasn’t long before monthly profits of $40,000 per month became $200,000 per month.

How did this happen? By getting a hold of the data within the company and using it to empower the sales team. They implemented what was referred to as a “Telemagic system” back then, which was essentially the CRM system of its day.

What made Eric’s company think about selling? The marketplace was changing. Margins were going down and more customers were doing their printing in-house.

How was the company valued and sold? Eric used a personal contact who had raised private equity to buy two of his friends’ businesses, so he knew that throughout negotiations he was dealing with someone he could trust. Eric and the rest of his ownership team didn’t have a dollar amount in mind – the valuation was quite simply a fair multiple of easily agreeable figures.

“A fair multiple is only fair if you put the time in to build the value of your company!”

Did anything need to be done with the numbers in the lead up to the sale? Almost nothing needed to change. The company had been following good habits for a long time, running their financials every month in the proper way. The company benefited greatly from their advisory board which was made up of experienced heads from different industries. These were paid positions, but the range of experience around the table combined with their ability to speak more freely than an internal board of directors made it a very good investment.

How long did the process take? The idea to sell came about two years before the ultimate sale, but because of the quality of the financial data, the due diligence only took two weeks!

How did he cope after the business? Very well indeed because in his words “I didn’t have a skill set, so I wasn’t emotionally invested”. Because Eric had no background in printing and from the outset hired capable staff to handle the most challenging day-to-day tasks, he could easily walk away.

Book recommendation The E Myth: Why Most Businesses Don’t Work and What to Do About It

Wise words for the road “it’s good to deal with people you trust”

“your business is worth more if you’re not involved”

“you can have your cake and eat it too, but it doesn’t just happen”

“pretend you’re outside of your business for a year… how would it run?”

Contact Eric Phone: 612-239-7833

Email: eric@thegustfsongroup.com

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We have an interesting character on this week’s interview on Life After Business… there are not many pro baseball players who also happen to be experts in private equity! Bobby Kingsbury is now part of the a different type of team when he joined MCM Capital. He managed to land the gig when giving hitting lessons to the son of Mark E. Mansour, co-founder of the original fund.

In today’s episode, you will learn: * How private equity groups (PEGs) are structured * Where private equity groups get their money * What it could be like to partner / sell to a PEG * How PEGs value companies * Understand how PEGS look at potential deals * Why a private equity group WOULDN’T buy you

Having been a pro for the Pittsburgh Pirates for six years and having competed in the 2004 Olympics, it must have have been a bit of a shock to the system. Thankfully for us he went on to develop a brilliant insight into one of the most important aspects of the exit planning process, private equity.

What is private equity? It is basically a liquidation option for a private business owner. A Private Equity Group is a pool of money, managed by a team of professionals. Their goal is to grow that pool of money for the owners of the fund and the way they do it is by buying companies, making them healthier, stronger, and better and then eventually selling them again anywhere between 3-8 years out. It’s a way to diversify a portfolio by selling all or a portion of the business to a private equity fund.

How does a private equity firm work? Bobby’s firm (MCM Capital) has eight professionals divided into deal teams. The main division of responsibility lies between transactions and raising equity. A firm will rely on limited partners, i.e. endowments, universities, pension funds etc. It is basically the job of the firm to make investment decisions on their behalf in the same way as a fund might invest in stocks & shares. The difference here is that a private equity firm is in the business of buying up companies.

A private equity firm needs to have a good eye for corporate management. Although they clearly need to seek out the right deals and understand the numbers, the ultimate success or failure of their investments will depend on how effectively they operate after the investment. This doesn’t mean that a private equity firm has to be hands-on day-to-day (in fact it is Bobby’s preference to keep that kind of involvement to a minimum) but it absolutely does mean that a private equity firm must build strong relationships with the businesses they invest in, right from the very beginning of negotiations. Even in the event of a total buyout where the whole executive team sell up and disappear into the sunset, if a private equity firm hasn’t built the right relationships, it will likely end in disaster.

What are the standard investment offerings? Typically four or five years to deploy capital. Funds will generally be spread across approximately ten businesses, each occupying a roughly equal percentage of investment. Pretty much all private equity investment is leveraged in some way, with Bobby’s firm preferring to invest in businesses using 50% equity and 50% bank financing. Many private equity firms prefer to use more leverage, typically putting up 30-35% equity and borrowing the rest. This increases the potential return/IRR but of course comes with a higher risk attached.

How is the value of a business normally decided? Multiples of EBITDA. As a rule a smaller business will be afforded a smaller multiple than a larger business, and certain industries like aerospace, defence and life science will command higher multip

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The psychology of exits… we have a real intellectual take on exit planning and your state of mind this week. In a colorful episode, Allie Harding gives us an academic take on the importance of identity in business, and how this can affect life after it. Understanding the psychology behind the exit is a crucial part of a successful transition.

Allie has built up two consultancy companies off the back of extensive academic study, including a PHD in Business Psychology.

You know how we always say that a successful exit from a business is as much about life after business as it is about the transaction? (the clue is in the title of the podcast!) Well Allie has the science to back this up. Listen and learn!

How does business change the identity of different people? Allie has advised hundreds of business owners down the years. She can define them in 3 separate categories:

1.) Ready Rogers: These are the easiest to deal with when it comes to exit because their self-awareness is at such a level they can walk away and know exactly how they will cope with life after business. They probably have many interests outside of their business, and are already in the habit of disconnecting from work in order to stimulate their mind elsewhere.

2.) Moderate Michaels: They might need some help with their guiding principles but can still be persuaded to change their mindset to help them manage their time after they sell. Their business is basically their life, but the original creative energy they had that helped them build up their business in the first place can still be harnessed with the right guidance.

3.) Foolish Freds: This is the bracket of entrepreneurs who simply are their business. Their entire life revolves around it; their happiness, their sadness, their friends, perhaps even their family. When it comes to exit planning they struggle immensely with the concept of change, both in the sense of readying their business for sale and also afterwards in adapting to a different lifestyle.

What is the best way to find out how much the business is part of someone’s identity? Getting to know the owner is absolutely the best way. However, along with the multitude of personality tests out there OrangeKiwi has a 15-minute online survey specific to the topic. It should be given to them by a trusted advisor that can walk them through the results in a no threatening way.

What is it that entrepreneurs people need to replace once they retire? Relatedness/relationships, competency and autonomy. Without daily interaction with colleagues and customers, it can be very hard to replace these things if you aren’t prepared.

The 3 main stages that a business owner must face before a successful exit: 1. The exploratory stage: Answering existential questions about what you do and don’t want for your business, and who you are if not your business. This should be taking place long before a sale. In Allie’s words, “the bridge to the future [outside of the business] is being built while they’re running their business”.

The strategic phase: This is about the systematic building of value in the business in preparation for the sale. See our chat with the absolute expert in this field, John Warrillow.
The execution: The detail of the deal and the negotiation. It’s all too easy to concentrate on

By Bo Burlingham - Finish Big: How Great Entrepreneurs Exit Their Companies on Top (2014-12-12) [Paperback]

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What a show we have in store for you today! Crammed full of useful stats and insight from a man who could legitimately call himself an exit planning godfather.

Chris shared with us his starter guide to exit planning along with some of the more interesting top-level philosophies that go with it. Also discussed were weighty economic matters… is the US able to cope with the aging baby boomers predicted to transition 4.5 million companies and a predicted $10 trillion worth of assets in the next decade? As the owner of the Exit Planning Institute, Chris Snider sure knows exit planning! We strongly advise you listen to his conversation with us this week, but if you just want the quick & dirty summary, read on….

What is the Exit Planning Institute? In Chris’ words: “We don’t view ourselves as an association… we view our members more as customers. Our job is provide a compelling platform for them to launch their practices. It’s up to us to provide resources to enable them to produce revenue and do well by their clients.”

Vital statistics from the industry: * There are 6 million privately held business in the US market today, 2 out of 3 of which are owned by baby boomers. Within 8 years, all baby boomers will be over 60 years old. * Since 2013 in surveys of owners, 3 out of 4 businesses say they want to exit their businesses in the next ten years, which is approximately 4.5 million privately held businesses and $10 trillion of wealth. That represents the biggest transfer of wealth in history. * The success rates of exit transactions are 20-30%. * 50% of exits are not on the business owners’ terms. * 75% of business owners regret exiting a business a year after they do.

What does an owner want from the exit planning process? Owners don’t want plans, they want results!

What are the “three legs of the stool” in exit planning? 1. The owner has plans for their “third act”, i.e. what they will do with their life after business. 2. The owner plans their financial affairs outside of the business, i.e. estate planning, tax planning to maximize the net proceeds etc. 3. “The Business leg”: the owner plans to maximize the value of the business.

All three legs need equal attention in the exit planning process. Too often people concentrate on the third leg of the process and ignore the other two. The theory says, in short, if one of the legs is missing from the plan, the stool won’t stand.

What are the differences between the mindsets of business owners and their advisors? Owners tend to be “right brained” and think holistically, i.e. in concepts and strategies. But most advisors are technical, “left brain” thinkers i.e. big on process detail. Advisors are naturally inclined to proceed into the solution without properly getting into the mind of the owner. This is one of the reasons why so many businesses are sold without due consideration of the personal factors that exist outside of the business.

If you are an advisor, what should you do? Really get to know the business owner, but be patient before having the in-depth, sensitive discussions about the personal side. Make sure the rapport is built before getting into too much detail.

If you are an owner, what should you do? If the advisor has made the effort to get to know you, ask them for a process. Ask them to walk you through how it’s going to go. A lot of people say they know what they’re talking about and might

The Master Plan: Exit Strategy For Successful Business Owners: Discover A Strategic Planning Formula for Maximum Company Value, Strong Asset Protection and Work-Life Balance

Walking to Destiny: 11 Actions An Owner MUST Take to Rapidly Grow Value & Unlock Wealth

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Are you a parent thinking about handing down your business to your kids, but you’re not sure how to divide the earnings and the responsibility?Or are you about to inherit your family business but are unsure how it should be divided among your siblings who don’t work in the business as much as you do? These scenarios and more will be covered off in our chat with Jon Schindel – a man who’s been doing this for 13 years and has really seen it all when it comes to family negotiations.

Handing a family business down to the next generation is a notoriously difficult process… This week we thought we’d speak to an expert in succession planning to help give you the heads up if you ever find yourself in that situation.

What’s the most common problem you face in the first meeting you have with a family? People don’t know what succession planning really is, and they are overwhelmed by the amount of possible options. The key here is to not worry too much about all of the potential different roads – it’s about sitting the family down as a group and finding some kind of common ground, and then finding the right frameworks and conventions to fit with that.

How do you broach giving up control of the business yourself? First of all, you need to define exactly what YOU want out of the transition, i.e. a large payout that can see you through retirement, a retained interest in the business, a partial relinquishment of day-to-day work or a complete exit.

Then make an honest assessment of who in your family is capable of picking up the slack in your absence.

Then work out the boring stuff that can easily be defined in numbers, i.e. how quickly do you want to exit the business, and do you want to relinquish all shares or retain a stake?

How do you divide up the different shares and wages for the inheriting members of the family? Frank discussions are required. The parents need to be clear from the outset with who gets what and why.

Practically, how can you give people different amounts of responsibility going forward? A good way of doing this in succession planning is by creating different classes of share, i.e. “A-shares” that might carry the authority to manage day-to-day matters and “B-shares” that are non-voting shares. In theory you can create as many different share classes as you want, which gives you the freedom to define just how much say each member of the family can have over the future running of the business.

How do you find the dollar amount? Think of it as if you were selling externally. Start off with a proper valuation and then value the shares from there. There are other things to consider when estate planning but a good rule of thumb is to start with a fair valuation.

Who drives the shareholder agreement? It has to come from the parents, but it’s very important to make sure that the needs of the company are prioritized above anything else. Whatever the agreements may have been with the family, it has to be absolutely concrete that the company can afford to honor them.

What is normally the biggest challenge in succession planning? The redistribution of responsibility is nearly always more awkward than the money. Honesty and transparency are so important to make this work.

What happens if the children don’t have enough money to buy out the parents? Promissory notes are one option. But another option that is often overlooked is for the inheriting relatives to obtain a loan a

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This week on Life After Business we have the benefit of an appearance from an absolute master, Sam Thompson. This man built up his business, hired the right partners and then sold to them at a price that everybody was happy with. He sold at the perfect time… with time left to spare. It took him seven years of careful planning, but Sam is an example of just how much can be gained by thinking about your exit at the earliest opportunity. He even took heed of the advice from one of our previous guests on the LAB podcast, John Warrillow.

Sam combined his exit planning with a rock-solid strategy for his next career and basically achieved the ultimate life after business.

When did he first take on his partners? The first partner came on board four years after he started.

Why did they buy in? Sam openly courted partners because he knew he needed them to grow the business. They were all incentivised with bonus shares which proved to be a very effective strategy.

What were the company sales? Approximately $5m for a number of years, then post 9-11 they had to radically change the business model to be less dependant on people flying in. They bought a warehouse and focussed on teambuilding for local businesses.

Why did he decide to sell? There wasn’t one event. He thought about exiting casually, went to seminars, and bought the book Built-to-Sell by John Warrillow. There was agreement among the partners that they needed to do something.

What was the first thing he did after he decided to sell? He empowered his team of employees to have more responsibility by promoting a number of people, and thus safeguarded the value of the business without him.

How did he cope with the delegation? It was tough, but worth it.

How long did it take? Seven years in total.

How did he prepare himself for life after business? He did some research, went to a convention and eventually became certified to be a business intermediary.

How did they value the business? When Sam wanted to sell, the other partners didn’t, so the only way he could exit would be for the partners to buy his share. They arrived at a figure by using the average of an accountant’s valuation and a less conservative valuation from a business broker.

What were the stumbling blocks? The main stumbling block was how much Sam would be missed, but because of the increased responsibility that Sam had given other members of the business, this was eventually overcome.

What was their agreement? Originally there was an SBA loan along with a promissory note of 10%. Basically he got a loan from a bank that was financed using the company cash flow and a personal guarantee on a stream of payments of a certain period of time.

Would he have got more money from a third party? Probably, but the exit option he chose felt better for him and everyone overall.

What happened next? He stayed on for a year first but then said to the partners after six months that it was time to stop – they didn’t need him. All of the key employees stayed on after the sale and the business continued to be successful.

What would he do differently? The transaction went well but maybe he should have used an exit planner.

Wise words for the road: “You want a business attorney when selling a business. They know how to get these dea

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Chris Goebel spoke to us about the intricacies of operating and then selling a business that included nine other siblings… and he actually did it twice. Read on for some of the highlights of Chris’ story (which is available for download above):

What was the business? The business was split across two companies: one was predominantly airport coach transfers, while the other was focussed on leisure travel.

How big were the companies? At their peak, a total of approximately 400 employees and 175 vehicles spread across four different major airports.

How did they define the roles for each of the 10 children? Age order was the first criteria, then it was an organic process of matching the roles with people’s specialisms.

Key drivers of business? Contract revenue rose from 3% to 21%, which not only provided a useful hedge against seasonal factors like weather and events, it also made the business a more attractive proposition for a buyer.

What triggered the exit? The age of the management team combined with serious interest from two different companies.

What were the most important aspects of the sale? The dollar amount and taking care of the future of the employees.

How ready were they? They had a lot of numbers already in place. The company was so big that they had no choice but to have their financials in good shape.

How long did it take? Six months.

What happened next? The business was sold to one of the bidders but a few years later ended up being sold again to the other bidder. The first takeover was from a private equity firm, but it eventually became part of a publicly listed firm.

Did the family members stay on? After the first takeover, those who wanted to stay on did stay on. They kept hitting their targets and were given the autonomy they wanted. After the takeover from the public company it was more difficult, so some left. Chris stayed for a couple of years but didn’t enjoy the additional scrutiny and reporting requirements of a public company.

Where did Chris go when he left? Chris is now working as a consultant, and using his experience to help smaller businesses with their exit planning.

How did he cope? After only two days he felt bored. It wasn’t long before he embarked upon a career as a consultant.

Would he have done anything differently? -He wishes they’d have planned more in advance and had a longer timeline for the sale.

-They should have done more to make the sale tax efficient.

-They should have been more specific about everybody’s roles in the business after the sale(s). It is not enough just to agree that “we need to grow the business”. Exactly how that growth is to be achieved should be mapped out from the very beginning.

The most common mistake he sees from the businesses he advises: “People are surprised that all revenue and profit are not treated the same, therefore, many are ill prepared.”

“People are surprised that all revenue and profit are not treated the same, therefore, many are ill prepared.”

Wide words for the road: “So many entrepreneurs are involved in building the business and operating it that exit planning is one of those things they realise they have to do, but it’s not a priority. The priority is building the business or maintaining i

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What does ESOP actually mean? ESOP stands for Employee Stock Ownership Plan.

This week we talk about a great tax-saving method of exiting a business that can also take care of your employees for years afterwards. Sound too good to be true?

Andre Schnabl spoke to us about ESOP: a method of selling a business that could save millions in tax, as well as safeguarding the future of the firm. His explanation was fantastically simple so we recommend you take a listen, but if you only have time for the brief highlights of what we talked about, then read on:

How do the employees fit into it? The principle is similar to how an employee contributes a percentage of their monthly paycheck to into a 401K retirement plan. However, the difference is that the ultimate value (and holdings) of their retirement plan is invested into their own employer, rather than whatever stocks, bonds or mutual funds a normal 401K has invested its money in to.

Now each employee literally has an invested interest in seeing the value and growth of the company grow!

Why would a company owner want to sell a business in this way? There are a multitude of reasons, but to skim the surface, here are some key benefits:

The owner can receive a market-rate price for their business without actually having to go out to the market.
The owner can save or ELIMINATE on capital gains tax
Selling a company to its own employees is a great way of safeguarding the future of the workforce after the owner retires.
The general flexibility of this kind of deal is useful to help manage the different needs of the many people involved in the sale of a business.

WHAT ARE YOUR OPTIONS?

How does the owner get their money in an ESOP? Normally they would receive a proportion of the value of the business in cash up front (most of the time via bank financing), and then the rest of it through a note that would be paid out through the company profits in a certain time period and dependent on KPIs (Key Performance Indicators) agreed upon at the time of sale.

Where does the up-front cash come from? There are many ways but the most common is leveraged bank finance (aka bank loan).

Why would the banks lend money to make this happen? Because a trust would be set up to effectively ‘buy’ the company, and the banks would loan the trust a certain amount of money in order to do so. ESOPs have one of the lowest default rates among borrowers – better chance that the bank gets THEIR MONEY BACK!

Isn’t this risky for the banks? Banks actually like these deals. For one, even though the trust itself doesn’t have any assets, the trust’s loan can be secured against existing company assets. Secondly, because ESOPs end up in the hands of employees, this makes banks confident that the future of the firm is sustainable. They figure that if the employees have a stake in it, they’re more likely to drive the business forwards.

How can this save on tax? 1. If the deal is structured correctly, based on section 1042 of the tax code, the business owner can ELIMINATE Capital Gains! Depending on which state you live it this can be up to a 30.9% percent tax savings! * 20% Federal tax rate savings * 3.8% savings on th

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On this week’s podcast we tell the incredible story of Conrad Braun, a man who not only managed to turn a business around from technical bankruptcy to profitability in a matter of years, but who also managed to follow most of the golden rules when he exited the business.

He did all this despite having no experience of running, buying, or selling a business. In fact he only became involved in the business because he sold them an IT system. Hear how this accidental business owner managed to save the company by pleading in person with his major creditors to not cash the checks his company had just sent them, how he faced down the banks and persuaded them to extend the credit line of a technically bankrupt business, and why his battles with heart disease motivated him in his exit strategy.

How to streamline a business and sell it: the moral of the story, with Conrad Braun Conrad Braun’s story really is a shining example of how to run a business from beginning to end, through good times and bad. Firstly out of survival and then out of motivation to grow something profitable, Conrad wanted to grow a business that was worth something to his banks, his vendors, and ultimately to he and his family.

Transparency is king: By implementing the right systems of reporting, he effectively became ‘bankable’. From bankable to profitable and profitable to valuable, the path Conrad took is one to take note of.

Go the extra mile with personal relationships: By getting on a plane and visiting his four biggest creditors to persuade them to not deposit the checks his company had already sent out, Conrad literally did go the extra mile. Once he’d averted the crisis, the rapport that he had built up ensured he was trusted in future.

Define what it is that makes your company successful: It often isn’t just about volume of sales. In Conrad’s case, it was the expenses relative to volume that proved to be key.

Remember who has the poker hand between you and the bank: In Conrad’s words:

“When you’re a small businessman, if you owe them $100,000 you’re in trouble, if you owe them a million, they’re in trouble!”

“Banks sell borrowed money. If you can show them that their debt to equity is improving, they will keep giving you money. Just give them a plan that shows them you’re going to pay them back”

How did he value the company? He gathered a consensus from other companies who shared the same vendors. He then met with both likely and unlikely buyers and asked the question, “if I was geographically contiguous to you, how would you value my business?”

He concluded that it was worth a lot more than the average multiple the industry was giving companies like his.

What motivated him to sell? His struggles with heart disease motivated him to use the company as a means to protect his family in the future.

How long did he spend planning the exit? 3 years. He went through a hypothetical sale with a prospective buyer who knew they wouldn’t be able to complete the deal, just to prepare the company for the real thing.

What were the most important factors in the sale? He was more keen that people didn’t lose their jobs than he was to maximize the value of the company, so he built into the deal a stay-pay package which used 10% of the purchase price to distribute among his key employees after the sale.

What did he do afterwards? Suddenly he had $2 million dollars, but he didn’t know what to do with the money. He joked that he got through 10 bucke

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Exiting a family business can be very challenging – just what are the rules of engagement? How formal or informal should it be? How much should be based on good faith and trust?

Our guest this week, Kurt Theriault, managed to navigate through all of the moral dilemmas and come to an arrangement to buy out his father’s share of his business, only for the Great Recession to throw a huge wrench in the deal. There was eventually a happy ending, when a surprise offer came in that allowed them both to exit the business.

In one sense this is a cautionary tale about what can happen if you avoid tough conversations with your relatives and don’t value your business properly, in another sense it serves as a shining example of what can be achieved once you get your exit planning right.

How to sell a family business and how not to sell a family business: the moral of the story, with Kurt Theriault In this week’s episode Kurt discusses the ups and the downs of exiting a family business, and how learning from the mistakes of negotiating with his father helped streamline the business to a point where it attracted a surprise takeover. See below for some of the highlights of the conversation:

Use multiple sources to value your business: Kurt regrets only using one opinion. This process is especially important when dealing with family members inside the same business, i.e. if more than one party agrees on a valuation based on a wide range of factors, it is more likely to stand up to the rigors of negotiation and solidifying a deal.

Put a value on your intellectual property: However many clients you may have, the real long-term value in the business is the unique nature of what you do. Clients can disappear overnight, especially when someone exits a business, so if it is possible to monetize the concepts that underpin your day-to-day business, then you should.

Create an advisory board: This was a core building block for Kurt. Involving impartial 3rd parties in the valuation/streamlining of a business can be invaluable during the exit process.

Hire senior employees with their own client base before exit: It’s vital to assure potential buyers that the business has a sustainable and profitable future after the owner leaves the business. This is a surefire way of doing just that.

Understand the value of business support groups: This helped define Kurt’s entire future. It helped with his exit and it gave him his next venture.

How did he value the company? He used one external source to name a price.

What motivated him to sell? The value of the offer and the realization via his peer group that he could do fulfilling work outside of his current business.

What did he do afterwards? He was offered an opportunity to be a partner in a peer group/support business for SEOs and business owners.

Wise words for the road: “Business peer groups are vital. Everybody’s got blindspots that they can’t see… if you’ve got 12 or 13 people living in your shoes as an entrepreneur, they’ll help you”

“The hard part of being an entrepreneur is: where do you go to get your ideas?”

“Everyone should spend more time saying: what do I really want out of the business?”

Kurt’s peer group business: www.alliedexecutives.com

Contact Kurt: ktheriaul@alliedexecutives.com

952-484-0166

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In this week’s episode of Life After Business we hear from the speaker, author, entrepreneur, and current owner of The Value Builder System: John Warrillow. John shares his story and the lessons he learned after building and selling multiple businesses as well as the inner workings of his pioneering value builder system. John wanted to fill the role of “Robin Hood” for business owners in a sea of “mercenaries” (buyers) by helping them maximize the value of their company and helping them to level the playing field.

If you’re pushed for time, don’t worry – you can still benefit from some of John’s advice below:

Understand the key drivers of a company’s value: Like anything in life, a company value can be dissected into separate parts and analyzed individually, i.e. revenue, growth potential etc. Understanding what a financial buyer looks for when they buy a company puts you on the same page and takes away the advantage that the buyer has. You can focus on the key drivers and eliminate the reasons a buyer would discount the price of your company.

What are the 8 drivers?

Be mindful of a business that is too dependent on you personally: However good your numbers may look; what are the chances of the buyer being able to achieve the same profits once you’re gone?

Have an intermediary to run the business exit planning process for you: Use someone who specializes in exit planning AND the merger and acquisition process. Even if you’re confident in your business skills, because exiting your business is most likely a one-time event, an intermediate usually pays from themselves. They do if for a living, therefore, they have many experiences to pull from that could save you TONS of money. Worst case scenario, they help eliminate (or minimize) your emotion from the deal, which is usually the top deal killer.

Use a specific ‘deal lawyer’: However good your own legal team may have been during your incorporation and the current day-to-day operations of your company, getting an M&A deal over the goal line is a significantly different skill set. Also keep in mind that your current lawyer may want to keep you as a client. How does this affect their motives and would they be 100% all-in during the sale of your business to a third party when they are potentially working themselves out of a job?

Be wary of low-price offers that leave you with equity: It’s easy to be seduced by a big company offering to acquire you and promising that you will generate vast increases of wealth in future revenue. Can they really back those claims up? What markets or services will they be tapping in to that you haven’t already?

What did he do after the sale? When John sold his research company to a big public conglomerate, he convened everyone in the boardroom with the buyer and tried to spell out the benefits to the employees, i.e. opportunities for career progression at a bigger company.

He continued to run the business as its own division and became an employee of the wider group for about a year.

He eventually developed The Value Builder System: a statistically proven way of improving the value of a company by up to 71%. In his research study of over 20,000+ businesses, companies that achieve a Value Builder Score of of 80+ (out of a possible 100) go on to sell at a 71% premium compared to the average-scoring business of 59.

What does a successful exit from your business look like? A business owner that exits their business and gets a fair market value or premium over the market value.

The seller

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After a breakup, it might seem like a good idea to jump right into another relationship. There’s a hole to be filled and you have so much to give. But is it a good idea? Maybe. Does it feel good? Usually. Do you usually end up regretting it? Most likely, yes.

Many of us have gone through some form of rebound relationship—it’s an easy trap! You know the one…you wake up one day and realize you are officially over the first relationship and don’t really want to be in the one you are in now—it was just a placeholder. Whoops.

Usually, there is some emotional fallout, maybe even financial, hopefully none of which is irreversible. The biggest challenge is swallowing your pride, ripping off the Band-Aid, and moving on.

Unfortunately, a business rebound can have much bigger consequences…

Starting a business just because you used to have one is not a good reason to embark on a new venture. There are plenty of people that become serial entrepreneurs. To become a successful serial entrepreneur, future businesses must accomplish a specific financial or industry need, the expected returns are very clear, and the relationship with the business has very clear boundaries.

How do you know if you are in a business rebound? 1. You feel the need to have a quick response to, “What do you do?” 2. You essentially bought another “job.” You need to work 60 hours a week to keep the company going. 3. At the base level, your company is just “something to do” to distract yourself from boredom. 4. There’s a complete lack of passion. There’s no bounce-out-of-bed that you used to have when you started your first business. 5. You have no exit plan and aren’t thinking of ways for the business to thrive without you at the helm. 6. You started or bought your company just to be around other people. 7. You wanted to keep the title of CEO, President, or Founder.

How did you get here? It is estimated that 75% of business owners are unhappy that they sold the business at the 12-month mark post-sale. There can be a huge sense of loss owners face after they leave their business. A second business is another chance to identify with something. To create the sense of purpose that you need to be happy.

The risk of not knowing what you want…

If you go into a business not knowing what you want, you’re going to have a bad time. You will become aimless without a destination and your expectations will never be met. Partially, because you had no expectations or goals to begin with.

A business should be born because passion, skillsets, and energy meet where there is a need and market for a solution.

In our interview, Kristy describes her rebound story with her second company

Kristy and her husband sold a large manufacturing and energy retrofitting company in their mid-20s. They experienced something that many 25-year-olds don’t get to, a large influx of cash.

“It was like winning the lottery”

There are many challenges that come with easy money, especially at such a young age. They decided to start an investment management firm and a real estate company because that is what all their friends were doing. Kristy describes their euphoria as the “Midas Touch.” They felt like they couldn’t lose.

Kristy explains many challenges they had in the seven years of owning their investment firm. The company was sucking their cash dry and there was no end in sight.

Kristy and her husband both dealt with the realization that it was over in much different ways. Kristy saw it for what it was “a rebound business” from their first one. She took it as a challenge to find out who she really was and search for something that would give her purpose.

Find out more about how Kristy and Phil moved on and into their current success after a roller coaster of a couple decades filled with many highs and lows.

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There is a small (minuscule, really) fraction of entrepreneurs that build their company with the end in mind. Then there is everyone else. The problem is no one tells you about the financial and emotional ramification the lack of planning has on your satisfaction and happiness in a life after business.

Think about all the things that could potentially impact your decision to maintain ownership of your business. A triggering event can come from anywhere at any time.

Are you ready for it? Of course, there are the typical business environment factors that lead the triggering point, competition, decreasing margins, employee issues, growth problems, financial struggles, etc.

Even more common are the wide variety of personal tragedies that can trigger the want or need to sell a business: divorce, death, disability, family conflicts, child issues, being burnt out, or one of the worst—boredom.

One of the most unexpected, and most welcome, triggering events is an offer you just can’t refuse.

If you are like most entrepreneurs you are thinking to yourself, “I am good at chaos, I can handle the situation as it arises.” You are probably right. You are most likely very good at handling the unknown as it is thrown at you. That is how you have succeeded in the past, no?

So what’s the point? There are many more factors to selling than to get the best price.

The challenge of transitioning out of a business is that it is not just a technical process but an emotional journey as well. Owners that do not focus on who they are and what makes them happy prior to selling their business have a significant chance of being unhappy after the exit of their business.

If you are too busy doing there is no time to reflect.

With no time to reflect on what you want from your company and why the chances of unintended consequences are huge. Once the sale is complete and you are fully transitioned out of your business there is no way to redo any of your actions.

You will have a long time to ponder what you wish you had done differently.

Wouldn’t it be great to leave with a huge smile on your face because you were in control of the process, dictated the outcome, and excited for what was next to come?

How and when do you decide to sell you business? Will it be a result of some external factor or will it be of your own choosing—guided by the plan you have put in place.

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This episode’s purpose is to tee up the future of the Life After Business podcast and give you an understanding of why I am so passionate about business exit planning.

I believe transitioning into a life after business is an extremely complicated emotional and intellectual journey. Very few entrepreneurs get a trial run, let alone a second chance, to sell their business. The lack of information out there leaves the business owner alone to figure out what they want, who can help them, and how to achieve it.

When my Dad and I sold our company in early 2014 we did not have the guidance or awareness of the process I wish we had. We felt very alone and out of place. We could run a hell of a business but we had no idea how to even start with selling or transitioning it. We experienced many bumps and bruises along the way, both financially and emotionally.

I want to bring you, the listener, as much information as I possibly can, the information I wish we would have had, so you can avoid what we experienced and increase your chances of a successful exit.

What is a successful exit? I believe a successful business exit is one where the owner walks away happy. It is a smooth and comfortable transition into a life after business that is full of passion, purpose, and community. I believe the true definition of success is happiness.

The best definition of happiness if have seen comes from Shawn Achor’s book: The Happiness Advantage. He defines happiness as “the joy you feel moving toward your potential.” Therefore, redirecting your passion, energy, talent, and drive into new ventures is critical for a successful exit.

You can’t just focus on the tactical part of selling the business—keeping the advisors in check, finding buyers, due diligence, making sure the buyer doesn’t screw you, all the while running the business. This abandons the introspective questions that need to be addressed.

Your real wishes and desires as a business owner need to be brought to the forefront of the conversation. Bo Burlingham in his book, Finish Big, says that the business owners that walked away happy with the outcome knew who they were, what they wanted from the business, and why.

What are you going to do in the next stage of your life? Who are you as a person without your company? How can you negotiate or make critical decisions about the sale of your company if you don’t know these answers? Chasing the highest dollar amount or shortest sale cycle can leave unintended consequences.

The questions of when you want to sell, to whom, what your number is, what will happen to your employees, and whether you want to stay on for the transition, should be answered based on what you want out of the whole process and not just based on the highest dollar amount.

Once you know who you are, what you want from LIFE, and why, it is much easier to back into the tactical steps to get you there. You now have a plan to guide you and your advisors through the process.

This podcast is to share my experiences and positively impact the conversation surrounding exit planning. The more information that is out there, the better off we, as entrepreneurs, will be.

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