Exit Coach Bill Black interviews Top Advisors for Tips, Ideas & Precautions for Business Owners who want to grow and protect their company value and plan for a successful Business Sale or Transfer. Listen daily so you can be well-planned!
Episodes
Monday Jan 08, 2024
Monday Jan 08, 2024
George Wunderlich is the Executive Director at the National Museum of Civil War Medicine. In addition to being a museum, the site is home of the Letterman Institute which specializes in advanced military medical management training and corporate management and mission awareness training.
Thursday Jan 04, 2024
Thursday Jan 04, 2024
Katie Wagner of Katie Wagner Social Media clearly explains the best strategies to get potential customers to your website.
Wednesday Jan 03, 2024
Wednesday Jan 03, 2024
Questions discussed:
For owners preparing to sell their businesses: what is typically their biggest challenge?
An Enterprise Value Proposition. That’s kind of a new concept. What does that mean to someone who wants to get the highest possible value for their business in the near future?
“Transition obstacles”? Can you give me an example?
Contact info:
Email Address glillian@reinventures.com
Website www.reinventures.com
Tuesday Jan 02, 2024
Tuesday Jan 02, 2024
Vistage Speaker Julie Anderson of Your Best Mind helps inspire positive changes in her clients by using a scientific approach. After studying psychoneuroimmunology, she created Your Best Mind as a medium to bring this mind-improving information to people of any background. Her work focuses on the science behind the psychology of why we are the way we are. By understanding our brain’s natural tendencies, we can use better practice when communicating.
Julie discusses the notion that we all have different brain personalities and how this can contribute to misunderstandings in the workplace. She urges business owners to look within before identifying problems with the group as a whole. A vast majority of employees don’t feel they are a part of their company. Communication tailored to brain personality may help in succession planning as employees will feel more connected and more likely to stick around. This information is something that could make or break your company over the course of years, don’t miss out on Julie’s interview.
Friday Dec 29, 2023
Friday Dec 29, 2023
Adrianna Smith and Lana Hout, Provisors members and Brokers at First Choice Business Brokers, specialize in industry-agnostic business sales for transactions under $25M. After meeting at USC, they found themselves continuously applying for the same finance jobs and eventually working at competing firms. They briefly worked at the same firm and ultimately seized the opportunity to start their own branch of First Choice Business Brokers together 6 years ago. Together, Adrianna and Lana help business owners prepare for sales by driving up their business value.
In their interview, we go in-depth about what to expect before and after a sale, as well as how to best prepare. Adrianna and Lana discuss the impact of COVID on buyers and sellers, as well as how to deal with some of the setbacks. They share powerful tips for driving up business value, common mistakes business owners make leading up to a sale, and ways you can become more attractive to buyers. Adrianna and Lana’s information will help you build a much stronger business, whether you plan to sell or not.
- 5:59-7:09: Impacts happening to sellers due to Covid and how they might prove value.
- 9:12-10:18: Some factors which can drastically affect the value of a business.
- 11:14-12:06: Flexibility can increase value as business will be more operable despite circumstances - becomes more attractive to buyers.
- 13:12-14:15: The necessity of incorporating technology in order to be more attractive to buyers.
- 16:46-17:41: Reasons why you shouldn’t scale back, and should sell your business at its high point.
Friday Dec 15, 2023
Friday Dec 15, 2023
Jim Immel, of Immel and Associates, is a succession coach who truly put his clients first. Having an extensive background in the insurance industry, Jim asks unique questions that other advisors may not consider. In his time working in the insurance industry, he found that his clients were more prepared for death than life. This spurred Jim to make the eventual shift into coaching, and he now helps people imagine and achieve their goals.
In his interview, Jim talks about the importance of deeply understanding what his clients care about, and challenging the status quo. Knowing that the corner office can get lonely, Jim serves as sort of a business psychologist and helps business owners reflect on their past decisions in order to more strategically move into the future. He shares the value of listening and asking potent questions that facilitate a clients’ breakthrough. Jim also deciphers the phrase “key employee” and why they are critical to a successful succession plan. With over 40 years of experience, Jim has a huge collection of wisdom, and everyone can benefit from his expertise.
1 minute sections:
- 13:17-14:20: Talking about fight or flight thought mechanisms at play when speaking
- 14:53-14:54: Take them back before you take them forward - thinking about the biggest decision made 10 years ago and realizing how quickly that time went by
- 18:24-19:24: Talks about success in succession planning when able to retain talent/key employees
- 20:59-22:01: Distinguishing between key employee vs. critical employee - getting a better understanding of critical fixtures in business
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Thursday Dec 14, 2023
Thursday Dec 14, 2023
CEO of Extraordinary Advisors, Todd helps his clients ditch their comfort zone, dive into their “failures,” and re-frame their mindset to be more authentic, transparent, and vulnerable to affect real change along the path to success.
In this interview Todd gave some great tips on how to initiate necessary changes in your life (or your business) and also helped with knowledge about how to find and keep great talent in these difficult times.
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Wednesday Dec 13, 2023
Wednesday Dec 13, 2023
Here's a past highlight from one of our Guests. Find their full interview at www.ExitCoachRadio.com
Lynn: I know most newer CEOs think of marketing as “the tactics”, it’s advertising, public relations, it’s social media, it’s an email marketing campaign, but for marketing strategy there are three pieces: research, foundation, and then tactics and campaigns. And those marketing tactics are what I just talked about, advertising, PR, et cetera. And they should come last after you’ve done the other work. So, taking a firm’s strategic plan for the next three to five years, with an exit strategy defined, and then looking at the business plan for the upcoming year, what goals and objectives do they have outlined for the business in order to achieve their strategic plans, we’re gonna develop a strategic marketing plan to help meet those goals and objectives, and the first step in that is research.
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Tuesday Dec 12, 2023
Tuesday Dec 12, 2023
Kathleen Quinn Votaw, CEO of TalenTrust, Author of Solve the People Puzzle and professional speaker talks about People Continuity.
Questions we discussed:
In these challenging times how should leaders "put people first"?
What tools do you recommend for leaders to understand the employee health of their organization?
What can organizations do to be prepared for the recovery?
Two special offers:
1. Take our free Talent & Culture quiz to inspect your companies culture health at https://talentrust.com/quiz/
2. Buy Kathleen's book, Solve the People Puzzle - Click here
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Monday Dec 11, 2023
Monday Dec 11, 2023
In this 1 minute highlight, Martin Staubus, Consultant - Beyster Institute at the Rady School Management explains that ESP Admin costs can vary widely so it makes sense to shop and compare when considering an ESOP.
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Friday Dec 08, 2023
Friday Dec 08, 2023
Dan DeMuth is an author, PGA golf professional, and owner of Secrets of the Golf Whisperer. He uses his professional skills and experiences to help show business owners the power of focus and how interactive learning promotes effective change in people.
Thursday Dec 07, 2023
Thursday Dec 07, 2023
Jonathan Goldhill is the “Head” Coach at The Goldhill Group, a strategic-planning and business coaching company in the Los Angeles metro area. He is a veteran business and management consultant, coach and advisor with almost 30 years experience.
Raised outside New York City, Goldhill moved to California at age 20 to start his journey helping entrepreneurs find their freedom. At 30, he started advising, coaching and consulting with entrepreneurs and business owners.
As a student of personal transformation experts such as Werner Ehrhard, Tony Robbins, Jack Canfield, T. Harv Eker and Brendon Burchard – AND as a student of entrepreneurship, leadership, and business – Jonathan has focused on helping leaders with humility to build their teams with humble, hungry and smart people.
Wednesday Dec 06, 2023
Wednesday Dec 06, 2023
Vince Mastrovito of Prometis Partners, Inc. shares valuable information regarding some of the issues family businesses face and their solutions.
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Tuesday Dec 05, 2023
Tuesday Dec 05, 2023
Jim Muehlhausen, Founder of Half Retire, helps individuals maximize their business value via a strategy he calls Half Retirement. Jim noticed a trend of people reluctant to fully retire and sought to create a solution. Some business owners may lose their sense of identity if they are no longer at CEO status, and can tend to struggle to find ways to fill the day without the work they know and love. Meanwhile, some may simply struggle to sell the business for their magic number and remain in the business out of necessity.
In his interview, Jim describes what half retirement looks like in a practical sense, as well as what needs to happen in order to successfully half retire. He discusses the benefits of being able to drive up the value of your business while working less hours, and ultimately not losing money to transactional sales tax. Jim shares ways to design work away and be responsible for only the unique areas in which you cannot be replaced. He also discusses his upcoming book, also called “Half Retire,” which dives deeper into the concepts he’s outlined. If you desire to maintain a successful company and income while working less, Jim’s interview is definitely for you.
- 3:59-4:50: What is Half Retirement all about?
- 7:19-8:19: Some of the things needed to successfully half retire.
- 9:56-10:57: You cannot simply delegate your way to half retirement, you still need to bring your unique work.
- 16:22-17:15: Technology’s role in the half retirement process and business valuation.
- 18:30-19:28: Delegation costs money, but there are ways to design work away.
- Click the LinkedIn button to Share this interview with your contacts!
Monday Dec 04, 2023
Monday Dec 04, 2023
Get a pen and notepad ready for this next interview with Nada Lena, Founder of Rise Up For You. Nada is in the business of personal and professional development, and learned quickly that success is largely dependent on people. She began as a globally touring singer and dancer, eventually becoming an executive, and ultimately starting her company. Being in places where she didn’t speak the native language, she realized how important nonverbal communication is and she now applies her knowledge gained from being a successful performer to the corporate world.
In her interview, Nada discusses, in depth, the four pillars of emotional intelligence. Many of us want next level success, but not all of us are actually willing to make the changes needed to get to that next level, and change starts from within. Nada knows firsthand that sometimes the truth may be hard to hear, but will lead to exceptional results. A well-developed EQ will lead to the ability to adapt to your environment and ensure the audience will understand your message. Now is the time to start making positive changes in your life, and Nada’s expertise will surely help you become more successful.
- 5:34-6:44: Balancing introversion and extroversion - you have to understand the needs of the people in the room.
- 7:32-8:34: You don’t know what you don’t know - our assessment of ourselves isn’t always accurate.
- 11:56-13:00: Self-management is essential to emotional intelligence.
- 13:31-14:39: Having a game plan, but being ready and willing to adapt to your audience.
- 16:24-17:14: Discusses the amount of time and effort it takes to shift behavior and see sustainable results.
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Friday Dec 01, 2023
Friday Dec 01, 2023
Click here to read this episode's transcript.
Stuart Friedman, President of PMA Progressive Management Associates, is an expert on improving workplace culture. After effectively helping a Fortune 500 company build a cohesive and strategic business model, he decided to start PMA. He now focuses on helping a number of the 10 million small businesses with 1-99 employees, as this is where he believes improved culture is the most important. Stuart knows firsthand that a company’s culture can make or break their lasting success.
Now more than ever people are concerned about what is in it for themselves. In order to appeal to everyone, we must speak in a way that they will truly hear. Stuart dives deep on his concept, “The Relevance Factor” and discusses how business leaders can use it to establish a more ubiquitously understood culture. He also shares tips for people who may not own a business, but wish to enjoy their current job more. Stuart outlines some common misconceptions that lead to misunderstandings and lack of top-to-bottom alignment. A company will be most successful when its whole team is in line with the target and communicating effectively, be sure to listen to Stuart’s insight on improving your workplace culture.
1-Min Sections:
- 5:47-6:47: People are not mind readers, leaders need to develop a culture rich in communication in order to get strategic success
- 8:02-9:14: Thoughts on inherent bias of people’s preferences/choices
- 9:33-10:34: Mistakes commonly made in communication with employees
- 12:04-12:58: Example based on telephone game
- 22:50-23:55: Break Free From Job Jail - tips for both employees and employers
Thursday Nov 30, 2023
Thursday Nov 30, 2023
Dyanne Ross-Hanson, Founder of Exit Planning Strategies, LLC, works with owners of privately held businesses to develop intentional ownership transition plans. She started Exit Planning Strategies, LLC, 10 years ago and has 30+ years of experience in the financial services industry. This work is Dyanne’s passion, and she considers objective expert consulting, independent of predetermined outcome or product, to be absolutely essential in exit planning. The sale of a business can be the single most significant financial event in someone’s life, the business owner needs to be prepared.
In her interview, Dyanne reasons that exit planning is not a single event, but rather a process. Without a plan, business owners who have put years of effort into their livelihood are leaving the transaction up to chance. She deep dives the notion that the most valuable component of the transaction are the key employees. Additionally, she shares valuable strategies for incentivizing key employees to stay post-transfer. Dyanne also discusses the difference between key employees and employees in key positions, which are not always the same thing. Twenty minutes is barely enough time to scratch the surface of Dyanne’s expertise.
Wednesday Nov 29, 2023
Wednesday Nov 29, 2023
Carol Marzouk is always fun to have on the show. Here she shares some stories that illustrate how owners can sometimes be the worst enemy of the value of a business. If you hear her describing you in this episode - call her immediately! Here's her website link: click here
Tuesday Nov 28, 2023
Tuesday Nov 28, 2023
John "Murph" Murphy, founder of JK Murphy Advisors, specializes in helping business owners be prepared for all kinds of circumstances leading up the sale of a business. So what should an owner have prepared to discuss in case a serious buyer calls? Listen in to find out.
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Monday Nov 27, 2023
Monday Nov 27, 2023
Merry Neitlich, Provisors member and Founding Partner of EM Consultants, assists firms and individuals with turning brands into sustained business development opportunities. She has been a business development consultant for over 25 years, specializing in only professional service providers. Merry is here to provide expert advice on communication and marketing. In a time where content fatigue is rampant and people are thirsting for the next step, Merry has tips to combat this increasingly common issue.
In her interview, Merry stresses the importance of staying current, and branding in a way that goes beyond just providing good service. Now more than ever, it is essential to walk the walk when it comes to diversity and inclusion. Merry suggests that in order to effectively communicate and market your brand, your strategies should be based on the needs of your client. It is critical to get in touch with your clients, and to do so in a way that doesn’t exhaust them. Merry sheds light on what the new normal may look like, as well as ways to improve your online presence both on LinkedIn and Zoom.
Link to “Standing Out in the New Norm” - https://www.jdsupra.com/legalnews/standing-out-in-the-new-norm-be-the-72665/
- 3:54-5:06: What do clients really want? Merry shares methods to beat content fatigue.
- 11:02-12:12: Importance of mixing up media when sharing messaging with clients.
- 12:55-13:57: Necessity of putting the client’s needs first.
- 16:16-17:05: Are you walking the walk and talking the talk when it comes to diversity and inclusion?
- 21:50-23:01: Potent tips for enhancing your image on video conference calls.
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Thursday Nov 23, 2023
Thursday Nov 23, 2023
Jim Brubaker shares tips, ideas and precautions in the area of Financial Planning for after your business sells.
Wednesday Nov 22, 2023
Wednesday Nov 22, 2023
Aleen is a leadership development and executive coach. Her coaching approach is to help the client use the
coaching process to accomplish specific business goals. The sale or succession plan is one of the most
complex and emotionally-laden business scenarios she encounters.
Questions discussed:
What is the biggest issue you see when working with business leaders, especially those in the process of
contemplating a transition or exit strategy?
Do you suggest the clients hire someone like you personally or do you work with a larger executive team?
What is the most important lesson learned you can share with our audience?
Contact Info
Email:
Website:
Tuesday Nov 21, 2023
Tuesday Nov 21, 2023
Having advised numerous business owner families, Paul West shares his insight on some key personal mistakes business owners miss out on due to focusing on wrong activities.
Paul received his Bachelor’s degree from the University of Nebraska-Lincoln and earned his MBA from the University of Nebraska-Omaha. Paul and his wife, Courtney, have three children, twins Cecilia and Liam, and son, Louie. Paul enjoys golf, traveling, hiking and rooting for the Huskers.
Questions we addressed:
1. What are the top mistakes you see business owners making today?
2. How do you help business owners know when enough is enough?
3. I see that you are a CAP (Chartered Advisor in Philanthropy) in addition to a CFP (Certified Financial Planner). Why do you think that's important?
Monday Nov 20, 2023
Monday Nov 20, 2023
Thursday Nov 16, 2023
Thursday Nov 16, 2023
ITR Economics is in the business of international economic forecasting and consulting.
Alan discusses the great depression coming to the US and what we can do to prosper by knowing this information.
Questions discussed:
Why is the Great Depression coming to the US?
Is it just the US?
When? Also, can anything stop it?
Contact info:
Email Address alan@itreconomics.com
Website www.itreconomics.com
Read his Book:
Prosperity in the Age of Decline
Print and ebook, Amazon and Barnes & Noble
Wednesday Nov 15, 2023
Wednesday Nov 15, 2023
Chris Bond of Murphy Business Financial Corp. discusses a recent business sale and the common needs of businesses to "survive" the founder to transfer successfully.
Transcript:
Chris: Surviving the exit of the founder or the operators, that's the biggest key, and every client project I work on is heavily weighted toward good will, so the value is often in the name, the brand, the phone number, the web address, and a lot of what the founder or operator has built. So, it's difficult to transfer that. I've got a deal right now, a signed purchase and sale agreement, all ducks in a row, all pieces negotiated, lawyers have done their parts, the one snag is: final piece of financing for the buyer, and getting a bank to be comfortable with how heavily weighted this small publishing company is on the founder's knowledge as opposed to the books, and that's a challenge. We've got multiple banks looking at it, trying to get one of them comfortable with the buyer, who is so savvy and so talented that he's going to be able to grow the business beyond what the founder's built, never mind maintain what he's built.
Tuesday Nov 14, 2023
Tuesday Nov 14, 2023
Rod Hatley of Chhokar Law Group P.C. discusses concepts related to Asset Protection and Wealth Preservation. We add new content daily! Listen on iTunes: iTunes.ExitcoachRadio.com .
Transcript:
Bill: There's been a lot of talk lately about different types asset protection strategies, especially from business owners who are going from a complicated business asset to liquid. Here's Rod Hatley.
Rod: Unfortunately, there are people out there who prey on the unsophisticated, and they will talk to you about going offshore, hiding assets, and evading taxes. And, unfortunately, that does happen, but I'm here to tell you, a change in the law some years ago, we can achieve a similar level of protection domestically. We've found that it makes a lot more sense to keep a client domestically, if they'd like to stay. Let me say it this way: asset protection, if it's done legally and ethically, it's not about hiding anything, it's about simply structuring the owner of the asset so that they're safeguarded from risk, nothing more, nothing less. And we can help clients avoid taxes, but we can't help them evade.
Monday Nov 13, 2023
Monday Nov 13, 2023
Click here to read this episode's transcript.
Anthony Mulkern, President of Mulkern Associates, helps CEOs, founders, and business owners increase their enterprise value through executive leadership training. Tony has over 30 years of experience as an executive coach and business consultant. He helps ensure that businesses which eventually go to market become part of the 20% that actually sell. Tony’s expertise will help you position your business to become far more valuable to buyers.
In his interview, Tony describes some of the many reasons that a majority of businesses never sell, and how you can get yourself into the category of those that do sell. Many business owners don’t realize that what they’re selling is an earning stream. He explains a bit about his methodology in coaching entrepreneurs on how to improve their enterprise value, and therefore become more attractive to buyers. Get a pen and paper ready for Tony’s extremely valuable tips.
- 4:17-5:34: An example of a reason why 80% of businesses that go to market do not sell.
- 6:14-7:11: Explaining why it is a problem if you wait too long to sell.
- 8:23-9:31: Why you need to be aware of potentially inflated business valuations.
- 14:14-15:17: Common mistakes that entrepreneurs make when hiring executives.
- 18:50-19:45: Some characteristics of businesses that will sell.
Saturday Nov 11, 2023
Saturday Nov 11, 2023
Did you ever wonder how some teams seem to be firing on all cylinders and others are limping along? Learn from Pam Reyes, Business and Leadership Advisor with over 20 years experience leading cross-functional teams, how you can build cohesive high performance teams based on strengths to increase profitability and reduce turnover.
Friday Nov 10, 2023
Friday Nov 10, 2023
Host: Bill Black.
Saturday Oct 28, 2023
Saturday Oct 28, 2023
Click here to read this episode's transcript.
Steve Goodman, CEO and Founder of SHG Planning, has over 30 years of experience in business succession planning. His firm specializes in high-end, sophisticated business succession, estate planning, for high and ultra high net worth individuals. Steve enjoys the uniquely interesting challenge that comes with helping this level of client, both technically and emotionally. Steve’s goal is to make sure nothing is overlooked in your wealth transfer.
In his interview, Steve helps humanize and demystify this daunting process. Many people think not planning is easier than planning, as it may cause turbulence within the family, however not having a plan can cause even more family discord. Steve gives a few practical examples of common mistakes made during the planning process, and how individuals may be impacted by them. He also stresses the importance of deeply understanding your unique situation so your wealth and assets can be best managed. The insight Steve offers regarding the human side of estate and succession planning is indispensable.
- 5:25-6:28: A common reason people avoid exit and succession planning.
- 9:58-11:10: Problems that could arise when multiple children are involved in the family business.
- 15:12-16:14: A practical example of why planning is essential.
Friday Oct 27, 2023
Friday Oct 27, 2023
Dan Miller is a nutrition and wellness coach and today he will talk about making a plan to live a longer and healthier life.
Thursday Oct 26, 2023
Thursday Oct 26, 2023
John Anderson of the Glowan Group shares his insights and tips for business owners who are preparing for the future sale of their business.
Monday May 16, 2022
Monday May 16, 2022
Harley Bjelland is a Top Employee Benefits Attorney providing counsel for retirement plans, health plans and executive compensation plans.
Friday May 13, 2022
Friday May 13, 2022
Gary Kunath is the CEO of GMK Holdings, a speaker, author, and a writer. Gary travels and speaks to major companies and universities on the subject of Mastering Life Balance. Today, he will discuss how to achieve greatness at both home and at work.
Questions Discussed:
1. How did you build a seminar for the 2nd in command at Cisco Systems, supporting his initiative on bringing humanity back to business?
2. What colleges have you spoken to and what has the reaction been?
3. Why do businesses care about mastering life balance now?
Contact Info:
Email Address: gkunath@aol.com
Website: www.garykunath.com
Wednesday May 11, 2022
Wednesday May 11, 2022
Thomas Young works with companies to help attract qualified customers by focusing on inbound and content marketing. His business is called Intuitive Websites and today, he will discuss how to implement these important strategies into your business.
Tuesday May 10, 2022
Tuesday May 10, 2022
Scott McLean, of McLean Advisory Group, is also the author of “Three Blind Mice,” a book intended to help prevent people from ending up in a #financial mousetrap. With over 35 years of experience, Scott’s expertise cannot be denied, and his client retention rate further proves this. He prioritizes client relationships so they can truly be on the same page and make the wisest decisions together.
Throughout his interview, Scott discusses the significance of an advisor’s relationship with their client. Planning for #retirement is not a cookie-cutter process. He also stresses the importance of education and sharing a common understanding of definitions and philosophy. The current process is somewhat impersonal and separated, but Scott breaks down the importance of having a cohesive relationship between #advisors, lawyers, and accountants.
Sunday May 08, 2022
Sunday May 08, 2022
With a 10-year radio career overlapping 20 years in business consulting, marketing, and branding, Lisa Caprelli strategically uses content and message branding to grow companies. Known for inspiring business leaders to be innovative, she has helped businesses grow, including Fortune 500 companies. Her media career has included The Business Experience Show, The Free Money Hour, and other programs on stations like 97.1 FM, KFWB, KNX 1070, KFMB, and KABC, as well as real estate finance and motivational books.
Be sure and pick up a copy of her book "Color Your Message" on Amazon!
Friday May 06, 2022
Friday May 06, 2022
Steve Van Valin, Founder and CEO of Culturology, helps companies shape a culture that is engaged to innovate. At Culturology, they specialize in contemporary cultures where people need to be competitive, especially customer-facing businesses looking for a unique edge. A business’s culture is much like a personality and determines the common expectations people have when working together. By shaping the culture intentionally, you can help your team be more innovative and engaged.
In his interview, Steve discusses high-level tactics of culture design and how it can contribute to innovation. He highlights the importance of being an expert at the creative process in order to facilitate more creativity from your team. While the phrase may seem paradoxical, Steve encourages you to plan time for spontaneous interactions. Steve also proposed the idea of “addition by subtraction,” meaning sometimes it takes removing barriers in order to help employees become more innovative. Steve’s insight is a powerful tool for anyone hoping to get more cohesion and creativity from their teams through relatively simple means.
- 2:24-3:15: How Steve defines culture and how it is like a personality.
- 6:41-7:46: Consistencies in how companies of any kind drive innovation.
- 10:16-11:23: Good creative ideas can be small things involving constant problem solving.
- 14:23-15:28: Become an expert on the creative process itself in order to help your team think more openly.
Thursday May 05, 2022
Thursday May 05, 2022
Peter Levitan coaches marketing agency leaders on their business development and just wrote the Book... "How To Sell Your Advertising Agency". (Note: this works for any business and is a lot about understanding why you are selling and what you are going to do next.)
And, in 2012 he wrote "Boomercide. From Woodstock To Suicide." "The book is about using suicide as a financial planning tool. When I sold my last business my accountant told me... you know how much $ you have / How much you spend / but not how long it has to last. I said, but...."
Realizing after he sold his business that he was free to "live anywhere", he moved to San Miguel de Allende Mexico in 2016.
Here's a few questions we discussed the answers to today:
You sold a business in 2012. What was your post business plan and what have you learned?
Why did you write Boomercide?
What is life like in Mexico? How did you make that decision?
Peter's tips for those of you who are contemplating "what's next" include"
"Have a plan. Know your goals. Do the research. Most people do not."
Learn more about Peter at his website at Peterlevitan.com
Thursday Apr 07, 2022
Thursday Apr 07, 2022
Kevin Weir, Action Coach, discusses a common problem of many small businesses - lack of processes and systems that make it hard to transition the business.
Transcript:
Kevin: When you're trying to sell a business, it's a lot harder to sell a business if it isn't a turn-key operation. If somebody wants to walk in and buy a business and all the systems are sitting in the owner's head, that potential buyer is going to place a discount on that business, because most people who are investing in business aren't going to want to just purely operate it on an ongoing basis. A lot of people who are wanting to buy a business want to be able to have some level of ability to let it operate buy itself. The less systems you have in the business, the bigger the discount. So, what we do, is we help them develop and systematize the business such that it can work without them, because our definition of a business is a commercial, profitable enterprise that works without you, the business owner. To the degree it fits that definition is the degree that you're going to have a much more valuable business.
Wednesday Apr 06, 2022
Wednesday Apr 06, 2022
Carl Allen, Co-Founder of Dealmaker Wealth Society, is a world-class entrepreneur, investor, and corporate dealmaker. He’s enabled over 300 deals collectively valued at nearly $50 billion in the last 3 decades and analyzed thousands of other businesses across industries. Carl is a bona fide serial entrepreneur and expert when it comes to business acquisition. At Dealmaker Wealth Society, Carl is in the business of coaching others to buy, sell, and scale their business.
In his interview, Carl explains his philosophy on why you should acquire a business rather than start from square one. Most new businesses fail within the first 10 years, with half of them failing in just the first year. By acquiring, you can begin with something already successful or leverage their existing success and expand your business into new areas which are already a proven success. Carl shares ways you can prepare your business to be sellable, along with why you should be prepared due to the upcoming economic forecast. If you work on your business instead of for your business, Carl knows you can find heightened success and fulfillment. Expand your business’ potential by tuning in to Carl’s expertise.
- 4:25-5:35: Instead of starting a company fresh, buy a profitable existing business.
- 6:18-7:20: Criteria for identifying what business you should buy.
- 11:04-12:18: Challenges Baby Boomers are facing when trying to sell their business.
- 14:36-15:48: Ways to work on your business and not in your business via solid partnerships.
- 18:19-19:34: Insight on the transfer of wealth happening in the next 10-15 years.
Tuesday Apr 05, 2022
Tuesday Apr 05, 2022
To Read This Episode's Transcript: Click Here
Susie Japs, Managing Director at Wejungo and esteemed Provisors member, is in the business of helping business leaders restructure their teams to get better results. She leverages her strategic, authentic, engaging approach and interactive style to challenge business leaders on common beliefs about recruiting, hiring, retention, and performance. We all know that our best assets go home each night and we must pay attention to our employees for the best results. On the people side of things, Susie has great insight into what we may be overlooking when preparing for an exit.
In her interview, Susie talks about three items companies commonly miss in their exit planning, and why having an exit strategy people plan is so important. She discusses various strategies that she uses at Wejungo to hire more effectively. Susie also details the areas to focus on when exit planning that you may overlook, but a buyer would certainly scrutinize. If the business couldn’t be handed over with ease, you may have a much harder time selling. She also walks through a valuable exercise for taking stock of your workforce and offers some powerful assessment tools. Susie’s expertise on working together more effectively could help your entire team’s performance, don’t miss out on her interview.
1-Minute Sections:
- 4:08-5:03: 4 Strategies Wejungo uses to help businesses hire better.
- 5:55-7:08: Common mistakes companies make in exit planning.
- 7:13-8:18: Examples of businesses that were doing well but may not be valuable to buyers.
- 9:34-10:37: Transferability and taking stock of key people.
- 11:51-13:06: Overview of the Strategic People Plan.
Friday Apr 01, 2022
Friday Apr 01, 2022
Meghan Lynch is the CEO of Six-Point Creative, a brand strategy agency that helps “second-stage” companies break through growth plateaus. As part of her mission to help small businesses challenge the goliaths, Meghan has served as an expert advisor to second-stage clients in a wide range of industries, from fast-casual restaurants to industrial manufacturers. Meghan was named an Enterprising Women of the Year in 2019 and enjoys testing her limits as an endurance runner.
Some of the issues Meghan discussed today:
The fears holding high-potential companies back from growth • Brand strategy for family businesses • What is a second-stage company? • Common mistakes companies make when they rebrand • How to hire and manage marketing expertise
Thursday Mar 31, 2022
Thursday Mar 31, 2022
Mahyar Ghassemian, Ghassemian Law Group, APC discusses common legal problems and protection strategies, as well as tips and ideas for Business Owners.
Wednesday Mar 30, 2022
Wednesday Mar 30, 2022
Business Success Factors is a consulting, coaching, and training company that helps companies to increase their sales revenue growth.
Here are a few questions Doug answers in today's interview:
1. What is the number one mistake that you see companies making with their sales that impede or stop their growth?
2. Do you ever see a CEO or executive block their own growth due to having a block in their own mind?
3. What would be the number one thing that someone can do to start working on their revenue growth?
Listeners can send an email to youmatter@businesssuccessfactors.com to receive a free sales and marketing checklist.
Tuesday Mar 29, 2022
Tuesday Mar 29, 2022
Michelle Seiler Tucker is the Founder and CEO of Seiler Tucker Incorporated and is going to talk about hot to build a sustainable, scalable, and sellable business utilizing her proven techniques outlined in her newest book Exit Rich®.
Some of the questions she answers in this interview:
- What are some of the biggest mistakes you see business owners make?
- Why is it important to plan your exit strategy from day one using the ST GPS Exit Model?
- The big thing that you talk about is the ST 6 P Method to sell your business for huge profits. Can you tell us what the 6 P’s are and why they are so important?
Michelle has written a great upcoming book, Exit Rich. You can find more information on the book and receive additional benefits from purchasing the book on exitrichbook.com
Monday Mar 28, 2022
Monday Mar 28, 2022
Keziah Robinson (pronounced KAY-zee-uh), is a business strategist, CEO coach, and investor. Described by her clients as a “shapeshifter” who “can coach business owners through any challenge at any stage of their business,” Keziah helps small business CEOs navigate the operational and existential challenges of scaling up, pivoting, and/or selling a business they’ve put their blood sweat and tears into. Keziah holds a BS in Physics from Stanford University and an MBA from the Wharton School at the University of Pennsylvania, and she serves on the advisory board of Private Packs, an innovator in the fast-growing femtech industry.
Some of the questions Keziah answered today:
1) What does it mean to "helicopter parent" your business?
2) Why is it so hard for business owners to stop doing it?
3) What are some practical tips to break out of this pattern?
Friday Mar 25, 2022
Friday Mar 25, 2022
Terry Hawkins, Founder and CEO of People in Progress Global, has been helping businesses build and use powerful systems, as well as shape workplace cultures, for over 25 years. Terry has been listed as one of the top 60 motivational speakers in the world and is also the author of “Why Wait to be Great? It’s Either Now or Too Late.” Originally finding success in Australia, after moving to the US, she found her old ways weren’t working. This led her to essentially restart from the ground up, and she has since come out the other side with a stronger business and even greater sense of purpose.
Her passion is making a difference, and in Terry’s interview, she emphasizes the importance of having very clear goals and passions. She dissects the process of mastery and cites routines and well-structured processes as key players in goal achievement. While Terry’s personality helped her business growth in Australia, she found it to be exhausting and not effective in America, which sparked her to reconsider business as a system of processes. Rather than putting people on a pedestal, Terry encourages leaders to put tried and true processes on a pedestal, and let trusted people run the processes. A business may seem highly successful, but Terry’s information may help you break your own perceived glass ceiling and achieve levels you hadn’t previously thought possible.
Thursday Mar 24, 2022
Thursday Mar 24, 2022
Dr. Kenneth Majer has been a successful author, speaker, and consultant to companies large and small for over 30 years. He is a subject matter expert in change management, corporate culture, communications, values-based leadership, organizational alignment, and management training.
Ken is best known for using values-based concepts to improve corporate culture. His premise is that values-driven companies always outperform the competition. He uses his experience and insights to change businesses dramatically and permanently. Ken’s vision includes helping companies stay ahead of the curve as they adapt to new realities in today’s radically changing business world. His goal is to enable leaders to use the power of values-driven alignment to enhance their success.
Ken provides insight, products, and services that business leaders rely on for success. Establish a values-driven culture as your core business strategy to help your company outperform the competition!