Today’s podcast is a special episode. We have one of the premier bankers of the country, John Randall of Live Oak Bank, to talk about how to help business owners survive this COVID-19 mess that we’re all in the middle of. He talked about the program as he understood them and answered a ton of questions that hopefully will help you get to the capital that you need in order to survive.

Enjoy this episode with John Randall!

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In this episode, Ed had an opportunity with KC Chohan. KC is with Together CFO – a virtual CFO service. Business advisors, like Ed, run into a lot of financial statements where the financial conditions are abysmal. And when they aren’t able to track expenses and income, it impairs value. The buyer or the bank reviewing or scrutinizing them lack the confidence that they’re accurate. And that’s when KC comes in.

Enjoy this episode with KC Chohan!

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This week, Ed had the opportunity to visit with Joe Dillon. Joe is an entrepreneur and a deal-maker. He has facilitated a number of transactions and most recently, he’s been doing several jump parks. It is interesting to sit down and listen to what Joe has seen in the marketplace because it’s an expanding industry, and anybody who’s into the children entertainment world can learn a few things from him.

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This week we’ll talk about DealStats. The 1st Quarter 2020 review just came out. For those of you who don’t know about DealStats, this is the market data that most appraisers use for the smaller companies – those with under $50M revenue. And it’s produced by Business Value Resources. BVR has been collecting private company data for about 30 years or so and is the premier data provider for those serious about providing sound advice based on empirical data.

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Ed had the opportunity to visit with Bob Paden of The Growth Coach. Bob is one of those guys who Ed just constantly bumps into his clients, and the peripheral advisors have nothing but good things to say about Bob.

Bob had been a solo practitioner and then he purchased The Growth Coach. And so Ed invited him to talk about a couple of things; as a buyer and about what the Growth Coach is.

Bob and Ed talked a lot about the same kinds of challenges that they are experiencing in serving business owners – and that’s preparation and getting the business into a condition where it becomes a saleable asset.

Be sure to tune in until the end, and enjoy!

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Perry Marshall is the author of the book called 80/20 Sales and Marketing. In this book, Perry helps you understand that the 80/20 rule is fractal, meaning it’s a repeating pattern where the smallest parts resemble the whole. So, inside every 20 percent is another top 20 percent. And that is where Ed wants to focus on this podcast.

In this episode, Perry and Ed dug into how business owners can build value using this parade of principles. Let us listen to one of the most expensive business strategists and one of the most sought after consultants talk about business investing, what he looks for in businesses, and how he takes underperforming businesses and adds his 80/20 principle to the business that amplifies the overall value.

Enjoy this episode with Perry Marshall!

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This week Ed has the opportunity to visit with his friend Todd Muffley. What prompted this conversation was that Ed saw an article Todd posted on LinkedIn titled Be Still. The tone of this article he has written was that the sale was not necessarily what he thought it was, and being friends with Todd for a number of years, this got Ed curious. So, Ed reached out to Todd. And Todd had been so candid with his advice and thoughts on what he would have done differently.

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Every quarter Business Valuation Resources releases it Value Index which outline the changes in market multiples. In this episode Ed talks with Adam Munson and Kenny Woo about the work BVR is doing and what they are seeing in the aggregate value of small businesses. When it comes to market data is the nation’s leading source.

DealStats (formerly Pratt’s Stats) is a state of the art platform that boasts the most complete financials on acquired companies in both the private and public sectors.

Every transaction in DealStats is rigorously reviewed by BVR’s dedicated team of financial analysts in real time. Whether you are valuing a business, deriving a sale price, benchmarking performance or conducting fairness opinion research, you won’t find more complete and trustworthy comparable data in any other source.

For BVR’s most recent release Click Here

On today’s show, Ed is delighted to visit with Rod Burkert. Rod is Ed’s long-time friend. They have known each other for at least 20 years. Rod has been in the valuation community for so long, and everyone coming up through the valuation ranks would take his classes. He is one of those guys that is always at the forefront of what’s going on. He has written and contributed a number of articles on thought leadership.

The reason Ed asked Rod on is that his practice is changing a little bit. For the last nine years, Rod has been traveling in an RV as a mobile valuation practice. The other side of his practice is that he is coaching appraisers. Ed and Rod had been talking about appraisers. Questions like; what is an ideal appraiser, who is a good appraiser, how do I recognize one, where can I find him, is where Rod comes in. Rod, through his coaching practice, is identifying those people who are niching down. The best of the best in a particular industry.

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In this week’s episode, Ed had the opportunity to talk to Wendy Dickinson. Those people who are in the valuation and sale work like Ed, so much of the challenges that you face are emotional. Wendy’s practice, Ascend to Sell, hits this head-on.

For those of you thinking about selling in the next 30 days or 30 months, this is one of those episodes you want to listen to. This interview is chockful of all kinds of good things and tips about preparing yourself emotionally for what’s coming down the road. Enjoy this conversation!

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In the business world, it is common knowledge that Revenue less Expenses equals Profit. Ed had the opportunity to sit with Mike Michalowicz, author of Profit First. Mike explains a system of Profit First where Revenue less Profit equals Expenses. This system does not only increases business value from an earning standpoint but also forces business owners to look at their operating expenses in a way that they hadn’t ever before.

In this episode, Mike and Ed covered why business owners should take profit first, why carrying the business on their backs is a risky strategy, and why they should stop calling themselves “entrepreneurs”.

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Do you sometimes think it’s about time you get a business coach? What are the tell-tale signs that you need a coach? And how will you know whether that coach is right for you?

In this week’s episode, Ed and his guest John Nieuwenburg of W5 Coaching answered these questions and more as they talked about the wonderful craft of coaching. 

Listen to this podcast and find out how business owners can increase their business value, how they can work with coaches, and most importantly, how to determine if the coach is right for them.

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In this week’s episode, Ed had the opportunity to interview his long term referral partner, Josh Brown. Josh is, in the world of franchising, a pool of knowledge. If you are a franchisee or franchisor or planning to become one, you will definitely benefit from this conversation about the franchise world. Enjoy!

Josh Brown is a franchise lawyer who has been in practice for almost 14 years with about 10 years in the franchise space. He is based in Indiana but does franchise work all over the country.

About six years ago, Josh started his weekly franchise podcast called Franchise Euphoria. It is a platform where franchisors and franchisees from all over the world can share their stories, their challenges, and the obstacles they’ve overcome, all to provide good and free valuable information for people who are in and around franchising.

The combination of his law practice, managing the podcast, and everything else is what keeps Josh busy.

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In this week’s episode, Ed chats with Dan Lacy, the Prophet of Profit, about the importance of investing in people, identifying the endgame, planning the exit, and everything about maximizing business value. A lot of ground was covered in a fairly short amount of time, so enjoy this insightful conversation! Episode Page

On today’s show, Ed talks with Greg Stanley, owner of Accelerant Consultants, on the sub-segments of revenue. Ed and Greg uncover tips to increase business value by sharing common value gaps, evaluation perspectives, thoughts on sales and marketing integration, and why business owners should avoid the habit of revenue tunnel vision when success doesn’t always translate to top-line growth. Episode Page

On today’s show, Ed connects with finance experts Andy and Mark to dig into all things ESOP. Many people want to offer stock options to their employees but don’t really understand the implications or process. Andy Manchir and Mark Flinchum of Indianapolis based CPA firm Katz, Sapper and Miller chat with Ed and answer some of the most common questions regarding the what and why of ESOPS and unveil when ESOP formation is a good option—and when it’s not. Episode Page

Bonus Episode: Deal Killers

This episode is the audio-only replay of the webinar entitled Deal Killers. Ed goes through the most common issues that typically topple deals. 

Heather Haas is the president of Advisa and has been working with small and mid-sized businesses for years. Advisa provides assessments and workforce analytics as well as training and coaching to help businesses optimize their performance and align their people strategies with their business strategies. Having the right people in the right roles with appropriate incentives is crucial for a healthy business. Heather believes it is her highest calling to help individuals improve their business by focusing on the people who make it possible. She started her career not in business, but in education, where she was a teacher and administrator. Now, as president of Advisa, Heather oversees the education of business owners in their role as good employers. Episode Page

Today on the show, Ed gets to talk shop with Mike Finger, a multiple times over successful business owner and founder of www.exitoasis.com. Over the last 25 years, Mike has bought and sold multiple businesses and learned the hard way exactly what makes a business sellable. Mike focuses on small businesses and includes operations that have only a few employees—something that many small business services don’t. Mike is committed to building a community based on accurate and easy to understand education from a variety of points of view from within the industry. His biggest challenge is reaching people early enough to make meaningful changes to their business and getting owners on board with the fact that a successful business isn’t necessarily a sellable one. Mike comes to business exit education and coaching by way of hard-earned experience. Owning his first business was gratifying in itself, but what really captivated him was the process and outcome of selling that business. Mike says “Selling that business was a miracle in my life. It changed everything— but it almost didn’t happen. I was ten years in with 50 employees when I found out that the business was unsalable—but we moved forward. What we did with the business made the sale possible and transformed my life.” Episode Page

On today’s show, Ed talks to Michael Beck, executive succession and leadership coach and author of Eliciting Excellence: Bringing Out the Best in People. Michael helps owners successfully transition their business either internally or externally. His work focuses on objectively assessing and coaching potential successor to ensure that they are a good fit for the business over the long term. Whether owners are handing down a business or looking to sell on the open market, Michael’s commitment to leadership training is an invaluable asset. Show Notes

If you’ve ever wondered how banks make credit decisions or what metrics influence a loan commitment, then Bob Coleman is someone you should be following. An influential force in the lending community for nearly 30 years, Bob’s work is a staple for lender industry professionals and is one of the primary sources that banks turn to for information when making credit decisions. Bob’s book, Money, Money Everywhere But Not a Drop for Main Street addressed the pressure on small businesses in the wake of the 2008 financial crisis and provided actionable solutions for cash strapped entrepreneurs. Bob founded Coleman Publishing, known for their wildly popular industry newsletters, reports and more. The company also produces conferences, webinars, and online training videos. He is a nationally recognized expert on small business financing and is featured frequently on Fox Business News, NPR, and numerous other media outlets. He has been recognized in print media from the Wall Street Journal to Bloomberg and is a frequent speaker about small business lending in the United States and the EU. Bob earned his B.A. in Medieval History from the University of California at Santa Barbara and an M.B.A in Real Estate Finance from the University of Southern California. He is passionate about giving capital opportunities to Main street and rural American business. In this episode, Ed talks with Bob about what decisions small business entrepreneurs should be making to maximize their lending opportunities.

Melinda Emerson is more popularly known as the ‘Small Business Lady’ and has been helping small and mid-sized companies and entrepreneurs succeed and grow for more than fifteen years. Known as America’s number one small business expert, Melinda pivoted from a solid corporate job to starting and running her own successful production company. She eventually began advising and coaching other entrepreneurs—a calling that has since exploded into a hugely successful brand. Today, Melinda is a best selling author and internationally lauded keynote speaker whose advice is read online each week by more than 3 million entrepreneurs. A Social Media Marketing pioneer, Melinda is the creator and host of #smallbizchat—the longest running live chat on Twitter for small business owners.

Experiential Learning and Growing Business Value

In this episode, Ed speaks with Director of the Old National Bank Center for Closely Held Business, Mark McFatridge. Part of Butler Lacy School of Business, the center aims to work closely with privately-owned businesses in the community. Their hope is to connect with small businesses (5 million to 100 million revenue) in order to help them assess their own definition of success and achieve the growth they need to get there. The team has built up a sizable resource bank and strategizes one on one with companies to create actionable items and connect them with ideal partners and resources.


Are You Ready To Exit?

Seventy-five of owners regret the decision to sell their business one after they exit and just 5% of founders are happy with their net proceeds from selling. How is it possible that three-quarters of owners are disappointed just one year after what should be the happiest day of their life? The answer is, most owners fail to consider the practical and emotional factors that can lead to disappointment after an exit.

In this episode Ed Mysogland discusses PREScore, a self-assessment tool, that is helping business owners determine their personal readiness.

If you are interested in this complimentary, sale free, won’t hassle you assessment: click here

Enjoy the show.

The Business Owner Challenge

Seventy-five of owners regret the decision to sell their business one after they exit and just 5% of founders are happy with their net proceeds from selling. How is it possible that three-quarters of owners are disappointed just one year after what should be the happiest day of their life? The answer is, most owners fail to consider the practical and emotional factors that can lead to disappointment after an exit.


Trailer: Defenders of Business Value

I have spent my career chasing the elusive business value. I wanted to be able to interpret the market and tell the business owner what they could expect when they chose to sell. Too many business owners believe the lifestyle their business has provided for them will translate to an ideal investment for the eventual buyer of the business. That is why 80% don’t sell. It is time to change that. There are tools, experts, and information that are becoming more available. I want this podcast to be that information source where I talk to subject matter experts about what creates, preserves, and eventually transfers value.

Thank you for your attention and consideration of being a subscriber.