Built to Sell Radio
Ep 464 Built to Flip: How to Buy, Build, and Sell a Business with Jim Lindstrom
Oct 18, 2024
Jim Lindstrom, an entrepreneur known for transforming and selling BuzzWord, shares his journey in the ESG reporting space. He talks about shifting contractors to full-time roles and implementing a two-part profit-sharing scheme tied to cash flow and EBITDA. Lindstrom delves into the importance of corporate culture, management dynamics, and the role of effective systems like SmartSheet in enhancing operations. He emphasizes that creating a sustainable organization focuses on freedom and long-term growth, while navigating the complexities of business sales and valuations.
56:33
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Quick takeaways
- Jim Lindstrom successfully transformed BuzzWord's workforce by converting contractors to full-time employees, enhancing commitment through profit-sharing incentives.
- The strategic assessment of BuzzWord's financial performance and client relationships played a crucial role in attracting potential buyers at the time of sale.
Deep dives
Transforming Buzzword: From Contractors to Employees
The acquisition of Buzzword, an ESG reporting business, involved a significant transformation in its workforce structure. Jim Lindstrom identified the need to convert contractors into full-time employees to enhance commitment and accountability within the company. By implementing a profit-sharing plan and fostering a sense of ownership among employees, he aimed to improve morale and productivity. This strategic shift not only facilitated a more stable workforce but also positioned Buzzword as a more appealing business for potential buyers.
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