Independence by Design™ #403: Cash Flow Broke and Balance Sheet Rich with Eric Roman
In this episode of Independence by Design™, Ryan Tansom is joined by Eric Roman, a former dentist turned entrepreneur and business coach, who shares his powerful story of building and exiting a successful dental service organization (DSO) worth $40 million. Despite his company’s impressive valuation, Eric felt cash flow broke and balance sheet rich, struggling with significant personal life issues. He believed the only way to solve his problems was to sell the business and pull the ripcord. However, after the exit, he realized that selling the business didn’t resolve the deeper issues in his personal life.
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Eric dives into the challenges of managing growth, the impact of business on personal life, and how implementing the Entrepreneurial Operating System (EOS) transformed his business. He also reflects on how he wishes he had an ownership framework like Independence by Design™ to guide him on the ownership side of decision-making, which could have provided the clarity he needed beyond the operational insights of EOS. Eric discusses the importance of having a personal operating system and how the One Life System helps entrepreneurs achieve both professional and personal success. Throughout the episode, Eric offers insights into balancing business demands with family life, the significance of personal clarity, and the necessity of having a support system to navigate the entrepreneurial journey.
Eric Roman has over a decade of experience running high-powered, multi-location dental companies. From inception through exit, Eric understands all facets of what it takes to build transformational companies and, most importantly, personal joy. His breadth of expertise covers topics such as Executive team development, EOS (The Entrepreneurial Operating System), Culture Development, Managing Millennial and Post-Millennial Workforces, Developing High-Performing Associate Dentists, Work-Life Harmony, Personal Performance Habits, and much more. However, Eric's value isn't limited to his accomplishments: He has a unique ability to inspire and empower others to live abundant, impactful lives.
Chapters:
- (00:00) Eric Roman's journey scaling his dental practice to $40M valuation
- (06:49) EOS in Transforming Business Operations, Balancing Business Success with Personal Fulfillment
- (14:00) Ownership Goals, Trade-Offs Between Immediate Cashflow And Long-Term Equity Growth, Personal Scorecards And Understanding Life Experience Costs
- (16:00) Building “a $100 Million company,” Managing Control And Expectations To Reduce Anxiety And Stress
- (24:39) Navigating the Challenges of Business Growth and Personal Life
- (36:15) Finding a “System”, The Power of Community and Support Systems for Entrepreneurs
- (40:33) Overcoming Identity Crises and Finding Meaning Beyond Business, Transition From Success To Significance
- (55:31) The One Life System: A Framework for Personal and Family Success
- (1:05:02) Final Thoughts and Call to Action
Ryan Tansom is a seasoned entrepreneur, speaker, and the founder of Independence by Design™, a transformative ownership framework for growth-oriented business owners. After turning around and selling his family business in an eight-figure exit, Ryan spent over a decade dissecting the lessons learned from his journey. His mission is to help other business owners avoid the pitfalls he encountered by providing them with the tools and knowledge to align their business operations with their personal and financial goals.
With a deep understanding of the challenges faced by owner-operators, Ryan developed Independence by Design™ to empower owner-operators to create sustainable cash flow, grow their company’s equity value, and achieve true independence. He has shared his insights on hundreds of stages, including Vistage, EO, and industry associations, and has reached over 500,000 listeners through his podcast.
Ryan is passionate about helping business owners get unstuck from the day-to-day grind and design a business that serves their life, not the other way around.
Resources:
Eric Roman LinkedIn https://www.linkedin.com/in/drericjroman/
One Life System - A system designed to help entrepreneurs balance their professional and personal lives. https://1life.drericjroman.com/
Book: "The E-Myth Revisited" by Michael E. Gerber
Book: "Traction" by Gino Wickman
Independence by Design™ Owner’s Workshop https://ryantansom.com/independence-by-design-workshop
Independence by Design™ Ownership Coaching: Ryan Tansom’s Ownership Accelerator programs and coaching https://ryantansom.com/coaching
Ryan Tansom Website https://ryantansom.com/
Ryan Tansom LinkedIn https://www.linkedin.com/in/ryantansom/
Ryan Tansom Twitter https://twitter.com/RyanTansom
Ryan Tansom YouTube https://www.youtube.com/@ryantansom
Ryan Tansom 30-Minute Ownership Strategy Call https://calendar.app.google/tsKk7z6ohugDchWq8