Intentional Growth

    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 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. Links and Resources: David Tramontana, email: DTramontana@focuscfo.com David Tramontana, LinkedIn SOS, 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.io or on my LinkedIn About David: For the past 20 years, David has successfully led healthcare organizations to record growth and profitability. His success has gained the respect of his teams and accolades across the home healthcare industry. His passion for people and his entrepreneurial spirit has driven him to start a new venture – Strategic Operating Solutions, LLC. His achievements have earned many awards and much recognition: Association for Corporate Growth – Deal Maker of the Year, E & Y Entrepreneur of the Year Finalist, Business Courier 40 Under 40, 2-Time Business Courier – Fast 55 Award, 2-Time Government Affairs Advocate of the Year, Ohio Council for Home Care and Hospice, Council on Aging of Southwest Ohio – Outstanding Professional in Aging, 3-Time Best Home Health Care Agency, and Venue Magazine’s Healthcare Leadership Award. David is a graduate of Ball State University. He currently lives in Cincinnati, OH with his wife, son, and daughter. When he isn’t working on new ventures or advising other leadership teams, he enjoys volunteering for his children’s high school athletic teams.

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 The Trust Edge: How Top Leaders Gain Faster Results, Deeper Relationships, and a Stronger Bottom Line by David Horsager, 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: David Horsager is the bestselling author of The Trust Edge and CEO of Trust Edge Leadership Institute. 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. He invented The Enterprise Trust Index™ and leads the charge in the nation’s foremost trust study—The Trust Outlook™.

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. In 1984 Gayle co-founded an employee benefits brokerage, Johnson McCann, that grew rapidly until 2012 when they merged with 3 other brokerages making them the largest independent insurance brokerage in Minnesota. Their division continues to specialize in employee benefits insurance. Gayle’s skill was chief strategist for our clients in managing their benefits package while managing our employees and the business. Gayle’s client niche markets were working with medical groups and hospitals, non-profits, public and private education institutions, and specialized businesses.

 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 How to harvest the best talent out of people The biggest mistakes owners make when hiring and building out their sales team Quotes “I really see marketing as determining who we are and what we’re going after and sales is executing that” - Gary “Those three things (firing, sales training, comp plan) are never the answer.” - Gary  “If people, in general, don’t know what game they’re playing, they’re just not as motivated cause you don’t know how to win.” - Ryan Takeaway: If you’ve ever had anxiety about hiring or maintaining your sales department, these steps will help you hire and build your perfect sales team and will help you systematize your department so you can achieve those value goals you have set for you and your business. Links and Resources: Gary Braun, LinkedIn  Pivotal Advisors, website Gary Braun, email: gbraun@pivotaladvisors.com Gary Braun, Twitter Objections: The Ultimate Guide For Mastering the Art and Science of Getting Past No by Jeb Blount, 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 Gary: Gary is a founder and co-owner of Pivotal Advisors. He works with organizations to help them scale and grow and helps them define where growth is coming from, helps them hire and/or develop the sales team, identify ideal clients and markets, and leverage true differentiators (even in commodity markets). He also implements sales processes, targets specific KPIs, increases activity, creates and applies sales compensation plans, and develops sales leadership skills. Previous Experience Before Pivotal Advisors, Gary worked for 20+ years as a salesperson and sales leader. He began his career right out of college in the harsh world of selling copiers door to door to businesses. Then Gary moved to a fast-growing manufacturer of desktop publishing equipment called Laser Master and was responsible for selling through a dealer network. His role there was to recruit, train, and manage resellers and help them sell products. This is where Gary got a promotion and got his first taste of management running the west coast.  From there, Gary moved to a reseller of Digital Equipment Corporation selling new and used computer servers, storage, networking equipment, and licensing to Fortune 1000 companies. This is where he learned the ins and outs of enterprise selling, how to map out organizations and find the various divisions, locations, and decision-makers to “land and expand” these large accounts. Gary was recruited away from that reseller to join a “startup” at the time called Digital River, which sold outsourced e-commerce services. In the beginning, he was tasked with chasing down strategic software vendors and dealers, but in a short while, he was leading the sales team. In his time at Digital River, company sales rose from $1M in revenue to over $400M. This is where he learned how to implement repeatable systems and processes. Those would allow the sales team to grow to the point where average salespeople could be successful if they followed the playbook Gary had developed. Then, he got a phone call from his brother, Mike, in 2008 to start a new firm called Pivotal Advisors and the rest is history.

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 to grow and exit their businesses through educational boot camps and consulting services. We want to help business owners better understand the world of M&A and level the playing field between sellers and buyers (who are almost always more skilled and experienced in M&A) so owners who want to exit can achieve their goals, both financially and personally.

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 LinkedIn About Greg: Greg Meredith is experienced in strategic planning, process design, business technology selection and optimization, project management and general management. His specialties lie in getting up to speed quickly and delivering results that matter. Greg has broad experience in many areas of business and can execute projects rapidly and on budget. He is and has been a consultant for Brixey & Meyer, director for Startup Grind, a director for sales at LexisNexis, and was the director of operational excellence at Domin-8 Enterprise Solutions.

Podcast #177: Ken SanginarioHosted 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 MetricsKen’s email address508-870-5805  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 business owner functions, and has authored numerous articles on business value growth, corporate valuations, mergers & acquisitions, and turnaround management.  He is also the Board President of Solutions at Work, a charitable organization focused on breaking the cycle of recurring poverty and homelessness.  Ken’s credentials include: CVGA (Certified Value Growth Advisor) CM&AA (Certified M&A Advisor) CTP (Certified Turnaround Professional) CPA (Certified Public Accountant) ABV (Accredited in Business Valuation) CVA (Certified Valuation Analyst) MSF (master’s degree – finance) MST (master’s degree – taxation)

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 Success With Sue Hawkes   PRINCIPLE #2 – FINANCIAL TARGETS Are you doing bank-balance financing? If you’re operating your business based on what’s in your account (have money, spend money; no money, save money), then you’re not focusing on the right financial targets. Identify what those targets are and start building the value of your business! You need to know the value of your business today, net of taxes and debt repayment, before you start to think about selling. If you don’t know that number, you can’t see if you’re close enough to your number to let go of your biggest asset. Figuring out how much money you need to live annually without the benefits of business ownership is a really good exercise for any entrepreneur. It tells you without a doubt if a deal is good for you right now and what you’d have to do to make your life after business happen the way you want it to. Your net worth outside of your business will impact what you need and want to take out of sale is the bottom line. If you have a higher cost of living and expectations for your lifestyle, you’ll need more from your exit. If you’re often using your business for your entertainment, that will factor in as well. Here are the top episodes on Principle #2 from 2019: #131: Understanding Business Valuations & Value Drivers: How To Double The Value Of Your Company With Ken Sanginario​ #153: How To Sell Your Business For An Outrageous Price With Kevin Short​ #158: Learn How To Profit First & Take Control Of Your Business With Mike Michalowicz   PRINCIPLE #3 – EXIT OPTIONS Figuring out the exit option that is best for you is tough work. You need to take into account so many things! This is why we have our Growth & Exit Planning Boot Camp so you can take the guess work out of what it’s going to take to give you the exit you need to be happy in your life after business. If you want to stay in your business and be a passive owner, you have other considerations to make regarding your financing options and potential buyer than someone who wants to completely exit and is looking to take top dollar for their business, hang what comes next. No exit is the wrong exit, just so long as it’s right for you.   The key thing to remember is that an exit doesn’t have to mean you are leaving your business. It can simply mean you’re taking a step back to focus on other things or perhaps rediscover your passion. However, you have to start planning like you’re leaving your business or you’re not going to see the growth you will need one day for your eventual retirement. Here are the top episodes on Principle #3 from 2019: #140: Selling The Family Business: A Son’s Perspective With John Garuti​ #164: What Is An Esop: A Deep Dive How Employee Stock Ownership Plans Work With Dave Diehl​ #156: The Great Game Of Business – The Only Sensible Way To Run A Company With Jack Stack​ #144: The Messy Marketplace: Selling Your Business In A World Of Imperfect Buyers With Brent Beshore​ #168: SELLING A BUSINESS TO A FAMILY OFFICE: AN INSIDER’S PERSPECTIVE WITH PAUL MOFFATT   PRINCIPLE #4 – INCREASE VALUE Your business needs to be sustainable, predictable and transferable to increase your value. The reality of selling a business is pretty bleak. There are literally a ton of loopholes that buyers can exploit to take down your company’s value. It’s up to you to make sure this doesn’t happen! The best way to tank-proof your deal, you need to show that your business is a solid investment. Showing that year-over-year you have turned a profit or increased value is the first step. But then you have to show how this value is going to continue into the future. Once you’ve proven that to your buyer, the only thing you have left to do is show them that all of this can transfer to them without taking a hit when you pass the reins. Start finding ways to de-risk your business, including hiring the right people to help you find better efficiencies for increasing your value and avoiding major hits at time of sale. Here are the top episodes on Principle #4 from 2019: #131: Understanding Business Valuations & Value Drivers: How To Double The Value Of Your Company With Ken Sanginario​ #160: Get Your Business Out Of Your Brain & Increase The Value Of Your Company With Chris Ronzio​ #173: GROWING AND SELLING A COMPANY FROM THE INTEGRATOR'S (2ND IN COMMAND) PERSPECTIVE WITH JONATHAN "JT" THIELEN   PRINCIPLE #5 – TEAM OF ADVISORS How solid is your team of advisors? No business of size and value is an army of one. It just doesn’t work that way; you can’t sustain the growth all on your own. So why are you still running your company as if you are the sole employee? You should not be the first contact for all roles. If you are, you’re either doing a disservice to the people you’ve hired or you’re working with the wrong people. While you definitely want to like who you’re working with, sometimes it’s more important to find the right fit than sticking with who you know and love. A lot of us start off working with family and friends. Which is great, and sometimes that works for the long run. So many times, though, these people are quickly eclipsed by the business’ growth and are no longer relevant under the new structure. One of the toughest jobs of an entrepreneur is letting go of the wrong people while diligently hiring the right ones. But the people on your team need to be the ones who best know how to advise you based on your current level of operations, your market, and your goals. The best teams collaborate and work with each other’s strengths. They know their stuff and when they don’t, they keep their egos in check to get the answers they need and help you get the best out of any deal. It will cost money to get these rock stars, but they pay for themselves. Trust me. Here are the top episodes on Principle #5 from 2019: #175: How To Save Yourself Millions In Your Exit By Hiring The Right Team Of Advisors With Todd Ganos​ #153: How To Sell Your Business For An Outrageous Price With Kevin Short​ #161: The Role Of An M&a Attorney, Due Diligence And How To Maximize Your Sale Price - Interview With Dan Grimsrud TAILS FROM ENTREPRENEURS WHO HAVE GROWN AND SOLD  So many entrepreneurs experience the same growing pains. We have similar hurdles and milestones, and we understand the gamut of emotions business ownership comes with. But what if someone has been in your exact situation and has that wonderful hindsight that can help you out? The more we talk about our experiences as entrepreneurs, the more we help each other out. When you find the perfect solution to a problem you have from someone who has been through it and learned their lessons, it feels so good. One of the biggest issues we come across when trying to learn about how to sell our businesses or even just generally about M&A is that so much has to be experienced before it can be mastered. Listen to those who have been there. And, when you have key advice to share, don’t be shy! You seriously never know who’s listening that can benefit from your experiences and knowledge. Check out our top podcasts for entrepreneurs from 2019: #129: $9m In Revenue, $4.5m Ebitda And A $55 Million Exit – With Stephanie Breedlove​ #137: Why Culture Matters – One Bhag And A $38 Million Pe Recap – With Jill Nelson​ Structuring The Deal: Equity, Debt, Mezzanine, Notes And More With Matt Boettner​ #139: Lost And Founder – Tales From Startup To Exit With Rand Fishkin​ #143: Female Viagra’ Founder Exits For $1 Billion And Gets Company Back For Free With Cindy Eckert​ #152 Scaling From 0 To $170 Million With A 40 Hour Work Year With Scott Fritz   WHAT NOW? Yep, that’s right. Growth and exit planning (like you’ll learn about in Arkona’s Boot Camp) are two sides of the same coin. When you plan to grow, you’re securing your exit; when you plan to exit, you need to spur growth to become a more attractive acquisition. Look at revenue streams, debt ratios, operational efficiencies, and your key employees. Do you have all the roles filled on your roster that you need to accomplish your goals? Are there good barriers to entry around your niche, or do you need to create/find them? It’s time to take a look at how you can de-risk your business in 2020 to improve your valuation. Whether you want to sell or not, you need a good valuation. You’ll attract better employees and financing deals, as well as achieve a greater level of industry influence. Think McDonald’s versus Carl’s Jr. To do that, here are some of the top strategies to decrease your overall risk entering the new year: Create a growth exit plan. Make sure you have the right people in the right roles (skill set, knowledge, ability, and fit). Implement EOS or other operational efficiencies to free up your valuable time and automate some of your business. Check on your revenue and debt. Are they concentrated? Are they risky? Attend one of our Growth & Exit Planning Boot Camps to give you the best action plan possible. 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

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 or on my LinkedIn  About Todd: Todd started out as an Air Force Officer but now helps owners of middle-market companies gain control over and understanding of their firm's finances, enhance their firm's cash flow and value and reduce the tax burden on the sale of their firm. His passion lies in tax law and helping others.

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 LinkedIn About Gino: Gino Wickman is the founder of EOS Worldwide,[1] a leadership team development company based in Livonia, Michigan aimed at the small business and entrepreneurial community. He is the author of Traction: Get A Grip On Your Business and Get A Grip: An Entrepreneurial Fable . . . Your Journey to Get Real, Get Simple, and Get Results. Wickman created the Entrepreneurial Operating System (EOS)®,[2] that is intended to help leaders run better businesses, get better control, have better life balance, and gain more traction; with the entire organization advancing together as a healthy, functional and cohesive team.