The Process of Buying, Growing, and Selling a Business with Terry Lammers - Episode 107

Today's guest is Terry Lammers, Certified Valuation Analyst and co- founder/managing member of Innovative Business Advisors. He was President and Owner of Tri-County Petroleum for 20+ years before joining Regions Bank as VP of Commercial Banking after selling his business in 2010. Armed with vast financial expertise and decades of hands-on business leadership, Terry now works with his team at Innovative Business Advisors to guide business owners looking to sell their enterprises, as well as prospective buyers. Terry's new book You Don't Know What You Don't Know, is an in-depth examination of the process of buying, growing, and eventually selling a business. With Terry's guidance, both current and aspiring business owners are sure to walk away with a wealth of knowledge and advice to lead them down the path to business success in every stage. Stay tuned and enjoy this episode! Curtis's motto is that what you learn today and how you position yourself will determine your future financial well-being 5, 10, 20 years from today. To learn more about how to manage your wealth in a practical way, visit www.practicalwealthadvisors.com Links and Resources from this Episode www.practicalwealthadvisors.com Email Curtis for a free report - [email protected]  Call his office - 610-622-3121 Connect with Terry Lammers https://innovativeba.com/  https://www.facebook.com/innovativeba/ [email protected] https://innovativeba.com/terry-lammers/ https://twitter.com/terry_lammers?lang=en Phone: 618 530 8922 Terry's book: https://www.amazon.com/You-Dont-Know-What-Everything/dp/0997521015 Special Listener Gift Schedule a 15-Minute Call with Curtis  Free Ebook Financial Planning Has Failed Show Notes Terry's background - 2:24 The opportunity that exists when it comes to finding a business - 3:19 Having enough cash flow - 4:44 Thinking in buying and selling a property - 7:23 A successful acquisition - 9:48 Doing a strategic evaluation - 11:49 Think about what you want to buy - 15:26 Thinking about selling - 16:37 Be sure your taxes are done - 17:40 The value of the business - 20:32 A difference between cash flow and profitability - 22:16 Terry's thoughts about buying a business - 24:31 Having bankability - 25:48 Banks and loans - 27:16 Learn how to use debt to buy assets - 28:37 Try to minimize your losses in life - 30:30 Always keep an open mind! - 32:25 Get in touch with Terry - 32:53 Coaching clients and his coaching program - 33:40 Terry's book - 34:43 Review, Subscribe and Share If you like what you hear please leave a review by clicking here Make sure you're subscribed to the podcast so you get the latest episodes. Click here to subscribe with Apple Podcasts  Click here to subscribe with Spotify Click here to subscribe with Stitcher Click here to subscribe with RSS