The Business Owner Transition

#33 Season 3, Episode 6:  Maximizing Business Transitions: Insights from Sales Expert Jonathan Graviss This podcast episode from the Business Owner Transition Podcast, hosted by Mike, features a detailed conversation with Jonathan Gravis, a career sales leader. Jonathan shares his extensive experience in building and managing high-performing sales teams, offering insights on hiring, training, motivation, compensation, and the importance of a strategic sales process. The discussion covers various aspects of sales management, including adapting to market changes like COVID, utilizing CRM tools effectively, fostering a positive sales culture, and devising incentive programs. Jonathan also emphasizes the importance of resilience, curiosity, and personalized coaching in driving sales team success. The episode aims to guide business owners in refining their sales strategies and enhancing team performance to maximize transaction value during business transitions. 01:09 The Importance of Sales Teams in Business 02:22 Building a High Performing Sales Team 03:38 The Role of Resilience in Sales 09:23 The Importance of a Good CRM Tool 11:03 Key Performance Indicators in Sales 14:01 Sales Leadership and Team Development 17:05 Understanding the Sales Process 18:53 Overcoming Sales Challenges 19:52 The Importance of Customer Needs Analysis 21:56 The Role of Trust in Sales 22:47 Managing Sales Teams 23:45 Designing Effective Compensation Plans 24:59 Sales Incentive Programs 27:21 Engaging with Your Sales Team 29:58 Transforming Sales Culture for Success 31:35 Wrapping Up: The Long Game of Sales

#32 Season 3, Episode 5: Business Leader Mindset and the Impact of Wrong Choices This episode of the 'Business Owner Transition' continues Mike's discussion with TD Smyers of the "No Clichés" podcast and owner of aboldleader.com. They explore the necessity of great leadership in both thriving and struggling businesses and discuss how problems arise when a leader suitable for a turnaround situation is in charge of a successful business and vice versa. The discussion focuses on implementing changes in flourishing and failing companies. They underscore the importance of bringing in an external coach to guide the leadership transition, highlighting the potential adverse consequences of getting it wrong. 01:00 The Consequences of Hiring the Wrong Leader and understanding the Concept of Mission Mismatch 03:20 The Impact of Wrong Leadership on a Thriving Company 06:51 The Role of Ownership in Leadership Decisions 15:36 The Impact of Leadership Mindset Mismatch on Business 17:17 The Importance of Seeking Help in Business Transition 20:10 Conclusion: The Role of Elite Exit in Business Transition

#31 Season 3, Episode 4: This podcast tackles the contrasting roles of leaders in a healthy, well-run organization versus a struggling or failing company, highlighting the inherent difficulties and benefits of each situation. The speakers discuss how leaders in healthy companies can struggle due to resistance from the board and employees when trying to foster innovation and change, while leaders in struggling companies are more in line for revolutionary changes, though often at a faster pace. The hosts argue that the best leaders in both situations engage and inspire their teams. They discuss some key attributes for individuals taking on a leadership role; ability to take decisive action, restore confidence, navigate resistance to change, and revamp culture. Another crucial factor is the loneliness that comes with the top position in a company, underscoring the importance of having someone by your side for support, either in the form of a coach or a trusted advisor. This podcast also talks about succession planning and urges leaders and founders to understand their strengths and limitations in terms of duration at the executive level. 00:47 Challenges of Leading a Troubled Company 01:19 The 'On the Bus or Off the Bus' Speech 03:15 The Importance of Team Alignment 03:40 05:12 The Role of a CEO in a Failing Company 11:01 The Importance of Succession Planning 22:37 The Loneliness of Leadership 24:45 The Value of a Trusted Coach

Season 3, Episode 3: The Business Owner Transition Podcast: Exploring Transformational Leadership Styles in Thriving Companies with organizational leadership expert T.D. Smyers  https://aboldleader.com/about  Download 10 Questions To Ask A New President For Your Thriving Company:  https://www.eliteexit.com/blog/key-interview-questions-to-ask-a-new-president-for-your-thriving-company This episode of the Business Owner Transition Podcast explores the required attributes of newly instated executives in profitable businesses. The conversation delves into the art of enhancement, which involves a slow transition, and the influence that engagement, motivation, collaboration, innovation, cultural core competency, growth focus, and balance of stability and agility have on company success. In conclusion, the importance of self-awareness, change with a purpose, the ability to evolve, and caution towards risk aversion are underlined as keys to a successful transition. Upcoming in the series is a discussion about leadership styles for companies not currently performing at their peak. 01:03 Discussion on Elite Preparation for Business Transition 02:57 Introduction of Guest Speaker - TD Smyers - TD Smyers' Career Journey and Expertise 07:17 The Art of Enhancement in Transformational Leadership 10:55 The Importance of Collaboration and Innovation in Leadership 18:50 Understanding the Role of Culture in a Thriving Business 22:16 Balancing Stability and Agility in Business Growth 27:23 Dealing with Resistance and Power Structures in Leadership 30:05 Conclusion and Preview of Next Episode

Elite Exit: Season 3 Episode 2:  Preparing for a Profitable Business Transition in 2024 This business owner transition podcast focuses on how to properly navigate the process of exiting a business. Host Mike Quinlan talks with guests Rob Swartwood (https://www.consiliumls.com) and John Marsh (https://www.mcreek.com), about their experiences with business deals in 2023, lessons learned and what to expect in 2024. The conversation covers the importance of top line growth, the necessity to handle and present financial statements effectively, understanding and tracking revenue trends, and the significance of preparing ahead for due diligence. They suggest that proper preparation, diversifying revenue streams, and a strong client base could increase the business's value in the market. The overall message emphasizes taking proactive steps for better business and maximizing transaction value at the time of sale. 00:01 Introduction to the Business Owner Transition Podcast Part Two of Conversation with Rob Swartwood and John Marsh. 00:55 Importance of Top Line Growth in Business 01:07 Articulating Business Growth and Vision 01:37 Understanding the Story of Your Business 02:01 The Impact of Declining Revenue Growth on Business Deals and Understanding the Concept of 'Retrade' in Business Deals 03:25 The Importance of Business Growth and Profitability.  Challenges in the Growth Component of Business Deals.  The Role of Risk in Business Deals.  The Impact of Revenue Decline on Business Deals. Understanding the Importance of Top Line Revenue Growth 08:54 The Role of Financial Statements in Business Deals 17:18 The Importance of Documenting Operations in Business 23:11 The Importance of Diversifying Revenue Streams and Client Base 27:12 Outlook for 2024 and the Importance of Preparation 31:03 Conclusion and Final Thoughts

Episode 29: 2023 M&A Market Insights and 2024 Projections: How to Achieve Elite Business Exit In this first part of a two-part podcast, business owner transition expert, Mike Quinlan, discusses the 2023 M&A market trends and projections for 2024 with industry experts Rob Swartwood https://www.consiliumls.com/ and John Marsh https://www.mcreek.com/ . They delve into the importance of understanding and increasing cash flow and institutionalizing management for a self-managed business, The podcast also gives insights into correctly valuing businesses and preparing them for a market that has become increasingly scrutinizing. Tune in for practical advice to best position your company for sale. 01:07 Guest Introduction: Rob Swartwood and John Marsh 01:55 Insights from Rob Swartwood 02:37 Insights from John Marsh 04:41 Impact of Market Changes on Business Owners 06:45 The Importance of Preparation for Business Sale 13:05 The Role of Cash Flow in Business Transition 19:40 Institutionalizing Management for Business Transition     

In episode 28, Mike talks with Kevin Cumbus, founder, and President of TUSK Partners.  Kevin and his team focus on dental industry M&A and specifically sales to DSOs (Dental Service Organizations) and are the preeminent boutique firm in the dental space. Key points in the podcast include: 14:00. Organizational complacency and how the buyer capitalizes on your inefficiency 20:30. What value are you most interested in maximizing? 26:10. Personal financial preparation and how it impacts your deal 30:00. The structure of your deal and rollover equity - what does that mean? 40:00. What mistakes do business owners make when trying to sell the business without representation? 46:50. Unsolicited offers - Is that your best price? Contact Kevin and his team at: https://tusk-partners.com or 704-302-1043

In today’s podcast, we talk about elements of the “G” and the “O” of the I.M.G.O.O.D. Checklist™.  Specifically, we discuss increasing the topline growth of your dental business by simply dialing up the efficiency and effectiveness of your existing front office staff. My guest today is Amol Nirgudkar, the founder and CEO of Patient Prism.  As a CPA, business consultant, author, entrepreneur, and former owner of several dental practices, he has 20 years of experience working with dental practices and groups.  He also serves on multiple large dental service organization boards. Key conversations in the podcast: 03:20 - Amol's thoughts on the dental industry 08:40 - What are DSOs looking for when partnering with a dental business? 14:00 - What improves transferrable value in the dental business? 18:15 - What are the key macro and micro metrics DSOs look at? Please review the Patient Prism website at https://www.patientprism.com Find out more about Amol at https://www.linkedin.com/in/amolnirgudkar/  

In this episode, Mike talks with Dee Fischer the CEO of Fischer's Professional Group.  Dee is a prolific influencer in the dental industry.  Her company helps dental business owners maximize transaction value through implementing high-performing systems, extraordinary culture, and substantial team building.  She is a highly regarded speaker and appears at all of the top industry events.   Significant points in the interview: 4:30. Dee comments on the status of the dental industry 8:38. Dee tells us what DSOs are looking for in acquisitions 10:00.  Dee tells us her due diligence focus when looking to acquire companies 14:53.  Dee discusses the importance of micro-metrics and how they tell the story of your business 20:33.  Are you overstaffed? 28:15.  Dee gives her insights on the greatest opportunity for dental business growth 31:00.  Dee discusses her engagement process 34:00.  Dee's thoughts on why dental business owners are not happy after they sell. 38:00.  Dee's parting thoughts Contact Dee at:  fischerspro.com or 321-228-7605

In this episode, Mike talks with Gary Bird.  Gary is one of the formost experts on marketing for dental business owners.  He is the founder of SMC National and the popular Dental Marketing Theory podcast.  Mike and Gary talk about metrics and micro-metrics to laser focus your marketing spend.  They discuss how to determine how much you should be spending on marketing.  Spoiler Alert:  He tells you not to let a marketing team answer that question for you!  They also discuss what dental owners should be doing in the last three years prior to an exit to achieve the ELITE exit. https://thegarybird.com https://smcnational.com  

In this episode, Mike talks with Ronnie Kent and Nathan Corbitt.  Ronnie received an usolicited offer from a private equity backed company in his industry.  Ronnie, a graduate of The Business Owner Transition Academy, reached out to Mike and the TBOTA team to help advise him through the transaction process.  Mike Ronnie and Nathan discuss the steps they took to complete the transaction and put Ronnie into the rare group of owners who have completed an ELITE exit by maximizing transaction value, on their terms and without regret. Here are the links referred to in the show: The Business Owner Transition Academy:  https://www.theowneracademy.com Mike Quinlan:  [email protected] Nathan Corbitt:  [email protected] Rob Swartwood:  [email protected] John Coffin:  [email protected]    

A great component of The Business Owner Transition Academy is the support network it generates for owners. The Academy Insider’s group is a Vistage like group reserved only for Academy Alumni.  This group meets on a quarterly basis to discuss their progress as they work to achieve an ELITE exit. If you have input or topics you would like to hear about, email me at [email protected]

Welcome to Season 2 Episode 11.  In this episode, Mike talks with Rob Swartwood of Consilium.  Consilium is a boutique legal firm specializing in mergers and acquisitions and corportate legal matters.  Rob is a former Army Ranger and now the founding member of Consilium in Atlanta GA.  Mike and Rob discuss the legal process from the beginning of the process and the importance of the Non Disclosure Agreement, through the Purchase Agreement.  During the transaction legal process, everything is negotiable until the owner loses negotiating power.  Listen in and find out when that happens and why negotiating a comprehensive Letter Of Intent is important.

Welcome to Season 2 Episode 10!  In this episode, Mike talks with Mike DeWitt.  Mike is a partner at CI-Brightworth and a senior instructor at The Business Owner Transition Academy.  Listen in as Mike talks about the importance of knowing the value of your company and a low cost way for you to gain knowledge and understanding of how the Key metrics of your business stand up to your peer group.  Download the sample valuation assessment here: https://www.theowneracademy.com/pages/the-business-owner-transition-podcast  

Welcome to Season 2 Episode 9!  In this special show, Mike talks with Brett Miller.  Brett is the partner and practice area leader in charge of CI-Brightworth Dental.  CI-Brightworth Dental is a specialty practice dedicated specifically to helping dental professionals navigate personal wealth management and business planning in the early, mid and late stages of their practice and their careers.  In this episode, Mike and Brett discuss the three foundational questions dental business owners must answer as they pursue an ELITE exit from their practice.  You can reach Brett at [email protected]

Welcome to Season 2 Episode 8.  In this episode, Mike talks with Nathan Corbitt, CPA, CFA, CFP, CExP about global geopolitical and economic unrest and what it means to the business owner in the rest of 2022 and beyond. For your complementary valuation assessment go to theowneracademy.com and select our valuation course.  Enter coupon code springvaluation2022 to start your custom valuation.

Welcome to Season 2 Episode 7.  Would you be comfortable hiring an outsider to run your business so you would have a better chance of increasing value and the probability to exit on the terms you want? Listen to my interview with Retired Navy Commander CX Kennedy.  CX was that outsider.  He moved from Maryland to Georgia to help an owner achieve an ELITE exit.  Hear, in his words, about the challenges, and successes of "Filling the Seat"

Welcome to season 2 episode 6.  After speaking to a number of business owners in the last 2 weeks about exit readiness, I thought this would be a good time for a discussion of why business owners fail to achieve an ELITE exit. This is a collection of observations from owners I have talked with over the last 10 years.  We will break our conversation down into several areas.  The first three are more general and deal with company structure, owner readiness and the deal.  The second section will be more specific and categorize failure points within the framework of I.M.G.O.O.D. Checklist™️

Welcome to Season 2 Episode 5 of The Business Owner Transition Podcast.  Join Mike in his conversation with Tom Wrobleski.  Tom has spent his career in the supply chain management space and serves as an advisor to fortune 50 and 100 CEOs and boards.  They discuss the current supply chain environment and the future of supply chanin management as it relates to smaller business' ability to reduce cost, become more efficient and enhance growth.

Welcome to Season 2 Episode 4 of The Business Owner Transition Podcast.  In this episodes, I talk with T.D. Smyers, CAPT USN (Ret).  T.D. is the host of the Bold Leader Podcast, former squadron commander and Naval Air Station Commander.  After his transition to civilian life, he has held CEO positions at multiple large institutions and now coaches business owners on leadership and team development to increase the business' transferable value by working on the "M", Institutionalizing Management, in the I.M.G.O.O.D. ChecklistTM  You can find the Bold Leader Podcast and his fascinating story of two squadrons facing the leadership challenge of Anatrhax vaccinations here: https://podcasts.apple.com/us/podcast/a-bold-leader-no-clich%C3%A9s/id1604194619

Welcome to Season 2 Episode 3 of The Business Owner Transition Podcast.  In this episodes, I talk with Chuck Allen.  Chuck is the host of the Cool Change Podcast, a highly accomplished executive coach and speaker and is living his own "Cool Change".  Learn how to pull the trigger on your transitiona and Level up every day to create a more enriching "Cool Change" lifestyle.

Mike talks with Don Bravaldo, founder of Bravaldo Capital Advisors.  They discuss Don's boots on the ground observations of the current lower middle market M&A environment and what it takes to get your company sold.  

Welcome to 2022 and Season 2 EP1.  In this episode, Mike discusses the outlook for the opportunity to create your ELITE Exit in 2022.  He discusses the environment from three perspectives.  First, the economy and availability of capital. Second, the M&A market.  Third, small business optimism.  This short episode kicks off another exciting season of The Business Owner Transition Podcast and sets the stage for interesting guests who will help you  create ELITE preparation for your ELITE Exit.

In this episode, Mike talks with Charlie Jordan, He is a CPA, a Certified Financial Planner™ practitioner, and a Certified Financial Transitionist®.  Charlie leads the Retiring Well practice at Brightworth and uses unique assessments to help clients flourish in retirement.  His counsel is critical to transitioning business owners who are facing the difficult transition to retirement.  Listen in and avoid being part of the 75% of business owners who are unhappy after selling their business. https://www.brightworth.com/retiringwell Learn about The Business Owner Transition Academy at https://www.theowneracademy.com

In this episode, Mike talks with Beth Miller, author, coach and management team guru.  Mike and Beth talk about her book Replaceable, An Obsession with Succession and improving your team and positioning your business so you can leave it on your terms and join the Elite 3%! Find Beth's book on Amazon and wherever books are sold.  You can contact Beth at [email protected] Learn about The Business Owner Transition Academy at https://www.theowneracademy.com    

Welcome to EP7.  Mike talks with Karen Reynolds of TechCXO and Don Bravaldo of Bravaldo Capital Advisors.  Mike, Karen and Don all worked together on a vary successful exit and discuss the addition of a fractional CFO from the perspective of planning and preparation to the company sales process. To access the Business Wellness Checkup, please click here  Here is contact information for our guests: Karen Reynolds:  [email protected] Don Bravaldo:  [email protected]

Welcome to EP #6!   Acquiring additional capital to fuel the growth of your business can be a confusing array of decisions.  Where to get it?  What is the cost? What are the strings attached?  All questions The Business Owner Transition Academy instructors, Nathan Corbitt and John Coffin answer in this episode.  Happy listening and here is Nathan and John's contact information if you have questions or comments. Nathan Corbitt, CPA, CFA, CFP, CExP: The Business Owner Transition Academy  [email protected] John Coffin:  President, Practical Growth Advisors. [email protected] Check out our educational courses, consulting engagements, and valuation assessment at https://www.theowneracademy.com/ Increase Value, Increase Probability, Join the 25%  

In this episode of The Business Owner Transition, Mike talks with Phil "Susan" Goebel.  Phil is a former Marine Corps F-18 pilot and entrepreneur.  They talk about military aviation, callsigns, Phil's successful sale of "Lazy Susan's" and his new venture into the specialty coffee business.  He will be launching Ready Room Coffee early next year.  Come visit us at The Business Owner Transition Academy

Welcome to episode 4!  We recently hosted clients, students and advisors for our fall social mixer.  We had incredible feedback from the group and the energy in the room was palpable.  Many of the advisors in the room said this was their first live social/networking event since the start of COVID-19.  This episode is a bit of a recap of some of the conversations in the room and an overview of the exit landscape in 2020.  Come visit us at The Business Owner Transition Academy

In this episode, Mike talks with Chris Means, a principal with Pinnacle Planning LLC with offices in Atlanta and Savannah Georgia.  Chris has over 40 years of experience working with business owners on business continuity and asset protection.  During this week's class of the Fall Cohort of The Business Owner Transition Academy, students had questions regarding the risk to their personal balance sheet so Mike invited Chris to discuss his observations of the 5 most important things business owners are missing.   Chris Means, CLU Principal Pinnacle Planning, LLC Phone – (770) 551-1830 * Mobile (404) 702-2615 * Fax (770) 551-1831 7000 Central Parkway, Suite 215, Atlanta, GA  30328 [email protected]

Michael Gossling, former CEO of DoMyOwn.com, talks about the twists, turns, and final home stretch of his successful transition from is ownership role.

Transitioning out of your ownership role on the terms you want is easier said than done, but it can be done. Michael Gossling, former CEO of DoMyOwn.com, shares his story.