LIFE AFTER BUSINESS [Podcast]

Hey! My name is Ryan Tansom and I sold a family business with my Dad, Corey, in 2014 and I’m on a mission to learn everything I wish I would’ve known before we sold.

If I would’ve known then what I know now, we could have and extra $1.6 Million in our pockets and controlled the whole exit process!

I interview entrepreneurs who have sold a business, authors, advisors, and thought leaders, any anyone I think can shed light into areas like:

  • How your life goals and visions impact your options/exit plan
  • How to value a company and maximize net proceeds
  • How to increase the value of your company
  • What exit options are out there and how they work
  • What kind of team of advisors you should have and how they get paid

Listen on:   iTunes   |   Stitcher

Subscribe to Get New Episodes Delivered Weekly

You have Successfully Subscribed!

Exit to Find Passion Again – Interview with Troy Schuette

Exit to Find Passion Again – Interview with Troy Schuette

Exiting your business with zero regrets is a goal that many of us have. Today’s guest, Troy Schuette, owned a waste disposal business for 23 years. He made his decisions carefully so he knew he’d be able to exit happily without wishing he’d done things differently. He’s going to talk to us today about the process he went through, from creating his valuations to choosing his buyers to finally signing his closing documents. You won’t want to miss Troy’s story!

In This Episode You’ll Learn:

  • How and why Troy decided to become an entrepreneur.
  • Where Troy got his passion: Garbage, recycling, and scrap were not actually his passion, but they were the vehicle for his passion.
  • Some of the pitfalls of growing too quickly, as well as what finally clued Troy in that he had lost his passion.
  • How Troy, with the help of his father, decided to sell and how he determined the value.
  • The mental process that Troy went through to choose a buyer.
  • Some of the lifestyle changes that went along with exiting the business.
  • The emotions that Troy went through on the closing date.
  • How Troy told his employees about the sale of the company.
  • What Troy did to let his brain rest after he exited his company.

read more…

‘The SBA Guy’ Talks Business Financing – Interview with John Thwing

‘The SBA Guy’ Talks Business Financing – Interview with John Thwing

Financing is an important aspect when buying or selling a business. The SBA can play a huge role in this process. An important step in the process is knowing where you are trying to go before knowing what tools you will need to use. When structuring a deal the fundamentals come first before the deal structure.

Today we’ll be talking to John Thwing who is known as The SBA Guy. John has closed over 400 SBA financed transactions and is currently at Anchor Bank. Today, John shares a ton of insights about SBA structure, the loans, how they work, and the role the lender plays in relationship to the buyer, seller, and broker. He also provides great insights on all the deals that he has done, and what constitutes a qualified buyer for going into a business and how a seller can use the SBA to exit their business.

In This Episode You’ll Learn:

  • John shares how he started at his first bank in the mail department and ended up becoming The SBA Guy today.
  • How the role of the SBA is to guarantee loans for financial institutions.
  • Deal structures and restrictions with SBA financing.
  • How the SBA tool may not be a good fit and how John helps sellers and agents recognize that.
  • How cash flow is the driver of value, and banks want loans that will be repaid.
  • Due diligence, determining value and prequalifying for financing.
  • How SBA lenders validate 3 years of tax records for ecommerce businesses.
  • Marketplaces for matching buyers and sellers.
  • How hiring an appraiser is not always the best first step.
  • Change of ownership is not part of the SBA loan structure.
  • Qualifying buyers and looking at liquidity, transferable skills, background, and expenses.
  • Discuss financial fundamentals and listen to the market and your advisors.

read more…

Find Your Purpose in Business and Life – Interview with Kevin McCarthy

Find Your Purpose in Business and Life – Interview with Kevin McCarthy

The valuation of your life work and business is a direct reflection of the leadership remaining in place after you exit. What does it mean to build a company of leaders? How do you do that? What does it mean to be increasing wealth so everyone profits?

Today we’ll be talking to Kevin McCarthy, the Chief Leadership Officer of On-Purpose Partners, a deep strategy and planning business advisory firm. Kevin is also the author of several books, including The On-Purpose Person and The On-Purpose Business Person. Today he’s going to talk to us about how to find your purpose and his multi-decade journey trying to reinvent how an entrepreneur can change his or her business.

In This Episode You’ll Learn:

  • Information about Kevin’s background that helped him get where he is now as the CLO of On-Purpose Partners.
  • Where entrepreneurs go off-course when it comes to identifying and sticking to their purposes.
  • What purpose means to Kevin as well as how having purpose minimizes confusion.
  • How the On-Purpose Pal can help you stay aligned with your values, as well why Kevin recommends a two-word purpose statement.
  • How to figure out your purpose without having a tragedy.
  • How an amortization chart can help you get on track with your purpose, as well as what “hellegation” means and how it might apply to you.
  • Tips on how finding your purpose relates to your exit plan.
  • An explanation of the Chief Leadership Officer title.

read more…

The Missed Exit – Interview with Tim Hall

The Missed Exit – Interview with Tim Hall

Today on the Life After Business podcast, we’re talking to Tim Hall. Tim’s story is so amazing that I just had to get him on the show. Tim was an executive at Cartoon Network and worked at Hasbro. Then Tim had the opportunity to buy the division of Intel. He was able to grow that business to 85 million dollars in revenue, but when the business climate changed and the economy went into a recession, Tim realized he’d missed his exit. Sit back and relax as you listen to what Tim would have done differently, opportunities he didn’t take, and much more.

In This Episode You’ll Learn:

  • Tim’s career journey, full of twists and turns, beginning when he was a young teenager.
  • How Tim jumped feet-first into Intel, which is what he considers his foray into entrepreneurship.
  • How he kept the cash flowing in his early days at Intel, later called Digital Blue, when he bootstrapped through the first five years.
  • How factoring works: Tim explains recourse and nonrecourse factoring and how it differs from traditional lines of credit.
  • Tim’s top priorities when the company’s revenue quadrupled.
  • How the recession in 2007 and 2008 hurt Tim’s business, as well as what he would have done differently.

read more…

Business Family vs. Family Business – Interview with Wayne Rivers

Business Family vs. Family Business – Interview with Wayne Rivers

Wayne Rivers is the co-founder and President of The Family Business Institute, Inc. that has been around for over 28 years. He is an author of four books on family business and has been quoted in many articles for large publications like Forbes, Fortune, BusinessWeek, Entrepreneur, The New York Times, and Washington Post. Wayne is also a Wall Street Journal panelist, a speaker, and has appeared on the Today Show, CNN, MSNBC, and CNBC.

Needless to say, he really knows his stuff! In his 28 years at The Family Business Institute, Wayne has worked with many families in all kinds of situations. On the podcast, he tells us stories of different encounters he has had with families over the years. His main goals are business prosperity and family harmony for all of his family business clients. The biggest question they have to answer first is, are you a business family or a family business?


In today’s episode, you will learn:

  • How to prosper in a family business and also have family harmony
  • How to avoid complacency in your business
  • The importance of reinventing your business
  • Significance of bringing in good talent
  • Bridge management techniques
  • Importance of modelling out your financials to make decisions
  • Defining roles, responsibilities, and compensation in family businesses
  • Phantom stock arrangement for non-family members
  • Key elements of a good buy-sell agreement
  • Reasons for keeping real, solid financials

read more…

I’ve Sold My Business, Now What? – Interview with Cody McLain

I’ve Sold My Business, Now What? – Interview with Cody McLain

Today’s guest’s name is Cody McLain. Cody is a serial entrepreneur. He’s in his late 20s and has already sold multiple businesses. At the age of 15, he started a web hosting company and grew it up to $600,000. Unfortunately, he partnered with an individual involved in penny stocks who defrauded Cody in his business and he lost it all.

Cody then started another venture, grew it, sold it, and had an entire period of reflection where he was trying to figure out what it means to live a life of happiness. Who did he want to be now? He was searching for his ‘why’ and went on to start multiple other ventures including his current company, SupportNinja, that has over 200 employees and $4 million in revenue.


In today’s episode, you will learn:

  • What it is like to sell a company young and not know what to do next
  • How hiring key people can free up your time and focus
  • The importance of looking outside of day-to-day business operations
  • The need for meaning, drive, and motivation as an entrepreneur
  • The journey of self-discovery and how to find your ‘why’

read more…

How to Get Your Online Business Ready for Sale – Interview with Thomas Smale

How to Get Your Online Business Ready for Sale – Interview with Thomas Smale

Today’s story is about a gentleman named Thomas Smale, Founder of FE International which is an M&A firm specializing in the sale of SaaS, e-commerce and content based businesses. Thomas started his career flipping online businesses. He would buy $50 to $100 websites, build them up, and then sell them for profit.

Thomas started realizing that there was a huge potential market for this and people started going to him and asking for advice. He built an instructional e-course and then ended up building FE International to where it is today with his business partner, Ismael Wrixen. They have done $100 million in transactions, over 500+ deals.

In today’s episode, you will learn:

  • How to grow the value of your business to get more out of your sale
  • The importance of building recurring revenue streams
  • The value of making your business attractive to a wide range of buyers
  • What your IP is worth in a sale
  • Importance of proper exit planning
  • The three key business models
  • The three categories of buyers

read more…

Selling a Law Firm for All Cash – Interview with Tom Fafinski

Selling a Law Firm for All Cash – Interview with Tom Fafinski



Could you survive for 2 years without a salary? Tom Fafinski [Entrepreneur, Attorney, Real Estate Investor, Peer Group Leader] explains how he grew a 7 figure + law firm, only to cut it back to its bones before he grew it back up again and sold for over a million dollars in all cash… up front!

Normally professional service firms get 1-2 times EARNINGS paid on an earnout but Tom had systematized his firm enough to get a stellar offer so he could become a Real Estate Investor and Co-Founder of Virtus Law with his favorite co-worker.

Tom created his dream firm after surviving a difficult sale to a second generation attorney durning the financial crisis because he made the BEST decisions, at the toughest times, and he didn’t rely 100% on the income…

“To be dependent on the business makes you a liability.” – Tom Fafinski


In today’s episode, you will learn:

  • How an attorney became an entrepreneur
  • What the sale of a law firm looks like
  • Why financial diversification from your business is important
  • What happens when you’re not passionate about your work
  • How to not become a liability to your company
  • How to deal with an income squeeze from your business

read more…

Getting Unstuck and Selling Companies – Interview with Kenyon Blunt

Getting Unstuck and Selling Companies – Interview with Kenyon Blunt



Are you feeling stuck in your business or don’t know what to do next? Kenyon Blunt, certified Gazelles coach, Value Builder, and expert in growing and selling businesses, gives his advice on what to do when you hit a wall in your business… Maybe that means you want to move on from it to the next phase of your life or maybe that just means figuring out how to take it to the next level.


In today’s episode, you will learn:

  • The difficulty of having a business partner with a different vision
  • How to get “unstuck”
  • Importance of a network or entrepreneur’s organization
  • What is a roll-up of a company
  • Importance of long range plans for your company
  • Challenges with the turnaround of a business owned by a PE firm

read more…

Divestopedia Co-founder Talks Valuations – Interview with John Carvalho

Divestopedia Co-founder Talks Valuations – Interview with John Carvalho



Do you have a realistic valuation of your company? A lot of business owners never actually know what their company is worth until they go to sell their business. It is important to know this earlier to be able to figure out what exit option makes the most sense.

John Carvalho, president and founder of the middle market M&A advisory firm, Stone Oak Capital, as well as co-founder of Divestopedia, talks about the importance of starting to plan for your exit early so you can have time to get the valuation to where it needs to be. If a change in objectives or change in business is needed, you can back into that if not selling for another few years. The more time you have, the more able you will be to achieve the goals you want when selling your company.

In today’s episode you’ll learn:

  • How to structure your company sale
  • Who to find as a likely buyer
  • How to architect the financing behind the deal
  • How to reverse back into what you want out of your exit
  • Making a healthier business before sale

read more…

What is a Family Office? – Interview with Richard Wilson

What is a Family Office? – Interview with Richard Wilson



Richard Wilson creates and manages single family offices for ultra-wealthy families. He also is the founder of the Family Office Club with membership of over 1,500 families of similar net worth totaling over $1 Trillion in Assets. He started off doing risk consulting out of college and joined the angel investing and capital raising world before positioning himself as the thought leader on family offices.


If you listen, you will learn:

  • What is a family office
  • The different types of family offices
  • How to create a family office to manage your wealth and business
  • Benefits of a holistic wealth management solution
  • Importance of building a platform business expanding on your niche
  • How a family office can reduce chaos and stress

read more…

Designing Your Golden Handcuffs – Interview with Dyanne Ross-Hanson

Designing Your Golden Handcuffs – Interview with Dyanne Ross-Hanson



Dyanne Ross-Hanson started Exit Planning Strategies in 2005 when she realized the business owners that she worked with didn’t give much thought to how they were actually going to get out of their businesses. She saw a need to educate these owners and develop intentional plans for ownership transition.


If you listen, you will learn:

  • Why rewarding and retaining key employees is so important
  • Four design variables of an incentive program for key personnel
  • Difference between cash based and stock based incentive plans
  • Different ways you can structure cash based incentive plans
  • Ways to transition ownership financially to family members
  • Tax implications for different incentive plans

read more…

Always Be Ready to Sell – Interview with Stuart Sorkin

Always Be Ready to Sell – Interview with Stuart Sorkin



Stuart Sorkin is a lawyer and CPA who spent many years working for large accounting firms before starting his own law practice. His broad range of experience allows him to see how tax, financial, and estate planning are intertwined and become extremely important when selling a business. He took everything he learned working with large clients on business plans and estate planning and co-wrote a book called “Expensive Mistakes When Buying and Selling Companies.”


If you listen, you will learn:

  • Top mistakes made when buying or selling a business
  • The importance of exit and post-acquisition planning
  • How estate planning and the sale of the business are intertwined
  • What is a Monte Carlo Analysis and how it can help with exit planning
  • How key employees can increase the value of the business
  • Keeping an up-to-date due diligence library will make the sale and transition easier
  • The six ways an entrepreneur can exit their business

read more…

Getting Acquired by Google – Interview with Mike Nunez

Getting Acquired by Google – Interview with Mike Nunez



Mike Nunez founded AffiliateManager.com with his brother but always wanted to work for Channel Intelligence in Orlando. After a random encounter with the CEO of Channel Intelligence, he was called up to work for them. Six years later Channel Intelligence was acquired by Google for $125 million in an all-cash deal.

Now Mike’s back growing AffilateManager.com into an industry leader by applying all the techniques he learned selling to Google.


If you listen, you will learn:

  • How a start-up company operates with the clear goal of acquisition
  • The importance of taking advantage of networking opportunities
  • What Google looks for when acquiring a company and how to align your business to be ready for an acquisition
  • The importance of having a clear vision and initiatives in your business
  • How Google handles acquisitions and the merging of employees
  • Having a solid team of employees is everything

read more…

The Perfect Exit – Interview with Tim Keran

The Perfect Exit – Interview with Tim Keran



Fresh out of college with the urging of his Dad, Tim Keran took over the daily operations and management of the family printing business, Western Graphics. He quickly grew the company from $3 million in revenue with 25 employees to $11 million with over 50 employees at its peak.


If you listen, you will learn:

  • How Tim used professional management techniques to run the family business
  • Open-book management practices
  • The benefits of a peer group
  • Importance of improvement projects which hold all employees accountable
  • The list of 6 key points Tim needed for the perfect sale of his company
  • Importance of exit planning and a clear plan for your “second act”

read more…

Train Your Brain to Reach Peak Potential – Interview with Dr. Patrick Porter

Train Your Brain to Reach Peak Potential – Interview with Dr. Patrick Porter



Dr. Patrick Porter is an entrepreneur, award-winning author, speaker, consultant, and the creator of BrainTap Technologies which uses technology to reformat how the mind works and thinks. Dr. Porter and his newest BrainTap technology helps people tap into their minds full potential through light, sound, and frequency.


If you listen, you will learn:

  • How to use technology for a meditation experience
  • How technology can offset the stress overload that we encounter
  • The four primary brain wave states
  • How to retrain and refocus your entrepreneurial mind
  • Not just what to think, but how to think
  • How to train your brain to function at its highest peak potential

read more…

Using an Exit to Fund Another Venture – Interview with Dan Faggella

Using an Exit to Fund Another Venture – Interview with Dan Faggella



Dan Faggella founded a Brazilian Jiu-Jitsu Academy to pay for college and grad school which sparked the idea for his eCommerce business, Science of Skill. Science of Skill was created for the sole purpose of eventually selling it and using the exit money to fund an artificial intelligence market research company. He grew Science of Skill past $2 million in revenue, sold it in 2017, and TechEmergence was born completely funded by the exit.


If you listen, you will learn:

  • How recurring revenue helps the value of your business
  • Importance of finding a marketing channel that ensures consistent profitability and growth
  • Having key employees that can run the company without the owner can increase the value of the company and provide for a smoother transition/exit
  • Importance of knowing how the processes of your company tie into growth and profit
  • How to figure out and analyze the core metrics of your business
  • Finding the right broker makes a ton of difference when selling a business

read more…

Deciding to Sell and What Comes Next – Interview with Mark Raderstorf

Deciding to Sell and What Comes Next – Interview with Mark Raderstorf



Mark Raderstorf is a Rehabilitation Psychologist by training and lifelong entrepreneur by choice. Mark was working at the University of Minnesota Medical School and decided to launch into private practice back in the 1980’s. He founded Behavioral Medical Interventions, Inc. (BMI), a disability management company and national provider of psychiatric and physical disability management services. For the next 15 years before selling the business, he helped people with injuries or disabilities in their emotional, psychological, or vocational adjustments.


If you listen, you will learn:

  • How important referral relationships and reputation are to a service business
  • The impact key employees/shareholders have on the value of a company
  • The importance of having a coach/consultant during a company sale
  • How employees are the key asset in a service business sale
  • Having a plan for the sale of your company and your life after business can relieve stress and help with the adjustment

read more…

5 Bold Choices For You & Your Business – Interview with Jay Coughlan

5 Bold Choices For You & Your Business – Interview with Jay Coughlan



Jay Coughlan, former CEO of Lawson Software, took the company public at $200 million and grew the revenue to $430 million. Besides CEO of Lawson Software, he is also known for other titles including former CEO of XRS Corporation, a father, a son, and a convicted felon. After a devastating accident, Jay spent time in jail and completely redefined his life.


If you listen, you will learn:
 

  • The five bold choices to help you rise above your circumstances and redefine who you are
  • How not to live “comfortably numb”
  • How eliminating negative self-talk will make you more confident
  • A quick three question debrief exercise to help turn failure into a learning opportunity
  • The importance of knowing and performing activities that give you energy
  • How to apply the five bold choices to your business and take some action

read more…

Understanding Your Customer & Defining Progress – Interview with Bob Moesta

Understanding Your Customer & Defining Progress – Interview with Bob Moesta



Bob Moesta, current President and Cofounder of The ReWired Group, created the Jobs To Be Done Theory along with Harvard Business School Professor Clayton Christensen. The theory has successfully helped Moesta start, build, and sell several startups and launch over 3,500 products over the years. It is the main method used in his current occupation which helps business owners reevaluate their companies and drives them to really understand their customer to be a more profitable and valuable company.

 

If you listen, you will learn:

  • What businesses are mistakenly doing that cost them customers and sales
  • How to use the Jobs To Be Done Theory to reevaluate your company
  • How to define progress and what that looks like to you
  • What causes people to make progress
  • How to frame your product or service as a solution to your customer
  • How context can create value

read more…

[FREE]
[FREE]