Founder's Guide Post

In Ep. #43 of the #FoundersGuidePost Podcast, I had the pleasure to sit down and talk with Neil Patel of Patel Advisory Group, PC.

Neil is an expert who helps entrepreneurs gear up to exit their business. He focuses on refining business systems and improving financial literacy, which allows for crystal clear decision-making and successful transitions.

Neil stressed how crucial it is to view financial statements as more than just tools for tax preparation. Financials should be leveraged for strategic planning and managing resources effectively.

We also talk about Neils business model where he guides clients through a reevaluation and restructuring of their financial systems and processes when their existing strategies falter.

Neil helps businesses streamline their systems and financials for a buyer. Listen to this episode and understand how to shift your perception of financial statements to increase the value of your business.

What You'll Learn:

1. Optimize Business Systems for Exit Readiness: Business owners looking to exit should focus on refining their business systems and financial operations to ensure maximum profitability and smooth transitions.

2. Leverage Financial Statements Strategically: Utilize financial statements not just for tax purposes but as essential tools for strategic planning and resource management to drive better business outcomes.

3. Align Business Strategies with Personal Goals: Ensure your business strategies and operations align with your personal aspirations and goals.

LOVED this episode? Leave us a review and rating here: https://podcasts.apple.com/us/podcast/founders-guide-post/id1648393214

Links & Resources:

Reach out to Neil Patel at (480)-626-9270.

Want to learn more about Patel Advisory Group, PC? Check out their website!

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About the Guest:

Neil P. Patel is a Certified Public Accountant and has been the owner of Neil P. Patel, CPA PC since 1999. Neil works with small to medium enterprises to help them drive profitability and growth through better financial management.

Neil started his practice from the living room of his parent's home in 1999. In 2005 he acquired a tax and accounting firm which, at that time, was 3 times his size. Neil strongly believes that small business has been and continues to be the backbone of the U.S. economy. He takes a no-nonsense approach to educating and guiding his clients to achieve their goals and realize their vision.

Prior to starting his practice, Neil worked with various public and private companies working his way up to controller. As the controller of companies of this size, he was provided with an understanding and knowledge of all the critical areas of a business necessary to run a successful enterprise. This experience has been invaluable in advising his clients, impacting the performance of their business and elevating profitability.

Neil graduated with a bachelor's degree in business administration from Loyola University of Chicago. He sat for the CPA exam shortly after graduation and passed the first time. Neil is a member of the Arizona Society of Certified Public Accountants.

In Ep. #42 of the #FoundersGuidePost Podcast, I had the pleasure to sit down with Bradley Scott, an experienced commercial real estate and business broker who specializes in guiding business owners through the complex process of selling their businesses.

In this episode, Bradley and I talk about how intentional preparation, accurate documentation, and strategic marketing to boost a business's marketability and value.

We also talk about the process of evaluating financial records, negotiating contracts, and exploring the legal factors that ensure a smooth and legally sound transfer of business ownership.

Then, Bradley shares how he manages the emotional and practical challenges faced by business owners during the sale process and highlights the strategic measures he takes to secure a profitable and successful business transaction.

What You'll Learn:

1. Expert Brokerage Insights: The importance of preparation and strategic marketing in improving a business's value.

2. Key Steps in Preparing Your Business for Sale: The essential steps involved in preparing a business for sale, such as thorough valuations and managing legal and financial documents effectively.

3. Handling Emotional and Practical Challenges: How to navigate the often emotional journey of selling your business, ensuring you're supported through practical challenges and making the process as smooth as possible.

LOVED this episode? Leave us a review and rating here: https://podcasts.apple.com/us/podcast/founders-guide-post/id1648393214

Links & Resources:

If you'd like to reach out to Bradley, give him a call at (623)-476-3238.

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About the Guest:

Bradley Scott is a seasoned commercial real estate and business broker based in Arizona, renowned for his expertise in navigating the intricacies of the commercial real estate and business sale processes. With a rich background in law, Bradley excels in various aspects of the industry, including site selection, business evaluation, due diligence, negotiations, acquisition, disposition, and leasing. He is particularly skilled in assisting business owners with the valuation, analysis, and transaction of their enterprises, ensuring a smooth and successful experience.

Beyond his professional endeavors, Bradley is an avid outdoors enthusiast, music lover, and a staunch supporter of local businesses. His dedication extends beyond transactions, as he is committed to enriching the lives of his clients, partners, and their families, fostering thriving communities through his work. An active member of the Urban Land Institute and the National Association of Realtors among other organizations, Bradley is a trusted advisor whose comprehensive knowledge and genuine passion make him a valuable asset to anyone looking to navigate the complex landscapes of real estate and business transactions.

In episode #41 of the #FoundersGuidePost Podcast, I had the chance to sit down with Gerhard Kratzer to talk about his philosophy and professional approach to business. Gerhard, is the Founder of Kratzer Consulting, a firm that specializes in elevating small business operations through extensive financial analysis and strategic planning.

He talks about how financial data can help business owners make informed decisions to achieve sustainable growth.

By utilizing key performance indicators (KPIs) and advanced financial modeling, Gerhard shares actionable frameworks to help business owners understand their financial situation, plan for the future, and make strategic decisions aimed at optimizing cash flow.

What You'll Learn:

1. Financial Optimization for Small Businesses: How to boost small business operations through extensive financial analysis and strategic planning.

2. Strategic Application of Financial Data: This episode challenges conventional accounting practices by advocating for a strategy that leverages financial data to help with growth.

3. Advanced Financial Planning and Analysis: How to analyze past financial statements, identify key performance indicators, and implement strategies based on these analyses to improve cash flow.

LOVED this episode? Leave us a review and rating here: https://podcasts.apple.com/us/podcast/founders-guide-post/id1648393214

Links & Resources:

Reach out to Gerard on his website!

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Find Armando on LinkedIn

About the Guest:

Gerhard Kratzer is a distinguished expert with over 25 years of experience in financial management. Driven by a mission to empower business owners, our guest combines cross-functional knowledge and expertise to guide companies through crucial decision-making processes.

Beginning a career in finance and management in 1996 at ALDI, a leading German supermarket chain, Gerhard swiftly moved to a startup in the biomaterials industry in 1999. There, he played a pivotal role in building the finance organization from the ground up and successfully navigated the company through to its acquisition in 2003.

As Global Controller for several divisions of the Fortune 500 company Heraeus, our guest provided invaluable support to businesses across Europe, Asia, and North America, mastering financial strategies and cultural nuances alike. His excellence in finance led to a promotion as General Manager and Vice President of Finance at Heraeus Materials Technologies in Chandler, Arizona, followed by a role at the company's Santa Fe Springs location in California.

In 2015, our guest founded Kratzer Consulting LLC, a firm dedicated to transforming complex financial data into clear, actionable insights that drive profitability and improve cash flow. Tune in to hear how he helps businesses make informed decisions and succeed in today's dynamic financial landscape.

DOWNLOAD THE CHECKLIST: https://foundersguidepost.com/2024/04/09/20-issues-you-should-consider-when-planning-for-the-sale-disposition-or-succession-of-your-business/

In episode #40 of the #FoundersGuidePost Podcast, I'm joined with my business partner, Tom Marki, to talk about the 20 issues business owners should consider when planning for the sale, disposition or succession of their business. This is a checklist we use with clients and founders to skillfully navigate the intricacies of selling, disposing of, or stepping away from their business.

Throughout the episode, we tackle several pivotal areas, such as:

• The role key individuals play in ensuring the continued success of the business after its sale.
• The variables of planning for family succession.
• The process of business valuation and appraisal.

We also discuss the importance of addressing any potential liabilities and the need for competitive compensation packages before standing in front of potential buyers.

What we're really stressing here is the importance of early and thoughtful planning.

Exiting a business isn't just a financial or legal maneuver; it's a process with moving variables. Our aim with this episode is to equip founders with the insights and tools they need to navigate these complexities, ultimately ensuring the best possible outcome for everyone involved.

What You'll Learn:

1. Learn to Plan Like the Best: Learn the roadmap for business founders considering the sale or transition of their businesses.
2. Key Focus Areas for Business Exit Strategies: The core elements vital for a smooth business exit.
3. The Critical Importance of Early and Comprehensive Planning: Learn the absolute necessity of initiating the exit planning process early and adopting a thorough approach.

LOVED this episode? Leave us a review and rating here: https://podcasts.apple.com/us/podcast/founders-guide-post/id1648393214

Links & Resources:

Find Tom on LinkedIn

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Find Armando on LinkedIn

In the #39 episode of the #FoundersGuidePost, I had the pleasure to talk with Sharon Lechter, where I was really struck by how dedicated she is to boosting financial literacy and business skills for everyone, from individual savers to big-time business owners.

Sharon isn't just any expert — she's a well-respected author and a powerhouse in the world of financial education. She talks about a bunch of crucial issues, like how important it is to teach financial basics in schools, the best ways to get a business ready to sell by making sure its systems and team are top-notch, and how crucial intellectual property is to a business's value.

What really stood out to me was Sharon's belief in financial literacy as a tool for empowerment, helping people take charge of their money instead of being overwhelmed by it. She shared some strategies on managing and passing on wealth in smart ways.

Through her work, Sharon is on a mission to not just inform but truly inspire people toward financial freedom and success, pushing for changes in how our schools teach finance and championing the growth of individuals and businesses alike. Our discussion was a powerful reminder of her passion for making a real difference in people's financial understanding and capabilities.

What You'll Learn:

1. Commitment to Financial Literacy: The importance of incorporating financial education into the school curriculum and highlights her mission to inspire and educate individuals toward financial independence and success.
2. Strategies for Business Preparation and Valuation: Sharon introduces the "Six Ps" as essential components for business success and discusses how leveraging intellectual property can significantly enhance a business's value and reach.
3. Educational and Personal Growth: Her discussion on wealth management, intellectual property, and the challenges and opportunities presented by technology like AI encourages us to advocate for change and continually seek personal growth.

LOVED this episode? Leave us a review and rating here: https://podcasts.apple.com/us/podcast/founders-guide-post/id1648393214

Links & Resources:

Learn more about Sharon on her website - Sharonlechter.com

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Find Armando on LinkedIn

About Sharon Lechter:

Sharon Lechter is an esteemed entrepreneur, international speaker, best-selling author, mentor, and philanthropist with over 35 years of experience as a licensed CPA and a Chartered Global Management Accountant. Known for her expertise in financial literacy and entrepreneurial success, Sharon has significantly impacted the electronic book industry and personal finance world. Co-authoring the international bestseller "Rich Dad Poor Dad" and contributing to the Rich Dad series, she has played a crucial role in developing a leading personal finance brand. Sharon has also collaborated with the Napoleon Hill Foundation, releasing bestsellers that rejuvenate Hill's teachings, and she's recognized for her participation in the movie "Think and Grow Rich: The Legacy."

Beyond her writing, Sharon is a revered mentor who has advised major brands and served two U.S. presidents on financial literacy. As CEO of Pay Your Family First, she focuses on financial education projects to boost financial IQ and empower individuals to create legacies. Following a period of reflection after her son's unexpected death in 2012, Sharon has reignited her mission with the Play Big Movement, encouraging others to transcend past limitations and achieve significant impact.

Residing in Paradise Valley, AZ, with her husband Michael Lechter, an expert in Intellectual Property and Organizational Architecture, Sharon finds balance in philanthropy, volunteering, and retreating to their dude ranch, Cherry Creek Lodge, for rejuvenation. Her life's work and personal journey exemplify her commitment to empowering others financially and leaving a lasting legacy.

In the #38 episode of the #FoundersGuidePost, I had the pleasure to sit down and chat with Brian J. Burt, Chair of Emerging Business Group at Snell & Wilmer. We cover why it's super important for business owners - who are even just starting to think about selling their businesses - to get a head start on planning.

Brian talked through how the process is packed with potential headaches and pitfalls, and why it's a game-changer to have seasoned pros like legal advisors and intermediaries in your corner. Brian shares his approach to supporting businesses at every turn of their journey, emphasizing the need to address any possible issues before putting the 'For Sale' sign up.

This forward thinking approach doesn't just smooth out the sale process but also significantly ups the exit value you can get from a deal. Brian's insights highlight the crucial steps of: - Thorough preparation - Wise legal counsel - Strategic adjustments

essential for maximizing financial gains, and ensuring a seamless handover of your business. Whether it's moving to new hands or staying within the family.

What You'll Learn:

Early and Proactive Planning is Essential: By starting the planning process early, owners can identify and resolve potential issues, ensuring a smoother and more profitable sale process.

The Role of Professional Guidance: Their expertise is pivotal in avoiding common pitfalls, ensuring that the business is presented in the best light to potential buyers, and in securing a deal that aligns with the seller's expectations.

Comprehensive Preparation Covers Many Aspects: Planning not only helps enhance the value of the business but also in protecting the owner's interests throughout the sale process and beyond.

LOVED this episode? Leave us a review and rating here: https://podcasts.apple.com/us/podcast/founders-guide-post/id1648393214

Links & Resources:

Reach out to Brian!

[email protected]

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Find Armando on LinkedIn

About Brian Burt:

Chair of Snell & Wilmer's Emerging Business Group. Brian Burt advises entrepreneurs and emerging growth companies in all stages of development, from formation to liquidity. He also represents banks, financial services companies, private investors, and venture capital funds. He has extensive experience in corporate organization, reorganization and governance; private equity and debt financing; shareholder/owner relations, buyouts and disputes; employment and consulting agreements; employee incentive programs; general contract negotiation; supplier/manufacturing agreements; securities regulation; technology transfer and licensing; joint ventures and strategic alliances; fund formation; cloud computing; corporate asset protection and succession planning; and mergers and acquisitions. Brian represents clients in a wide variety of industries, including banking and financial services, biotechnology, capital investment, consumer products and services, education, entertainment/media, healthcare, high tech, Internet, manufacturing, marketing/public relations, medical device, nutraceuticals, outdoor, professional services, real estate development, renewable energy, and software and information technology.

Having previously founded, raised capital for, and run his own company, Brian brings a unique "real-world" perspective to his business practice.

In episode #37 of the Founder's Guidepost Podcast, I sat down with Tony Wiedenski, founder of RevUp Sales, who talks about how to improve sales processes and collect data for growth.

Tony explains why it's important to track the right metrics in order to make data-driven decisions.

Then Tony walked us through his sales audit process which allowed him to identify improvement areas, and focus on skill development to meet modern buyer expectations.

This episode will teach you how to take an efficient approach to sales improvement using data analytics, strategic planning, customer value understanding, and continuous skill development for business success.

What You'll Learn:

1. The Importance of Data and Analytics in Sales: A deep understanding of key metrics, such as customer acquisition costs and market size, is essential for making informed decisions that can lead to sales improvement.

2. Strategic Approach to Sales Improvement: How to understand why existing customers remain loyal and how this insight can be used to attract new customers.

3. Skill Development and Coaching for Sales Teams: The importance of a coaching culture within sales teams is emphasized, drawing parallels with professional athletes who benefit from specialized coaching and continuous practice.

LOVED this episode? Leave us a review and rating here: https://podcasts.apple.com/us/podcast/founders-guide-post/id1648393214

Links & Resources:

Reach out to Tony on LinkedIn

[email protected] Preserve Your American Success Story! Find Armando on LinkedIn

About Tony Wiedenski: Tony Wiedenski is Founder and CEO of RevUp Sales. Throughout his 15+ year career in sales and sales leadership, he developed a passion for helping sales people and sales teams operate more efficiently and effectively. Tony's revenue growth experience spans across SMB, Mid-Market and Enterprise in a variety of different industries. His passion for sales enablement grew from a time he was asked to start a sales enablement function to support a sales organization of 150+ sales people. He grew the enablement team to five enablement professionals supporting more than 200 sales people around the world. Tony's experience includes being a top-performing sales rep and sales leader. This includes working for established teams and startups, and leading GTM for a new, disruptive SaaS product.

In episode #36 of the Founder's Guidepost Podcast, I had the privilege of sitting down with Harold J. Faig, who brought his extensive experience in global corporate strategy to the table.

Harold shares why owners need to prepare before selling their businesses. He highlights the role of professional advisors in helping with the sale process and the importance of a long-range plan that showcases the business's future. Harold also touched on the need for a strong organizational structure and the right team for a successful transition.

Ultimately, our discussion underscored the value of preparation, strategic clarity, and seller readiness in successfully selling a business.

What You'll Learn:

Understanding Business Value and Organizational Structure: Harold shares the importance of internal reviews, strategic positioning, and evaluating the company's leadership to ensure a successful transition to new ownership.

Role of Professional Advisors: The necessity of engaging professional advisors, not just for legal and financial aspects but also for understanding and articulating the business's value to potential buyers. Advisors play a key role in guiding the seller through the process, avoiding common issues like deal fatigue.

Preparation and Strategic Planning: This includes understanding the buyer's mindset, having a clear strategy and objective, and developing a long-range plan that outlines the future potential of the business.

LOVED this episode? Leave us a review and rating here: https://podcasts.apple.com/us/podcast/founders-guide-post/id1648393214

Links & Resources:

Reach out to Armando if you have any questions for Harold! Preserve Your American Success Story!

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About Harold Faig:

Harold J. Faig, a distinguished leader in the plastics and healthcare industries, co-founded MedPlast, Inc. in 2008 alongside Baird Capital. As CEO until its 2016 sale to JLL Partners and Water Street Healthcare Partners, he drove MedPlast's transformation into a global provider of custom plastics solutions, now operating as Viant with twenty-three facilities worldwide. Harold's strategic leadership extended beyond MedPlast; he advised River Cities Capital on acquiring Q'Apel, where he remains a stockholder. Prior to MedPlast, Harold enhanced his portfolio with significant roles, including non-executive Chairman of Xaloy, Inc., and President and CEO of The Tech Group, Inc., which was sold to West Pharmaceutical in 2005. His career began at Milacron, retiring as President and COO in 2003 after extensive service in various capacities. Educationally, Harold holds an MBA from Xavier University, along with undergraduate degrees from the University of Mount Saint Joseph and the University of Cincinnati. A prolific innovator, he has been awarded several patents in plastics and control systems. Harold's commitment to industry excellence is evidenced by his leadership roles within the Society of Plastics Industry and his induction into the SME College of Fellows in 1998.

In Episode #35 of the Founder's Guide Post Podcast, I had the opportunity to sit down with Mark Young, an Investment Banker and Management Partner of CKS Advisors. We talked about his expertise in guiding first-time business sellers.

Mark holds a strong background in investment and commercial banking, focusing on preparing entrepreneurs for the complexities of selling their businesses. He emphasizes the importance of understanding and navigating the sale process, aiming to reduce surprises and ensure sellers are comfortable and informed.

A key part of his approach is a thorough assessment of the business, including:

Its financials. Team dynamics. Owner involvement.

to make it appealing to potential buyers.

Mark's approach is geared towards making the transition as smooth as possible for first-time sellers, acknowledging the emotional weight of selling a business often regarded as a personal legacy.

What You'll Learn:

Guidance for First-Time Business Sellers: The importance of educating first-time sellers about the sale process to minimize surprises and make them feel comfortable and informed.

What's Involved in a Business Assessment: The importance of a comprehensive assessment of the business, including financials, team dynamics, and the owner's role, before engaging with potential buyers.

Importance of Confidentiality: Mark highlights the importance of maintaining confidentiality throughout the sale process, using tactics like anonymous teasers and non-disclosure agreements to protect the seller's identity and interests.

LOVED this episode? Leave us a review and rating here: https://podcasts.apple.com/us/podcast/founders-guide-post/id1648393214

Links & Resources:

Reach out to Mark!

[email protected]

cksadvisors.com

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About Mark Young:

Mark brings more than 35 years of combined experience in investment banking (M&A), corporate finance, and leadership roles to his Clients. His expertise includes structuring company sale transactions, capital raises, debt placements, LBO's and ESOP's.

Prior to joining CKS, Mark held executive positions with money center financial institutions including Merrill Lynch and US Bank, as well as several regional financial institutions. During his career, he has successfully structured, negotiated and closed a wide range of transactions amounting to more than $2 billion in value.

Mark is a member of The Alliance of M&A Advisors, M&A Source, and Association for Corporate Growth (ACG).

Professional Licenses: Mark is registered with FINRA as a Limited Representative – Investment Banking Series 79, and Series 63.

Education: Mark received his MBA from Portland State University and a BA in Accounting and Finance from Lewis and Clark College.

In Episode #34 of the Founder's Guide Post Podcast, I had the opportunity to sit down with John Chionchio, an Exit Planner and Partner of Wealthpoint, and talk about Employee Stock Ownership Plans (ESOPs). John, drawing from his entrepreneurial experience, highlighted ESOPs as more than just tools for ownership transfer. They're complex, versatile, and crucial for shaping a company's future and enhancing employee engagement.

John touched into the mechanics of ESOPs, like how trusts buy businesses and the role of employees as beneficiaries. He cleared up misconceptions, especially around taxes and financial disclosures to employees. A key point was the strategic use of warrants, allowing owners to benefit from future growth after selling their shares.

He emphasized the need for detailed planning in setting up an ESOP, ensuring its success and the importance of clear communication with employees to maintain morale during transitions. John warned against pursuing ESOPs solely for tax benefits, stressing their alignment with long-term employee and company interests.

Overall, John's insights underlined the significance of ESOPs in keeping companies locally owned, preserving culture, and contrasting with changes seen in larger entity acquisitions. His main message: understand ESOPs' complexities and choose the right professionals for effective implementation and best outcomes.

What You'll Learn:

Complexity and Versatility of ESOPs: Leveraging his experience as an entrepreneur, highlights the complexity and high configurability of Employee Stock Ownership Plans. John emphasizes that ESOPs offer more than just a means of transferring ownership; they bring a range of benefits including tax efficiency, enhanced employee engagement, and the ability for owners to maintain control over their business after the transition.

Strategic Use and Planning of ESOPs: John discusses the detailed process involved in setting up an ESOP. This includes addressing financial mechanics, clarifying misconceptions (especially around taxation and employee financial disclosures), and strategically using tools like warrants. These warrants allow owners to benefit from future growth, even after selling their shares. He underscores the importance of detailed analysis and planning to maximize the benefits of ESOPs.

Importance of Communication and Timing in ESOP Transition: Emphasizing the importance of timing and preparation in planning for a business exit, John advises on the need for clear communication with employees during the ESOP transition to maintain morale and ensure smooth changeover. He also points out the potential pitfalls of pursuing ESOPs for the wrong reasons, such as solely for tax benefits, and stresses aligning them with genuine benefits for employees and the company's long-term goals.

LOVED this episode? Leave us a review and rating here: https://podcasts.apple.com/us/podcast/founders-guide-post/id1648393214

Links & Resources:

Reach out to John!

(541)-450-5060

[email protected]

https://www.wealthpoint.net/

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Find Armando on LinkedIn

About John Chionchio: Whether on the racetrack, the golf course or serving his clients, John's analytical mind and focus on excellence and outcomes is what drives him. After building and successfully selling his electronics companies to a Fortune 100 company, John retired at age 37 and began consulting with business owners to help them better understand the true value of their enterprise and to run it so it better served their lives. After 16 years of retirement, John started and grew a Business Advisory practice with Northwestern Mutual then sold it to join WealthPoint to better serve the needs of the affluent market.