Podcasts about innovative business advisors

Ep #252 - This week on the podcast, I sit down with Terry Lammers, a serial entrepreneur, best-selling author and the co-founder of Innovative Business Advisors. Terry grew up watching his parents run a family business in the fuel & lubricants industry before later joining as a full-time employee and ultimately working his way up to become president of the company. With Terry in charge, TriCounty Petroleum went on to purchase 11 different companies over 18 years as he grew the family business from $750,000 to over $40 million annual revenue before exiting in 2010. Today, as co-founder and managing member of Innovative Business Advisors, Terry taps into his financial expertise and years of business experience to advise and guide entrepreneurs who are interested in buying companies or selling existing enterprises. In his new book. "You Don’t Know What You Don’t Know," Terry provides an in-depth examination of the process of buying, growing, and eventually selling a business. Through Terry’s guidance, business owners 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. Terry's book was named as a top 10 business book to read in 2019 by Forbes Magazine. In our interview together, we go into the new book and discuss the process of acquiring businesses as part of a growth strategy. This is a powerful conversation that serious entrepreneurs will not want to miss.   Learn More About Terry Lammers and Get His New Book:   Get Terry Lammers' book, "You Don't Know What You Don't Know," on Amazon at: https://www.amazon.com/You-Dont-Know-What-Everything-ebook/dp/B0785VHM75   Visit Terry Lammers' profile on the Innovative Business Advisors website at: https://innovativeba.com/terry-lammers/     Connect with Terry Lammers on Social Media:   Follow Terry Lammers on LinkedIn at: https://www.linkedin.com/in/terry-lammers-cva-b02b996/     Whether you are new to 'The Driven Entrepreneur' podcast or a recurring fan, please help out by rating, reviewing and subscribing to the show on Apple Podcasts or wherever you prefer to listen. Your support and your reviews mean a lot to the longevity and success of this show. Plus, it provides me with valuable feedback, so that I can continue to provide the best listening experience possible.   I love hearing from fans and listeners. Please share your feedback, guest suggestions, or ideas for show topics with me on social media. (See links below)     Connect With Matt Brauning On Social Media:   Follow Matt Brauning on Facebook: https://www.facebook.com/mattbrauning   Follow Matt Brauning on Instagram: https://www.instagram.com/mattbrauning/   Follow Matt Brauning on Twitter: https://twitter.com/mattbrauning     Visit Matt Brauning's Websites:   www.mattbrauningpodcast.com   www.fireboxbook.com     Get a copy of my brand new book, "The Firebox Principle," on Amazon:   https://www.amazon.com/Firebox-Principle-Drives-Every-Entrepreneur-ebook/dp/B07FDKK9QW

Building a business is hard work. It becomes your whole life.    You pour your entire heart and soul into mastering your market.    But a day will come when you want to take a break. Do you know what to do?   Well, if you don't, have no fear. Our guest today is Terry Lammers, Cofounder of Innovative Business Advisors and he's going to walk you through everything you need to know.   Author of “You Don't Know What You Don't Know,” Terry literally wrote the book on acquisitions.    He explained:   - Why cash flow is the most important factor in an evaluation   - Why you need a realistic valuation and relevant, readable financial statements   - Why the most valuable companies are ones that work without their owners   This blogpost includes highlights of our podcast interview with Terry Lammers, Cofounder of Innovative Business Advisors and author of “You Don't Know What You Don't Know.”   For the entire interview, you can listen to The B2B Revenue Executive Experience.   If you don't use Apple Podcasts, we suggest this link.

Building a business is hard work. It becomes your whole life.    You pour your entire heart and soul into mastering your market.    But a day will come when you want to take a break. Do you know what to do?   Well, if you don't, have no fear. Our guest today is Terry Lammers, Cofounder of Innovative Business Advisors and he's going to walk you through everything you need to know.   Author of “You Don't Know What You Don't Know,” Terry literally wrote the book on acquisitions.    He explained:   - Why cash flow is the most important factor in an evaluation   - Why you need a realistic valuation and relevant, readable financial statements   - Why the most valuable companies are ones that work without their owners   This blogpost includes highlights of our podcast interview with Terry Lammers, Cofounder of Innovative Business Advisors and author of “You Don't Know What You Don't Know.”   For the entire interview, you can listen to The B2B Revenue Executive Experience.   If you don't use Apple Podcasts, we suggest this link.

We talk about the business valuation process with Terry Lammers. Who helps people buy and sell the business; values businesses and coaches in the programme. Terry Lammers of Innovative Business Advisors  https://innovativeba.com/ Terry helps people buy and sell the business; values businesses and coaches in the programme CEO to CEO “Chief Everything Officer to Chief Operating Officer” Terry's book: “You don't know what you don't know” Everything you need to know to buy or sell your business Getting an accurate valuation of your company What are the classic errors that people make? People overvalue their business! Terry has trademarked the “bankability method” - they usually value the business in the way a bank would: Can you make a reasonable downpayment at the bank and buy the company within 3-5 years? That's the main deal for buyers. What do we need to think about when selling? The main part of the value comes from accurate financial statements. This is something many business owners or managers struggle with, even those who run quite large businesses. Normalising the statements Terry has owners go through “Normalising” financial statements. Which includes: Depreciation and Amortisation Seller discretionary earnings EBITDA EBITDA is NOT pre-tax profit! Your company is not about sales and net income, it's about Gross margin and cashflow. Depreciation Depreciation is a non-cash expense you use to write down. You can take a large chunk in one year “USA” eg buying a truck Normalising owner's salary  Sometimes the owner doesn't pay themselves anything. If so, they need to add in money to account for this. If there is an overpayment of salary eg $300K pa for a $1M a year revenue business, you add back in the difference. In this instance, you might add back $200,0000 to the net profit and take just ascribe $100,000 to the director's salary. When you have expenses like cellphone bills, you need to be able to invoice the company specifically for bills. Saying that of $10K for phone expenses “about 3K is personal” is not going to be popular with any buyer of the business. Determining fair Director's salary In the USA, the Bureau of Labor Statistics can give you a fair number. If a company cashflows $100K a year, if a fair salary is $50K, it only gives the company a profit of $50K for example. What do you do about any equipment? Say a computer or a machine - you buy this to create cashflow. If the value of the cash flow exceeds the value of the equipment, you have goodwill in the company. Book value vs market value Excavating companies have a lot of equipment. The “Book value” of the computer does not represent the “market value” of the computer. If you have a computer worth $1000 new, and after 4 years, the book value of it is $200, you can sell it at “book value” of $200. But that doesn't tell you about the cash flows which that asset enables the company to generate. Owner involvement in the valuation  Owner excessive involvement doesn't do much affect the financial valuation of the company. But it may often push a company from sellable to unsellable. Financial vs Strategic Valuation  Financial valuation  If $50K is the profit (Cashflow), $50K manager's salary. Start with $50K as the cashflow. Then usually multiply 3-4X to get the business valuation. Strategic Valuation Terry sold his business for a large multiple because it was a valuable strategic purchase for the buyer to eliminate a strong competitor to the market and had a lot of assets. Multiple Company value is usually a multiple of EBITDA. But the multiple is not set - within the “bankable deal” theory it's based on cashflow. (Debt service coverage ratio) Bankability The bases of any loan are collateral and cash flow. Collateral What can the bank put a lien on that they could sell if they don't get paid? Most of the time,

We talk about the business valuation process with Terry Lammers. Who helps people buy and sell the business; values businesses and coaches in the programme. Terry Lammers of Innovative Business Advisors  https://innovativeba.com/ Terry helps people buy and sell the business; values businesses and coaches in the programme CEO to CEO “Chief Everything Officer to Chief Operating Officer”  Terry’s book: “You don’t know what you don’t know” Everything you need to know to buy or sell your business Getting an accurate valuation of your company What are the classic errors that people make? People overvalue their business! Terry has trademarked the “bankability method” - they usually value the business in the way a bank would: Can you make a reasonable downpayment at the bank and buy the company within 3-5 years?  That’s the main deal for buyers.  What do we need to think about when selling? The main part of the value comes from accurate financial statements.  This is something many business owners or managers struggle with, even those who run quite large businesses.  Normalising the statements Terry has owners go through “Normalising” financial statements.  Which includes:  Depreciation and Amortisation Seller discretionary earnings EBITDA EBITDA is NOT pre-tax profit! Your company is not about sales and net income, it’s about Gross margin and cashflow.  Depreciation Depreciation is a non-cash expense you use to write down.  You can take a large chunk in one year “USA” eg buying a truck  Normalising owner’s salary  Sometimes the owner doesn’t pay themselves anything. If so, they need to add in money to account for this.  If there is an overpayment of salary eg $300K pa for a $1M a year revenue business, you add back in the difference. In this instance, you might add back $200,0000 to the net profit and take just ascribe $100,000 to the director’s salary.  When you have expenses like cellphone bills, you need to be able to invoice the company specifically for bills.  Saying that of $10K for phone expenses “about 3K is personal” is not going to be popular with any buyer of the business.  Determining fair Director’s salary In the USA, the Bureau of Labor Statistics can give you a fair number.  If a company cashflows $100K a year, if a fair salary is $50K, it only gives the company a profit of $50K for example.  What do you do about any equipment? Say a computer or a machine - you buy this to create cashflow.  If the value of the cash flow exceeds the value of the equipment, you have goodwill in the company.  Book value vs market value Excavating companies have a lot of equipment.  The “Book value” of the computer does not represent the “market value” of the computer.  If you have a computer worth $1000 new, and after 4 years, the book value of it is $200, you can sell it at “book value” of $200. But that doesn’t tell you about the cash flows which that asset enables the company to generate.  Owner involvement in the valuation  Owner excessive involvement doesn’t do much affect the financial valuation of the company. But it may often push a company from sellable to unsellable.  Financial vs Strategic Valuation  Financial valuation  If $50K is the profit (Cashflow), $50K manager’s salary. Start with $50K as the cashflow.  Then usually multiply 3-4X to get the business valuation.  Strategic Valuation Terry sold his business for a large multiple because it was a valuable strategic purchase for the buyer to eliminate a strong competitor to the market and had a lot of assets.  Multiple Company value is usually a multiple of EBITDA.  But the multiple is not set - within the “bankable deal” theory it’s based on cashflow. (Debt service coverage ratio) Bankability The bases of any loan are collateral and cash flow.  Collateral What can the bank put a lien on that they could sell if they don’t get paid? Most of the time,

Today’s guest is Terry Lammers (LAMM-ers), Certified Valuation Analyst and cofounder/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 current 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.   Reach out to Terry at Terry@innovativeba.com https://thermogrid.org/demo/ Check out a demo for thermoGRID here! Follow Tersh on social media @tershblissett

Today’s guest is Terry Lammers (LAMM-ers), Certified Valuation Analyst and cofounder/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 current 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.   Reach out to Terry at Terry@innovativeba.com https://thermogrid.org/demo/ Check out a demo for thermoGRID here! Follow Tersh on social media @tershblissett

Adam Torres interviews Terry Lammers Co Founder & Managing Member of Innovative Business Advisors in this episode. Follow Adam on Instagram at https://www.instagram.com/askadamtorres/ for up to date information on book releases and tour schedule. Apply to be interviewed by Adam on our podcast: https://www.moneymatterstoptips.com/podcastguest --- Support this podcast: https://anchor.fm/moneymatters/support

Have you ever wanted to buy a business? Or, how about sell one? If so, our guest today, Terry Lammers, will be the right episode to watch. Terry's family business grew through acquiring 11 companies and now he is the managing director of Innovative Business Advisors. Terry is the author of "You Don't Know What You Don't Know" which details how to make it through the business buying and selling experience.

Visit www.EAInterviews.com/TerryLammers for episode specific show notes & www.EAInterviews.com for complete show notes of every podcast episode. On today's episode, we learn about: Building a Company You Can Sell (Even If You Don't Want To) with Author, Speaker, Co-Founder and Managing Partner of Innovative Business Advisors Terry Lammers

Terry Lammers is a 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 current 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. Learn more about your ad choices. Visit megaphone.fm/adchoices

Dream Business Radio #369 On this week’s show I interview Terry Lammers, a certified valuation analyst and co-founder/manageing member of Innovative Business Advisors. During this interview you’ll learn tips and strategies about buying and selling your business. This is a powerful ‘not to be missed’ interview. Download MP3 Connect to Terry on their website: www.Innovativeba.com

Terry is a Certified Valuation Analyst and cofounder of Innovative Business Advisors. He works with his team to guide current business owners looking to sell their enterprises, as well as prospective buyers. His 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. Top 3 Value Bombs: 1. The biggest driver of value in a company is its cash flow. 2. You need to develop and have a life plan after the sale. 3. You don’t know what you don’t know, you have to ask questions. Grab a copy of Terry’s book - You Don't Know What You Don't Know Sponsors: Klaviyo: Klaviyo has released a holiday planning go-to-guide to help you maximize your Q4 sales! Download it today at Klaviyo.com/fire! BizCounsel: For just $89 per month you get a dedicated attorney you can talk to at any time! Visit BizCounsel.com/fire to get your first month free!

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 - curtmay@gmail.com  Call his office - 610-622-3121 Connect with Terry Lammers https://innovativeba.com/  https://www.facebook.com/innovativeba/ terry@innovativeba.com 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

Acquisition and positioning are significant when selling your business, as well as knowing your cash flow before buying another company you are interested in. In this episode, Terry Lammers of Innovative Business Advisors discusses techniques and ways for you to be able to sell your business or buy another company effectively. With your company, it is not about sales and net income; instead, it is all about gross profit and especially cash flow. He elaborates to you the reasons why, as he also emphasizes how having the right business advisors and team is crucial in helping you successfully buy or sell your business.Some Topics We Discussed Include:Considering acquisitions on your businessImportance of right banking relationshipsHow “Planting Seed” is important in making conversations to competitors about selling their businessAdvisers on Acquisitions and Dispositions sidesCash flow as an important thing on getting a loanRecurring revenueServices provided by Terry LammersHow to run business from a financial businessLearn more about Terry and get the full shownotes at https://baconwrappedbusiness.com/growing-through-acquisition-and-positioning-to-sell-your-business-with-terry-lammersLove the show? Subscribe, rate, review, and share!Here’s How »Join the Bacon Wrapped Business Community today:Bacon Wrapped Business on FacebookBrad Costanzo on FacebookBrad Costanzo on LinkedInBrad Costanzo on YouTubeBrad Costanzo on Twitter

Terry Lammers is a principal at Innovative Business Advisors where they help clients buy, grow, and sell businesses. He is also the author of You Don’t Know What You Don’t Know in which he takes a deep dive into the processes...Continue Reading...

Listen to this interview with Terry Lammers on growing the value of your company. He is a Certified Valuation Analyst and co-founder/managing member of Innovative Business Advisors. He was President and Owner of Tri-County Petroleum for over 20 years before joining Regions Bank as VP of Commercial Banking, after selling his business in 2010. Today, he works with his team at Innovative Business Advisors to guide current business owners looking to sell their enterprises, as well as prospective buyers.  He is the author of You Don't Know What You Don't Know, which provides an in-depth examination of the process of buying, growing, and eventually selling a business. Learn more at: www.innovativeba.com

Listen to this interview with Terry Lammers on growing the value of your company. He is a Certified Valuation Analyst and co-founder/managing member of Innovative Business Advisors. He was President and Owner of Tri-County Petroleum for over 20 years before joining Regions Bank as VP of Commercial Banking, after selling his business in 2010. Today, he works with his team at Innovative Business Advisors to guide current business owners looking to sell their enterprises, as well as prospective buyers.  He is the author of You Don’t Know What You Don’t Know, which provides an in-depth examination of the process of buying, growing, and eventually selling a business. Learn more at: www.innovativeba.com

Terry Lammers, Certified Valuation Analyst and co-founder of Innovative Business Advisors, shares insights from his book You Don’t Know What You Don’t Know, an in-depth examination of the process of buying, growing, and selling a business.

Forget sales & net income; focus instead on gross profit & cash flow… and here’s why. Today’s starting QB Terry Lammers grew up watching his parents run their own company in the fuel & lubricants industry, and eventually came on as a full-time employee in the early 90’s and took over as president of the company. In just 18 years, TriCounty Petroleum had purchased 11 different companies, growing Terry’s family business from $750,000 annual sales to over $40 million when the company was sold in 2010. Today, as co-founder and managing member of Innovative Business Advisors, Terry taps into his financial expertise and hands-on business experience to advise and guide prospective business owners who are interested in buying, as well as current business owners looking to sell their enterprises. In his new book, You Don’t Know What You Don’t Know, Terry provides an in-depth examination of the process of buying, growing, and eventually selling a business. Through Terry’s guidance, business owners 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. Terry Lammers MVP player Stats:   After banking for three and half years and getting his entrepreneurial spirit back, Terry reflected back on his life and came to the realization that he enjoyed buying companies and decided to help people do the same by evaluating and advising their businesses.   In this episode, Terry talks about business valuations and understanding the concepts of operating systems, financials, profits, income, key ratios, and getting the biggest bang-for-your-buck when selling. Terry truly enjoys helping business owners understand their business more than they know. He shares a lot of strategies and modern techniques to manage a business, while also sharing some common misunderstandings and mistakes business owners have about the system of their own businesses.   Want some more ways to understand your companies’ value? Make sure to listen to Terry’s key offensive Glider Principle, as well as some of his past experiences with some of the people he’s worked with, gaining them maximum value for their business!   Keep the conversation going by sharing this episode with your friends, colleagues, and social media!   Thanks so much for listening.    Quotes   “I have this uncanny ability... if somebody comes to me, I'm going to help them.”   “It's not about sales and net income, it's about gross profit and cash flow.”   “Business owners aren't fully aware of their numbers and price, [too often] pricing their products or services too low.”   “If you're a seller, know the value of your company that's going to get you to the touchdown. If you're a buyer, know your ratios and know where your cash is.”   “There's a lot of advantages in acquiring companies, but if you're on the sell side get a true value of your company. Number one reason most companies don't sell as the owner has an overly high expectation of what the value of their company.”   “Don't be afraid to get help. Get a coach.”     LINKS   LinkedIn www.innovativeba.com FREE Value Build your Questionnaire You Don't Know What You Don't Know   Get more out of PYP with these links: Show notes Find Your Football Newsletter Nominate a Guest for the Show We always appreciate your rating and review on iTunes!

Terry Lammers grew up watching his parents run their own company in the fuel & lubricants industry, and eventually came on as a full-time employee in the early 90’s and took over as president of the company. In just 18 years, TriCounty Petroleum had purchased 11 different companies, growing Terry’s family business from $750,000 annual sales to over $40 million when the company was sold in 2010. Today, as co-founder and managing member of Innovative Business Advisors, Terry taps into his financial expertise and hands-on business experience to advise and guide prospective business owners who are interested in buying, as well as current business owners looking to sell their enterprises.

Today’s guest is Terry Lammers, Certified Valuation Analyst and co-founder/managing member of Innovative Business Advisors. Terry now works with his team at Innovative Business Advisors to guide current business owners looking to sell their enterprises, as well as prospective buyers.   Watch my Celebrity interviews on my YouTube Channel! Go here> https://goo.gl/EA9x6D Connect with Bert Martinez on Facebook. Connect with Bert Martinez on Twitter.

Growing a business takes a lot of time and effort. Sometimes, your efforts can have a negative impact if you’re not making the right moves. Today, Terry will help us understand how businesses are valued, so that we can focus on the activities that have the highest returns. If you enjoyed today’s episode remember to subscribe in iTunes and leave us a review! Best Ever Tweet: “I’m evaluating business through the lens of does it make sense for someone else to buy it?” - Terry Lammers Terry Lammers Real Estate Background: Co-founder and managing member of Innovative Business Advisors, advising business owners on the sale of their company Had 11 different companies he grew to $40 million in annual sales before selling in 2010 Based in Fallon, IL Say hi to him at Sponsored by Stessa - Maximize tax deductions on your rental properties. Get , the essential tool for rental property owners.

Terry Lammers of Innovative Business Advisors talks about common misconceptions business owners have about their business value - and what to do about it.