Podcast appearances and mentions of terry lammers

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.

Terry's website: https://innovativeba.com/davidcbarnett/ Learn to buy a business: https://www.BusinessBuyerAdvantage.com Learn to sell a business: https://www.HowToSellMyOwnBusiness.com Learn more and join my email list at https://www.DavidCBarnett.com Related Article below... ----------------- You bought/sold the business. Now how to tell the employees… Terry Lammers is a business coach, consultant and business broker. What makes Terry such a great guest is that in his past he’s also led a family business which did multiple acquisitions before selling the entire enterprise on to a bigger company. Then he had a career in commercial banking. Terry’s rich experience was welcome in today’s discussion about how to talk to employees about the sale of a business. Tune in and see what insights come from this interesting conversation: https://youtu.be/TJc2-gH8y5s Learn how to buy an already-successful and profitable business even in the covid-recession of 2020: https://www.BusinessBuyerAdvantage.com **Now with a new section on buying distressed businesses. Lear how to sell a business at https://www.HowToSellMyOwnBusiness.com Book a call with me at https://www.clarity.fm/davidbarnett Stop missing my videos and other news. Join my email list here: https://www.DavidCBarnettList.com

Improving your CEO Skills means looking at all the angles. It could be from a cashflow point of view to other skills and competencies. Why did Terry create this? Always had a coaching aspect to their business. For business owners, there is a huge need for business owners to understand their financial statements. Example:  Terry has been coaching for 2 ½ years. He Owns 3 repair shops - a lot of companies coach you how to run a shop. Others will teach how to run a dental office. But that doesn't teach creating financial statements, reading financial statements.  CEO2CEO programme (Chief Everything Officer to Chief Executive Officer) There are 3 main aims: Teach people financials. Teach bankability - Is it lendable by a bank? Non-financial things that can affect the value or saleability of the company. Teaching financials  People need to have correct financial statements and then understand them. They Teach 8-10 financial ratios. Teaching bankability Create a debt schedule and understand how a bank would view your business. Non-financial aspects  These may not reduce the value of your company so much as make the company unsellable. If you're counting on this. Financial statements Primarily income statement and balance sheets. Key Ratios Current ratio - current assets divided by current liabilities. You want that around a 2. Accounts receivable days - how long it takes you to get paid. The accounts payable days - how long it takes you to pay suppliers. Inventory days - how many days do it take you to flip your inventory? Which Profit ratios really matter? It's NOT about sales and net income. It's about gross margin and cash flow. Gross profit margin is really important.  If your sales are going up but your gross margin is going down, you are absorbing expenses. Cashflow margin - is it staying consistent or going up or down? Again, if your gross margin is going up but this isn't, you are adding a lot of overhead. Traditional accounting issues The traditional accounting compares sales and net income from one period in one year to a comparable period in the previous year, eg. Jan 2020 cf. last Jan 2019. This is not useful in Terry's eyes. You need to look at the monthly trend. How do the Accounts Receivable (AR) and Accounts Payable (AP) matter? If you have a cash shortage, you may need a line of credit etc. to fund that. So, 27 AR, 12 AP - had 15 days to fund before received cash. With $100K a day in sales, 15 days = $1.5 Million is needed. If you doubled the sales, you'd need $3 Million to fund that. Working Capital  This is the cash you need to fund the day to day activities of your company. If your AR days are 30 and that's $0.5M, you'll have bills in that time period, how much money do you need to cover that gap? Cashflow planning The amount of cash you need in your company is a CRITICAL number so you NEVER run out of cash. You can be profitable and go out of business if you don't understand the working capital needs of the business. Bankability Growth requires a lot more working capital!  Growing too fast can actually make a bank judge a company negatively. A friend of Terry's has a blue-collar company - he didn't understand the financial statements! You've got to get the financial statements. Your debt schedule depends on: What was the loan amount? Collateral? Monthly payments? When is the loan due? This gets to the debt service ratio. Say you take a 20-year loan out on a property. If you're 15 years in, you might be able to refinance that loan to get expansion money for your company. They borrowed $100K for the company but refinanced the debt and LOWERED his payments by $6K a month Debt service ratio Typically banks will lend on 1.25 multiple (ie. net cashflow is 1.25X loan repayments). Terry prefers to see 1.7X multiple. Balance Sheet =collateral for bank

Improving your CEO Skills means looking at all the angles. It could be from a cashflow point of view to other skills and competencies. Why did Terry create this? Always had a coaching aspect to their business. For business owners, there is a huge need for business owners to understand their financial statements.  Example:  Terry has been coaching for 2 ½ years. He Owns 3 repair shops - a lot of companies coach you how to run a shop.  Others will teach how to run a dental office.  But that doesn’t teach creating financial statements, reading financial statements.  CEO2CEO programme (Chief Everything Officer to Chief Executive Officer) There are 3 main aims:  Teach people financials. Teach bankability - Is it lendable by a bank? Non-financial things that can affect the value or saleability of the company. Teaching financials  People need to have correct financial statements and then understand them.  They Teach 8-10 financial ratios.   Teaching bankability Create a debt schedule and understand how a bank would view your business.  Non-financial aspects  These may not reduce the value of your company so much as make the company unsellable. If you’re counting on this. Financial statements Primarily income statement and balance sheets. Key Ratios Current ratio - current assets divided by current liabilities. You want that around a 2. Accounts receivable days - how long it takes you to get paid. The accounts payable days - how long it takes you to pay suppliers. Inventory days - how many days do it take you to flip your inventory? Which Profit ratios really matter? It’s NOT about sales and net income. It’s about gross margin and cash flow.  Gross profit margin is really important.  If your sales are going up but your gross margin is going down, you are absorbing expenses.  Cashflow margin - is it staying consistent or going up or down? Again, if your gross margin is going up but this isn’t, you are adding a lot of overhead.  Traditional accounting issues The traditional accounting compares sales and net income from one period in one year to a comparable period in the previous year, eg. Jan 2020 cf. last Jan 2019. This is not useful in Terry’s eyes.  You need to look at the monthly trend.   How do the Accounts Receivable (AR) and Accounts Payable (AP) matter? If you have a cash shortage, you may need a line of credit etc. to fund that.  So, 27 AR, 12 AP - had 15 days to fund before received cash.  With $100K a day in sales, 15 days = $1.5 Million is needed.  If you doubled the sales, you’d need $3 Million to fund that.  Working Capital  This is the cash you need to fund the day to day activities of your company.  If your AR days are 30 and that’s $0.5M, you’ll have bills in that time period, how much money do you need to cover that gap? Cashflow planning The amount of cash you need in your company is a CRITICAL number so you NEVER run out of cash.  You can be profitable and go out of business if you don’t understand the working capital needs of the business.  Bankability Growth requires a lot more working capital!  Growing too fast can actually make a bank judge a company negatively.  A friend of Terry’s has a blue-collar company - he didn’t understand the financial statements! You’ve got to get the financial statements.  Your debt schedule depends on:  What was the loan amount? Collateral? Monthly payments? When is the loan due? This gets to the debt service ratio.  Say you take a 20-year loan out on a property.  If you’re 15 years in, you might be able to refinance that loan to get expansion money for your company.  They borrowed $100K for the company but refinanced the debt and LOWERED his payments by $6K a month Debt service ratio Typically banks will lend on 1.25 multiple (ie. net cashflow is 1.25X loan repayments).  Terry prefers to see 1.7X multiple. 

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,

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!

This week, we talk to Terry Lammers, Greg Frey and Brent Frey about their experiences in improving your hunting property. They’ve owned their property for years and have done the right things and wrong things on their property to make it hunt better. They will share their hunting experiences and hopefully you can learn from them and apply it to the area you hunt.

This week, we have Mark Frey, Brent Frey and Terry Lammers join us to talk about a farm they've hunted for years.  Through the years they've done lots of things on their farm to try to improve the hunting.  Some things worked, some didn't, and they will share what they learned through the years.  We hope you can apply something from this conversation to your hunting situation. Enjoy!

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

This is a must listen episode with Terry Lammers telling us the plain truth about our businesses. He tells us why we should be treating our business daily like we are planning to exit. He also discuss one of the best growth strategies to employ. Listen and take notes and then take action! For more information go to www.BusinessOwnerFreedom.com/blog Our discussion today included these points and more: 1. His worst business purchase experience. 2. Non-competes and why they are a necessity. 3. How financials drive value in your company. 4. Non-financial characteristics that impact the value of your company.  5. The best strategy for growing your business. and so much more...  Contact Terry Get Terry's kindle book for free! here For additional insights go to www.BusinessOwnerFreedom.com to join our community. We look forward to getting to know you.  Join the Business Owner Freedom Mastermind. Connect with Business Owner Freedom and Gregory: Website LinkedIn Facebook If you have questions or show subject suggestions, you can submit those via email to askgreg@gregorygray.com. If you truly enjoyed the show, don't forget to leave a positive rating and review on iTunes. We are preparing more episodes, so join us again next week! Thank you for tuning in to the Business Owner Freedom Podcast!   Copyright © 2019 BOFP

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...

I know a lot of agency owners think about selling their shop. But do they think about it strategically? Or soon enough? Do they execute on a plan that will set them up for success 5-10 years before they’re ready to sell? Usually, the answer to those questions is no. And on the flip side, how many agency owners think about growth through acquisition? Selling is a big part of the conversation but buying should be on the table as well. In episode #196, I talk with Terry Lammers, who has been buying and selling businesses since he sold his family fuel company. We talk about the monetary and non-monetary aspects of getting the most from your agency or being a smart buyer if you’re on that end of the transaction. Most importantly, we dig into how, why, and when to start planning your exit strategy as an agency owner. Terry Lammers grew up in a little town of 600 people. His family owned a wholesale fuels and lubricants company and when Terry took over as president of the company, he had some big ideas for growth. Out of that experience developed a fascination with the process of buying and selling businesses. Since then, Terry has formed a business brokerage that helps people who want to buy and sell businesses. He also has his designation as a certified valuation analyst, accreditation through the National Association of Certified Valuators and Analysts. He is the author of You Don’t Know What You Don’t Know: Everything You Need to Know to Buy and Sell a Business. What You Will Learn in this Episode: Why it’s never too early to plan your exit strategy How to value a business (like an agency) with little regular recurring revenue Who to have around the table to plan your exit strategy Nonfinancial elements of your agency that add or subtract the value Why culture is so important and why blending two company cultures is so difficult How agency owners can start thinking about the acquisition as a growth strategy

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!

Improve the Profits in Your Trucking Business with Terry Lammers Bruce chats with business expert Terry Lammers about how business owners and owner operators can improve their business and set their businesses up for a successful sale down the road. Lammers grew his former trucking business from two trucks and sold it for millions of dollars. You can learn more about Lammers and his book at https://innovativeba.com/leadpedal Also mentioned was the Trucking Network job fair on May 4th in Hamilton Ontario. Get the details at www.thetruckingnetwork.ca This episode is sponsored by Rick Blatter promoting road safety with the 3,7,15 second rule. Learn more at www.3715rule.com  or www.rickblatter.com This episode is also sponsored by Ontario Truck Driving School has a number of courses to help you be successful when starting a career in transportation from heavy equipment to over the road trucking. You can learn more about starting your career at www.otds.com Our episode song is When are you Coming Home? by our profile band of the month the Road Birds. Learn more about the Road Birds at www.cdbaby.com/roadbirds About the Show The Lead Pedal Podcast for Truck Drivers talks all things trucking for people in the transportation industry helping them improve their business and careers. Interviews with industry professionals and truck drivers, trucking information, and other features on the industry are meant to be helpful for truck drivers and those in transportation. The Lead Pedal Podcast for Truck Drivers has main episodes released every Tuesday and Thursday with bonus material on other days. You can learn more about the host and show on our website and make sure to SUBSCRIBE to the show on your favourite podcast platform. www.theleadpedalpodcast.com What does The Lead Pedal Podcast mean? The Lead (pronounced - Led) stands for acceleration or fast-track of your career or business. It is a play on words and we certainly are not here promoting speeding in the industry. We are hoping this information will help you become a professional driver faster than if you didn't know about many of these topics. Are you enjoying the show? If so we would appreciate you leaving us a rating and review on iTunes or on your favourite podcast platform. The show is available at www.theleadpedalpodcast.com  , ITunes, Stitcher, Spotify, Tunein, iHeartradio, SoundCloud, and other popular podcast platforms. Thanks for listening.

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.

The business world is full of endless opportunities – for those who want a new challenge by buying a business or for those who seek a new adventure and need to sell a business quickly. As a business owner, you pour your heart and soul into your company. But what is that truly worth? How […]

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.

Terry Lammers took over the family oil wholesaling business in 1991. By 2010, Tri-County Petroleum was selling $42 million worth of gas and oil, when Lammers decided it was time to cash in.

[et_pb_section bb_built=”1″][et_pb_row][et_pb_column type=”4_4″][et_pb_text] We have a serious high achiever on the podcast this week – a man who managed to buy 11 companies (one in just three days) and sell his own $42 million company in just six weeks. After moving back home, Terry Lammers bought the family wholesale fuel and lubricants business. He became prolific in the marketplace by then buying up more and more of the competition. You will not find a man more experienced in the game of M & A… If you listen, you will learn… Tricks to avoid nasty taxes in a sale What you need in place to be able to sell a company in just six weeks The benefits of recurring income How Terry used the power of the Value Builder System without knowing it How best to tell employees you're selling up How to use non-compete clauses The importance of advisors Where did Terry find the 11 competitors he bought along the way? Terry knew that in the limited area he did business, there was only a finite amount of competition and business to be had. He was always on the lookout for people that were trying to find a way out. Terry knew that once the competition was actually ready to sell, he had to jump on the opportunity. Some of the acquisitions were a bit more cumbersome and hairy (like the deal Terry explains went bad after the kind-hearted man went back on his word). However, most of the businesses that Terry bought had returns that the best of us could only dream of! How were most of the deals structured? Terry had a knack for knowing exactly what a business was worth to the seller and how to make it a great deal for both sides. He didn’t just let the professionals dictate the terms and conditions for the deal…he made a huge effort to make it a no-brainer for everyone. Some of the deals were bonus structures (earnouts), some were cash offers, some were stock purchases, and others were a combination. The only thing on Terry’s mind was to find a way to make a deal fair for everyone involved and get it done! What did Terry do differently because of his experience buying companies? After buying 11 other companies over the course of owning Tri-County Petroleum, Terry realized that things really needed to be buttoned up if a good deal was to be made. Following are some of the top things he did with intention before the sale of his company: Signed agreements with all of his customers Put in place non-compete clauses with key employees Built out a high-caliber executive team that allowed him to focus on the business and not the day-to-day Reviewed financials every year Updated equipment Leased equipment to clients to make them more sticky Created a private label lubricant What about the employees? Terry called everyone into a normal monthly meeting when he decided it was time to tell all of his employees about the sale of the company. There was no guarantee that a job was lined up for each employee under the new ownership…but the good news was that everyone was offered a job but one employee! The reason the one employee was not hired was they had an entitled attitude during the interview process with their new boss (weird how that didn’t go well!). All the employees were treated very fairly because the buyer decided who they wanted to keep on the payroll. The fact that they hired all but one person showed that Terry had an amazing group of people working for him. What did Terry do after he sold? After selling the company, Terry sat at home for a few months watching The Morning Show, Doc