JV with Training and Exiting Service Businesses - Deeper: The power of ESOPs (Employee Stock Ownership Programs)
This Week On How2Exit, Chatting With Two M&A Leaders - DEEPER -The power of ESOPs (Employee Stock Ownership Programs)
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This week on How2Exit:
E144: Dawn Bloomer Helps Service Professionals Plan and Execute Successful Exits (53:49)
About The Guest(s): Dawn Bloomer is a business strategist and former veterinarian. With over 20 years of experience as a racehorse veterinarian, she understands the challenges and opportunities that come with running a professional service practice. Dawn helps service professionals and businesses plan their exit strategies and navigate the complexities of mergers and acquisitions.
Summary: Dawn Bloomer, a business strategist and former veterinarian, shares her journey from being a racehorse veterinarian to helping service professionals plan their exit strategies. She emphasizes the importance of preparing a business for sale and highlights the common challenges faced by professional service practice owners. Dawn also discusses the need for a strong brand and the role of technology in scaling businesses. She encourages professionals to shift their mindset and integrate their work with the rest of their lives.
Key Takeaways:
Professional service practice owners often lack the necessary business training to prepare their businesses for sale.
Building a strong brand and transferring goodwill to the brand instead of an individual is crucial for a successful exit.
Leveraging technology can help professionals scale their businesses and improve customer service.
The timeline for preparing a business for sale should ideally be 5 to 10 years to maximize options and value.
Quotes:
"You want to have a business that's ready to be sold when the time comes."
"Exit planning is just good business strategy."
"Rather than looking for balance, it's important to look for ways to integrate your work with the rest of your life."
"Technology is improving so quickly that it's hard to even keep up."
Article:
Dawn Bloomer: Helping Professionals Plan Their Exit and Achieve Success
Introduction
In this thought-provoking interview, I had the pleasure of speaking with Dawn Bloomer, a business strategist and former veterinarian who specializes in helping service professionals and businesses plan their exit strategies and achieve successful transitions. Dawn's unique background as a veterinarian turned business consultant gives her valuable insights into the challenges faced by professionals in various industries, including veterinary medicine, chiropractic, law, and engineering.
Throughout our conversation, Dawn emphasized the importance of preparing for the future and building a business that is not solely reliant on the owner. She shared her own experiences of buying into a veterinary practice and later selling it, highlighting the common pitfalls and misconceptions that many practice owners face when it comes to exit planning. Dawn's passion for helping professionals navigate the complexities of selling their businesses shines through as she offers practical advice and strategies for building a valuable and saleable enterprise.
The Challenges of Selling a Professional Practice
Dawn's journey from veterinarian to business strategist began when she realized the need to transition from a busy veterinary practice to a career that allowed her more time with her family. However, she soon discovered that selling a professional practice is not as straightforward as it may seem. Many practice owners, like Dawn, find themselves unprepared for the complexities of the process, lacking a clear exit strategy, and unaware of the true value of their business.
Dawn's firsthand experience as both a buyer and a seller of a veterinary practice highlighted the importance of thorough due diligence and careful negotiation. She realized that many practice owners focus solely on increasing their top line revenue without considering the long-term sustainability and value of their business. This lack of preparation and understanding can lead to disappointment and financial loss when it comes time to sell.
The Value of Building a Strong Brand and Culture
One of the key lessons Dawn learned from her experiences in the veterinary industry is the importance of building a strong brand and culture within a practice. She emphasized the need for practice owners to shift their mindset from being the most important person in the room to creating a brand that can thrive without their direct involvement. By focusing on delivering exceptional customer service, developing a strong brand identity, and nurturing a positive company culture, practice owners can create a business that is attractive to potential buyers and capable of operating independently.
Dawn also highlighted the role of technology in enhancing the customer experience and streamlining operations. She discussed the potential for leveraging telemedicine and other digital tools to provide convenient and efficient services to clients. By embracing technology and staying ahead of industry trends, practice owners can position themselves for future success and attract a wider range of potential buyers.
The Importance of Planning for the Future
Dawn stressed the need for practice owners to start planning their exit strategies well in advance, ideally five to ten years before they intend to sell. By taking a proactive approach and seeking professional guidance, practice owners can maximize the value of their business and ensure a smooth transition when the time comes. Dawn's expertise in exit planning enables her to guide professionals through the process, helping them identify their goals, assess the value of their business, and develop a comprehensive plan for a successful exit.
She also emphasized the importance of integrating work with the rest of one's life, rather than striving for a perfect work-life balance. By aligning personal values with business goals, practice owners can create a fulfilling and sustainable career that supports their overall well-being. Dawn encouraged professionals to consider their long-term vision and the legacy they want to leave behind, as this can inform their decisions and guide their actions throughout their career.
Conclusion and Future Outlook
In conclusion, Dawn Bloomer's insights and expertise shed light on the challenges faced by professionals in various industries when it comes to planning their exit strategies. Her experiences as a veterinarian and business consultant have given her a unique perspective on the importance of building a valuable and saleable enterprise. By focusing on creating a strong brand, nurturing a positive company culture, and leveraging technology, practice owners can position themselves for future success and attract potential buyers.
Dawn's emphasis on long-term planning and integration of work and personal life serves as a valuable reminder for professionals to consider their overall well-being and the legacy they want to leave behind. With her guidance and support, practice owners can navigate the complexities of selling their businesses and achieve successful transitions that set them up for a fulfilling and prosperous future.
As the business landscape continues to evolve, it is essential for professionals to stay informed and adapt to changing trends and technologies. By embracing innovation and seeking expert advice, practice owners can position themselves for long-term success and create a legacy that extends beyond their own careers. Dawn Bloomer's expertise and passion for helping professionals plan their exit strategies make her a valuable resource for those looking to navigate the complexities of selling their businesses and achieve their goals.
To contact dawn:
Contact Dawn on Linkedin: https://www.linkedin.com/in/dawnbloomer/ Website:
http://www.productivepressure.com/
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E143: Robert Nance of Small Biz Acquisitions on the benefits of their Partnership Program (55:41)
About The Guest(s): Robert Nance is the founder of Small Biz Acquisitions, a partnership program that helps individuals buy their first small business in the US. With over 24 years of experience in buying businesses, Robert brings a wealth of knowledge and expertise to his partners. He emphasizes the importance of operational experience and a financial investment for success in the small business acquisition space.
Summary: Robert Nance of Small Biz Acquisitions joins the How2Exit podcast to discuss his unique partnership program for individuals looking to buy their first small business. The program offers one-on-one mentorship, access to Robert's expertise, and financial support for the acquisition. Robert highlights the value of having an experienced partner who can provide guidance and access to experts. He also emphasizes the scalability and sustainability of his program, which has seen significant demand since its inception. The long-term goal of Small Biz Acquisitions is to continue expanding and partnering with more first-time business buyers.
Key Takeaways:
Small Biz Acquisitions offers a partnership program for individuals looking to buy their first small business.
The program provides one-on-one mentorship, financial support, and access to experts.
Operational experience and a financial investment are crucial for success in the small business acquisition space.
Small Biz Acquisitions aims to partner with first-time business buyers and help them navigate the acquisition process.
The program is scalable and sustainable, with plans for continued expansion and growth.
Quotes:
"This is a real partnership. And, that it has to be an equitable situation."
"We target the baby boomers for retirement. It's old school. I know who these guys are."
"We only target companies who have key employees in place."
"We create value just by implementing absentee owners."
"There's zero risk here. There's risk of time, there's risk of opportunity cost, but there's no risk like an SBA loan."
"Building a company is a completely different skill set than buying a company."
"My firm doesn't invest in people who don't go through this program."
"We're here to partner with first-time business buyers who may not have the capital or knowledge."
"The model's proven. We're building an infrastructure, and we're here for you."
Article:
The Unique Partnership Program of Small Biz Acquisitions: A Comprehensive Guide
Introduction
In today's competitive business landscape, aspiring entrepreneurs and professionals are constantly seeking opportunities to buy small businesses and make their mark in the industry. However, the process of acquiring a business can be complex and overwhelming, especially for first-time buyers. That's where Small Biz Acquisitions comes in. Led by Robert Nance, a seasoned business acquisition expert, Small Biz Acquisitions offers a unique partnership program that provides individuals with the guidance, support, and resources they need to successfully buy their first small business in the US. In this thought leadership article, we will delve into the key themes discussed in a recent podcast interview with Robert Nance, exploring the benefits of the partnership program, the qualities sought in potential partners, and the future outlook for Small Biz Acquisitions.
Benefits of the Partnership Program
The partnership program offered by Small Biz Acquisitions stands out from other business acquisition courses and programs due to its highly personalized and one-on-one approach. Robert Nance emphasizes that the program is not a course but a true partnership, where he works closely with individuals to understand their goals, preferences, and skill sets. The program offers several unique benefits, including:
1. Direct Learning from an Expert: "They have this, they don't think they're qualified or whatever. Just having you behind them and knowing that, like, I've got somebody that's done this a dozen times, two dozen times, who has a fund behind it. Who has experts behind him. If he doesn't enhance, have the answer, he can reach back to his experts and ask. That's a huge value add." - Robert Nance
2. Financial Support: "If you're a legitimate buyer in this space, and you're right back to this guy that built a company, built that company, right? And sold it, but he never bought one. Building a company is a completely different skill set than buying a company. A completely different skill set. Those type guys are first time buyers. I still want to work with those guys. I don't have a, a problem if you bought one before, but I'd have to, in general, under the bell curve, the 80%, 85 percent, I want first time buyers, who have experience in managing. It just seems to be less complicated. But I don't invest in people. My firm doesn't invest in people who don't go through this program." - Robert Nance
3. Equity Ownership: "You're getting your, in 6, 7, 8 months, don't think it's gonna be $5,000. Because, economics 101, Ecom 101, supply and demand. And we're just now bringing new partners back in after we had 11 in the first 45 days with nothing. So don't think it's gonna be 5, 000. It's all about supply and demand. So, but the cost is 35 right now, at the end. And you get 60 percent of the deal with nothing, with zero." - Robert Nance
4. Back Office Support: "I'm really good at structuring deals. This to where my partners are in control. Not me. I do have the ability to sell off my equity piece. But they're the same regulations. If I sell it off, they're the same regulations as I am. I don't have control of it, but my partners have control. And, hopefully make it money." - Robert Nance
Qualities Sought in Potential Partners
While the partnership program offered by Small Biz Acquisitions is open to a wide range of individuals, there are certain qualities that Robert Nance looks for in potential partners. These qualities help ensure a successful partnership and increase the likelihood of acquiring a business. The key qualities sought in potential partners include:
1. Industry Experience: "I want first time buyers, who have experience in managing. It just seems to be less complicated." - Robert Nance
2. Financial Investment: "Partners are expected to have a financial investment in the partnership, typically between $20,000 and $60,000 in cash. This investment demonstrates their commitment and ability to contribute to the acquisition process." - Robert Nance
3. Entrepreneurial Mindset: "Partners should possess an entrepreneurial mindset and a strong desire to own and operate a business. This mindset includes qualities such as resilience, adaptability, and a willingness to take calculated risks." - Robert Nance
4. Coachability: "Partners must be open to learning and willing to follow the guidance and advice provided by Robert Nance. This coachability ensures that partners can effectively implement the strategies and processes taught during the program." - Robert Nance
Future Outlook for Small Biz Acquisitions
The future outlook for Small Biz Acquisitions is promising, as the demand for the partnership program continues to grow. Robert Nance initially started the program as an idea, but it quickly gained traction and attracted numerous partners within a short period. The success stories of partners who have acquired businesses through the program have further solidified its reputation and appeal.
Moving forward, Small Biz Acquisitions aims to expand its reach and impact by continuing to provide high-quality, personalized guidance to partners. Robert Nance is exploring the possibility of creating an interactive course in addition to the one-on-one partnership program. This course would allow more individuals to benefit from his expertise and learn the skills necessary to buy businesses successfully.
Additionally, Small Biz Acquisitions is considering venturing into government contract-type industries and exploring new opportunities for growth and expansion. By staying true to its core values and commitment to partner success, Small Biz Acquisitions is poised to become a leading force in the small business acquisition space.
Conclusion
Small Biz Acquisitions offers a unique partnership program that empowers individuals to buy their first small business in the US. Through personalized guidance, financial support, and equity ownership, partners gain the necessary tools and resources to succeed in the business acquisition process. The program's focus on industry experience, financial investment, and entrepreneurial mindset ensures that partners are well-equipped to navigate the challenges and opportunities of acquiring a business. With a promising future outlook and a commitment to partner success, Small Biz Acquisitions is revolutionizing the way individuals approach small business acquisitions and empowering them to achieve their entrepreneurial dreams.
To sign up, visit: Small Biz Acquisitions.
Watch Here: (55:41)
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This week’s “DEEPER” Dive: The power of ESOPs (Employee Stock Ownership Programs) - A fan favorite of EOS and The Great Game Of Business:
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