Maximize Business Value Podcast

In this week's episode of "Maximize Business Value," Tom discusses the importance of hiring a financial advisor or wealth management firm. Discover why waiting until after you sell your business is too late, and learn how these professionals can help you plan for your future, minimize tax consequences, and preserve your wealth. Tom also highlights the importance of choosing a fiduciary to ensure you receive the best ...

In this week's episode of "Maximize Business Value," Tom discusses the importance of finding the right M&A advisor, whether it be a broker or an investment banker. He explains their roles in selling a business, compares them to real estate agents, and emphasizes the necessity of thorough research to select a good advisor. Tune in to learn how the right M&A advisor can make a significant difference in the succ...

In this week's episode of "Maximize Business Value," Tom discusses Chapter 57: "Leverage the Knowledge of Your External CPA." Many business owners make the mistake of only consulting their accountants at tax time. However, a great CPA can serve as a surrogate CFO, offering invaluable advice on tax planning, exit planning, cost savings, and financial issues like cash flow and budgeting. Tom shares key questi...

In this week's episode of "Maximize Business Value," Tom discusses the importance of forming a board of advisors or joining an informal board organization. Being a business owner can be isolating, but having a group of trusted advisors can provide invaluable support and insights. Learn how an advisory board differs from a board of directors, the benefits it offers, and the various professional groups available to bus...

In this week's episode of "Maximize Business Value," Tom explores Chapter 55: "When Times are Good, Invest a Little." Discover why it's crucial to invest in your business during prosperous times by bringing in experts and advisors for an objective review. Learn how fractional executives can provide the guidance you need, especially if your business isn't large enough to support full-time executive...

In this episode of "Maximize Business Value," Tom discusses the importance of eliminating owner dependency to increase business valuation. Learn how to transition from being an operator to an investor by documenting processes, training your team, and testing your business’s independence. Discover why making yourself expendable is the key to a more valuable and sustainable business.

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In this week's episode of "Maximize Business Value," Tom explores Chapter 53: "Plan For Ownership And Management Transition." Every business will eventually transition, whether through an external sale or an internal handover. Tom discusses the importance of preparing future managers and being transparent with key employees about the transition plans. He shares insights on training and cross-training necess...

This week on "Maximize Business Value," Tom dives into a crucial topic for any business owner—being proactive about your business transition. In Chapter 51, titled "Be Proactive!", Tom emphasizes the importance of starting the transition planning process at least five years in advance. Waiting until the last minute can dramatically decrease your options and the potential value of your business. Tom shares key st...

This week on "Maximize Business Value," Tom tackles a tough but crucial topic in Chapter 52: "Pull The Weeds." Every business has its set of challenges—be they inefficient processes, underperforming team members, or troublesome partnerships. Tom shares personal stories from his own experience, demonstrating the transformative power of addressing these issues head-on. Discover why it’s essential not to overlook t...

In this week’s episode of "Maximize Business Value," Tom discusses the critical importance of measuring and monitoring customer satisfaction. Despite its recognized importance, many businesses fail to actively track this key metric. Tom shares his own experience with a serious customer satisfaction issue at one of his businesses and how using the Net Promoter Score (NPS) method helped turn things around before a sale. Tun...

In this episode of "Maximize Business Value," Tom explores the transformative practice of going on a customer listening tour. Drawing from years of personal experience, Tom explains the importance of setting aside sales agendas to genuinely listen to customer feedback. Discover the powerful impact of asking customers the golden question, "If there was one thing we could do better for you, what would it be?" and ...

In this episode of "Maximize Business Value," Tom dives into Chapter 48, "Eliminate the Unprofitables." Discover the critical importance of tracking profitability by customer, SKU, location, and sales rep to pinpoint where your business might be leaking money. Tom shares a compelling story from his career about transforming a business's fortunes by making tough decisions on unprofitable customer contracts. ...

Do you know which of your products or customers are your biggest money-makers? Or perhaps more importantly, which ones are not pulling their weight? In this essential episode, we delve into Chapter 47 of our playbook, exploring the crucial practice of reviewing gross and net profitability per customer and item.

Discover why setting up your accounting systems to track this information is not just beneficial, but essential f...

🎧 This week on "Maximize Business Value," Tom tackles the critical topic of managing concentration risk. 📊 Many businesses measure this risk by revenue, but Tom argues that earnings are where the focus should really lie. Discover why and how to keep any single customer from accounting for more than 20% of your EBITDA, safeguarding your business's health and enhancing its value, especially in transition scenarios. T...

In this week’s episode of "Maximize Business Value," Tom delves into the crucial metrics of product penetration rates. While not applicable to every business, for those with a broad product offering, understanding your market penetration can significantly influence your strategic decisions. Tom shares insights from his past experience at a company providing technology solutions to restaurants and retailers, emphasizing ho...

In a world where products and services often seem interchangeable, how do you make yours stand out? This week, we delve deep into Chapter 44 of our playbook, "Differentiate Your Product or Service," and uncover the critical importance of developing a Unique Selling Proposition (USP). Learn how a well-articulated USP not only sets you apart from the competition but also drives growth and increases the value of your busines...

Are you leveraging the power of recurring revenue in your business? In this episode, we dive into Chapter 43 of our playbook, exploring why transitioning to a recurring revenue model can transform the valuation and stability of your business. We’ll dissect how buyers evaluate the predictability of cash flows and why they’re willing to pay a premium for it.

Join us as Tom shares transformative insights and practical examples, includi...

Is your business cruising comfortably on the status quo, or are you revving up for growth? In the latest episode of the Maximize Business Value Podcast, we tackle the pivotal first chapter of Part 6 - Sales & Marketing: "Examine Growth Initiatives ($)," a crucial money chapter. We dive into why growth isn't just a nice-to-have; it's a must for increasing your business's value.

Discover why many...

Inventory management can make or break your business's operational efficiency and greatly affect its financial health. This week, we tackle a game-changing approach: monthly, random inventory cycle counts. Say goodbye to the days of shutting down operations for a traditional count and hello to a streamlined method that keeps your business running smoothly.

Join us as we dissect the difference between traditional inven...