Episode Transcript
[00:00:00] Speaker A: Success isn't given. It's earned. And earning it means becoming the person who deserves it. The bottom line is where we cut through the chaos to simplify success, uncovering the strategies, mindset, and resilience it takes to win. Real stories, expert insights, and practical tools. Because the only way to the top is by putting in the world. This is the bottom line.
Welcome back to the Bottom Line. I'm your host, Ryan Herpin. And today's episode is all about smart decision making at two of some of the most critical points in your business journey. When you're building your team and when you're trying to walk away from it and the business. Right. So it's growth and then exit. If you're a business owner, you know the pressure that comes with trying to hire the right people or figuring out how to exit with confidence. And yet too many leaders feel stuck, unprepared, or like they're flying blind.
You know, there's a lot of entrepreneurs that are kind of stuck in the, the motions right now of grow, grow, grow, grow, grow, operate, operate, operate.
And they're not really looking at the exit planning for what comes next.
And that's, that's. It's a very critical thing to keep in mind because reality is they both play into each other.
So how do you get it right? How do you attract people who believe in your mission, not just your job title? And how do you find the right partner when it comes time to sell the business you've poured your life into?
We're tackling both of these questions today with two outstanding guests. First, we're going to hear from Kimberly.
She is an incredible consultant, and she helps people understand what employer branding really means and how small businesses can build a team people want to work with, not just four.
Then we'll hear from Cliff.
He's from ECP Ventures, who. And he'll help break down what it really means to sell smart and avoiding the broker trap and protecting your business that you've built and getting the most out of it. Right? But before we talk to these guests and we dig into some incredible insights, there's a few things I wanted to talk about to kind of prep us for this and to dive into this from an angle that will connect the best way I see possible. And reality is building your business and your exit strategy are both two sides of the same strategic coin.
They both play off of each other.
And building your team can have a lot to do with your exit and your exit strategy.
And I was talking to a client yesterday about there's two reasons why most people become an entrepreneur or build a business. It is either A, to sell the business or B, to create legacy to pass it on to others. Those are the two typical reasons and the two typical exit strategies you would find.
The fact is, the right team, the right brand and the right appearance can make all the difference in that exit strategy. We all want to win. We don't go into starting a business to work our life away to barely get by or to just skate through unnoticed. That's not why we do this.
There may be some out there that do that, but I would say they're kind of off to a rough place there.
Reality is, we want to win, we want to make a difference, we want to make a big impact. We want to sell the business or make something lasting for our family or the people around us.
And you've got to have the right people to make that happen.
Many business owners feel stuck, like they're unable to find the right people or unsure about how to actually step away from it.
So something I've found throughout my career is the right people make or break the business.
One common misconception is that the business makes the people.
I, I don't believe in this. Throughout my career as a consultant and as, as director of operations and manager and all these different things I have learned and this, any successful business owner can really tell you this.
The people make the business, not the other way around. If you have good people, the business will be good. If you have dedicated, motivated, inspired, consistent people, you're going to get better, better results. And this plays into how you sell your business. The value you get from your business, the people that are interested in the investment, it, it really makes a big difference all the way around.
So they play hand in hand. If you want to step away from your business, it's going to require the right people. But finding the right people is also a massive challenge.
The right branding attracts the right people.
The right exit strategy protects your legacy. So when you think about this, you've got to understand the complexities that come with it. And when I talk to business owners, entrepreneurs, especially in the earlier stages of business, there's typically a few hurdles that are. Some of the biggest hurdles you've got to really deal with. One is making it past two years of operation.
Two is making it to five years.
And usually right around that time, business owners are trying to transition from the doer, the operator, to the manager, right? And when you do this, even along the way, you have to find the right people.
And depending on Your exit strategy, you've got to plan this out in a few different ways. One, if you're trying to build your business for legacy, to pass it on, to keep it in the family, or to keep it within people you love and care in it, to provide income consistently, whatever it may be, you've got to consider the people that you want working with your family or the family members you want involved. For me, my firm, I would love to pass that down to my children someday, give them the opportunity to at least. But at the same time, I'm going to build that business, my business, to be ideal to transition over, get them exposed to it, get them to understand it, have my team, okay, and understanding of that idea.
Because someday the leadership and responsibility will transition. So I want them to be prepared. But in the same note, I want to structure this to where it would still also be appealing to sell if they did not want to move forward with taking over the firm. So the right people make a difference, truly make a difference in the way you brand your business will be the way that you attract people to work with your business. It's really easy to find people that just work for you, that just show up, do the bare minimum, get paid, go home.
That's very common and unfortunately that's most people.
Most people are in that position. It is a lot harder to find somebody who is completely invested and dedicated to the business.
I think it's more than just inspiring somebody. It's more than just this incentive that you can give them on the job. Hey, you do xyz, you'll make a little bit more money. No, it's, it's a. The right kind of person. The right kind of person wants to invest, they want to be an integral part of the team because they can see the bigger picture so early on in businesses. When you're building your team, I believe it's extremely important to give everybody the visibility of opportunity that lies ahead.
Understanding that what they want to do, what their goals and aspirations are, can tie into what they're doing now and how what they're doing now can benefit them later and how it can impact their path, their goals, their strategy, their plan.
This all at the same time. You're creating a group of people, you're inspiring a group of people, motivating group of people to be self starters, to be self sufficient problem solvers and continuously show passion when willpower falls short. That's where discipline plays in, right?
This is ideal for preparing an exit strategy. Having those types of people will put you in a Better position to sell the business, to scale it or to pass it on to family members or whatnot. Right. Not all the time do you see a business that is passed to a family member that is completely ready to fulfill that role.
So having a team in place that already understands the roles, responsibilities, understands how to run the business, understands what it takes for it to continuously be profitable and manageable, that is going to play to the long term success well after you've exited.
Second, if you plan on selling it, you want to make it turn key.
This was a big conversation I had yesterday is you need to make it to where it can be integrated into a bigger entity vertically or transition. Transition into somebody else's management and ownership without causing massive delay or changes or hiccups or slowdowns in the revenue stream.
So having the right people can make a big difference in that if you have people that require constant accountability, micromanagement, things like that, when they don't have that accountability and someone to micromanage them, their results are going to fall short. If you have a team that has built to really invest in the business and execute what is required to further the growth and success of the business, the transition's a lot easier. It's more appealing to sell.
It's really hard to grow your business, build your team and to sell your business without a really clean plan and strategy.
We are in an age of let's wing it.
Well as many people out there want to represent in social media and, and and on YouTube, all these different things that it seems like they're just winging it and they're successful and all these things, they're just kind of going with the flow. That's very rare if it works and most of the time it's bs. I hate to say it, but there has to be some kind of strategy and plan.
It's a marketing tool to say, oh, it just happens this way. No it doesn't. It requires strategic thinking, continuous action, accountability and a bulletproof plan to say otherwise.
You're just spraying from the hip and hoping you hit.
So with that being said, today's episode will give you practical insights into both areas. How to brand yourself. Brand the business in a way that attracts the right people that want to work with you, not for you. And then partnering with the right people to help sell the business and to fulfill that exit strategy, not just dealing with brokers. And it's really easy to fall in those traps where someone's taking advantage of you or they're cutting a much a very one sided deal that you don't see because you don't have the right exposure, you don't have the right experience in it.
Mergers and acquisitions happen every day. With that being the case, there's people out there that want to help you get the most out of it without destroying you, without robbing you, without getting rich off. So with that being said, I seriously look forward to having this conversation with both of our guests. I think we're gonna get incredible insight and ideally, this will help prepare you for growing your business and exiting your business.
So stick around.
This is an episode that could impact the way you grow, hire, and eventually exit your business. So grab a pen and pad, maybe get some stretching going, grab some coffee, because we will be right back on the bottom line.
This is the bottom line.
We are back on the bottom line. And joining me now is Kimberly diamond, founder of K Diamond Consulting. She has over 18 years of experience helping companies from startups to Fortune 500s build smarter hiring strategies. Kimberly is here to talk about employer branding and how small businesses can win in that talent game. Kimberly, it is such a pleasure to have you here. Thank you for joining us.
[00:12:24] Speaker B: Thank you, Ryan. I'm really glad to be here today. This is great.
[00:12:27] Speaker A: Absolutely.
Just as the name of the show suggests, I like to get right to the bottom line. I want to get as much value out there as possible.
So I want to start with a pretty important.
Why is it so important for small businesses to show who they are, not just what they do when it comes to hiring?
[00:12:47] Speaker B: Well, it's very important because it is a difficult hiring environment, as we all know. So standing out is very key in this environment.
So attracting the right talent also helps you lay the foundation and strong, cohesive workplace. When they see you as a reputable brand, as we're talking about, so very pivotal. There's several things that small businesses can do to enhance their visibility and attract talent.
Really what they should start with, in my opinion, is having a strong mission statement, values, cultural aspects that they can share that people can connect with. When candidates look at opportunities these days, they look at obviously the financial benefits and so on and so forth, but they also look at the, the culture and, and how they make their decision. Is this going to be a fit for them, as does the business.
So sharing your culture, getting it out there in whether through your website or community or various other aspects that you can do, and we can go over those in a little bit that are, you know, not very costly in any way. But I think it's very important that you share what your culture consists of and your values with people.
Another way is that also builds trust. If you're transparent about what you offer, what you want people to experience, your employee engagement aspects, then they can see that they want peel back so that they can really see within the organization that will drive people and engage people and people who are passionate will be drawn to you. So that comes from again that statement, that information, that communication through the different aspects that you can utilize that also once you highlight your story as an organization, everything's about storytelling anymore. Whether you're telling a story about yourself to an organization or an organization is sharing their story to the candidate, to the individual that they're looking to bring onto their organization.
So it's very important that you consider that and put that into your dynamic when you're trying to get your information out there. Okay, once they're buy in, then not only do they feel comfortable, not only do they want to integrate and be part of this organization, it also helps them stabilize. And your retention factor increases. Right. They've already got the buy in. They feel good about it, you know, so the more they know upfront about you, the better also about your organization. If you have something unique, you want to make sure they know what your uniqueness is because that's going to drive passion for them too.
[00:15:29] Speaker A: I think that's a really good point. And I love that you started with vision and mission. I find that to be a very critical player. And whether or not you're trying to find people that just need a job or people that want a career, very, very different people will come to it, they'll look for a job for what it is you do.
But people that want a career want to know why you do it. I think there's a big distinctive factor there on the type of people you get. And you're right, it's the way you brand yourself. So curious, what are some of the simple ways a company can tell their story and show off their values to people who might want to join the team?
[00:16:09] Speaker B: Well, first of all, they could come on your show now media and talk about themselves.
Yeah, I think that's a good way to start.
Secondly, websites, it's important that you invest in a proper website and they can be, you know, there's various levels of websites and depending on what your organization does can depend on what that cost factor is. I understand that not everyone has a big budget for this, a very fancy, very interactive website.
But when it comes to a website, I think it's very crucial so people can find you, they can find information. If they can't find you or it's very minimal in nature, then they will feel a little apprehensive about your stability.
Okay, so if you build the proper website, you talk about your organization, they can click on it, they can see the various people maybe, or, you know, there's various ways you can build websites. We all know that. You can just go out and Google several of them and they'll give you great ideas. And some are not very complex, but very important in nature to have that so that it's not just informational. You want to have it from. You want to also utilize your, your talent to, you know, expose them, let people see them so they can see the dynamic of the culture that goes on. Again. Culture. This is how they're getting that feeling again. Okay.
And then social media, we all know there's other social media options. Facebook for sure, Instagram, LinkedIn, you know, your website. Free postings. Indeed. You know, those various places, Glassdoor, those are places that you can go to get your information out there so that people can learn more about you easily and very, you know, cost effective. Okay.
Videos. Videos are huge, as we can tell. Videos have become a very important aspect of getting information out. People like to, to see the communication, see the people that. Behind the scenes and that sort of thing. So if you can create short videos and get them on the various platforms such as Facebook, LinkedIn, you know, Instagram, that also helps. Again, those are easy to do, as you and I can see, you can use your phone. There's various ways you can do that very inexpensively.
Blogs, posts, talking about your industry, talking about your accolades in your industry, if you have them, what makes you stand out, those types of things.
Community involvement, getting involved in the community. That's a big way to get referrals with people. When they see that you're out there, you're active, you're supporting a cause, you know, whatever that might be. And they just see the community interaction again, stability.
They're looking for stability. They want to make sure that you're in it heart and soul, as well as financially, of course.
And then spotlighting their employees, that is inexpensive to do. You can do that and cast that on your website. Talking about what they've been doing, how they've been doing it, you know, accolades, you know, people seeing that those individuals are being recognized at whatever level, you know, that the organization has these roles, they will see that, okay, they, they recognize their people now. They want to be those people. Okay, so, and then recruitment, I I know, but I know Covid really changed the way we recruit. We obviously came to this platform, we got away from the interaction face to face. But now that that's opened back up, I really do encourage companies to hold recruiting events so people can come to their location and see their, see their facility, get to know the people, really feel the culture. And if that's not something they feel comfortable with, if it's sensitive information, they can't have people just milling around, still hold events off site so they can get to know your people. So those are some very inexpensive things that you can do to get your information out there and get people to feel more trusting in your brand.
[00:19:57] Speaker A: You're a breath of fresh air, I swear. Because one thing I can see here, which I cannot agree with enough, is also that consistency aspect.
It's a genuine, authentic approach to things and consistent amongst all of your platforms and all the outreach you have. Right. Your brand is all about how people see you, how they perceive you, their perspective of you. And you've got to keep that authentic. They have to. It can't just be faked, can't be forced. They've got to feel it's real and being involved in the community as well, massive, massive game changer. But one thing that you said that's kind of been a ace in the hole for me as far as helping my clients grow their brand is recognizing their team. Everyone wants recognition. And when you highlight your team in a very public way and individuals on your team, you build a massive amount of credibility and trust.
So I find that to be, like I said, breath of fresh air. It's great because there's real power in recognition and that gets people to really want to be a part of the team because they see their work is going to be respected and appreciated. So real quick, just a little more on that budget friendly side. What if a company doesn't have a really big budget? Right. You touched base on some of the more budget friendly. Are there any additional budget friendly options to really build a strong and honest employer brand?
[00:21:19] Speaker B: I think the other part of one of the other ones is offering and talking about what you have to offer as an organization. So benefits are important. People like to know that they want to know the work schedule. I mean, they ask all these questions of us, you know, and we, we end up sharing that information with them if we're helping a client. But it's, if you can be transparent about it, then it's, it helps everyone capture their attention. Okay. And then one of the other things that this is not necessarily branding, but it will come to. Branding is when you have someone in the recruiting process, it is very important that the candidate has a strong, solid, respectful process.
[00:22:07] Speaker A: And that's. They will take very valuable.
[00:22:09] Speaker B: That is free information. I will tell you now, if they talk about having a great experience with an organization, whether or not they're hired or not, that speaks volumes right now because we all are challenged with ghosting and people being too busy and not responding to the resumes and so on and so forth. So when you do have people in the process with you, well, you know, be in, be engaged at all times so that this is free. This doesn't cost you anything. This is just part of your process.
You build a process that actually people follow within your organization. It's not just hit or miss, it's a process. You follow that process, it keeps them engaged and all the way to onboarding once they get hired and they talk about that great experience that they had, that will absolutely drive candidates to you if you can get them to come on and give you a free video or a blog. And I had great experience. I went through the interview process. They onboarded me. You know, I had my equipment, I've had, I have my tools.
That's, that's, that. And, and just being very open about the tools that you have available to people as well.
[00:23:15] Speaker A: And, you know, I've got to jump in right there because my goodness, there's so much gold in what you're saying that can make a massive difference. And, and honestly, I would love to continue this conversation, but before we do that, where, where can our viewers find him?
[00:23:31] Speaker B: Well, you can find me on my website. It's www.kdiamondconsulting.com or you can email me at kim kdiamondconsulting.com and I'm happy to chat with you about questions you might have, you know, things that I can help you with and, you know, just reach out. I look forward to talking to anyone who would need some assistance here.
[00:23:55] Speaker A: If you've enjoyed this episode like I have, honestly, like I said before and many other times, I should be taking notes myself.
Don't go anywhere because we're going to be right back on the bottom line with more insights and strategies.
We'll be right back.
This is the bottom line.
We are back on the bottom line. And I'm joined now by Cliff Gardner. He is an M and a partner at ECP Ventures. And he's got an incredible background. He's got a background as a cpa, a cfo, VP of Finance. Cliff brings a deep expertise to the table in helping business owners exit with confidence and clarity. Cliff, it is such an honor and a pleasure to have you on the show. Thank you for joining us today.
[00:24:36] Speaker C: True pleasure. Thank you, Ryan.
[00:24:38] Speaker A: So the way I work on this show is I like to get right to the bottom line, as the name would suggest. So I'm going to come right at it with some good questions and see how much value we can give to our viewers. So to start, I got to know how is ECP Ventures different from a typical business broker when it comes to helping people sell their company?
[00:24:58] Speaker C: Well, I think the important thing here, Ryan, is to really distinguish for the audience what the real differences are between an M and a advisor and a business broker. It's very detailed conversation. We've got a table on our website that shows the contrast of 14 different points. But big picture, an M and A advisor is a experienced technical professional that provides leadership, guidance and direction during an offering on behalf of a seller. And in that model, the owner stays in control at all, all times. Whereas a business broker is more like a realtor. They're more inclined to treat a business like a commodity. They have a post and go mentality. They post it though many will sell for whatever price they can get to scrape a fee. So that's not in the best interest of the seller. At ecp, we did not charge upfront fees, guaranteed fees, minimum fees. We never put any tail provisions in whatsoever. We serve as a true trusted advisor or a true fiduciary for the owner, making sure the owner has control at all times. And the ultimate end game is to get our owner at least five qualified offers so they have a choice when they're ready to exit.
[00:26:09] Speaker A: So what stands out to me there is it sounds, sounds like your goal is not to just fill your pockets. It's to help your clients get the best results. And you're walking them through the process, you're helping them along the way, and it's more tailored to. You want to get them what they deserve. Right. It's. And I've dealt with a few different, few different people out there when it comes to acquisitions, and I've definitely seen where it feels very, let's just get the deal done so we can get paid and move on with our lives. And to me, it's almost disgusting. Right. So leads me to another question.
Why does it really matter that an advisor has a legal and moral responsibility to do what's best for the seller?
[00:26:55] Speaker C: Well, I would suggest that character and integrity always matter. First and foremost, if you're a true fiduciary for your owner, your seller, they've got to be able to trust you, they've got to have confidence in you. It's people think that many times that M and a transaction is a singular event of negotiating a sales price. And that is completely invalid. It is a very intensive, extensive process that includes so much more.
And there are countless decisions and representations that are made throughout the process, including establishing the deal terms, the representations, the warranties, the indemnifications, post closing transaction relationships, so that that seller has got to be able to trust their representative. And then on the other side, the buyer needs to trust you. You need to earn their respect, you need to earn their confidence. They're talking about making a massive expenditure here. They have to have complete confidence that this company has been fairly and appropriately represented to them so that they can make a fully informed decision of what's in their best interest.
So I always like to suggest we don't sell companies. We are not salespeople, we are not selling, we are doing an offering. We are offering information so that a buyer can make a fully informed decision. And then it's just when it comes together magically, it's a wonderful thing to see because it's a win win for both parties. Our definition of a great transaction is when the buyer and the seller would do it again three years later, knowing what they know then versus what they know today.
[00:28:31] Speaker A: I love how you put that because it really does highlight the moral responsibility. Right.
From what I can tell, it's like you're looking at it from the enlightened self interest aspect. Everyone wins, no one loses. Like you said, you're not trying to sell the business, you're trying to give everybody the right information and all the opportunity to make the best informed decisions. Right. And I really like how you put this because reality, most people sell their business once.
[00:28:57] Speaker C: Yes.
[00:28:58] Speaker A: They only do it once. And it's something they've typically poured their life into countless hours, days, months where they spent working on this thing. It becomes something of a life mission for them. And they need to be able to trust who has their best interest in mind in this deal process and providing that information, facilitating this opportunity. Right. And then at the same time, the person that's going to be buying the business or is interested in buying the business, this is a massive purchase. This could seriously change the direction of their future, their business future and what that entails. So it does require a delicate hand and somebody willing to look at the best, interest everybody. So what are some of the warning signs or green flags business owners should look for when picking someone to help them sell?
[00:29:46] Speaker C: Well, first of all, this is a life changing decision. You're right. They only do it once. It needs to be taken very seriously. They need to really understand why they need representation, but they need really good representation. We encourage every prospective client to interview at least five advisors, slash brokers to really put the effort in to get a good contrasting in the marketplace of what services are offered house, how deals are structured, how those different advisors work so they can tell that they're picking a good one. As far as warning signs, I would tell you first of all, if somebody is looking to get paid before they perform, we have a saying here in Texas, run like a big dog. If they want fees up front, run, just get away from them because they're not putting your best interest first. And second, if a, if anyone ever tells you that this is easy or that they will do all the work and as the owner you can just sit back and wait for your check run again. Okay, this is hard work, this is detailed work. We will never know an owner's company like they know the owner's company. Our job is to learn everything we can from them and then do a very successful value conveyance to the market.
I always summer whole transaction comes down to two words, value conveyance. A buyer may ask 500 questions but they only want one answer. Okay. They want to know what that business is going to be worth to them the day after they close.
So it's our responsibility to answer that for them. And so again the post and go people just stick it out there and run away after transaction. That's not what you want. You want a collaborative advisor that's going to be with you throughout the, the entire process. We have a 10 stage 150 day process.
Every single day is designated with responsibilities. We manage an airtight deadline timeline from day one to the closing table, day 150. And we're confident we can sell any company that's a high quality company in 150 days if we have the cooperation and assistance of a good owner and they're bringing a company of value to us to represent.
[00:32:03] Speaker A: I find that to be extremely important and so easily overlooked. And that is the participation aspect.
There's got to be that participation. It can't just be, hey, come in, help me sell this business, let's move on. It's there has to be participation. And like you know we've talked about already, It's a big deal. It's a very big deal. And it requires strategy, hard work and really doing what's necessary to get the most out of it for everybody involved. And that's, that's something like, even with what I do, I'm a consultant, I help business owners grow their business, scale it and help them develop that exit strategy. And it requires participation. Without their participation, nothing can truly get done.
So kind of briefly, I'm curious, what are some of the big major things a business should do to be ideal for a transaction like this?
What makes a business appealing for, for an acquisition?
[00:33:01] Speaker C: Well, preparation. Preparation. Preparation is the most important thing. To have their accounting as clear and concise as possible.
Many business owners surprisingly don't even understand their own balance sheet. Many of them don't have a cash flow statement, they haven't done cash flow planning and so forth.
We tend to start working with our clients up to 18 months in advance to give them guidance and direction on a non compensated basis. But they need to be prepared and understand what they're representing to the marketplace. And we ask our clients to share the good, the bad and the ugly with us. Every company has deficiencies, that's absolutely fine, but they need to be candid with us and then we need to be candid and transparent. That's probably the other biggest thing is we believe in full open books and records, full transparency.
When you do that, again, you earn the respect and confidence of the buyers. And then when you do that and you reduce everything into writing with the deal points and the oi, then due diligence becomes mechanical and methodical. There are no surprises. There's two things that hurt deals, that kill deals, actually. One is time, if you let time get away from you. And the other surprises, because buyers do not like to be surprised. If they make a commitment, they issue that loi. They indulge in the due diligence process. They don't want surprises at the end.
Good owners and good advisors share everything on a very forthright, candid basis up front. Others hide it all. And you hear this phrase all the time. We'll work it out during due diligence. No, no, that's the surprise element. That's what's going to derail a transaction.
[00:34:41] Speaker A: I find that to be extremely important. Like you said, the surprise aspect, I've seen that happen and that can derail any kind of deal. Doesn't matter what scale it is, those surprises can change everything.
So man, this has been an incredible conversation and I feel like I need to be Taking notes myself.
Where can our viewers find you? How can they reach out to you and learn more about you?
[00:35:04] Speaker C: Well, they can contact us through our website, which is ecpventures.com they can always email email me@cliffcp ventures.com or they can always call me. My number is 760-518-3447.
We're always available to take a phone call. We end every call with the same comment. And that is you now have a friend in the M and A business.
And we're a Christian firm. We do a lot of unconditional favors so people can feel free just to call us and ask a question. We're fine with that.
[00:35:37] Speaker A: Man. I'm gonna have to stay in touch with you myself because I know my clients need somebody they can trust. And I think you've definitely got my trust. I think I have a lot more learning I need to do with you. So we can definitely find a way to continuously help people through this major, major part of their life.
So if you like this conversation, don't go anywhere again. Grab pen and pad, refill your coffee, get some stretching going and be prepared for the next segment. We've got more insights, more things to talk about. We'll be right back on the bottom line. This is the bottom line. We are back again on the bottom Line. And I want to continue this conversation on. We just heard from two experts who brought valuable insight to two very different but equally important parts of the business journey. And now I want to tie it all together.
There's a lot of information surrounding how to be strategic and building your team, scaling your business, preparing your exit strategy and then actually exiting. But I, I want to bring together some of the vital information that we talked about today and some of the value that really lies within it.
Number one, I really like to bring up the, the point that, that, that Kimberly made a few of the points. Rather, ways to grow your business, to scale, build that personal brand and to attract the right kind of talent is to be consistent through all of the ways that you're visible. I think that's an extremely important part that's easily overlooked. You've got to be consistent. You've got to show the authentic, the real, the genuine side of the what you do and why you do it. I would argue that your why is significantly more important than your what.
People that want a job will go to the job for the what, what do they do? Would that be interesting? People that want a career go to businesses for their why. Career is a much longer term thing. That ties much closer with their personal goals, their objectives, their dreams.
People get a job for money. Typically jobs a lot of the time for people that are looking for careers, those jobs end up just being stepping stones for what comes next when they find something they can invest into. The why about, right?
So building a business brand that attracts the people that want a career, a lot of that is the authenticity, the visibility, that personal brand, the brand of the business that shows why you do what you do, the difference you're trying to make.
We've all seen advertising, marketing, commercials and things where it's really robotic, doesn't really feel genuine.
In a smaller business that can completely tank your reputation and, and remove your credibility.
So you can't really afford to make those kind of mistakes in a smaller business. You've got to start it strong, you've got to start it right. And if you've already made some mistakes, no worries, that can be changed. Because a why is more important than a what. The why overpowers the what. When you show the genuine personal side of anything, especially business, people can connect, they can invest into what it is you do and why you do it.
So one of the bigger things that we brought up and talked about with Kimberly was recognition.
This was kind of an ace in the hole for me for a long time, for a lot of my clients when it comes to building that personal brand, marketing themselves and also attracting the right people to be a part of the business. And that was recognizing your team in a public setting, social media, Facebook, all these things. But also within the business itself, people that see and feel the recognition of their hard work talk about it, they talk about it. And that's a good way to attract more people that want to genuinely invest. When people know they're appreciated, when they know they're supported and they feel that that love from their team, they do more, they work harder, they want to grow, they want to invest.
It is paramount to build that team. And whether you're preparing to exit or scale, trust and clarity are a non negotiable, non negotiable. You've got to build trust from the outside world and the inside world being the business itself. If your team doesn't trust you, you're not going to get the results you want. If the outside world doesn't trust you, you're not gonna get business.
That's about as clear as it gets. That is the bottom line. But it's not the end all, be all in a sense of you make a mistake, it's over. No, it's always able to be built upon because your personal brand is something you're constantly creating.
So I want to jump into another aspect of this from Cliff. Cliff brought up some really great points. When it comes time to sell the business and who you partner with to make that happen, just like when it comes to building your personal brand, trust is key. You've got to trust that who you're dealing with has a moral obligation to fulfill your best interest. It's not just about you don't want that person to be all focused on how much money they can make. Yes, we all do this for money, but this boils back to people that have that genuine authenticity reason why it's not just the everyone wants to make money. Like I said, if money is your reason why, if that is your goal, a lot of the time it will be fleeting. It will escape you.
The way I look at it, the way I mentor, the way I consult, it always boils down to what is your reason why? If you can pursue your purpose with the idea of fulfillment, money is automatic. It's a byproduct of serving your purpose to the best of your abilities.
You want to find people that are like that, especially when it comes to selling your business. You want someone who is in it for the difference it makes in people's lives. Yes, money is a byproduct, but you don't want the people where money is their first goal, their first objective. You want that to be the byproduct, the end result of them doing it with passion, care, and a genuine heart.
So when it comes to an exit strategy, like I talked about earlier in the episode, you've got typically two reasons why in two types of exits, right? You've got the. The legacy exit, which is passing it on to other people, and you've got the sales exit, where you're selling the business. You're trying to make what you can out of it, create this generational wealth, whatever it may be.
And both require the same thing, just with some subtle tweaks and changes. But all in all, you need people you can trust in either direction. Whether it's building the team to sell or building the team to carry on to the transition of power and responsibility, it is all required.
So Cliff reminds us that who you work with to sell your business matters deeply. It's about protection, legacy, and the right terms. When you're working on a deal like this, like he said, you know, 150 days, that's pretty good. That makes a lot of sense. And in reality, if. If you do it faster than that. You're missing something, something's wrong, something's falling short. There's an area that's not cleaned up and organized correctly. But you want someone who takes it seriously and holds to that time frame. At the same time, you don't want somebody who is lackadaisical because then the potential investors are going to lose interest. But at the same time, you need someone that you feel is a good advocate for your goals, your objectives.
It's selling your business. It's like. This is a terrible way to put this, but it's a way that can be easily understood. So don't destroy me over the way I put this.
It's like selling your kid. Okay, now, now, before.
Before people freak out, we don't sell our kids, obviously, right? But for a lot of people, their business is like another child.
They spent their life building it, investing, pouring time into it. Right now, my kid doesn't make me money. Don't get me wrong. My business makes me money. So, you know, maybe I like my business more. That's just a joke. But when it comes to selling your business, it's something you've poured years and years into a lot of the time. For an entrepreneur, you spend more time with your business than you do with your family.
And. And that's reality. So when it comes time to sell that, to move on, to delegate the responsibility to pass it on to somebody else, you need someone in the mix that understands how important it is to you, and they understand the hard work, the dedication, and the sacrifices it took to get it where it's at.
So trust.
You've got to have someone you can trust.
And something that Kluf brought up as well. You've gotta be prepared to share the good, bad, and the ugly.
You have to. If you keep secrets, you hide things, it's gonna show up later and is going to affect the trust, credibility, and ultimately create surprises like we talked about. Those surprises derail deals all the time.
So you've gotta be. In reality. It's.
There's a little bit of a problem that I see a lot of entrepreneurs have, and that's this facade where not so much of a side. It's like we fool ourselves into believing our business is better than it is. We fool ourselves into believing we're doing better than we are. And in our eyes, it's this big, beautiful thing.
In reality, there's a lot of holes that you don't see. It's the same reason why LeBron James has a basketball coach. LeBron doesn't need the coach because the coach is better than him. In basketball, LeBron needs the coach because the coach can see the forest beyond the tree that's standing in his way.
Same thing with an M and a specialist, really, someone that's going to be helping in this, you're not with them because they know more about your specific industry, your niche, your business, the way you operate. No, you're with them because they can see the forest that is beyond the tree that's been in your way for 10, 20, 30 years.
So with that in mind, you've got to be able to trust that person. You've got to be able to understand that you can't scope out the perfect deal yourself. You need someone who's in it, versed in, been around it.
I want to jump back to something that Kimberly emphasized and that people don't want a job. They want to align with their values. And this ties so well with who you're working with to sell your business.
If, for me, if I were to sell my firm, I want somebody who aligns with my values.
They. They understand my reason why for doing this in the first place.
And I. If I'm going to someone, I would like to sell it to somebody who understands the value in it and surely has the desire to make a difference.
So employer branding isn't a marketing expense. It's. It's a retention and growth strategy that prepares you to sell or to pass it along.
Whichever way you look at it. Doesn't matter how, what kind of business you have or what it is you're doing, it all ties hand in hand. It all plays together. Whether you're planning to build your team, exit all these things, you have to have that consistent aspect of genuine authenticity to build trust, credibility, and exposure. And that's. That's just reality. So don't just build a business. Build something worth passing on and worth joining. That's a good way to look at it. So we've had two very different conversations today, but the unifying message, I think, is your business deserves thoughtful strategic decisions. Whether you are preparing to exit or attract great people. You can't really settle for average. Invest in clarity, lead with purpose. Right? These are. These are very important things to consider and to really have in mind. Be intentional at all things, and you really can't go wrong.
So really, I got to give thanks to Cliff and Kimberly for their powerful insights and, and thank them for really jumping on the bottom line and helping share some of their experience and their expertise in these fields. So if there's one thing I really want you to remember today.
And this is something I will repeat till the day I die. Success is not given. It's. It's earned.
And you've got to become the right kind of person to earn it.
So thank you for tuning in today. We will see you next time on the Bottom Line.
[00:48:00] Speaker C: This has been a NOW Media Network's feature presentation. All rights reserved.
