Welcome back to another recap episode! In our previous interview with Jim Cumbee, experienced business intermediary and President of Tennessee Valley Group, we spoke to him about making your business irresistible to buyers. He shared with us how a business is quantitatively valued using a metric called EBITDA, how you can increase your company’s value, and why strong businesses don’t always sell. In this recap, we go ov
er our favorite takeaways from that interview, including building a business that operates without you, the dichotomy between selling a great business and wanting to keep it, recurring revenue, and applying these thought processes to purchasing rather than selling, as well as just having fun and making some money along the way, and the value of having an extensive contact base. Tune in today!
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Key Points From This Episode:
- Boiling the interview down to one takeaway – build a business that operates without you.
- The dichotomy is if it’s a business worth selling, then it is also a business worth keeping.
- Every founder struggles with building both a personal brand and a business brand.
- Recurring businesses are more likely to sell and sell for more because they are less risky.
- If it is less risky for someone else, it is also likely less risky for you as the business owner.
- You don’t have to sell your company for a ton of money to be successful, you can have fun and make some money along the way.
- It’s not just about selling your business, but also the thought process you go through to purchase or acquire another business.
- Sometimes, it’s not the product or the services that you’re buying, it is just the contact base.
and so much more!
“Typically, recurring businesses will sell for more and are more likely to sell because they are less risky.” —[0:05:28]
Typically, recurring businesses will sell for more and are more likely to sell because they are less risky. — @aj_vaden @JimCumbee #personalbranding #influentialpersonalbrand #brand #podcast #businesstips… Click To Tweet
“You don’t have to be the person who does an IPO, or sells their company for a ton of money so you could fly a private jet to be successful. It pays your bills, you have fun, it makes a difference, and you make some money along the way. What a great thing to aspire to, to build.” —[0:06:52]
You don’t have to be the person who does an IPO, or sells their company for a ton of money so you could fly a private jet to be successful. It pays your bills, you have fun, it makes a difference, and you make some money along the… Click To Tweet
“Don’t discount the power of contacts.” —[0:08:39]Don’t discount the power of contacts. — @aj_vaden @JimCumbee #personalbranding #influentialpersonalbrand #brand #podcast #businesstips http://brandbuildersgroup.com/blog Click To Tweet
To learn more about how to build and monetize your personal brand, click here for our free video course
About Jim Cumbee
Jim Cumbee is widely recognized as one of the most effective business transition specialists in the Southeast. He has over twenty-five years experience handling scores of transactions valued in the hundreds of millions of dollars. Jim is respected thought leader, the author of Home Run, a Pro’s Guide to Selling a Business, and the recently penned and widely-read white paper, Selling a Business in a Post-Corona World.
Jim is a former Assistant Attorney General in the state of Missouri, and has an MBA from Harvard Business School. He is a Tennessee Supreme Court Rule 31 approved general civil mediator. Jim is on the board of governors of M&A Source, an international merger and acquisition trade association, and a founding member of the Nashville chapter of the Exit Planning Institute, and the Nashville chapter of the Private Directors Association.
Jim Cumbee — https://www.linkedin.com/in/jimcumbee/
Jim Cumbee Twitter — https://twitter.com/JimCumbee
Home Run, A Pro’s Guide To Selling Your Business: 7 Principles To Make Your Company Irresistible — https://amzn.to/3je6Sqs
Tennessee Valley Group — https://tnvalleygroup.com/
Entrepreneurs Say the Darndest Things — https://tnvalleygroup.com/category/entrepreneurs-say/
Brand Builders Group Consultation Call — freecall.brandbuildersgroup.com
Take The Stairs — https://amzn.to/2ZAJNUS
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And until next time, remember that building a business isn’t nearly as valuable as building a reputation.
Connect With Rory
Rory Vaden is the New York Times bestselling author of Take the Stairs. His insights have been featured in the Wall St. Journal, Forbes, CNN, Entrepreneur, Inc, and several other major media outlets. As a world-renowned speaker, his TEDx talk has been viewed over 2 million times. He is the Co-Founder of Brand Builders Group and the host of the Influential Personal Brand podcast. Visit RoryVaden.com for more.
Connect with AJ
AJ is a million-dollar consultant and international speaker. Over the last decade, she has built and managed multiple 7 figure businesses and is currently the CEO of Brand Builders Group where she uses her expertise and unique talents to both streamline back end operations as well as creatively engineer the company’s front-facing personal brands.
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