Tom Bronson is the President of Mastery Partners, a company that helps business owners smoothly transition their business and define the ultimate exit strategy that fits their terms. He is the author of Maximize Business Value: Begin with the Exit in Mind, a book that outlines the process of building business value and preparing for an exit strategy from the perspective of a business owner. Tom is also the host of the Maximize Business Value podcast, a show for business owners who want to build long-term, sustainable value in their companies.
In this episode, Tom joins me to discuss the do’s and don’ts of an exit strategy and how business owners can prepare for the process of transition. He shares the common mistakes company owners make during their transitioning phase. He tells the story of when his father fired him and the lessons he learned from it. He describes why business owners prefer to use the term “transition” over “exit.” Tom also explains the value of owners taking vacations, the importance of keeping corporate records updated, and how long it takes to sell a business.
“No matter where a business owner is in their business, it’s always good to define an exit strategy.” – Tom Bronson
This week on Priorities Lifestyle:
- The common factors in every transaction and acquisition
- The different ways businesses can prepare for a transition
- Why Mastery Partners was founded and how they help companies transition
- What Tom says is the best way to start writing your first book
- The story of when Tom was fired by his father and his takeaway
- Why you should always separate family from business, even if you work with each other
- What qualifications a business owner should look for in an intern
- How long it takes for a company to get prepared for a transition
- Why Tom prefers the term “transition” over “exit”
- Reasons why business owners should think about exit planning
- The questions business owners should be asking when it comes to transitions
- How long it usually takes to sell a business
- Why business owners should take take vacations
- Corporate records and why business owners need to update them regularly
Our Favorite Quotes:
- “Business owners have an unrealistic expectation of what their business is worth.” – Tom Bronson
- “You have to be willing to treat family members just like you would any other employee.” – Tom Bronson
- “To get fired is one thing. To get fired by your dad is yet another.”- Rob Schulz
Connect with Tom Bronson
- Mastery Partners
- Book: Maximize Business Value: Begin with the Exit in Mind by Tom Bronson
- Maximize Business Value Podcast
About Rob Schulz and P&L Podcast
The P&L Podcast is a show for business owners. In each episode, host and financial planner Rob Schulz sits down with business owners and the professionals that serve them to talk about business building, life, money — and the all-important transition out of the business, which inevitably happens to everyone who has ever founded a company.
Email Rob at firstname.lastname@example.org with questions, comments, and to schedule a one-on-one conversation.
Follow Rob on LinkedIn.
Follow Schulz Wealth on LinkedIn
And, if you enjoy the show, please leave a review on iTunes to help others discover the podcast.