Entrepreneur’s M&A Journal Episode 28—Interview With Jason Silverman

Jason M. Silverman is an entrepreneur starting his career as an owner of a martial arts clinic. Upon selling that business he moved into a new business with his wife and coaching other entrepreneurs on how to move forward with their businesses.

Summary:
Jason talks about how came to own his business and the decisions he made while owning these companies, both good and bad. He explains the lessons learned and how he applies these lessons to the business he owns now and he helps other businesses streamline for success.

Main Questions Asked:
➢ Why did you open the particular business that you opened?
➢ When you started the business were you thinking about an exit?
➢ What led you to consider selling the business?
➢ How did you determine the value of the business?
➢ How did you find the buyer?
➢ Did the broker change your valuation expectation?
➢ How long did it take to close the deal?
➢ How do you help people that are thinking about selling or even buying a business?
➢ Are you developing your business right now for the purposes of selling it?

Key Points made:
➢ When I got sick and tired of being sick and tired of my life and my job my wife and I agreed now was the time to make a change. (2:40)
➢ Let’s open a holistic center where we can teach the whole person. (3:40)
➢ I never looked at it (my business) as an entity that first year. (5:00)
➢ Anybody that I coach today, we start with the end in mind, how are you going to sell it? (5:05)
➢ My wife created a Powerful Words character development system. (5:35)
➢ We saw the demand for this at our facility. (6:10)
➢ Everything was executable by someone that wasn’t me. (6:20)
➢ I was no longer paramount to the success of the business. (6:32)
➢ We finally, said let’s pilot this out and see who else is interested in it. (6:50)
➢ I did everything the wrong way. (7:47)
➢ The reality is whatever you get for it is what someone is willing to pay for it. (8:19)
➢ You need to show the extra value. (8:38)
➢ I didn’t want to hold paper on this, but I wanted someone who would keep the business alive. (9:18)
➢ After 6 months of doing my own due diligence and then I went to find a business broker. (9:17)
➢ To close the deal it took 5 months, 3 weeks and 4 days. (10:32)
➢ I did wind up carrying paper for 6 months. (11:08)
➢ Know what you are getting involved in. (11:38)
➢ Go to a business broker first. (11:48)
➢ Understand what the process will be. (11:50)
➢ The problem is we have our own perception of what it should be and when it is different we get pissed off. (11:59)
➢ You may be a great business owner, but you might not be that great at selling the business. (12:22)
➢ Do your research so you are not surprised. (13:40)
➢ Everything I do now is run backwards (we plan on how to sell the company then build it to suit). (14:20)
➢ I know at the end of when it is done, who I can take this business and sell it to. (14:45)
➢ You don’t want to be saddled with a business you can’t sell. (15:00)
➢ We work with the afterschool activity industry. (15:45)
➢ Powerful Words system is how to teach character skills such as respect, empathy, impulse control. (16:08)
➢ They love everything about their business except the business part. (17:25)
➢ There are certain things you do to increase your soul and certain things you do to increase your bank account. (18:25)

Resources Mentioned:
Jason Silverman – www.jasonmsilverman.com
Powerful Words – www.powerfulwords.com
Robyn Silverman, Ph.D. – www.drrobynsilverman.com

Thank you for listening! Please subscribe to the podcast in iTunes and if you enjoyed this interview, leave a 5 star rating and review!

 

Share this on...Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+Email this to someone
The following two tabs change content below.

Tennessee Valley Group

Jim Cumbee established Tennessee Valley Group to help business owners fulfill their dreams for life after business ownership. It’s a mission that his 30+ year career history had prepared him well for—in addition to being an attorney, transition mediator and business broker, Jim has been a buyer, seller, and entrepreneur. His broad range of experience gives him unique insight into how business buyers and sellers can achieve their goals.

Latest posts by Tennessee Valley Group (see all)