Entrepreneur’s M&A Journal Episode 48—Interview With David Finkel

Summary:

David and Jim talk about David’s book Scale.  We get a glimpse into the book as David shares nuggets of information to help people position their company to be more valuable and more marketable.

Main Questions Asked:

  • What made you make the transition from operating a business to the coaching business?
  • Tell us about your book and the development of it?
  • Do people come to you asking to learn how to scale or do they come for something else and you get them there?
  • Are there two or three starting points in your book that you can share?

Key Points made:

  • I found that I had gotten really good at teaching in my real estate training business. (3:23)
  • You grow a business by reducing its reliance on its owners. (5:41)
  • The business cannot survive without them (the owners). (6:09)
  • How to systematically get growth but get your life back. (6:27)
  • Most people come to me saying they feel stuck, or they are happy their business is growing, but they spend their whole life working on the business. (7:09)
  • You need a strategy to grow and how to do it without the owner there. (8:02)
  • The more dependent the company is on its owner the harder it is to sell it. (8:20)
  • It’s that hurdle at the 1 million to 20 million dollar stage (10:00)
  • Set a one page strategic action plan use it for 90 days. (11:50)
  • It’s not about more, it’s about better (Chapter 4). (12:40)
  • Create systems that people use on a daily or monthly basis (Chapter 2 &8). (13:54)
  • Cashflow is important to your business. (16:00)
  • Good financial systems are necessary to good gross profit margins. (17:10)
  • When we looked at their margin for clients, they were in the negative. (18:42)
  • We usually help our clients by phone but once a quarter we get together personally. (21:19)

Resources Mentioned:

Scale by David Finkel and Jeff Hoffman

Maui Mastermind

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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.

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