Entrepreneur’s M&A Journal Episode 55—Interview With Rick Martinez

Summary:

Jim Cumbee and Rick Martinez talk about how Rick started his company one night on a whim and built it into a money making company that he sold for top dollar.  Listen to his interesting philosophy and story here.

Main Questions Asked:

  • Tell us how you started as a nurse and built a business out of it.
  • How did you make the connection between you and a company selling you and your expertise?
  • How did you turn this into a business?
  • How did this change your life or your process?
  • What did you do when you needed people and had no process for on-boarding?
  • You did not have the intention to sell your business when you started it did you?
  • What made you think about selling your business?
  • From the day you started until you thought about selling, how many years was that?
  • I do know that emotion and psychology is every bit as important in buying and selling a business.
  • How did you find a buyer?
  • What would you tell entrepreneurs about selling?
  • Do you have anything that you would do differently?
  • You have to be open to opportunity and receptive to new things.

Key Points made:

  • I’m a registered nurse, I have been since the mid-90’s. (1:35)
  • This opportunity arose where my contract was coming to an end, and it occurred to me that someone wanted my expertise. (3:23)
  • I formed my own company in a day and presented my first contract that evening. (3:30)
  • There is an old adage, as for permission or forgiveness.  If I would have asked, they would have taken a more corporate response. (3:43)
  • If I would have asked, they would have turned me down.  I just did it. (4:03)
  • Yes, go for it, do what feels right. (4:27)
  • The words business and entrepreneur were not even in my vocabulary when I started this business. (4:32)
  • I immediately doubled my income and decreased my work hours. (4:42)
  • They asked me, if I had another nurse working for my company. My wife was also a nurse, so I said, yes, I sure do. She came on board and our company doubled in size. (5:22)
  • It went on and on, we were doubling almost every week. (5:40)
  • When we kept growing, that is when I had to think that this is a company now. (5:45)
  • I had no process.  I didn’t understand the importance of process but I was beginning to understand what happened if I didn’t have them. (6:20)
  • I was flying by the seat of my pants. (6:27)
  • If I knew then, what I know now, I would have done things very different. (6:36)
  • I would replicate what other companies were doing and I tried to mimic their processes. (7:02)
  • I never had a thought of selling the business when I started it. (7:34)
  • There was a point where the company was growing and I became aware that there other things to do with the company other than just keep grinding. (8:13)
  • I read a lot of books, but Built to Sell was the best. (8:30)
  • About 8 years had passed from the time I started the business until I thought about selling. (9:46)
  • My wife and I talked about what the number was that would make us happy. (11:35)
  • Within a few days of our first negotiation we were offered above our number. (12:41)
  • I’m a reservist and the Army activated me.  We had some gov’t contracts so I had to sign the company over to my wife. (14:19)
  • I signed a power of attorney over to my wife and a professional management company and that PMC eventually bought our company. (14:50)
  • Out-hustle the other SOB. (15:50)
  • You are going to get beat up sometimes, if you want it bad enough, get back up. (16:10)
  • When one door closes another opens. (17:40)

Resources Mentioned:

Built to Sell by John Warrillow

Entrepreneurial organization

The Power of Bink

The Power of Bink Book

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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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