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

Jason SilvermanJason 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

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Entrepreneur’s M&A Journal Episode 27-Lessons Learned So Far Part 2

With 25 weekly podcasts in the books, we thought this was a good time to reflect on the lessons learned about buying or selling a business from 25 entrepreneurs who have been there, done that. We came up with six lessons learned. In last week’s episode we looked at lessons learned one through three, this week we talk about lessons learned four through six.

Entrepreneur’s M&A Journal Episode 26-Lessons Learned So Far Part 1

With 25 weekly podcasts in the books, we thought this was a good time to reflect on the lessons learned about buying or selling a business from 25 entrepreneurs who have been there, done that.  We came up with six lessons learned, listen in to this week’s episode and you’ll hear lessons learned one through three.

Entrepreneur’s M&A Journal Episode 25-Interview With Jim Lackey

Jim LackeyJim Lackey sold his company Passport Health Communications to a strategic acquirer twelve years after the company was founded.  Jim takes us through the process of launching the company with an angel investor, then through a growth phase with the help of venture capital, then going through hyper-growth with two rounds of private equity investment before being sold to a strategic acquirer.   Jim offers four practical pieces of advice to entrepreneurs who might be considering going through the M&A cycle.  A visit with Jim Lackey is like an MBA in successful business development.

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Entrepreneur’s M&A Journal Episode 24-Interview With Joel Iglehart

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Entrepreneur’s M&A Journal Episode 23-Interview With Jay Binkley

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Entrepreneur’s M&A Journal Episode 17-Interview With Mason Myers

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Entrepreneur’s M&A Journal Episode 16-Interview With Marc Fortune

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Entrepreneur’s M&A Journal Episode 15-Interview With Brian Nesmith

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Entrepreneur’s M&A Journal Episode 14-Interview With Tom Freiling

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Entrepreneur’s M&A Journal Episode 13-Interview With Kevin Ross

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