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
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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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