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
The Power of Bink
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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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