In this episode of the Business Coach podcast, host David Finkel sits down with seasoned CPA and entrepreneur, Kevin Bassett. Together, they explore the nuances of selling a company, especially to private equity firms. Kevin shares invaluable insights from his experience advising over 300 successful business exits, delving into the importance of always being sale-ready, understanding private equity strategies, and preparing for the due diligence process. Listen in to learn how to navigate common negotiation pitfalls and ensure you sell your business for top dollar.

00:00 Introduction to Business Negotiations
00:34 Welcome to the Business Coach Podcast
01:01 Meet Kevin Bassett: CPA and Entrepreneur
01:34 The Trend of Selling to Private Equity
02:10 Understanding Private Equity Playbooks
02:29 Heart-to-Heart on Private Equity Games
03:15 The Importance of Multiple Offers
08:40 Common Mistakes in Selling Your Business
12:11 The Readiness of Business Owners and Companies
16:37 The Pitfalls of Casual Conversations
18:06 Navigating Due Diligence
18:51 Introduction to Due Diligence
19:16 Financial Due Diligence
19:45 Quality of Earnings Reports
20:46 Tax and Legal Due Diligence
21:07 Negotiation Tactics in Private Equity
21:39 Understanding EBITDA and Adjusted EBIT
24:37 The Fatigue Game in Private Equity
29:39 Working Capital Adjustments
34:52 Final Thoughts and Key Takeaways
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Links
Website: mauimastermind.com/
Facebook: facebook.com/MauiMastermind/
Instagram: instagram.com/mauimastermind/
LinkedIn: linkedin.com/company/maui-mastermind

Join host David Finkel on The Business Coach Podcast for an insightful conversation with serial entrepreneur and philanthropist Jeff Hoffman. Learn how to achieve rapid and exponential growth in your business, the importance of spending time with your customers, and how to overcome growing pains as you scale. Jeff shares his inspiring journey from founding a company in college to co-founding Priceline.com and his ongoing nonprofit endeavors. Don't miss this valuable episode packed with actionable insights on focusing your efforts, understanding your market, and creating significant value.

00:00 Introduction: The Key to Understanding Your Customer
00:32 Welcome to the Business Coach Podcast
01:01 Meet Jeff Hoffman: A Journey of Success
04:49 Jeff's First Business Venture
07:16 The Secret to Hypergrowth
09:44 The Importance of Customer Interaction
16:43 Balancing Existing Business with New Opportunities
22:22 Identifying the Gold Medal Product
23:09 The Power of Going Narrow
25:46 Overcoming Fear and Habit
28:58 Managing Rapid Growth
29:50 Preparing for International Expansion
35:07 Empowering Your Team
37:43 The Vacation Catalyst Exercise
39:48 The Importance of Contribution
44:01 Final Takeaways on Rapid Growth

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Links
Website: mauimastermind.com/
Facebook: facebook.com/MauiMastermind/
Instagram: instagram.com/mauimastermind/
LinkedIn: linkedin.com/company/maui-mastermind

In this episode of the Business Coach podcast, host David Finkel addresses the critical issue of inconsistent information storage within organizations. David shares real-life examples of communication challenges faced by a company with over 250 employees and underscores the necessity of standardizing data storage to avoid operational inefficiencies. With practical advice and actionable steps, he explains how companies can ensure that intellectual property and valuable work products remain accessible and secure as they scale. Tune in to learn why conducting an audit of your information systems is essential and how to implement a centralized platform strategy for your business.

00:00 Introduction: The Importance of Logging Communications
01:07 Case Study: Communication Challenges in a Growing Company
03:30 The Consequences of Poor Data Management
04:54 Practical Solutions for Centralizing Information
08:38 Action Steps: Conducting an Information Audit
12:59 Conclusion: Ensuring Company-wide Data Integrity
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Links
Website: mauimastermind.com/
Facebook: facebook.com/MauiMastermind/
Instagram: instagram.com/mauimastermind/
LinkedIn: linkedin.com/company/maui-mastermind

In this episode of The Business Coach Podcast, host David Finkel delves into the intricacies of pricing strategies with Rich Wood, the coaching director for Maui Mastermind. They discuss how to intelligently set prices using three key strategies: pricing from the inside out, the outside in, and value-based pricing. They also address the common fears businesses have around raising prices and share actionable insights on how to handle price increases without losing customers. Additionally, they explore how business owners can identify their best clients and manage their least profitable ones through strategic pricing adjustments. Tune in to discover practical tips for achieving better profitability and efficiency in your business. #BusinessCoach #PricingStrategies #Profitability

00:00 Introduction: The Importance of Pricing
00:36 Welcome to The Business Coach Podcast
01:17 Meet Rich Wood: Expert in Business Coaching
01:38 Three Key Pricing Formulas
02:22 Casual Conversation: Hiking and Gadgets
04:20 Case Study: Pricing Challenges in a Data Analytics Company
06:24 The Art and Science of Pricing
10:36 Value-Based Pricing and Sales Skills
16:39 Commodity vs. Differentiated Business Models
22:19 Handling Fear of Price Increases
27:15 Final Thoughts and Takeaways
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Links
Website: mauimastermind.com/
Facebook: facebook.com/MauiMastermind/
Instagram: instagram.com/mauimastermind/
LinkedIn: linkedin.com/company/maui-mastermind

In this episode of The Business Coach Podcast, host David Finkel explores the significance of internal controls in businesses and how they provide essential guardrails for success. He defines internal controls as specialized business systems that protect and inform leaders and doers, allowing for efficient and effective operations without micromanagement. Finkel categorizes internal controls into procedural, visual, and embedded types and provides real-world examples of each. He emphasizes how these controls can reduce stress, provide clarity, and enable more strategic focus for business owners. Key takeaways include understanding how to implement controls that notify you of issues in time to act, thus preserving both peace of mind and business integrity. David encourages listeners to identify one area in their business where an internal control could be beneficial and outlines specific examples in operations, marketing, finance, and HR to get started. Join David Finkel in uncovering actionable insights that build a better, stronger, and more profitable business.

00:00 Introduction to Internal Controls
00:55 Welcome to The Business Coach Podcast
01:22 Understanding Internal Controls
01:56 Types of Internal Controls
05:00 Benefits of Internal Controls
10:18 Operational and Financial Controls
14:38 Implementing Internal Controls
15:43 Conclusion and Action Steps
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Links
Website: mauimastermind.com/
Facebook: facebook.com/MauiMastermind/
Instagram: instagram.com/mauimastermind/
LinkedIn: linkedin.com/company/maui-mastermind

In this episode of the Business Coach podcast, hosted by David Finkel of Maui Mastermind, we explore why relying on hustle alone won't scale your business. David shares his journey from hustling in his early business days to implementing effective business systems, strategic structures, and scalable practices that drive growth beyond the $1 million mark. Learn the four key elements of scaling out—systems-driven approach, internal controls, ownership delegation, and strategic structure—to transform your business into a sustainable, profitable enterprise. If you're aiming to break through revenue ceilings and achieve long-term success, this episode is a must-listen.

00:00 Introduction: The Limits of Hustle
00:24 Welcome to The Business Coach Podcast
00:53 The Downside of Hustle
04:26 Scaling Out Before Scaling Up
05:22 Understanding Business Levels
07:23 The Importance of Systems
12:29 Internal Controls and Ownership
18:00 Strategic Structure for Growth
24:07 Conclusion and Next Steps
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Links
Website: mauimastermind.com/
Facebook: facebook.com/MauiMastermind/
Instagram: instagram.com/mauimastermind/
LinkedIn: linkedin.com/company/maui-mastermind

Join David Finkel in this week's episode of the Business Coach Podcast as he explains how to effectively hire, engage, and get the best results from an outside marketing firm without getting ripped off. David shares actionable insights and a step-by-step process including selection, clarifying promises, recapping agreements, and holding firms accountable. Learn how to protect your investment and ensure you get high-quality results from your marketing vendors.

00:00 Introduction: Avoiding Marketing Firm Pitfalls
01:12 Client Story: Real-Life Marketing Firm Challenges
02:24 Common Mistakes When Hiring Marketing Firms
04:47 Four Key Strategies for Effective Marketing Firm Engagement
07:40 Step-by-Step: Clarifying Promises and Expectations
11:08 Ensuring Accountability and Performance
23:05 Final Thoughts and Actionable Takeaways
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Links
Website: mauimastermind.com/
Facebook: facebook.com/MauiMastermind/
Instagram: instagram.com/mauimastermind/
LinkedIn: linkedin.com/company/maui-mastermind

In this episode of The Business Coach Podcast, host David Finkel and coaching director Rich Wood dive into strategies for proactively investing in your team to achieve scalable business growth. They discuss the importance of identifying key employees (grow players) versus role players, effective training methods, and how to measure the return on these investments. Rich shares insights from his 30-year business career and 20 years of coaching experience, emphasizing the value of being a lifelong learner and the impact of time and dollar costs on growth. The episode concludes with practical advice on budgeting and planning for employee development to maximize productivity and profitability.

00:00 Introduction to Investing in Key People
00:53 Welcome and Episode Overview
01:21 Meet Rich Wood: Business Coaching Expert
01:45 Identifying and Developing Key Talent
02:22 Strategies for Investing in Your Team
06:27 Real-Life Case Studies and Examples
09:31 The Importance of Delegation and Perspective
22:15 Proactive vs. Reactive Training
32:41 Conclusion and Final Thoughts
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Links
Website: mauimastermind.com/
Facebook: facebook.com/MauiMastermind/
Instagram: instagram.com/mauimastermind/
LinkedIn: linkedin.com/company/maui-mastermind