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SFB030 Why Paul Menig Doesn't Want to Buy Your Business!

| August 23, 2016
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Episode Summary

Paul Menig is the Founder and CEO of Tech-I-M, a company that strives to achieve faster and more profitable growth. What are some of the ways you can increase the value of your business and make it an easier sell in the future? What kind of figures should you be looking at when trying to sell your company at a reasonable price? Paul has the answers to all these questions and more on this episode.

What Was Covered

  • 01:30 - As you listen today, think about new ways you can improve your business.
  • 02:30 - Who is Paul Menig?
  • 04:25 - Wealth is more than just money.
  • 05:05 - What do you want to do after you've finished with your business life?
  • 07:15 - Out of all the companies Paul has looked at, less than 10% meet his criteria to buy.
  • 09:55 - Paul always looks at how well a business can run on its own, and how well the processes hold up without key employees.
  • 10:10 - Always document your processes. Checklists are the simplest way of doing this.
  • 11:35 - How should you price a business you want to sell?
  • 14:50 - As an angel investor, you're going to need an average of 20 investments to see a return (maybe) after 7 years.
  • 15:35 - Understand the difference between a growth business vs. a lifestyle business.
  • 17:00 - Why does Paul not want to buy businesses that are also associated with real estate?
  • 19:55 - You need to get a coach well before you want to sell your business to give you time to do the necessary adjustments.
  • 23:15 - Paul is currently helping a client purchase an existing franchise. What kind of questions does his client need to ask?
  • 27:15 - It's the American dream to own a business, but you may be purchasing a job instead.
  • 28:45 - Learn when to delegate in your company so that you can have a little more freedom.
  • 31:20 - You definitely want someone from the outside to help you have these tough conversations.

Tweetables

"Wealth is more than just money. It is also the time and the relationships you have; it's the health that you have."

"Executives in any business have to document their processes."

"Everybody needs coaches in a lot of different places and business is one of those. You can't know everything."

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