Lisa Forrest is the Co-Director of Sponsored and Search Fund Lending at Live Oak Bank. Business loans are a hot topic right now. Many business owners are thinking about leveraging debt to grow or acquire a business, but is this option right for you? In this episode, Lisa shares what you need to know about these two types of loans and when it makes sense for you to take leverage out based on your situation.
Key Takeaways:
[1:50] What’s the difference between an SBA loan, sponsored, and search fund?
[7:55] A little bit about Lisa and her background in financing.
[14:00] What types of people are applying for these kinds of loans?
[17:20] Lisa shares what you should look out for and risks to consider before you take out a loan.
[20:40] When you have a potential business buyer, what happens next?
[24:25] How much equity should an entrepreneur/business owner be thinking about?
[26:45] How does Lisa and her team help business owners with their loan?
[29:00] Lisa shares her wisdom and what some common mistakes are out there to avoid.
[30:50] Finding that perfect business is a grind. You need to get to as many transaction reviews as you can.
Mentioned in This Episode:
Email Todd: Todd@Dynastylc.com
Sean Tyler Foley is a trained Safety Trainer and Auditor. Through his teachings and his 30+ years of experience as an actor, he learned how to package information in an engaging way. Today, he is the author of The Power to Speak Naked, and a keynote speaker. In this episode, Tyler breaks down what it takes to present your ideas on a public stage and shares effective communication strategies you can use today in your business.
Key Takeaways:
[1:50] A little bit about Tyler and how he got started in speaking.
[7:10] How did Tyler go from performer to safety auditor?
[9:00] To Tyler, jumping out a window is way scary than speaking on stage!
[13:35] Tyler shares what it was like to perform on a stage as a child.
[17:10] Grief is a universal feeling. Tyler lost his father at a young age and saw his mother sacrifice a lot for him and his siblings.
[24:25] Why are people so afraid of public speaking? Why don’t they want to go back on stage after they do it the first time?
[26:00] You need positive reinforcement when it comes to speaking publicly. The best way to do that is to find a group you can practice with.
[29:10] Some of the best stories happen within 20-30 seconds. Just look at commercials! Tyler shares an example of what this looks like.
[33:35] Everyone wants to be Luke Skywalker when telling their story. Everyone wants to be a hero. The problem is, we’re not Luke. We are Obi-Wan Kenob, so we need to tell the story like him.
[35:40] What’s one thing someone can do today to tell their story in a better way?
Mentioned in This Episode:
Email Todd: Todd@Dynastylc.com
Shannon Byrne Susko has over 20+ years experience building and leading high-growth technology companies in the financial services industry. She co-founded, served as CEO, and led the sale of the two companies less than six years apart, and she is the creator of the 3HAG. In this week’s episode, Shannon talks about her latest book, Metronomics. Her custom system that helps teams scale and grow.
Key Takeaways:
[1:50] A little bit about Shannon and how she got started in her career.
[3:20] Shannon was looking for a system to help her get organized in her business.
[4:25] You have both hard-edge and soft-edge systems in your business. Shannon shares what these two worlds look like.
[9:10] Don’t get your team hooked on the latest ‘flavor of the month’ when it comes to internal team development and main company focus.
[11:15] How does Metronomics fit into other company frameworks like EOS or Scaling Up?
[12:30] When it comes to entrepreneurship, you never truly graduate from the program; you just get better.
[18:10] It’s important to have empathy for where you are at in your business.
[19:30] If you’re feeling stuck, don’t worry. Every single leader has been where you are. They all get stuck.
[23:00] Does Metronomics work for smaller scale companies?
[26:55] How do you have an ‘open playing field’ when trying to win at business?
[30:35] What kind of mistakes does Shannon see entrepreneurs and business leaders make?
[31:25] It took Shannon longer to get to where she wanted to go because she was stuck on ‘doing it herself’.
[33:25] Shannon shares a little bit about the previous books she has written, and who they’re for.
Mentioned in This Episode:
Email Todd: Todd@Dynastylc.com
Scaling Leadership by Robert J. Anderson and William A. Adams
John Martinka, also known as the Escape Artist, helps business owners exit with style, grace, and more money. He is also the author of, Getting the Deal Done. As a business broker, he helps his clients find the best business deals that fit within their expertise. In this week’s episode, John talks about his process and what he looks for in a business that he wishes to acquire.
Key Takeaways:
[1:35] A little bit about John and how he became a business broker.
[3:15] What types of clients does John like to work with?
[5:15] John works with a lot of folks who work in corporate America. What types of businesses are they interested in acquiring?
[6:15] Don’t focus on the particular business industry, look for a business where you can use your skills.
[7:20] How does John find companies that want to sell?
[10:15] Want to sell? You have to get rid of owner dependencies.
[12:00] Not only is it important for John’s clients to be on board with a business purchase, but their spouse does too. It is a team effort, in the end.
[13:20] Remember, don’t do things you know your employees can do. Delegation is key.
[17:40] Sellers often don’t do their due diligence on their buyers. It’s a two-way street!
[18:05] What questions should sellers be asking their buyers?
[21:10] Finding a business to buy is a lot like marketing; you always have to be looking for prospects/working at it.
[23:55] What should buyers consider before pulling the trigger?
[26:15] You might be an expert in XYZ, but everyone has blind spots. You need an outside perspective on whether this is a good investment deal. It doesn’t matter how experienced you might be.
Mentioned in This Episode:
Email Todd: Todd@Dynastylc.com
In this week’s episode, we have a repeat guest, Mike Smerklo! He is the Co-founder and Managing Director of Next Coast Ventures and the author of the book, Mr. Monkey and Me, a survival guide for entrepreneurs and a must-read! Mike is back to talk about boards and how a young entrepreneur or a recently appointed CEO can take full advantage of the extensive experience at their fingertips.
Key Takeaways:
[2:25] Leading a board is intimidating, especially as a new entrepreneur and CEO.
[4:10] What is the “mushroom philosophy”?
[8:25] As a new CEO, what should you do to get to know your existing board after a takeover?
[12:00] In the decades Mike has been in this field, he has never seen a board take a “formal vote” on something. That’s what happens in the movies.
[15:45] If you want to avoid a mushroom cloud, ask questions and be proactive.
[18:45] What should a CEO expect from their board?
[20:40] At the end of the day, a board’s job is to make sure the CEO is still a good and capable leader.
[23:20] You have a great team backing you; use them as a sounding board.
[26:25] When does it make sense to rotate a board member out?
[30:20] How do you respectfully disagree and/or be diplomatic with your board?
[32:45] Managing a board can seem like a big time commitment, but it’s part of the CEO’s job to make sure expectations and leadership alignment are in order.
[37:00] What are some of the common mistakes new CEOs make with their boards?
[37:40] Boil your slides down to what’s working, what’s not, and so what?
[40:55] Surround yourself with smart people who you might not always agree with to help you see your blindspots.
Mentioned in This Episode:
Email Todd: Todd@Dynastylc.com
Rick Brimacomb is the Founder of the Venture Capital Firm, Brimacomb Capital. He looks for entrepreneurs who have generated strong end-user demand by investing their own resources, hard work, and heart into their product! In this week's episode, Rick shares what makes an investment firm want to invest and bet on you and your company.
Key Takeaways:
[1:35] What does it take to make your company 'invest-able'?
[2:50] Rick shares a little bit about his journey and how he got into venture capital.
[4:00] Not only is Rick an investor, but he is also a business coach and wants to help entrepreneurs succeed. He shares what his coaching style is like.
[8:15] What kind of companies does Rick like to work with?
[10:00] When Rick is about to analyze a business for growth potential, what does he look for?
[12:15] Rick has worked with a lot of first-time CEOs in the past, which means they need a little more hands-on coaching about the rules of business despite their extensive industry and technical knowledge.
[15:30] Rich shares the types of things he thinks about when looking at a new business. It's not just about analyzing growth opportunities in the market, it's also about seeing if the business is in the best position for success to get to that market.
[17:55] Everyone has gaps, especially early stage companies. Their team might not be fully fledged out yet. It's Rick's job to understand what those gaps are and fill those in quickly.
[21:15] What does it look like to work with Rick?
[27:15] Rick shares the sweet spot of where a company needs to be to maximize growth potential.
[33:00] Rick shares his exit strategy and how he helps manage a graceful exit out of some of these companies.
[38:10] Don't get stuck in the status quo. Take risks, calculated risks, to achieve greatness.
[42:15] What is a scorecard and how can it help you?
[45:15] Best piece of advice to make the most impact in your business? Build a scorecard right away.
Mentioned in This Episode:
Email Todd: Todd@Dynastylc.com
Mike Smerklo is an experienced entrepreneur, investor, and business leader driven by the desire to turn ideas into reality. Having bought and scaled a small business into a publicly-traded company worth nearly a billion dollars, he has a deep understanding of the hard work, dedication, and grit that truly powers successful entrepreneurship. Mike shares the ups and downs of his entrepreneurial journey, and why he decided to write a book to help other entrepreneurs get over their fear and doubt about themselves, and the type of company they’re trying to build.
Key Takeaways:
[2:25] Mike talks about his book and why the proceeds are going to charity!
[3:35] Mike really struggled with imposter syndrome throughout his career.
[5:45] Entrepreneurship books fall into two camps: Tactical advice or rags to riches stories that make you feel kind of bad.
[8:35] Throughout Mike’s career, he was plagued with negative self-talk and inner voices. He didn’t have a lot of good role models growing up, and his book wanted to highlight ways to get over that voice of “not being enough.”
[11:50] Self-awareness might be the most important attribute for an entrepreneur.
[14:15] How do you know if a leader has self-awareness?
[16:00] All successful business owners ask for help. There is no shame in that!
[21:25] How can leaders be more authentic?
[23:50] It’s okay to not have all the answers for your team.
[28:15] Your entrepreneurial journey doesn’t get easier, it gets different.
[32:50] As a board member, how does Mike coach his leaders to rally their people and move in the right direction?
[37:00] Struggling with a particular task? Go find someone who has done it recently. Get good people around you.
[39:00] The biggest thing an entrepreneur can do is to stay focused.
Mentioned in This Episode:
Email Todd: Todd@Dynastylc.com
Mr. Monkey and Me: A Real Survival Guide for Entrepreneurs, by Mike Smerklo
Terry Moore has earned his reputation as a “bulldog lawyer” by being aggressive, tenacious, and practical. With over 30 years of experience representing businesses and individuals, Terry has become the business divorce lawyer of choice. His recent book, The Bulldog Guide to Business Divorce, dives into what you should be thinking through to protect yourself and your business!
Key Takeaways:
[2:00] Terry shares how he became a business divorce lawyer.
[3:00] Marriage is easy when everything goes great. Business goes the same way.
[3:25] COVID-19 gave business owners a whole new stress level never seen before.
[9:00] Are you and your business partner aligned on where you’d like the business to go?
[11:00] What kind of clients does Terry work with? He shares some nightmare situations that business owners have had to go through.
[18:15] Want to avoid a business divorce? Here’s what you need to be thinking about.
[21:35] What happens if you or your business partner gets sick and can’t perform their duties?
[25:45] Make sure your agreements, in the beginning, are clear and signed!
[27:00] Calling a lawyer too late doesn’t mean they can’t help you, but it does mean it can be a bit more complex, and expensive.
[29:00] What are some of the steps you can take to better protect your business?
Mentioned in This Episode:
Email Todd: Todd@Dynastylc.com
Steve Van Remortel is the Founder and Chief Strategy and Talent Advisor for Stop The Vanilla, a company that develops leaders to achieve their business goals, and helps them find the right talent for their organization. In this episode, Steve shares his three-part framework to how you find exceptional talent that’s right for your organization.
Key Takeaways:
[2:20] How did Steve discover his passion for strategy and cultivating talent?
[3:00] Steve helps companies fix their number one problem, which is finding the right talent for their organization.
[4:00] Want good talent? The first step is to create your vision.
[7:50] Why is a customer going to choose you? And pay you more for it?
[9:40] What does a good vision look like?
[15:20] Talent is the biggest roadblock to an organization’s success. Talent management is critical. Don’t leave talent up to chance.
[16:25] How do you stop “winging it” when it comes to hiring new talent?
[18:35] You can’t outsource your talent development plan. You have to do it internally.
[22:00] HR is often considered “an afterthought.” How do leaders get better in this arena when they have so much else going on?
26:20] How can leaders best help their employees outside of work?
[28:10] Every leader needs to manage their emotional intelligence. Own your own issues.
[30:50] What are the three steps a leader should be thinking about today?
Mentioned in This Episode:
Email Todd: Todd@Dynastylc.com
Eric Harkins is the President and Founder of GKG Search & Consulting, a Minneapolis-based consulting firm that helps organizations get talent, keep talent, and grow talent. He is the author of the new book, Great Leaders Make Sure Monday Morning Doesn’t Suck!
Key Takeaways:
[1:00] Great culture starts from the top!
[2:45] A little bit about Eric and what he does for his clients.
[4:25] Eric considers himself pretty lucky that he got to work with some bad leaders!
[5:30] Never let A players work with C players. What does Eric mean by that?
[6:45] Eric always asks leaders: How do you create a culture that high-performers want to be a part of?
[9:55] You can change culture by focusing on changing Monday.
[11:05] You have to let your low-performing key players go. It’s a hard pill to swallow.
[13:55] How do you create a culture of high-performers?
[17:55] We are in a highly competitive world, which means there’s a lot more pressure to perform as a leader.
[21:45] Being a manager is one of the best jobs you can have in your career… when you are working with highly motivated and top-tier people.
[25:35] Notice your words: do you often use “we,” as in we the company or “they,” as in they the bosses.
[29:55] Eric gives you a different perspective on how you should be looking at turnover.
[33:15] One of Eric’s clients realized that half of their leaders wouldn’t fit into their long-term solution model.
[36:05] Your highest performing person might not make for a good leader!
[38:55] Leadership really isn’t that hard. We as people just like to make it harder than it needs to be.
Mentioned in This Episode:
Email Todd: Todd@Dynastylc.com
Andy Wyatt is a Founder & Head Coach of Andrew Wyatt Leadership and he is out with a new book called Pro Leadership, which dives into how you can establish credibility, build a strong following, and lead with impact. In his book, he offers 24 leadership principles that he’s learned after being in business for more than 30 years. In this episode, Andy shares how business owners can pull their identity out of their business, drive effective culture, and so much more.
Key Takeaways:
[1:40] Figure out what you’d do for free and then figure out how to get paid for it.
[3:55] A lot of people want to write a book but never do it. Why is this?
[7:05] You have to excavate before you elevate, what does Andy mean by this?
[9:20] How do you separate the person from the business?
[11:15] Do you feel good or bad about yourself based on the uncomfortable whims of the business?
[11:55] There are three things every leader needs: A coach, a therapist, and a golf trainer (or tennis/gym trainer).
[14:15] Your biggest role as a leader is to create the culture.
[17:10] How can you drive culture and what makes someone a good leader in this space?
[19:50] What does character mean to you? Character is the way you act when no one is watching.
[22:15] Andy has had to learn a lesson the hard way when he tried to drive culture a little too fast in a company.
[25:05] Eighty-five percent of our leadership problems would be solved through better communication.
[27:45] How do you know a team has built trust? Watch how they handle a disagreement.
[29:35] What are some of the common mistakes people tend to make about leadership?
[32:00] It’s lonely at the top, but it doesn’t have to be. Leaders are notorious for isolating themselves.
Mentioned in This Episode:
Email Todd: Todd@Dynastylc.com
Dr. Terry Wu has a Ph.D. in neuroscience and started his online marketing firm in 2003. He also has a new book out entitled, Why the Brain Follows, which dives into the latest neuroscience research, how leaders can leverage our natural human behaviors, and the negative side of positive thinking. Dr. Terry shares some of his thoughts on leadership and why too many leaders leave it up to “chance” when it comes to getting the most out of their people.
Key Takeaways:
[1:40] How did Dr. Terry Wu get started in neuroscience and neuromarketing?
[3:55] Science can make leadership more predictable.
[5:10] A title doesn’t make you a leader and a leader doesn’t need a title.
[9:10] People love to follow a crowd. When you rally a small group of people behind you, some great things can happen.
[9:55] What does it mean to “lead with empathy”? Dr. Terry has some thoughts on why empathy doesn’t always work.
[11:15] Empathy actively causes pain. Dr. Terry breaks down what he means by this.
[17:55] We have an us vs. them bias in our brains. Empathy only confirms that bias.
[23:15] When people have a sense of control, they manage their stress a lot better!
[26:45] Dr. Terry explains what “toxic positivity” is and why positivity is not a choice.
[31:10] You can turn a very positive person into a negative person just by adding stress into their lives.
[33:40] What should leaders be looking out for in 2021?
Mentioned in This Episode:
Email Todd: Todd@Dynastylc.com