Dynasty Leadership Podcast

It's great if you can pick when you hand over the reins, but what if that time picks you? “Does your company consistently meet or beat the targets you set?" “Do you have the right team rowing in the right direction?" “Is there something going on in your market or company that threatens your growth? "Are you considering transitioning the leadership of the company?" “Is there a clearly articulated long-term strategy?" We specialize in guiding Family-owned businesses with 50-500 employees to become Succession ready.
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Nov 14, 2017

Dr.  Jim Schmidt has been serving as Chancellor at the University of Wisconsin-Eau Claire since 2013. Chancellor Jim, as he likes to be called, has slightly over 30 years of experience in academia and has seen what a lot of leaders did wrong, and right, when it came to those dreaded budget cuts. On today’s show, Chancellor Jim discusses how he was able to make some tough decisions within his university and how he ended up making his campus much more efficient with less money.


Key Takeaways:

[1:25] Who is Chancellor Jim Schmidt and how did he get started in his career?

[2:05] Of the 30 years Chancellor Jim has worked in academia, he had to cut the budget 26 times.

[3:05] Across-the-board cuts are for lazy administrators. It’s viewed as ‘fair,’ but it really isn’t.

[4:35] When it comes to budget cuts, how does Chancellor Jim approach this?

[10:45] Remember, you’re only as effective as your people and if your people are worried about their job security, things aren’t going to get done as quickly.

[11:50] How can you be transparent with your team when facing budget cuts?

[14:25] Once your team is aware of the budget cuts, then you need to rally them towards a common goal and the university’s values.

[20:35] When you’ve established what key areas are vital for your students/customers, then it’s time to get your team together to start brainstorming on the best course of action.

[25:20] As a Chancellor, it’s Jim’s responsibility to give the students the best experience possible. If you make across-the-board budget cuts, their experience will suffer.

[27:55] Chancellor Jim told his team to reject the notion that you gotta ‘do more with less.’ You can’t do that to your customers because then your quality will suffer.

[34:00] Many of Chancellor Jim’s staff were willing to do more with less because they were used to that status quo. He had to tell them to stop because it will only lead to them being burned out.

[35:30] The university has had four years’ worth of increased student enrollment despite making these budget cuts.

[37:45] As a leader, you have to be open to having those tough conversations and you need to be available for your people.

[39:05] Chancellor Jim does a quick recap.

[41:40] What mistakes did Chancellor Jim make along the way that he wishes he did a bit differently?


Mentioned in This Episode:

Jim on Twitter

Call Jim: 715-836-2327

Email Jim:

Oct 10, 2017

Karl Neset is a Fractional CFO for CliftonLarsonAllen. Karl has perfected a process that allows business owners to give employees more skin in the game and earning potential, without giving up their equity. Employees can act as owners through a profit share program that compensates people based on their contribution to the company. Karl explains why this strategy leads to a better team dynamic within the company and gives employees a strong sense of purpose, too.


Key Takeaways:

[1:35] Who is Karl and what does he do for CliftonLarsonAllen?

[5:10] There are roughly 10 steps in how an owner can help an employee get more skin in the game and earn more income.

[6:10] The first step starts with gathering the data.

[7:10] How do you properly compensate differently-skilled people?

[9:25] Karl shares an example of how a system like this (ownership among employees) looks like, once it’s been properly put into action.

[11:40] It’s a team discipline. If one screws up, they all screw up.

[12:20] What does the sales department look like when a strategy like this is put in place?

[14:10] A system like this makes it a lot easier on the owners. They do not have to micro-manage their employees.

[15:35] If the owner goes away for a couple of months, the business will still run smoothly, because employees are being compensated similarly to how the owner is being compensated.

[16:45] What kind of percentage does each employee get, based on their roles?

[18:35] This strategy gives motivation to both new and older employees who now see that they can be a part of something meaningful and they will get compensated fairly well for it. It gives them drive to advance within the company and obtain career growth.

[19:50] The next step is to lay out different projections for the next five years in the company. You should have three: A bad year, an okay year, and a great year. Based on these numbers, your employees will be compensated accordingly.

[21:00] This model allows for employees to make double, in some instances, than what they can in an open market. Who wouldn’t want that?

[22:35] If someone makes double their normal salary, do they start getting cocky? How does that affect the company as a whole and how do you address it?

[28:20] Before implementing a plan like this, why is it important to run it through HR first?

[30:40] Many employees/owners might think this plan is too good to be true or unsustainable.

[32:15] It is critical to incorporate wealth management classes in the company after a strategy gets put into place. Employees who see a huge spike in wealth do need to understand what that means to them.

[33:30] Why should a business owner use this strategy vs. something like using phantom stock or equity?

[37:00] What are some things to think about/potential mistakes that could happen?


Mentioned in This Episode:

Email Karl:

Karl on LinkedIn

Sep 12, 2017

Rebecca Metz is the Founder of Web Pages That Sell. When Rebecca was coming back from vacation, she found out something horrible — her website had been hacked! Not only was the experience stressful, but having her website down meant she was not generating any business, too. After recovering from the incident, Rebecca has some advice for those business owners out there on how they can prevent this from happening to them, and what they should do in case it does happen.


Key Takeaways:

[2:10] What is Rebecca’s business about, Web Pages That Sell?

[3:05] What happens when your website gets hacked?

[6:55] If you have multiple websites, one website can affect the other.

[7:15] Call your hosting company or your webmaster!

[8:15] Check whether your website has been blacklisted.

[9:45] When you’ve been hacked, it’s usually not personal.

[13:00] When you call your hosting provider, be prepared that they may not be very helpful.

[15:40] Another thing to note, your webmaster is not responsible for this hack either. However, they may have some answers for you to help you regain control of your website.

[16:40] When your website has been hacked, this needs to be the first priority. The worse it gets, the harder it will be to get your whole website back.

[17:40] Find a website cleaner. You can be expected to pay between $200 to $1,000 to have this done. Make sure the price includes multiple website clean ups.

[21:20] If you’ve been infected once, expect to be infected again.

[23:10] Get into a habit of backing up your website. Both your entire your website and your database.

[24:35] You should back up your website once a month and your database once a week.

[26:10] If your site has been blacklisted, this may mean your emails are too.

[27:20] Regularly update your plugins!

[31:05] What are some of the top mistakes people tend to make?

[32:10] The good news is Rebecca has a service to help you backup your website regularly.


Mentioned in This Episode:

Call Rebecca: 612-516-5388

Aug 8, 2017

Ron Dunford has been working for Schreiber Foods for over 30 years, and has learned a thing or two about leadership along the way. Now that he’s retiring from Schreiber Foods, Ron plans to help business owners achieve and set the right tone for their team. Over the years, Ron has come up with five leadership principles that will help someone go from completely clueless to a powerful, and thoughtful, leader.


Key Takeaways:

[1:20] How did Ron first get started in Schreiber foods? And now that he’s retiring, what’s next for him?

[3:25] Leadership and success principles are universal.

[4:40] Ron has a five-principle philosophy that he’s developed and perfected over the years.

[6:35] One of Ron’s principles is to dream big. How does someone successfully do that?

[8:15] Are people telling you you’re crazy? If not, you might not be dreaming big enough.

[10:30] How does Ron motivate others to get beyond their comfort zone and to dream big?

[14:25] If we only expect success, we won’t be able to handle the roadblocks along the way. What are Ron’s thoughts on this?

[16:10] How does Ron manage the millennial generation? 40% of the Schreiber Foods workforce are millenials.

[23:35] Ron is a competitive guy, but it’s important to realize that he doesn’t, and nor should you, want to try and win no matter what the costs.

[25:20] When you know what your values are, it’s easy to say no, and walk away from business deals.

[27:20] If you find yourself saying, “I’ll be happy when… (fill in the blank),” watch out! You need to enjoy the journey, not just the end result.

[30:35] What was Ron’s big aha moment when it came to achieving his goals and changing his mindset?

[33:20] Ron does a quick recap of his five principles.


Mentioned in This Episode:

Ron on LinkedIn

Ron on Twitter

Email Ron:

Jul 11, 2017

Steve Nelson, ASA, is the Managing Director for Chartwell, a financial advisory firm. Steve breaks down everything business owners need to know about ESOPs (Employee Stock Ownership Plan) and the seven steps you need to take to get one implemented in your company. Steve also outlines the various benefits employees would receive if your company had an ESOP in place.


Key Takeaways:

[1:00] Before we get started, what is an ESOP?

[3:10] What are some of the benefits of an ESOP?

[6:25] Remember, ESOP is not for everyone.

[6:40] Who would best benefit from an ESOP?

[13:40] What are the seven steps business owners need to do to get an ESOP?

[17:15] How many lawyers typically get involved in an ESOP transaction?

[19:15] Employees need to understand that they’re not a direct owner of the stock. They are a beneficiary of the trust. Why is this distinction important?

[24:15] Big companies can greatly benefit from an ESOP, but what about smaller-sized companies?

[26:15] Why would anyone want to be a trustee?

[29:30] Steve estimates that there are probably 7,000 to 8,000 privately-held ESOPs in the country and it’s growing.

[31:10] ESOPs give opportunity for wealth to people who otherwise would not have that opportunity.


Mentioned in This Episode:

Jun 13, 2017

Lance Madson is the CPA, MBT, and ABV for Boulay Group, an accounting and financial consulting firm. Lance leads the firm’s business valuations department, as well as specializes in tax planning for both businesses and individuals. On this week’s show, Lance discusses Boulay’s 7 step process on how they accurately evaluate businesses worth between $1 million to $50 million dollars.


Key Takeaways:

[1:30] Who is Lance and what does he do for Boulay?

[5:45] Boulay has a 7-step process that helps them properly assess a business.

[8:00] Lance breaks down the thought process behind step 1, which offers three approaches on how to look and evaluate a business.

[11:50] What would Lance need to know, when a client comes to them with projected business growth? How does he know the client is being reasonable with his projections?

[17:15] What types of things does Lance need from the client, and what should you prepare for in order to make your evaluation as accurate as possible?

[23:10] Lance also has access to outside resources and databases that help compare a client’s industry and their projected growth.

[26:15] Lance and his team always look at the debt-to-equity ratio in any business they evaluate.

[30:40] Another aspect Lance considers is the compensation aspect. Are there any family members taking a salary when they don’t spend time at the company?

[36:15] What happens when business owners disagree with the numbers Lance provides?

[39:45] We’ve just come off an election year. What trends has Lance seen so far?

[44:45] What should business owners know about their business?

[47:55] Want to work with Boulay? Lance discusses prices and what you can expect from their service.


Mentioned in This Episode:

Call Lance: 952-893-9320

May 9, 2017

Terry Slattery is the President and CEO of Slattery Sales Group. After serving four years in the Air Force, Terry got his degree in economics, and joined IBM’s sales team. This propelled him into 20+ year career in sales. On this week’s show, Terry discusses what a ‘bankable forecast’ is, where companies lack the most when hiring new sales reps, and why so many companies struggle to get that big deal locked in.


Key Takeaways:

[2:10] Who is Terry and what does Slattery Sales Group do?

[6:10] A founder was once telling Terry it takes him two years for a sales rep to be properly trained in his industry.

[9:35] Terry has to make sure there’s alignment between the CEO’s priorities and management. When things aren’t clear, that’s when things start to break down on a production level.

[12:10] Before you spend resources training a sales rep, you first have to ask yourself a series of important questions.

[15:00] 6% of your entire workforce will be elite, another 20% will be good, and the rest of the 74% will range from being a 3-year project to a bad hire.

[20:00] Don’t be in a hurry to hire! It’s going to be a mistake!

[22:00] What does ‘bankable forecast’ mean?

[32:50] Focus on organizing management first; that way your team understands the process. The process is easier to train/teach than throwing them in with the sharks.

[41:25] Half of all sales people are uncomfortable to talk about money. This means that they can’t defend premium price.

[43:25] Didn’t get the deal? You will want to listen to what Terry has to say on why!

[53:40] Keep in mind there’s a big difference in the daily operations and behaviors of someone who is closing 90% of their business vs. only closing 10%.

[54:30] How much does it cost the business when there’s a bad sales hire? Over 6 figures!

[1:03:50] Statistically, in a multivendor contest, the last contestant gets the business 9 times out of 10, no matter what the price is.


Mentioned in This Episode:

Apr 11, 2017

Jonathan Cleveland is the Managing Director for Houlihan Lokey, a global firm with expertise in mergers and acquisitions, financial restructuring, and more. Today’s discussion focuses on how to spot and handle distressed companies. Although Jonathan works with companies who average around a billion dollars in debt, the lessons Jonathan talks about apply to all businesses.


Key Takeaways:

[1:55] At the Houlihan Lokey firm, they have three main divisions. Jonathan explains what each of these divisions are and how they help their clients.

[3:10] What’s Jonathan's background, and how did he get involved with the firm?

[6:00] Houlihan Lokey works with high-scale clients. The average debt level for a client is around one-and-a-half billion dollars.

[7:50] How do distressed companies get so deep into trouble? Is it because they have an easier time accessing capital?

[11:25] You know your industry is in trouble when the guy on TV says, ‘This time it’s different.’

[12:55] Let’s say the industry or sector is doing okay, how do you tell when an individual company is in trouble?

[17:15] The rest of your business operations can get a bottleneck when the company is focusing on paying off high levels of debt. It can often be a Catch-22.

[20:15] If lenders feel unsure you are able to pay off the debt, they can re-price or even increase their rates.

[22:30] What types of distressed companies come to Houlihan Lokey?

[26:25] Who makes the call to get help? Is it the bank or maybe even the CEO of the business?

[30:20] What are some of the biggest mistakes distressed companies are making?

[34:25] How does Jonathan access the executive team?

[37:20] A lot of human psychology is used when interacting with a distressed team.

[37:30] Failure challenges our ego.

[39:10] You need to have a real awareness over the consequences of borrowing money.


Mentioned in This Episode:

Mar 14, 2017

Corky Hall is the CEO/Founder of Stellus Consulting, founded in 1993. Corky and his team focus strictly on brand strategy for his clients. Stellus Consulting has worked with some very well known and established companies, like The Texas Rangers, Minnesota Twins, Coca Cola, and more! Why are such big name companies coming to a brand strategist? Well, as Corky explains on the show, the company name and the brand identity are two very different people.


Key Takeaways:

[1:45] Corky focuses on brand strategy for his clients, but what does that entail, exactly?

[5:00] Corky has helped some very well-established companies hone in on their branding skills.

[5:45] If you already have a brand, tell me about your brand. ‘Who’ is your brand? Your logos and colors are irrelevant to Corky!

[9:30] How does branding help a business?

[13:25] How do you create a brand?

[15:30] Why does a young adult vs. a retired couple go to a baseball game? It’s the same game, but they each have different motives.

[19:30] Are advertising agencies Corky’s competitors?

[21:30] Price comes down to 5, 6, or sometimes even the 7th most important thing, when comparing brands.

[26:40] Most business owners don’t stop to think about their customers that deeply.

[28:45] Customers want to know you have their backs.

[31:35] Remember, what makes a strong and sustainable tree? The roots!

[40:00] How can a big company incorporate brand strategy into their storefronts?

[43:40] As the brand, you are always the voice of the customer.

[49:45] When it comes to shifting your brand, it’s not just 6-8 bullet point items you need to fix. You need to fix the emotion behind your brand.

[53:45] What is your brand promise?

[53:55] Remember, strategy is inherently dull.

[1:00:20] How can small business owners improve their brand?

[1:02:40] Don’t get the sales guy to interview your customers.

[1:07:45] Why do your customers choose you over your competitor?

[1:12:30] Every business can benefit from Corky’s advice on today’s show. Every company has to face the ‘branding’ music.


Mentioned in This Episode:


Feb 14, 2017

David Samuels is a corporate executive benefits designer. In the course of his career, he has also bought out seven other companies that do similar work. This means he helps business owners transition themselves out of the business and into retirement. These transitions can be difficult to manage, which is why David explains his unique process on how he gets the job done, where everybody involved in the deal comes out a winner.


Key Takeaways:

[2:15] What does a corporate executive benefits designer do?

[4:05] How did David discover this career field?

[7:35] Before David begins work with a client, he first has them take a compatibility test to see if they’re a right fit.

[8:55] What does the compatibility test entail?

[9:35] When there’s a winner, there’s always a loser, and David hates that. He wants to have a win-win scenario for both the buyer and seller.

[10:30] David needs to know he’s working with someone of integrity and honesty.

[10:55] The entrepreneur's books have to be clean.

[12:10] Why is finding the core needs of the seller so important?

[12:25] You’re not just buying a business, you’re buying somebody’s life’s work.

[15:35] Is the seller jumping in front of the train or is he being pushed?

[17:15] What happens if a deal goes bad?

[20:35] Transitions take time. If the owner wants to retire quickly, their staff is going to feel abandoned.

[24:35] At the end of the day, David wants his clients to feel great about the deal. David wants them to always know that he’s got their back.

[26:40] As business owners are looking to retire, they’re trying to cut back on their overhead and simplify their lives. David, so to speak, takes on those complications.

[29:05] Even though David has to do extra work, he firmly believes in a 50/50 monetary split.

[36:50] How does David evaluate a business?

[42:50] It boils down to having extensive conversations with the business owners to understand what they do and what David will do.

[46:20] David has been in this business for 27 years and has done 7 acquisitions. What kind of lessons has David learned throughout his career?

[49:55] What has the turnover been like once David has acquired a business?

[51:30] When a takeover happens, David often sees an increase in clientele. How is this possible?


Mentioned in This Episode:

Jan 10, 2017

Blois Olson is the Founder of Fluence Media, an agency that provides perspective, strategy, and execution to clients. They specialize in public affairs, litigation communication, labor/management, online/social media consulting, and crisis communication. Blois was listed in the “40 under 40,” by the Minneapolis-St. Paul Business Journal, at age 31, and recognized as a “Top Marketer,” by Minnesota Business magazine, in 2012. On today’s show, Blois discusses how businesses can position themselves in the right light, when it comes to their PR.


Key Takeaways:

[:45] What’s Blois’s world like?

[2:50] How does Blois help his clients?

[4:00] Business can get dark and scary sometimes.

[5:45] Leaders need to be transparent, especially during times of uncertainty.

[9:30] How does Blois decide which form of media is the right platform to showcase his clients’ message on?

[10:25] Technology allows us to directly communicate with customers.

[15:35] What’s considered ‘newsworthy’?

[19:55] It boils down to reputation and storytelling. It’s not about hype!

[20:30] Do Blois and his team have to coach his clients on who their ideal audience is?

[25:45] When does it make sense to have a M&A conversation?

[30:30] How can companies create their own PR disruption?

[36:05] If you’re communicating and you’re first, you have the upper hand to directly target the right customers.


Mentioned in This Episode:


Dec 13, 2016

For an entrepreneur, retirement isn’t always an easy thing to accept. Stan Glawe had been working since the age of four, and when it was time to retire, at the age of 75, he faced some struggles. What’s life like after retirement, for someone who’s been working all of his life? Listen in to Stan’s insightful thoughts right here!


Key Takeaways:

[1:50] What does Stan do to ‘survive’ retirement?

[3:55] Stan thinks he’s annoying his friends.

[7:30] For entrepreneurs, it’s very hard to give up that piece of identity; give up that ‘work.’

[8:10] How did Stan make a healthy transition out of that identity?

[10:00] Stan lost a very important part of his identity. He was unhappy when he retired.

[10:40] For the longest time, Stan didn’t really understand what was wrong.

[12:15] Stan’s wife really helped him through the process. He took a vacation to Africa!

[14:25] Stan discusses the kind of knowledge he learned from his wife.

[16:00] Does Stan have any concerns about money, now that he’s retired?

[18:45] Why set the alarm every morning?

[19:50] Although he still feels lost, Stan doesn’t feel as lost as he was when he first retired.

[22:30] Stan can say this: He’s satisfied in knowing the business he built will carry on.


Mentioned in This Episode:

Nov 22, 2016

Dr. Bill Kotonias is a dentist, entrepreneur, and mentor for several up & coming entrepreneurs. On this week’s episode, we discover how Dr. Bill helps dentists, who are fresh out of school, acquire their own practice. Dr. Bill explains his process, and the steps he takes, from turning a dentist in debt, into an entrepreneur and business partner.


Key Takeaways:

[:50] Why do so few people end up entrepreneurs?

[1:40] Todd has known Dr. Bill for over 20 years.

[3:10] This lifestyle that Dr. Bill has created, does it only apply to dentists?

[6:50] Let’s talk about the basics. How does Dr. Bill find opportunities?

[10:35] Why should you hire someone fresh out of college?

[12:30] After year two, Dr. Bill’s entrepreneurs have some skin in the game, and they’re less likely to quit.

[17:50] When a business has reached year ten, that’s when Dr. Bill buys out.

[21:05] So far, Dr. Bill has bought 18 practices.

[22:45] In the dentist industry, what is the customer turnover rate from acquiring a new practice?

[24:40] When do dentists typically think about selling their business? What age range do they tend to be?

[26:25] Todd does a quick recap of how Dr. Bill finds opportunities and purchases them.

[28:50] Let’s talk numbers. How much is a single-owner practice that has 2,000 patients worth?

[36:30] On average, how much profit does Dr. Bill see, at the end of the day?

[41:25] What happens to the staff when a transition is taking place?

[42:55] Final thoughts from Dr. Bill? What makes this industry work so well is finding the right entrepreneur and the right opportunity.


Mentioned in This Episode:

Contact Dr. Bill: 612-751-3078

Nov 8, 2016

Jon Austin is the senior partner of J Austin & Associates, a communications consultancy company founded in 2006. Jon has expertise in media relations, issue management, corporate reputation, and crisis communications planning and response. In a nutshell, Jon is the person companies call when they’re having a reputation problem. For this week’s topic, Jon discusses how to reduce the negative impact on your brand image, when something bad happens to your company.


Key Takeaways:

[1:00] Jon is the person to call when things hit the fan.

[1:25] How did Jon get into crisis management?

[5:40] What are some of the subtle differences between public relations, and crisis communications?

[8:55] What happens if a business wants to open a production plant in a nice neighborhood? You call Jon.

[11:30] It’s a challenge to educate and persuade the community towards why a company needs to set up shop in their backyard. Oftentimes, it helps stimulate economic growth.

[12:00] Executives in the C-suite position are usually the ones reaching out to Jon.

[15:05] In light of the recent Wells Fargo scandal, what steps would Jon take to help ease tension?

[18:20] It’s both good and bad, that social media has become so prominent in the last few years. It’s good, because you know someone’s listening. It’s bad, because misinformation can spread like wildfire.

[25:00] In Jon’s experience, most business owners and executives stay up late worrying about how to do the right thing. Mistakes just sometimes happen.

[30:50] What kind of mistakes does Jon see in his industry?

[38:05] Jon talks about how Tylenol recovered from their scandal in the 80’s.

[40:25] What should business owners keep in mind, when handling a crisis?

[43:50] Don’t wait too long to tell your side of the story.

[46:20] It’s important to be upfront with your employees, when drastic changes are happening within the company.


Mentioned in This Episode:

J. Austin & Associates


Oct 18, 2016

Most people would not recommend their real estate agent or even re-use him/her ever again. Why? The clients typically had three common issues: The agent was no longer in the business, the client was not happy with the quality of service they received, or after closing the deal, the agent completely disappeared. Well, this week’s guest, Marty Siegel, has been in the real estate industry for 28 years and 90% of his leads come from referrals, repeat customers, and children of those customers. What is the secret to his success?


Key Takeaways:

[1:45] 90% of Marty’s leads come from referrals.

[3:25] How many times does Marty reach out to his clients (who have already bought a home from him) in a year? Marty says at least 24 times.

[4:15] Keep in mind, Marty hates answering the phone.

[8:00] How did Marty get started in his career?

[10:00] Since Marty didn’t have a mailing list, he went door-to-door and spoke with his target market directly.

[12:25] So, how does Marty reach out to each one of his clients 24 times a year?

[13:25] The children of Marty’s clients are now calling Marty to help them buy a home.

[16:40] Marty believes in doing the right thing. He doesn’t feel comfortable selling a troubled married couple a home.

[18:10] Marty has a Christmas event every year that he invites his clients to. He discusses what the ‘Trees for Toys’ event is about.

[21:35] Why did Marty leave the company that give him his first real estate job?

[25:30] How did Marty convince his new boss at Coldwell Banker to host a ‘Trees for Toys’ event?

[27:40] Despite making 24 contacts a year with his clients, Marty never asks them for business.

[27:45] Last year, Marty’s event donated 9,000 toys for Toys for Tots.

[31:25] On average, Marty reaches out to his clients around 24 times a year, but that number may increase depending on the amount of children each client has. Without fail, Marty sends a birthday card to each of his client’s children every year.

[31:50] The fact that Marty is consistent every year with his connections is what blows people away.

[32:15] Marty has been so successful at what he does, he now puts on seminars for other agents.

[40:10] Marty shares why he got into real estate.

[42:10] What does Marty think about social media?

[49:25] Remember, attracting valuable clients does not have to be expensive.


Mentioned in This Episode:

Call Marty: 612-670-3839

Email Marty:

Oct 4, 2016

Gerry Brockman has a masters in finance and has worked everywhere from main-street to wall-street. In this episode, Gerry helps us think through some of our biggest business decisions. There are 4 very important text-book components about evaluating risk and value, which every business owner should have in the back of their mind. Gerry shares some examples that speak to how you can apply these concepts in a real life scenario and help save your business a painful financial headache.


Key Takeaways:

[3:35] How to think about opportunity costs.

[5:15] What are the 4 levels of value creation? Gerry shares simple text-book definitions.

[7:55] How can small businesses evaluate risk?

[9:00] Let's talk about the risk/reward concept.

[12:25] How do you apply these text-book concepts in real-life?

[18:15] Gerry shares an example of how to apply these 4 principles in a real life scenario.

[28:15] The 4 levels of value creation take a lot of the guess work out of important risk/reward situations.

[30:25] Why Gary believes making decisions from the gut is a bad idea.

[31:10] Use these 4 levels as a framework and work from there. 


Mentioned in This Episode:

Gerry on Linkedin

Sep 20, 2016

Jackie Schneider is the Chief Revenue Officer at Field Nation and serves on the board of advisors for The Nerdery as well as the board of directors for Anser Innovation. On this week's conversation, Jackie jumps right in on how to properly and effectively structure comp plans. As a leader, you really want to be thinking about comp plans 6 months in advance in order to thoroughly plan out all the variables necessary.


Key Takeaways:

[0:55] Find out more about Field Nation and the work Jackie does for this company.

[3:00] What are some of the downsides of working on a comp plan during the later stages of a company?

[3:35] When is the best time to work on a comp plan and why do you need so much time to prepare for a good comp plan?

[6:30] Jackie shares an example of what makes a good comp plan.

[8:50] How do you properly distribute a comp plan between different employees with different company roles?

[10:35] How much time should you dedicate to a comp plan before making tweaks and adjustments?

[12:05] What else does Jackie look for when trying to accurately fill in a comp plan?

[12:50] Jackie says to keep it simple. She tries to put no more than 3 quotas in her comp plan.

[14:05] How does Jackie plan for unexpected surprises and how does that get incorporated into the comp plan?

[17:00] Jackie discusses employee compensation.

[24:20] How Jackie knows when she has created an unsuccessful comp plan.

[27:40] How would Jackie design a comp plan when the company wants to target a particular zip code?

[34:05] Never pay for activity, pay for results.

[37:55] Jackie explains what she writes in the comp plan when she's crafting it.

[41:30] Jackie usually waits till mid December to roll out the new comp plan.

[45:45] What are some common mistakes that happen in comp plans?

[48:45] Never have sales reps do collections. It just puts them in a lose-lose scenario.

[49:30] How not to deviate from the comp plan! 


Mentioned in This Episode:

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Jackie Schneider on LinkedIn

Aug 23, 2016

Steve Sapletal is a Merger Integration Leader with over 22 years of experience. He is currently a partner at KPMG where he overseas M&A integration strategy, planning, and execution. In this episode, he discusses with Todd some of the key factors on why a company should bring in an integration team, as well as some of the key mistakes companies make after an acquisition. Transitions are a stressful time for everyone, especially the employees, which is why companies tend to see a drop in productivity when a M&A transaction has been announced. Find out more on how you can ease the transition for everyone on this edition of the podcast.


Key Takeaways:

[1:00] Who is Steve Sapletal?

[3:25] If you're looking for help after you've signed the letter of intent (LOI) it's too late!

[7:25] If you're buying this company, what are you really buying it for? You want to define what the deal drivers are early on.

[10:00] Employees want to know what's going on. It's better to be honest with them than to hide it.

[10:35] Once the announcement has been made, expect productivity to go down by 20-30%.

[11:35] How many people should be in charge of the communication strategy?

[13:50] You want to have a 30-day detailed plan, but be prepared that things will change.

[16:05] After a deal has been closed, Steve and his team do twice a day check-ins for the first 7 days.

[16:50] You want to course-correct as quickly as possible.

[17:45] What is the average amount of time it takes for a company to fully integrate?

[20:35] Steve talks about the different types of integration companies and what they offer.

[25:05] What should a business owner look for in an integration company?

[27:45] Steve talks about some of the common mistakes that can happen.

[32:50] So many people forget about company culture. It's usually grouped under HR, but Steve thinks this is a mistake.

[37:15] A lot of companies will take the wrong people and give them integration responsibilities. If you don't have the right person, you need to hire them.


Mentioned in This Episode:

Aug 23, 2016

Jeff Hawkes is the manager of corporate development at Ecolab. He and his team evaluate, analyze, and perform due-diligence as well as offer post-merger integration planning for global M&A transactions. Jeff discusses in this episode his investment methodology, due-diligence procedures, and other key factors towards purchasing a business. Get a behind-the-scenes look on what an M&A manager looks for in a business and how you can set your business up for success.


Key Takeaways:

[1:35] What's the difference between a strategic buyers and a financial buyer?

[6:50] What is EBITDA?

[7:40] How much of an impact does the economy have on the decision-making process?

[9:45] The market is quite hot right now. Jeff believes one of the factors to this are the private equity firms raising capital.

[10:25] What's Jeff's investment/buying methodology?

[15:35] How does Jeff and his team perform proper due diligence on a company?

[16:50] How do you go about measuring company culture?

[19:20] So what drives a purchase price? Jeff lists 3 factors you have to consider.

[22:00] What are some of the things Jeff looks for?

[25:20] How does Jeff react when business owners begin to hold off on key purchases for their company when they're getting ready to sell?

[30:20] Jeff does about 6 weeks' worth of due diligence on a company.

[35:30] What kind of things should a business owner be doing to increase the value of the sale?

[40:10] Don't try to hide or shave the numbers down. Be upfront about it.

[43:55] Why do acquisitions fail?


Mentioned in This Episode:

Aug 18, 2016

Eric Nicholson has been in the mergers & acquisitions career field for over 20 years. He has primarily worked one-on-one with business owners looking to sell their businesses and is currently the Managing Director for Green Holcomb Fisher, now owned by BMO Capital Markets. Eric shares a bit of his expertise on how to hire the right investment banker and how to properly come up with an exit strategy long before you retire. Tune in for more great insights from Eric.


Key Takeaways:

[1:20] Who is Eric Nicholson?

[2:05] What is an investment banker and how is that different compared to a business banker?

[3:55] What's the difference between an investment banker and a business broker?

[6:50] How do you pick an investment banker that's right for you?

[10:45] Remember, you can always ask for references!

[11:05] What are some of the biggest mistakes Eric sees in the business? When clients go with an investment banker who says he can get his client the best and highest price.

[11:45] Ask different investment bankers for an evaluation on your business.
[13:05] How do you know when it's the right time to sell?

[14:05] Don't wait too long to sell your business.

[15:05] Selling your business when you're ready to retire is often not the best strategy.

[16:50] You want to start on doing the necessary due diligence and documentation at least a year before you plan to sell your business.

[18:10] Where do you draw the line in putting money into the business versus. not?

[18:50] How is you cutting costs going to play out with potential buyers for the business?

[21:15] What is your business really worth?

[23:35] Anything 15% or greater in EBITDA margins is considered great.

[24:50] What's a good EBITDA pay range?

[29:50] The biggest factor in businesses that did not perform well was when a major customer changed their mind.

[30:20] What are some of the common mistakes business owners make when trying to sell their businesses?

[34:50] What should business owners concentrate on when they're preparing to sell their businesses?

[37:30] Final piece of advice? The sale process can be a lot of fun.


Mentioned in This Episode:

Call Eric: (621) 904-5700

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