Maximize Business Value Podcast

Join Tom in this week's episode of the Maximize Business Value Podcast as he explores Chapter 28 - "Make Culture a Priority." Uncover the secrets to fostering a vibrant corporate culture that fuels employee engagement and customer satisfaction.

Tom emphasizes the significance of prioritizing culture in a business, dubbing the CEO as the Chief Culture Officer. Corporate culture, described as the amalgamation of beliefs, values, attitudes, and ethics that characterize an organization, goes beyond mere events; it is a way of life. A poignant definition shared by a friend encapsulates corporate culture as 'how people act when no one is watching.'

Delve into the motivational factors that truly drive employees — recognition, being informed about company matters, understanding management, job security, meaningful work, career advancement opportunities, loyalty, excellent working conditions, and tactful discipline. Money often takes a back seat to these elements when it comes to inspiring and retaining a dedicated workforce.

CONNECT WITH TOM
Facebook: https://www.facebook.com/masterypartners
LinkedIn: https://www.linkedin.com/in/tom-bronson/
Website: https://www.masterypartners.com/

Please be sure to like and follow for more great content to help YOU maximize YOUR business value!

Tom Bronson is the founder and President of Mastery Partners, a company that helps business owners maximize business value, design exit strategy, and transition their business on their terms. Mastery utilizes proven techniques and strategies that dramatically improve business value that was developed during Tom’s career 100 business transactions as either a business buyer or seller. As a business owner himself, Tom has been in your situation hundreds of times, and he knows what it takes to create and implement the right strategy. Tom is passionate about helping business owners and has the experience to do it.

© 2023 Mastery Partners, LLC.

Dive into this week's thought-provoking episode of the Maximize Business Value Podcast with Tom Bronson as he explores Chapter 27: "Evaluate Your Minority Status."

Tom brings a unique perspective to the forefront by addressing the potential challenges associated with minority status, including female-owned, Native American-owned, minority-owned, and veteran-owned businesses. The key insight lies in recognizing that if a business operates under minority status and the potential buyer lacks the same status, it may lead to a loss of business post-transaction, ultimately affecting the business's overall value.

The critical action here is to document agreements tied to minority status meticulously. By doing so, business owners can minimize the risks associated with the transition. Tom emphasizes that while the impact may vary based on concentration risk, a clear understanding from the outset is paramount.

MAXIMIZE BUSINESS VALUE BOOK: https://amzn.to/2AvazXT
MAXIMIZE BUSINESS VALUE PLAYBOOK: https://amzn.to/3Vv2KWq

Schedule a time with Tom: http://calendly.com/tombronson

CONNECT WITH TOM
Facebook: https://www.facebook.com/masterypartners
LinkedIn: https://www.linkedin.com/in/tom-bronson/
Website: https://www.masterypartners.com/

Please be sure to like and follow for more great content to help YOU maximize YOUR business value!

Tom Bronson is the founder and President of Mastery Partners, a company that helps business owners maximize business value, design exit strategy, and transition their business on their terms. Mastery utilizes proven techniques and strategies that dramatically improve business value that was developed during Tom’s career 100 business transactions as either a business buyer or seller. As a business owner himself, Tom has been in your situation hundreds of times, and he knows what it takes to create and implement the right strategy. Tom is passionate about helping business owners and has the experience to do it.

© 2023 Mastery Partners, LLC.

In this week's episode of the Maximize Business Value Podcast, Tom delves into Chapter 26 of the Maximize Business Value Playbook - "Formalize Documentation." Join as we explore the indispensable practice of putting commitments in writing and the profound impact it has on business stability and value.

Tom begins by highlighting the cultural significance of a handshake, especially in the South. However, in the realm of business, he underscores the necessity of memorializing everything in writing. The risk of different recollections arising from verbal agreements poses a significant threat, particularly for business owners engaged in crucial discussions, such as those involving compensation or ownership.

Through a compelling real-life example, Tom recounts a business acquisition where verbal promises to key managers went unfulfilled, leading to confusion and dissatisfaction post-transaction. Had these commitments been documented, the ensuing conflict could have been easily avoided.

The lesson is clear: "If it's worth saying, it's worth documenting." Formalizing agreements in writing not only provides clarity but also prevents potential conflicts that could impact both business owners and employees. This proactive approach fosters a sense of security and confidence, ultimately contributing to increased business value.

MAXIMIZE BUSINESS VALUE BOOK: https://amzn.to/2AvazXT
MAXIMIZE BUSINESS VALUE PLAYBOOK: https://amzn.to/3Vv2KWq

Schedule a time with Tom: http://calendly.com/tombronson

CONNECT WITH TOM
Facebook: https://www.facebook.com/masterypartners
LinkedIn: https://www.linkedin.com/in/tom-bronson/
Website: https://www.masterypartners.com/

Please be sure to like and follow for more great content to help YOU maximize YOUR business value!

Tom Bronson is the founder and President of Mastery Partners, a company that helps business owners maximize business value, design exit strategy, and transition their business on their terms. Mastery utilizes proven techniques and strategies that dramatically improve business value that was developed during Tom’s career 100 business transactions as either a business buyer or seller. As a business owner himself, Tom has been in your situation hundreds of times, and he knows what it takes to create and implement the right strategy. Tom is passionate about helping business owners and has the experience to do it.

© 2023 Mastery Partners, LLC.

In this week's episode of the Maximize Business Value Podcast, Tom delves into Chapter 25 - "Secure Agreements with Key People." Join us as we unravel the importance of formalizing agreements with employees and how it plays a pivotal role in protecting your business.

Tom emphasizes the critical nature of three key agreements: confidentiality, non-solicitation, and non-competition. Confidentiality agreements, in particular, safeguard your intellectual property, ensuring that work product remains the property of the company even after an employee departs. This shields your business from the risk of valuable intellectual property being used by a former employee to compete against you.

Non-solicitation agreements prevent the poaching of customers and employees by former staff. Tom shares real-world scenarios where businesses lose not only key personnel but also clients, emphasizing the legality of such actions, known as tortious interference. A well-crafted non-solicitation agreement, enduring post-employment, acts as a deterrent against such practices.

Non-competition agreements, the third pillar, prevent former employees from joining a competitor or establishing a competing business.

While it's ideal to have all three agreements, Tom acknowledges the intricacies across different states and recommends consulting with a business or employment law attorney. Annual renewal of these agreements serves as a reminder to employees of their obligations, akin to renewing insurance policies.

MAXIMIZE BUSINESS VALUE BOOK: https://amzn.to/2AvazXT
MAXIMIZE BUSINESS VALUE PLAYBOOK: https://amzn.to/3Vv2KWq

Schedule a time with Tom: http://calendly.com/tombronson

Our latest eBook: https://www.masterypartners.com/ebooks

CONNECT WITH TOM
Facebook: https://www.facebook.com/masterypartners
LinkedIn: https://www.linkedin.com/in/tom-bronson/
Website: https://www.masterypartners.com/

Please be sure to like and follow for more great content to help YOU maximize YOUR business value!

Tom Bronson is the founder and President of Mastery Partners, a company that helps business owners maximize business value, design exit strategy, and transition their business on their terms. Mastery utilizes proven techniques and strategies that dramatically improve business value that was developed during Tom’s career 100 business transactions as either a business buyer or seller. As a business owner himself, Tom has been in your situation hundreds of times, and he knows what it takes to create and implement the right strategy. Tom is passionate about helping business owners and has the experience to do it.

© 2023 Mastery Partners, LLC.

In this week's episode of the Maximize Business Value Podcast, Tom dives deep into Chapter 24 - "Settle Any Outstanding Lawsuits." Join us as we unpack the wisdom behind settling legal matters and the impact it can have on your business's value.

Tom begins with a candid reflection on lawsuits, acknowledging that, while some lawyers may prosper, the cost and distraction for business owners often outweigh the benefits. Drawing from personal experiences, he emphasizes that lawsuits are generally not worth the effort, diverting valuable resources from the core of your business.

Tom shares a poignant example where standing on principle led to a legal victory but at a staggering cost — over $30,000 in legal fees and countless hours. The lesson learned: lawsuits, even when won, may not translate into a tangible victory.

The episode encourages business owners to think rationally about settling legal disputes, especially as a business approaches a transition. Any ongoing legal battles can hinder a smooth transition and potentially impact the business's overall value.

MAXIMIZE BUSINESS VALUE BOOK: https://amzn.to/2AvazXT
MAXIMIZE BUSINESS VALUE PLAYBOOK: https://amzn.to/3Vv2KWq

Schedule a time with Tom: http://calendly.com/tombronson

CONNECT WITH TOM
Facebook: https://www.facebook.com/masterypartners
LinkedIn: https://www.linkedin.com/in/tom-bronson/
Website: https://www.masterypartners.com/

Please be sure to like and follow for more great content to help YOU maximize YOUR business value!

Tom Bronson is the founder and President of Mastery Partners, a company that helps business owners maximize business value, design exit strategy, and transition their business on their terms. Mastery utilizes proven techniques and strategies that dramatically improve business value that was developed during Tom’s career 100 business transactions as either a business buyer or seller. As a business owner himself, Tom has been in your situation hundreds of times, and he knows what it takes to create and implement the right strategy. Tom is passionate about helping business owners and has the experience to do it.

© 2023 Mastery Partners, LLC.

In this week's episode of the Maximize Business Value Podcast, we unravel the critical topic of legal counsel with Chapter 23 - "Hire or Rent a General Counsel." Join us as Tom sheds light on why having the right attorney is a game-changer for your business.

Attorneys, like doctors, specialize, and not all lawyers are cut from the same cloth. Tom emphasizes the need for a business attorney as your General Counsel (GC) — someone well-versed in business law, capable of navigating the legal complexities unique to your industry.

For large businesses, having an attorney on staff may be feasible, but for most, it's not financially viable. Tom suggests a brilliant alternative: "renting" a set number of hours each month. He shares his personal experience with a ten-hour monthly retainer, ensuring steady legal oversight without breaking the bank. The hours are use-it-or-lose-it, encouraging thorough legal reviews without hesitation.

In this episode, Tom provides insightful questions to ask when hiring a fractional general counsel, emphasizing the value they bring to your business. He highlights real scenarios where legal advice proved invaluable, showcasing the impact a trusted attorney can have on your business's success.

MAXIMIZE BUSINESS VALUE BOOK: https://amzn.to/2AvazXT
MAXIMIZE BUSINESS VALUE PLAYBOOK: https://amzn.to/3Vv2KWq

Schedule a time with Tom: http://calendly.com/tombronson

Our latest eBook: https://www.masterypartners.com/ebooks

CONNECT WITH TOM
Facebook: https://www.facebook.com/masterypartners
LinkedIn: https://www.linkedin.com/in/tom-bronson/
Website: https://www.masterypartners.com/

Please be sure to like and follow for more great content to help YOU maximize YOUR business value!

Tom Bronson is the founder and President of Mastery Partners, a company that helps business owners maximize business value, design exit strategy, and transition their business on their terms. Mastery utilizes proven techniques and strategies that dramatically improve business value that was developed during Tom’s career 100 business transactions as either a business buyer or seller. As a business owner himself, Tom has been in your situation hundreds of times, and he knows what it takes to create and implement the right strategy. Tom is passionate about helping business owners and has the experience to do it.

© 2023 Mastery Partners, LLC.

In this week's episode of the Maximize Business Value Podcast, we explore Chapter 22 - "Re-Examine Your Tax Status." Join us as we delve into the crucial aspects of understanding and optimizing your business's tax status.

Tom emphasizes that while most business owners can identify their corporate structure (C Corp, S Corp, LLC, Partnership, etc.), many can't explain why they've chosen that structure or when they made that decision. It's common for business owners to consult with an attorney or CPA during the initial setup of their corporate structure, but this is often the last time they revisit this important aspect of their business.

However, it's essential to recognize that business situations evolve over time. Tax laws change, ownership may shift, and what was the best structure for your business five, ten, or twenty years ago might not be ideal today.

Tom highlights the importance of engaging in a three-way conversation between you, a tax professional, and a business attorney. This approach ensures that your corporate structure aligns with your business situation.

Join us on the Maximize Business Value Podcast as we explore Chapter 22, "Re-Examine Your Tax Status." It's your roadmap to tax efficiency and optimal corporate structure!

MAXIMIZE BUSINESS VALUE BOOK: https://amzn.to/2AvazXT
MAXIMIZE BUSINESS VALUE PLAYBOOK: https://amzn.to/3Vv2KWq

Schedule a time with Tom: http://calendly.com/tombronson

Welcome to another insightful episode of the Maximize Business Value Podcast! This week, we delve into Chapter 21 - "Execute Buy-Sell Agreements." Join us as we explore the critical importance of securing the future when multiple shareholders are involved in your business.

Tom Bronson underscores the paramount significance of having buy-sell agreements in place. These agreements are like the "marriage contract" of business relationships, determining what happens to a shareholder's stake if they leave the business, pass away, or if disagreements become insurmountable.

Just as in personal relationships, business partnerships can start out exciting and amicable, but over time, differing opinions and changing circumstances can arise. In some cases, the best course of action is for the relationship to dissolve. Buy-sell agreements protect everyone involved by providing a roadmap for these situations, making transitions smoother and protecting the business's value.

This episode highlights the value of foresight and preparation in safeguarding your business's future and ensuring that shareholder relationships remain fair and equitable.

MAXIMIZE BUSINESS VALUE BOOK: https://amzn.to/2AvazXT
MAXIMIZE BUSINESS VALUE PLAYBOOK: https://amzn.to/3Vv2KWq

Schedule a time with Tom: http://calendly.com/tombronson

Welcome to another enlightening episode of the Maximize Business Value Podcast! This week, we explore the compelling insights of Chapter 20 - "Address & Institutionalize Any Employee, Family, or Shareholder Issues." Join us as we uncover the pivotal role of clear communication and documentation in your business's success.

Tom underscores the importance of addressing unusual business practices and unique relationships with shareholders and stakeholders. The key takeaway is the significance of memorializing these arrangements in writing. By doing so, you prevent misunderstandings and ensure that everyone involved shares a common understanding.

This chapter's lessons emphasize the power of written agreements and contracts in the business world. For example, if you promise an employee ownership in the company, why not put it in writing? Clarity and specificity are paramount. Tom's wisdom extends to the potential pitfalls of sharing your thoughts or plans without commitment. Telling employees you're "thinking about" something can lead to confusion and unintended expectations.

Tom shares a personal anecdote that highlights the importance of clear, written agreements to avoid misunderstandings and disputes. In the end, being specific and documenting your agreements is essential to preventing future issues and fostering a harmonious business environment.

MAXIMIZE BUSINESS VALUE BOOK: https://amzn.to/2AvazXT
MAXIMIZE BUSINESS VALUE PLAYBOOK: https://amzn.to/3Vv2KWq

Schedule a time with Tom: http://calendly.com/tombronson

This week, we explore the insightful world of Chapter 19 - "Consolidate Ownership." Join us as we delve into the intricacies of streamlining ownership and its profound impact on your business's transition and success.

Tom shares a compelling personal anecdote that vividly illustrates the potential pitfalls of having too many owners within a company. What may start with just a couple of owners can quickly snowball into dozens or even more, as firms break up or shares are divided among multiple family members upon a shareholder's passing.

This chapter highlights the significant challenges that can arise from a fragmented ownership structure. Minority owners, although they may have rights, can slow down transition processes significantly with litigious actions. It's a critical lesson in ensuring that your ownership structure aligns with your long-term business goals.

MAXIMIZE BUSINESS VALUE BOOK: https://amzn.to/2AvazXT
MAXIMIZE BUSINESS VALUE PLAYBOOK: https://amzn.to/3Vv2KWq

Schedule a time with Tom: http://calendly.com/tombronson

Our latest eBook: https://www.masterypartners.com/ebooks

CONNECT WITH TOM
Facebook: https://www.facebook.com/masterypartners
LinkedIn: https://www.linkedin.com/in/tom-bronson/
Website: https://www.masterypartners.com/