Maximize Business Value Podcast

In this episode, we dive into a crucial strategy from Chapter 38 of the Maximize Business Value Playbook: the importance of diversifying your suppliers. While it may seem counterintuitive following our discussion on rightsizing service providers, having a variety of reliable suppliers is essential to ensure your business's resilience and operational continuity.

Discover why placing all your bets on a single supplier could be a risky move, especially in a world where natural disasters and unforeseen circumstances are more common than ever. We'll share real-life examples, including a close call with a tornado, that highlight the importance of being prepared. Join us as we explore actionable steps to create a robust backup plan for your critical suppliers and service providers, safeguarding the long-term sustainability of your business.

Tune in to learn how to strike the perfect balance between efficiency and security in your supplier relationships, ensuring your business remains unshakeable no matter what comes your way.

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 a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon.
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Are you tangled in a web of service providers, each adding complexity rather than value to your operations? This week on the Maximize Business Value Podcast, Tom Bronson takes us through a game-changing strategy from Chapter 37: Rightsizing Your Service Providers. It's all about striking the perfect balance between consolidation and diversity in your business relationships to unlock operational efficiencies and cost savings. 📉➡️📈

Tom dives deep into what it means to 'rightsize' your service providers — adjusting to not just a smaller number, but the right number that aligns with your business goals. Learn how simplifying your roster of vendors can lead to better relationships, improved support, and, importantly, lower costs. We're talking serious simplification with significant impact, inspired by a case study where a large restaurant chain went from juggling 36 technology providers to working seamlessly with less than 10. 🍽️💻🔍

Whether you're a small startup or a growing enterprise, the principles of rightsizing can revolutionize the way you operate. Tune in to discover actionable insights on how to evaluate, consolidate, and optimize your service providers for a leaner, more efficient business model. Remember, it's not about having fewer providers; it's about having the right ones. Don't miss out on this essential episode for any business looking to cut costs and streamline operations. 🎧💼

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 a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon.
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Ready to dive deep into the game-changing world of Key Performance Indicators (KPIs) and how they can turbocharge your business's growth? You're in luck! In this episode of the Maximize Business Value Podcast, we delve into the transformative power of Key Performance Indicators (KPIs) with host Tom Bronson.  Whether you're leading a startup or optimizing an established company, understanding how to harness the potential of KPIs is crucial for informed decision-making and sustainable growth.

Tom expertly navigates through the significance of combining leading and lagging indicators, the art of setting SMART goals, and the imperative of customizing KPIs across different departments of your business.  Learn how to translate metrics into actionable insights that propel your business forward, enhancing operational efficiency and customer satisfaction. No need to be a data expert; this episode is designed to empower all business leaders to make metrics work for their success. 

Tune in as we explore Chapter 36 of the MBV playbook, transforming the concept of KPIs from a daunting task to a strategic asset. Don’t forget to subscribe and activate notifications for a weekly infusion of business wisdom. Together, let's navigate the path to maximizing business value!

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 a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon.
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Join Tom Bronson in this pivotal episode of the Maximize Business Value Podcast as he unveils the transformative power of documenting company processes. Tom asserts that if business owners prioritize just one action item from his book, it should unequivocally be this: meticulously document all company processes.

Tom emphasizes that a business with clearly documented, repeatable processes inherently holds greater value than one lacking structured procedures. The advantages of solid, documented processes are multifaceted and profound:

1. Error Reduction: Documented processes significantly decrease the likelihood of serious errors, fostering operational accuracy and efficiency.
2. Efficient Training: Streamlined processes facilitate easier and more efficient training for new hires, minimizing onboarding time and knowledge gaps.
3. Regulatory Compliance: Documented procedures ensure adherence to regulatory and compliance requirements, mitigating risks and liabilities.
4. Consistency and Expectations: Clearly defined processes set expectations for task execution, fostering consistency and standardization across departments.
5. Risk Mitigation: Documented processes mitigate risks associated with operational ambiguity and reliance on tribal knowledge.

Tom draws an analogy to the childhood game telephone, illustrating how operational knowledge can become distorted and fragmented over time without documented processes. As businesses expand and personnel turnover occurs, the absence of documented procedures can lead to operational chaos and detachment from the owner's vision.

While the prospect of documenting processes may seem daunting, Tom offers a pragmatic approach to initiation:

1. Start Small: Begin by documenting critical processes incrementally, gradually expanding documentation efforts over time.
2. Prioritize: Focus on documenting processes with the highest impact on operational efficiency, risk mitigation, and regulatory compliance.
3. Allocate Resources: Dedicate sufficient resources and personnel to the documentation process, ensuring comprehensive coverage across all business functions

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 a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon.
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 In this week's episode of the Maximize Business Value Podcast, Tom delves into the transformative power of implementing a robust business operating system (BOS). Join Tom as he explores the myriad benefits of adopting proven frameworks like EOS, Rockefeller Habits, Business Made Simple, OKRs, Lean Manufacturing, and Open Book Management.

Every business inherently operates on some form of operating system, whether consciously crafted or organically evolved. However, the key lies in adopting a structured BOS to drive performance, set goals, monitor progress, and achieve results effectively. These systems provide a framework for accountability, ensuring alignment with organizational objectives and fostering a culture of continuous improvement.

With an array of BOS options available, Tom suggests exploring renowned methodologies outlined in influential books by thought leaders like Gino Wickman, Verne Harnish, Donald Miller, John Doerr, James P. Womack, Daniel T. Jones, and Jack Stack. While each system may have its unique elements, they all share a common goal of enhancing organizational efficiency and maximizing business value.

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 a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon.
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In the latest episode of the Maximize Business Value Podcast, Tom delves into the transformative power of implementing incentive plans at every level within an organization. Join as he explores the intricacies of developing effective incentive plans that drive results, boost morale, and elevate the overall value of the business.

While many companies have incentive plans for sales and management roles, Tom underscores the importance of extending incentive structures across various functional areas. He emphasizes the need for these plans to be intricately tied to specific targets and results, ensuring they don't become entitlements disconnected from organizational objectives.

Tom introduces the concept of tying incentives to the most critical objectives for each job role, aligning them with factors that drive increased business value. Moreover, he highlights the significance of including a profitability component, reinforcing the idea that incentives should only be rewarded when the business is thriving.

Incentives, as Tom suggests, don't always have to be monetary; creativity in incentive structures can yield remarkable results. Tom shares anecdotes of unconventional incentives, from parties and lunch trips to dunking booths, underscoring the point that monetary rewards might not be the sole motivator for employees.

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 a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon.
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In this week's Maximize Business Value Podcast, Tom Bronson emphasizes the critical imperative of prioritizing employee safety and wellbeing. Join him as he explores why this practice is not just common sense but a key driver of a positive workplace culture and increased business value.

Tom dispels the myth that safety and wellbeing merely revolve around meeting OSHA requirements. Instead, he highlights how fostering a safe workplace contributes to heightened productivity and creates a positive environment where open communication flourishes. A culture of safety extends beyond physical safety, encompassing the emotional and mental wellbeing of employees.

Drawing from personal experiences, Tom candidly shares instances where he recognized the need for change and the transformative impact it had on workplace dynamics. He emphasizes that a business unwilling to prioritize safety and wellbeing risks becoming an undesirable place to work, ultimately diminishing its overall value.

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 a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon.
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Dive into this week's episode of the Maximize Business Value Podcast as Tom delves into Chapter 31 - "Cross-Train Employees." Discover why cross-training is not just a good idea but an essential practice, particularly in small businesses.

In this episode, Tom explores the potential risks small businesses face when relying on a single individual for crucial tasks, especially when these processes are not documented. He illustrates scenarios where unforeseen events, such as accidents or prolonged illnesses, can disrupt business operations. While businesses may survive, the unnecessary pain and challenges could be mitigated with cross-training.

Tom emphasizes the positive impact of cross-training on employee engagement and business stability. Employees appreciate the opportunity to diversify their skill set, and the business benefits from a proactive approach to operational stability.

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 a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon.
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In this week's episode of the Maximize Business Value Podcast, Tom explores the profound significance of Chapter 30 - "Listen to ALL of the Employees." Drawing from his wealth of experience and the wisdom of mentors, Tom emphasizes the invaluable insights that frontline employees possess.

Tom's mentor's advice echoes through the episode: "If you want to learn something, go to the people who do the work." Tom recounts how this advice has been a cornerstone of his successful career, fostering trust with his teams and instigating a culture of open communication. He highlights that although not every suggestion is implemented, engaging in a dialogue with frontline employees has been instrumental in building thriving companies and successfully transitioning them.

Tom shares a personal example of his practice of randomly selecting employees for lunch, sans agenda, to genuinely get to know them. This approach consistently revealed unexpected insights that contributed to the improvement and growth of his businesses.

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 a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon.
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Join Tom in this week's insightful episode of the Maximize Business Value Podcast as he delves into Chapter 29 - "Don’t Underinvest In Your Human Resources Leader." Discover the pivotal role that Human Resources (HR) plays in business success and why underinvesting in this crucial area can lead to significant challenges.

Tom shares his experiences with businesses that started small, quickly expanding beyond the capabilities of their HR leaders. Often, in the early stages, the finance person takes on HR responsibilities. However, as the company grows, this makeshift approach may not suffice. Tom recounts a scenario where a diligent payroll administrator found herself overseeing HR for a 250-person organization without the proper training.

Recognizing the need for expertise, Tom engaged a fractional HR executive, who assessed the HR department and recommended specific training. The administrator successfully obtained her SHRM (Society of Human Resources Management) certification, ensuring she was equipped to handle the HR challenges of a larger organization. Tom highlights the value of the fractional HR executive model, which provides part-time executive leadership over HR, identifying potential risks and offering strategic guidance.

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 a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon.
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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 a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon.
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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 a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon.
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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 a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon.
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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 a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon.
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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 a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon.
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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 a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon.
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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
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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 a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon.
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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

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 a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon.
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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

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 a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon.
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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/

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 a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon.
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