Maximize Business Value Podcast

Is It Time To Join MasterYclass? (#91)

January 10, 2022 Tom Bronson Episode 91
Maximize Business Value Podcast
Is It Time To Join MasterYclass? (#91)
Show Notes Transcript

Surprise! This week's episode is a bonus before the finale of the 2022 Growth Initiatives series, which provides a clear route for business owners to successfully transition their business. As a business owner, we all make daily decisions that affect the future of your business. MasterYclass is a twelve month program designed to help you make those decisions, especially during a transitional period. Listen now to learn about the benefits, and sign up now at mbvmasteryclass.com!

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, he has been in your situation a hundred times, and he knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Want to chat more or think Tom can help you?  Reach out at tom@masterypartners.com or check out his book, Maximize Business Value, Begin with The Exit in Mind (2020).

Mastery Partners, where our mission is to equip business owners to Maximize Business Value so they can transition their business on their terms.  Our mission was born from the lessons we’ve learned from over 100 business transactions, which fuels our desire to share our experiences and wisdom so you can succeed.

1 (5s):

The maximize business value podcast. This podcast is brought to you by mastery partners, where our mission is to equip business areas, to maximize business value so they can transition their business on their terms. Our mission was born from the lessons we've learned from over 100 business transactions, which feels our desire to share our experiences and wisdom. So you can succeed. Now, here's your host, the CEO of mastery partners, Tom Bronson.

 

0 (35s):

Hi, this is Tom Bronson and welcome to maximize business value. A podcast for business owners who are passionate about building long-term sustainable value in their businesses. So I want to start today with a confession. I have a confession to make. If you listened to last week's episode, I lied to you last week, we covered 11 of the 22 things. Every business owner needs to do in 2022. And I told you that this week we were going to cover the rest of those 22 things. Well, that was a lie. Now, before you go judging me too harshly, I promise to cover those things next week.

 

0 (1m 19s):

But today I want to interrupt our normal programming to tell you about something that can transform your business in 2022. Now we all come to a fork in the road, a Y in the road, and we have to decide every day, which way to go now as a business owner, this happens all the time. You have to decide which way is best for you and your business, your employees, and your customers. Look, I've been there. I understand what it takes in order to make those decisions. The decisions you make today affect the future of your business.

 

0 (2m 4s):

It affects your value tomorrow. The value payday may seem like a long way off, but what you do now matters when it comes to being ready to transition your business, will you be ready? Will you be able to get the maximum value for your business? I think this fork in the road or Y in the road has a double meaning as Simon Sinek would say, start with why, which is a great question to ponder. As you think about your ideal business state and your future transition.

 

0 (2m 48s):

83% of attempted business transitions failed to reach the finish line. That's right. Only one insects businesses that actually wants to transition reaches the goal stated in another way, only 17% of business owners will be able to transition on their terms. Just saying that makes me mad as hell. It shouldn't have to be that way. And we're out to fix that here at mastery partners. And I know what you're thinking that won't happen to me. So let's talk about the top three reasons.

 

0 (3m 30s):

Businesses fail to transition on their terms. First, some businesses are just completely unprepared for transition for most business owners. This is a once in a lifetime transition, so they haven't given much thought to what it takes to prepare their business for that transition. And frankly, there are a few resources available to them when it comes to learning how to transition a business. Second is unrealistic expectations of enterprise value. This is the number one deal killer. Most business owners don't really understand the value of their business and therefore have an unrealistic expectation based on emotion rather than facts.

 

0 (4m 19s):

And the third reason that businesses well, there's lots of reasons, but the third reason I'm going to highlight today for businesses that don't transition is there's no strategy in place. Did you know that 72% of business owners have no exit strategy at all. And 48% of business owners who want to sell their businesses right now have no exit strategy. Now that's alarming to me, but it's not their fault. There's so little information out there about how to prepare a business for transition. The maximize business value masterYclass can help you maximize business value in your business.

 

0 (5m 4s):

Step-by-step in just a few hours each month. I'll get back to that. Let's explore these reasons a little bit deeper. Remember no strategy. The, think about a race. If you are running a race and there's no finish line, you just keep running and running and running. Take that a step further. What if you know where the starting line to that race is, but it has no finish line. We would just run and run and there's never an end in sight. Of course, that just sounds ridiculous, but that's exactly what so many business owners do.

 

0 (5m 48s):

They start a business and quickly get second to the day-to-day operation of the business and never take the time to develop a clear well-defined strategy, not just an exit strategy, but exit strategy is business strategy. Business. Many businesses fail to transition because they're just not ready for that transition. Business owners are typically great at holding their employees accountable, but who holds them accountable? Do you ever set goals and just lose momentum and ultimately give up on the goal or let yourself off the hook or just kick the can down the street.

 

0 (6m 32s):

Do you have close confidence in the business? That can be your sounding board and hold you accountable for achieving your goals. Both personal and professional. Every business owner needs to surround themselves with the right people. People who will encourage them and occasionally have that hard conversation with them. That's why every business owner should surround themselves with the right people, both inside and outside the business insider sometimes have blind spots. And that's why it's important to sometimes have outsiders who can offer a fresh perspective on the business, surrounding yourself with the right people who are doing the right things will help you prepare the business for a transition.

 

0 (7m 21s):

Now I've been a member of peer groups for years, and I can't tell you how important they've become to me and my businesses. Here are some of the benefits to being in a peer group. They provide resources because none of us is as smart as all of us. They provide a circle of trust, surround, you know, sounding boards to make ideas, better problems seem easier. And success seems sweeter. When you've got a circle of trust, they provide support professional and emotional support because frankly it's just lonely at the top. They provide accountability.

 

0 (8m 3s):

So you can identify your blind spots, hotspots and soft spots. Peer groups are just better together. The power of a peer group can make a pivotal difference to you in your ability to succeed. They provide an opportunity for better mental and physical health. Don't forget. We're all designed to be in community. Now, if you want to learn more about the power of peer groups, I encourage you to search the maximize business value podcast for the episode on the power of peer groups. And I encourage you to download that episode wherever you find your podcasts to learn more.

 

0 (8m 44s):

Now, if you don't know where to find podcasts, you can always ask your Alexa to play the maximize business value podcast. It's kind of fun to do that. Now, in addition to peer groups, I made a lifelong commitment to learning. That's why I read so many books and attend so many conferences and webinars. Take the time to step back and sharpen your saw whether it's our masterYclass or some other educational opportunity, take the time to learn and put that knowledge to good use in your business. Frankly, sharpening the saw is perhaps the best thing you can do in your business now, knowing the right things to do and doing them are different.

 

0 (9m 34s):

Knowing the right things to do is just not good enough for us here at mastery partners. We want you to be in the 17% club. Perhaps you listened to our podcast series on the 17% club, and we've got a new 17% club series coming up in a couple of weeks. The 17% club is the fraternity of business owners who have successfully transitioned their business for you to be in that 17% club. You have to work at it much earlier than most business owners. Think. Now we have a couple of ways that we can help you do that.

 

0 (10m 14s):

So now I'm going to show you how we can help you be a 17% or by maximizing the value of your business. Two things I want to talk about today, wherever that fork in the road from the beginning of the podcast, we have two ways. We do that, a fork two ways, two ways for you to go and get to the same place, maximize business value and transition. Ready. Now you can go the fast lane, perhaps you've already done some of those actions, some of the things to get your business ready. You've joined a trusted peer group and you have a valuation on your business already.

 

0 (10m 58s):

You just need to figure out how to maximize the value in your business. And we can help you do that. We have a four step process to define and execute the ultimate exit strategy. You've heard me talk about this before. Step one, the transition readiness assessment. It's all about understanding where the business is today because we examine over 500 points in the business to understand what you're doing, right, what you're doing wrong and what needs to be just tweaked a little bit. The end result is a 30 to 50 page heat map. We call it that grades the business overall, and each department separately on how ready it is as if a transition were to happen tomorrow.

 

0 (11m 44s):

Some areas may be ready and others may not. This assessment tool will help you understand, which is which we also provide an opinion of enterprise value. So step one is a snapshot in time that will tell you how ready you are and what your business is worth. And step one, step two is the roadmap for value acceleration. This is where we take the data from the tra and then really talk with the business owner to understand the ideal desired outcome. What it looks like, the type of transition desired, the value of the business in the perfect timing for that transition.

 

0 (12m 30s):

Since we already know where you are from the transition readiness assessment. Once we understand where you want to be, we can design a custom strategy to get you there. Think of it as a Gantt chart on steroids that tells you specifically what you need to do quarter by quarter to reach your desired outcome. And that's what we call the roadmap for value acceleration. Step two, in our process, step three is the relentless execution phase where you execute the strategy that we developed in step two. Now you can do this step on your own sort of a DIY model or by partnering with mastery partners and we'll hold you accountable and execute the strategy together.

 

0 (13m 22s):

And then once that's complete, you're ready for step four it's decision time. Are you ready to transition or are you having so much fun and making so much more money that you want to just keep going? The beauty is now you'll have options. And if you're ready, then it's time to transition on your terms. Now jumping right in and doing a tra is right for some business owners who want to be in the fast lane. If however, you simply want to take the time or don't have the time to dedicate to this intensive process right up front, we have a second option before.

 

0 (14m 5s):

Remember we have two ways to go. The fork in the road, option two might be ready for you. Option two is the maximize business value masterYclass. The masterYclass is a program that lasts 12 months and it's just bite-sized pieces of step one, the transition readiness assessment over the course of a year. Now our next class is starting soon. So let's get into some of the details of what's involved in the masterYclass, in the masterYclass. Here's what you can expect. We'll meet once a month as a group in a monthly virtual masterYclass, you'll be part of a peer group with like-minded.

 

0 (14m 53s):

Other business owners. You'll have a monthly one-on-one with me to dive deeper into your specific business. We'll build your leadership toolbox with lessons. You can apply in your business for immediate results and you'll have access to our trusted network of advisors to help you every step of the way. So let's look at doing a little bit of a deeper dive into each one of these, the masterYclass, we'll meet virtually as a group once a month, and we'll break that meeting into three sections. First, you'll get to know your fellow classmates and we'll build that peer group community together to support one another in our businesses.

 

0 (15m 41s):

Second, we'll work through the transition readiness assessment as a group. And finally, you'll add lessons to your leadership toolbox that you can put to use immediately in your business. In the masterYclass, we'll spend about an hour each month to work through a section of the tra where you'll be able to grade your business on each of the 500 questions of the assessment. By the end of the class, you'll have a complete assessment for your business department by department, and you'll know exactly how your business is doing.

 

0 (16m 21s):

Every business owner also needs a tribe, a group of trusted folks who can provide advice and input in a confidential judgment free zone. The masterYclass will give you that tribe of other business owners who are focused on the same thing. Finally, on our masterYclass, you'll learn great lessons in leadership that you can put to work right away in your business. And we call that the leadership tool box in the leadership toolbox. Here's some of the things you will get our productivity on steroids class, where we talk about the Ivy Lee method for peak performance net time or no extra time, time savers.

 

0 (17m 8s):

You'll learn about intentional procrastination. One of my favorite things, and you'll, we will learn how to take massive action every day. We'll get some financial tools. We'll talk about budgeting, cashflow modeling, key performance indicators and identifying tax credits in your business. You'll get some operating tools for your business. We'll talk about the culture index. We'll talk about the entrepreneurial operating system as detailed by Gino Wickman in his book, traction. And we'll talk about driving innovation in your business. You'll get some growth tools. We'll talk about story branding and building a StoryBrand for your business and you'll get sales growth strategies, and you will get some life planning tools, including the green box exercise.

 

0 (18m 0s):

If you don't know what that is, go back and listen to our podcasts. At the end of last year, each one of these lessons properly implemented in your business will give you an immediate return on investment in the program. In addition to the monthly masterYclass group, you'll also get a one-on-one with me where we'll dive deeper into the issues that are currently impacting your business. We'll talk about how to apply each of the monthly lessons in your business and think of it as coaching tailored for you and your business.

 

0 (18m 41s):

And you'll also get access to our experts. We built a network of trusted experts that will make guest appearances on the masterYclass, where they'll be presenting some of the toolbox lessons and they'll offer you free consultations on issues impacting your business as well. Don't take my word for it. Let's hear what some of the current masterYclass members have said. One of our class members said as a business owner with 20 years experience a lot of degree and an MBA I've taken a wide range of courses on business topics. These include a year long course with the small business administration and the Goldman Sachs 10,000 small businesses course, Tom Bronson's course is far and away.

 

0 (19m 28s):

The most useful, the masterYclass, extensive personal experiences taught by Tom the circle of knowledge of outside speakers and the structured approach to analyzing strengths and weaknesses of the business show owners, how to create a well-run business so that they can sell it. When they're ready to exit. Given that only 17% of small business owners successfully exit learning how to do it from a master is a must in my experience, nothing compares to Tom Bronson. Another one of our masterYclass participants. Now graduate says I've been in business for awhile, but the accountability from Tom during our one-on-ones has really helped move my business forward.

 

0 (20m 14s):

I highly recommend the masterYclass and from another graduate when they wrote this, they were currently in the program. And if they said, I want to be Tom Bronson, when I grow up, I love the transition readiness process. It's so thorough and I love the toolbox lessons. So what's all this going to cost. Let's talk about that transition readiness assessment could cost anywhere from five to $25 and opinion of enterprise value can range from about 4,500 to 15,000.

 

0 (20m 54s):

And I've heard of some that cost as much as 50,000 peer group programs range from 12 to 25,000 a year. Think of Vistage, the alternative board or the entrepreneurs organization. They're all great programs are worth investing in, but they're not inexpensive toolbox trainings about $2,500. Private one-on-one one hour coaching with me is about $6,000 and tax strategy assessments about twenty-five thousand, all in all the investment in the masterYclass, that everything that you'll get would be between 32 and $65,000, but that's not where we're going to leave it today with a cost of 32 to $65,000.

 

0 (21m 44s):

And with our desire to make this really available to small business owners, we've set the investment at just 12 or a 1250 a month, $1,250 a month. But because you're listening to this podcast and if you're ready to get started, email me tom@masterypartners.com, tom@masterypartners.com master with a Y. And I'll give you a special discount code. Don't tell anyone that's our little secret, but email me now. And it'll be worth it. Heck at 1250 a month, it's worth it at full price, but I got a special discount just because you're listening.

 

0 (22m 31s):

Registration for the class is currently open and the class starts later this month. Now I encourage you to visit M B V - Think of maximize business value - mbvmasterYclass master with a Y mbvmasteryclass.com to sign up for this wonderful program. Look, there are thousands of peer groups, masterminds, and mastery masterclasses that you could join. And frankly, if you join any one of them, they'll probably be great for your business, but we hope you'll consider joining us in the masteryclass, because this is what we're all about.

 

0 (23m 11s):

Ridiculous results, driving them, owning them and achieving them, educating and helping business owners, frankly. That's what gets me out of bed every morning. We're about creating massive value for business owners, just like I have in my businesses. We're all about teaching business owners, our success formula you'll understand what your business is worth today and the things you need to do to take it to the next level. So what you do now matters when it comes to the future value of your business, let's make 2022 count.

 

0 (23m 50s):

Join our masterYclass today. This is the maximized business podcast where we give practical advice to business owners on how to build long-term sustainable value in your business. Be sure to tune in each week and follow us wherever you found this podcast. Give us a suggestion or comment. We'd love your comments. So until next time, I'm Tom Bronson reminding you to sharpen your saw in 2022 and get ready for that future transition event that you've been dreaming about for so long while you maximize business,

 

1 (24m 37s):

Thank you for tuning into the maximize business value podcast with Tom Bronson. This podcast is brought to you by mastery partners, where our mission is to equip business owners to maximize business value so they can transition on their terms, learn more on how to build long-term sustainable business value and get free value building tools by visiting our website, www.masterypartners.com that's master with a Y masterypartners.com. Check it out.

 

0 (25m 22s):

That was perfect. I wouldn't make any changes.