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Oct 16, 2019

Today’s guest is Terry Lammers, Certified Valuation Analyst and co- founder/managing member of Innovative Business Advisors. He was President and Owner of Tri-County Petroleum for 20+ years before joining Regions Bank as VP of Commercial Banking after selling his business in 2010. Armed with vast financial expertise and decades of hands-on business leadership, Terry now works with his team at Innovative Business Advisors to guide business owners looking to sell their enterprises, as well as prospective buyers. Terry’s new book You Don’t Know What You Don’t Know, is an in-depth examination of the process of buying, growing, and eventually selling a business. With Terry’s guidance, both current and aspiring business owners are sure to walk away with a wealth of knowledge and advice to lead them down the path to business success in every stage. Stay tuned and enjoy this episode!

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Show Notes

  • Terry's background - 2:24
  • The opportunity that exists when it comes to finding a business - 3:19
  • Having enough cash flow - 4:44
  • Thinking in buying and selling a property - 7:23
  • A successful acquisition - 9:48
  • Doing a strategic evaluation - 11:49
  • Think about what you want to buy - 15:26
  • Thinking about selling - 16:37
  • Be sure your taxes are done - 17:40
  • The value of the business - 20:32
  • A difference between cash flow and profitability - 22:16
  • Terry's thoughts about buying a business - 24:31
  • Having bankability - 25:48
  • Banks and loans - 27:16
  • Learn how to use debt to buy assets - 28:37
  • Try to minimize your losses in life - 30:30
  • Always keep an open mind! - 32:25
  • Get in touch with Terry - 32:53
  • Coaching clients and his coaching program - 33:40
  • Terry's book - 34:43

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