Latest / Profit With A Plan / EP318 Build to Sell, Build to Scale - Exit Strategy Secrets

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EP318 Build to Sell, Build to Scale - Exit Strategy Secrets · Profit With A Plan

• 0:12
  Marcia Riner | Profit Booster®: And it could be a real win. A company that runs without you, throws off serious profit, and is attractive to buyers that are lined up with offers. In this episode of Profit with a Plan, we're breaking down the moves that make your business sale-ready and wildly successful, whether you sell it or not.
• 0:35
  Marcia Riner | Profit Booster®: Hey entrepreneurs, are you working too hard for too little profit? Well, welcome to Profit with a Plan podcast, where we help you scale smarter, increase profitability, and build a business that's worth more, whether you keep it or sell it.
• 0:48
  Marcia Riner | Profit Booster®: I'm Marcia Reiner, business growth strategist and the profit booster behind Infinite Profit. I've helped countless entrepreneurs to turn their business into highly profitable, sale-ready assets, so they enjoy more income now and a bigger payday later on.
• 1:04
  Marcia Riner | Profit Booster®: So join me for practical strategies and expert insights, as well as proven steps to make your business more profitable, more valuable, and built to last.
• 1:12
  Marcia Riner | Profit Booster®: Today's episode is sponsored by Infinite Profit, where we don't just talk profit, we deliver it.
• 1:18
  Marcia Riner | Profit Booster®: And before we dive in, I've got something special for you. And if you're thinking to yourself, okay, I'm a business owner, and I'm tired of overcomplicated, overpriced marketing strategies that just don't deliver up.
• 1:30
  Marcia Riner | Profit Booster®: Well, listen up!
• 1:31
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• 1:37
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• 1:49
  Marcia Riner | Profit Booster®: Go see it in action at ProfitBooster.biz.
• 1:53
  Marcia Riner | Profit Booster®: Alright, let's jump into today's episode. My guest today is Vince Perry. Vince is an exit strategy expert and a business broker who helps entrepreneurs build companies buyers want to compete to own.
• 2:07
  Marcia Riner | Profit Booster®: At Murtha & Murtha, he works with business owners on everything from figuring out what their company is worth.
• 2:13
  Marcia Riner | Profit Booster®: to tightening operations, to negotiating the best deal possible. And because Vince himself has built and sold businesses, he knows exactly what it takes to scale successfully and step into the next chapter with confidence.
• 2:28
  Marcia Riner | Profit Booster®: All right, welcome, Vince. Welcome to Profit with a Plan Podcast. Happy to have you on today.
• 2:33
  Vince Perri @VincePerriOfficial: Thank you for having me, Marcia.
• 2:35
  Marcia Riner | Profit Booster®: Great! Okay, so we are kindred souls, like, all the way deep down to our toes, because we have similar backgrounds and similar directions that we're guiding, our clients on, and I just love this topic. So, listeners, you are in for a treat today to have the brainpower of Vince and a little bit of sprinkling of me in here as well, so it's gonna be a good show today.
• 3:00
  Marcia Riner | Profit Booster®: But let me ask you a question, Vince. How in the world did you get into business brokering and kind of leaning in on helping people get ready to sell?
• 3:09
  Vince Perri @VincePerriOfficial: Well, I mean, 16 years of entrepreneurship is definitely one of the main reasons. Another one of the main reasons is I actually came from an industry that I realized that wasn't doing so well, and I thought it was the right time to actually make a switch. I think it's very important for the visionaries, the CEOs, the entrepreneurs.
• 3:28
  Vince Perri @VincePerriOfficial: that if you are going to lead a team, you have to have the ability and the confidence to see into the future and see the writing on the wall. And that's basically the reason why I became a business broker, was really because I realized in the middle of last year, and actually early last year, that the industry that I was in, the insurance industry, just didn't really…
• 3:52
  Vince Perri @VincePerriOfficial: It just wasn't…
• 3:55
  Vince Perri @VincePerriOfficial: I just didn't see where… I just… every… I kept seeing it just go in the wrong direction. I hadn't heard any good news for a very, very long time, and I have a team of…
• 4:04
  Vince Perri @VincePerriOfficial: 7…
• 4:06
  Vince Perri @VincePerriOfficial: And I didn't want to lead them to what I thought was coming. And if I'm wrong, then so be it. But if I'm right, I don't want to have stayed on and keep pushing that business when I realized that that wasn't the way. So, I decided to make a switch. Business brokering and exit strategy and business strategy and scaling, to me, is just something that's second nature. Again, you're right, I have scaled several businesses, I have sold one. I've been an entrepreneur for 16 years.
• 4:30
  Vince Perri @VincePerriOfficial: speak the language, and it just fits perfectly with what I know and my knowledge base and everything that I've studied and read over the last 16 years as well.
• 4:39
  Marcia Riner | Profit Booster®: Well, I love it, and I always love this line that I… that I learned a long time ago, because I, too, was in… had insurance as part of my practice as a financial planner years ago, but it's so funny, if you ever want to kill a conversation, tell them you sell insurance, and they'll leave the room immediately. Pretty much.
• 4:56
  Marcia Riner | Profit Booster®: So, yeah, I'm so glad you switched, because I think that, there are so many, hackers and part-timers and people out there selling insurance that it gives that industry a really negative name to it, and there's so much…
• 5:12
  Marcia Riner | Profit Booster®: That is needed in our space, where growth and planning and structuring the company in a right way is so incredibly important, that
• 5:23
  Marcia Riner | Profit Booster®: Sadly enough, many business owners don't focus on, because they're too busy putting out fires and chasing customers, that they don't think about that long-term impact of a few little tweaks to their company could really improve the value and, you know.
• 5:39
  Marcia Riner | Profit Booster®: Thinking again, when business owners are planning, they don't plan early enough to sell their company, and they usually don't get as much as they could have had they have done some of your ideas.
• 5:51
  Vince Perri @VincePerriOfficial: Yeah, I mean, and to your comment with the insurance industry, I mean, it's very difficult to be part of an industry that you're so dependent on…
• 5:59
  Vince Perri @VincePerriOfficial: the insurance industry, that you're so dependent on the government, that you're so depend… whatever that may be, you know, things can change
• 6:07
  Vince Perri @VincePerriOfficial: Like that. And it becomes very volatile. And going back to the actual potential selling of your business, the first thing that a buyer looks at is risk.
• 6:20
  Vince Perri @VincePerriOfficial: And if they think that your business… well, if your industry is a risk, it's gonna be very difficult to sell.
• 6:27
  Vince Perri @VincePerriOfficial: And then we can now go to the business side, where if there's any high risks in your business.
• 6:32
  Vince Perri @VincePerriOfficial: it just makes it much more difficult to sell. One of the first things that we do when we look at a business is we start by de-risking. That's usually the first thing that we do. So we try to minimize risk. So, you know, what are the systems and processes? Are they actually put in place so that if the… am I allowed to curse?
• 6:48
  Marcia Riner | Profit Booster®: Yeah, sure!
• 6:50
  Vince Perri @VincePerriOfficial: If this shit hits the.
• 6:51
  Marcia Riner | Profit Booster®: Like.
• 6:52
  Vince Perri @VincePerriOfficial: Is there a system in place that could actually get you out of it? Which is also the reason why you have to have good employees, because if a key person gets let go, or, God forbid, dies, you know, needs to be able to… you should have somebody else that you could put in that role right off the bat to go ahead and keep that thing going. So, you know, risk is something very important, and I agree with you. I mean, I just think that…
• 7:14
  Vince Perri @VincePerriOfficial: I would not be where I am today.
• 7:17
  Vince Perri @VincePerriOfficial: Not only in my success, but just in my knowledge base, if it wasn't for learning how to do this. Like, it's not so much of the experience, that's also one thing, but I've had to read a lot of books, I've paid for a lot of coaching, I've taken a lot of courses to get to the knowledge base where I'm at today, and like you said, you know, the electrician that has the idea to start an electrician company knows a lot about electrician stuff.
• 7:42
  Vince Perri @VincePerriOfficial: And once you start actually running the business, you realize, usually within a… usually within about a year, that, holy crap, there's more to this. I can't do every job. And it's… I love when people say, when somebody says, oh, I'm overwhelmed, and, you know, that person who doesn't know likes to say, oh, well, you should be lucky, you've got work. And it's like, yeah, but this is not fun either, I might as well just go work for another electrician if I'm just gonna be having a job.
• 8:07
  Vince Perri @VincePerriOfficial: you need to really properly learn how to…
• 8:11
  Vince Perri @VincePerriOfficial: I guess it's back away from your company and actually run the company. It makes your life a lot easier, it makes the… it makes business ownership much easier, it makes entrepreneurship much more enjoyable, because I've been there.
• 8:23
  Marcia Riner | Profit Booster®: And it makes it very attractive to the potential buyer, knowing that your company has run well.
• 8:32
  Marcia Riner | Profit Booster®: And that, you know, they're not buying your headache, they're buying your profit center, right? And… and I think that's… that's the really… the really important things, and it's done… it's very…
• 8:45
  Marcia Riner | Profit Booster®: simple on paper. Could be a little challenging to execute, but like you mentioned, de-risking, right? Getting… getting… making sure that your… your business is actually gonna be open tomorrow, and you've got a stream of clients coming in, and your employees
• 9:03
  Marcia Riner | Profit Booster®: know where everything is and have relationships, right? And you've got no crazy skeletons in the closet. I mean, there's probably a dozen different risks that, you know, could attack your company that you can control. There are those that you can't control, right? Like taxes or, you know, industry situations, or like these crazy tariffs that are, you know, going on. Those are things that are
• 9:28
  Marcia Riner | Profit Booster®: Out of our control.
• 9:30
  Marcia Riner | Profit Booster®: But there are many things that you can control, and you should control.
• 9:35
  Vince Perri @VincePerriOfficial: Absolutely, I mean, a thousand percent. You know, we were just… I was just, on my podcast, I was talking to a… I had a guest that was a business broker, and he was telling me about a situation where the easiest way during a brokering of a deal to de-risk it is really being very upfront with anything and everything that's going on within the business. So, for example, we….
• 9:55
  Marcia Riner | Profit Booster®: In the industry.
• 9:56
  Vince Perri @VincePerriOfficial: Yes. So we had a business not too long ago, on the closing table, Marcia, at the closing table.
• 10:02
  Vince Perri @VincePerriOfficial: they found out that a handful of the employees were, unfortunately, illegal immigrants. So, like, it was a deal-breaker.
• 10:11
  Vince Perri @VincePerriOfficial: Because these were key, these were actually very important employees to actually getting the job done, and it ended up just completely busting the deal. Whereas.
• 10:19
  Vince Perri @VincePerriOfficial: If the business owner or seller would have disclosed this information from the beginning, then the buyer could have just either, as a broker, I could have presented it in a way that says, hey, here's the advice… here's the situation, here's how you could proceed with this, or even the buyer can now be like, okay, I still like the business, now that I know this, I know that I have to do that in order to get that solved. But if you do it at the closing table, it's like, okay, now, what else is there?
• 10:44
  Vince Perri @VincePerriOfficial: there that I don't know about that you haven't told me about, you know?
• 10:47
  Vince Perri @VincePerriOfficial: Exactly. So just being upfront and honest, and I think being successful in business, I've learned over the years.
• 10:52
  Vince Perri @VincePerriOfficial: Believe it or not.
• 10:54
  Vince Perri @VincePerriOfficial: When people say, oh, that's just a businessman, oh, he's a businessman, you know, we can't trust that person, you know, and it's just like, I think if you're gonna be successful in business, you have to be able and willing to help others, and really just be open and honest, and that's the most successful business people that I know.
• 11:08
  Marcia Riner | Profit Booster®: I love it, I love it. Now, here's the great thing about all of these conversations that we're going to talk about on today's show, is that they don't just represent when you're selling your business, they also make your business really nice to own, where you might go, wow, I might keep it a little bit longer, you know?
• 11:28
  Marcia Riner | Profit Booster®: hey, really? My kids might really want this business now, which is almost unheard of in today's time and age.
• 11:36
  Marcia Riner | Profit Booster®: But, I mean, having that strength in the company itself gives you
• 11:41
  Marcia Riner | Profit Booster®: more… more… more freedom that we'd signed up for. It gives you, what, more… more income that we want for, right? Less stress, you know, something that's really…
• 11:54
  Marcia Riner | Profit Booster®: You know, running! Running well.
• 11:57
  Vince Perri @VincePerriOfficial: And I think that's what we all strive for, but we get into these nasty habits of, you know.
• 12:02
  Marcia Riner | Profit Booster®: doing things we shouldn't be doing, or letting the leak go for that much longer, or not telling people about the legal, aliens that we have… have hired. Why not do something really good with that, and try and get them citizens? Have them become citizens?
• 12:18
  Marcia Riner | Profit Booster®: You know, what a benefit to their family and the community and your business.
• 12:24
  Marcia Riner | Profit Booster®: to help them.
• 12:25
  Vince Perri @VincePerriOfficial: I think being a successful business owner, I think you're… you're not even… when you become the business owner, and you just make that first hire, I think you are no longer the thing that you do. So again, we'll go back to the electrician, like, you're no longer an electrician, like, you're in the people business now.
• 12:38
  Marcia Riner | Profit Booster®: Mmm.
• 12:39
  Vince Perri @VincePerriOfficial: once you start having people that work under you, number one, you're gonna obviously be the one that's going to network and build big relationships to increase revenue, and so on and so forth, but now you become a leader, and it's your job to really empower those around you. It's not just telling them what to do, because if you keep telling them what to do, they're gonna keep coming to you to ask you, and you really haven't done anything. I learned over just the past couple of years, too, by the way.
• 13:03
  Vince Perri @VincePerriOfficial: that by actually instilling leadership principles that I learned over the years into my actual employees, it empowers them to actually make decisions, and it really just makes the whole thing flow. Like.
• 13:15
  Vince Perri @VincePerriOfficial: literally, I just told them, so two things that I've actually incorporated to my employees is, number one, is they are each allowed a $50… they're allowed $50 a month that they could spend on any kind of continuing education.
• 13:27
  Vince Perri @VincePerriOfficial: Nice. Like, any kind of courses, any kind of whatever, they each get $50 a month to do that. The next thing that I did, actually just recently, was I actually allowed every single employee $50 decision-making.
• 13:39
  Vince Perri @VincePerriOfficial: So they are allowed to make a decision up to $50, whatever that is. It could be even a per month thing, like, it could be, like, a per month subscription or whatever it is. If they feel… I trust them so much that they're going to not only negotiate to try to find the right price.
• 13:53
  Vince Perri @VincePerriOfficial: but I just trust that they're gonna make the best decision possible, that anywhere's up to $50 a month, whether it's a subscription that we think is a good idea, they can make the decision, and they can go ahead and use the money, they just have to go to my assistant to go ahead and do it. The leaders in my team…
• 14:07
  Vince Perri @VincePerriOfficial: they have up to $100, where they can literally make any decision every single month up to $100, and it doesn't matter. And the more we grow, the more I'm gonna grow that limit of, like, it'll be $1,000, and it'll be maybe, you know, $10,000, whatever it is, however often, however big we grow, but…
• 14:22
  Vince Perri @VincePerriOfficial: it does more than just take that off of your plate. It truly empowers your employees to really know that I've got the confidence in them to make the right decisions for the company, and I mean, Marcia, I've got… I've got all A players on my team. It's so much fun, and we have a blast. Everybody has so much fun.
• 14:41
  Marcia Riner | Profit Booster®: And that makes… that makes them be able to work on their own, right? And make decisions that maybe you wouldn't have… you wouldn't have stepped into, but in hindsight, you're like, wow, this is great. And it also keeps…
• 14:55
  Marcia Riner | Profit Booster®: They start thinking like business owners in the business, which is very helpful when you're running your business, and it's also very helpful to the buyer coming in, that they've got active
• 15:06
  Marcia Riner | Profit Booster®: employees that are… you've got all key employees instead of just one, right? You know, because they're all active and participating in growing the company with you, which I love that. I love that methodology, right?
• 15:19
  Vince Perri @VincePerriOfficial: If you have a management company, there should definitely be some kind of management compensation program going on that's based on KPIs and things that you hit, and profitability, and stuff like that, because that really keeps them engaged, that really makes them feel like part owners, and then, yeah, absolutely, like.
• 15:35
  Vince Perri @VincePerriOfficial: Number one, if you're gonna sell your business, like, if you're even thinking about that, you need to let your employees know immediately.
• 15:41
  Marcia Riner | Profit Booster®: Hmm.
• 15:42
  Vince Perri @VincePerriOfficial: Because you want to empower them to help you actually do that, and then if you could actually convince them and let them know that this is also for everyone else, because let's say a private equity firm is coming in to buy this company, let me tell you, that's gonna be great, because they're gonna probably 10X this company, and you're gonna be making a lot more money throughout this entire process than you are even making now at the moment. And also, feel rewarded, because we've built this thing to a point where we're attracting millionaires.
• 16:06
  Vince Perri @VincePerriOfficial: to come actually buy our business, and you guys are the reason for it. So, yeah.
• 16:13
  Marcia Riner | Profit Booster®: sharing and revenue sharing ideas really brings on team players. Like you mentioned, you have a team of A players because you compensate and reward them appropriately for it, and then they start to think of that business as theirs, right?
• 16:26
  Vince Perri @VincePerriOfficial: Every home.
• 16:27
  Marcia Riner | Profit Booster®: helping it grow, and they're benefiting from the growth of it. And I had a… I had an guy that did ESOPS, employee stock option plans on a few months back, and we talked about the benefit of
• 16:40
  Marcia Riner | Profit Booster®: the employees actually buying the company, right, through stock options and shares that they buy. They don't actually run the company, but they have that ownership in it. Huge benefits!
• 16:51
  Marcia Riner | Profit Booster®: That come along with that idea. You don't have to create an ESOP in your company, but if you use that mentality in your company, then it creates long-term, really good employees that help you push that boulder up the hill.
• 17:06
  Vince Perri @VincePerriOfficial: Besides the obvious tax benefits.
• 17:09
  Marcia Riner | Profit Booster®: too, right?
• 17:10
  Vince Perri @VincePerriOfficial: But there's also legacy benefits. You know, now your legacy… if legacy's something that means a lot to you, because you've been building this sucker for 20, 30, 40, 50 years….
• 17:18
  Marcia Riner | Profit Booster®: It's your ugly baby.
• 17:20
  Vince Perri @VincePerriOfficial: Yeah, yeah, well, hopefully it's not an ugly baby after we're done with them. Yeah, it keeps the legacy alive, because it keeps the culture alive, because if you keep the culture alive, that means you're keeping the team alive, and that can go on for God knows how long. And yeah, it's a beautiful thing, that Aesop stuff, and the family stuff is really cool, too.
• 17:36
  Marcia Riner | Profit Booster®: I love it. So, someone told me, and he was a business broker, that, that company culture
• 17:44
  Marcia Riner | Profit Booster®: Has a significant,
• 17:48
  Marcia Riner | Profit Booster®: value in the company. It was not that it actually related to the dollars, but it was the pushing point and the moving point in closing the deal that thought, this culture here at the company is really valuable to the… to the price that they're willing to pay.
• 18:08
  Vince Perri @VincePerriOfficial: So, that's something that we call an intangible capital. Absolutely. Your tangible capital is just a profit. Your intangible capital are the intangible things in your business that actually
• 18:18
  Vince Perri @VincePerriOfficial: Are 80% of the value of your company.
• 18:21
  Vince Perri @VincePerriOfficial: And it actually determines the multiple of your company. So, if your EBITDA is, say, a million dollars, if you have terrible culture, terrible this, terrible that, you're gonna have zero multiple, so you're lucky if you could sell it for a million. But if you have great culture, great customers, great systems and processes, now that million dollars could actually be 2, 3, 4, 5, 6, 7, 8, 9, 10X, depending on how good that is.
• 18:44
  Vince Perri @VincePerriOfficial: So yes, absolutely, we call that human capital, and that's basically your employees, and the culture, and the leadership, and everything that goes along with it, to make sure that
• 18:53
  Vince Perri @VincePerriOfficial: it is actually transferable, so that if Marcia is buying my company, she's not only taking on profit, right, which is a great company, she's now paying herself a nice new salary, but she's also stepping into an amazing culture that's gonna drive the entire ship forward so that Marcia is not buying a job, she's just buying a company that she's gonna run.
• 19:12
  Marcia Riner | Profit Booster®: I love it, and I'm so glad you validated that, because I agree, there's so many more levers that you can pull in your company to make your company great now.
• 19:25
  Marcia Riner | Profit Booster®: and to be that money train later on. So let's talk about that money train a little bit here. I know from experience that
• 19:35
  Marcia Riner | Profit Booster®: Many business owners aren't thinking about that until they've kind of got one foot out the door. And by then, it's often too late to make any of the significant shifts.
• 19:46
  Marcia Riner | Profit Booster®: How do you convince, besides doing a podcast like this, business owners to start thinking about their exit early on, like, day one, in my mind.
• 19:58
  Marcia Riner | Profit Booster®: how do you get them to think about that? Because they're only thinking about, oh, day-to-day growth, I need this, I need that, rather than my future. But when they used to sit at my planning table, and I was financially planning for them, they said, oh, we're gonna sell this company, and it's a large portion of our retirement plan.
• 20:15
  Marcia Riner | Profit Booster®: okay? How are we planning to get out of this? And what are we gonna get? And they really failed at that.
• 20:22
  Vince Perri @VincePerriOfficial: It's definitely a paradigm shift that has to happen. I mean, we have to start there. It doesn't take… it's not overnight, it's a mindset shift. And basically, that mindset shift is, is value over revenue. So that's what….
• 20:35
  Marcia Riner | Profit Booster®: Are you over what?
• 20:35
  Vince Perri @VincePerriOfficial: value over revenue. So, you want to think of value first before revenue. Now, when you're starting out, I get it, like, you're just trying to make money, obviously, right? But once you start getting rolling and stuff like that, you should… even then, though, you should still think… I'm launching a company just now, and it's… I'm putting value first, and I'm already making sure that
• 20:54
  Vince Perri @VincePerriOfficial: Everything that I do, like, let's say you start a company, you're a one-person shop, and you're doing everything. Right off the bat, you should already be building your systems and processes. If you have a way of doing things, we have the luxury of AI and what my favorite thing is Loom, that you could literally screen record everything that you do. I know people that screen record their entire day. I literally had another person on my podcast as well.
• 21:18
  Vince Perri @VincePerriOfficial: He runs a VA company, and he has everybody loom the whole day.
• 21:24
  Marcia Riner | Profit Booster®: Wow.
• 21:24
  Vince Perri @VincePerriOfficial: hey, I thought it was a little excessive, but he has a reason for it, and it works. So, when you're building a company from scratch, and if you want to build it with value first, I believe the easiest way to do that is just by…
• 21:37
  Vince Perri @VincePerriOfficial: Systemize everything that you do.
• 21:39
  Vince Perri @VincePerriOfficial: Like, you can do that….
• 21:41
  Marcia Riner | Profit Booster®: And there's easy ways of doing that. Scribe. I just… I just used Scribe yesterday to do a task that I did that I'm giving to my VA, and I was like.
• 21:49
  Marcia Riner | Profit Booster®: Why wasn't I doing that before?
• 21:52
  Vince Perri @VincePerriOfficial: I mean, I think it's also, you have to understand that every single part of your day could actually be systemized. So, like, I think we talked about this, is when you wake up in the morning.
• 22:02
  Vince Perri @VincePerriOfficial: most, or whatever, let's say whatever your system is, is you wake up, you go to the bathroom, you brush your teeth, you wash your hair, you put your clothes on, you go eat breakfast, you get in your car, you drive to work. Like, that's its own system. You could put a step-by-step process and implement somebody to actually do that for you.
• 22:18
  Marcia Riner | Profit Booster®: Just so that you can sleep.
• 22:19
  Vince Perri @VincePerriOfficial: Step in!
• 22:21
  Vince Perri @VincePerriOfficial: So, like, when you open your computer, and you log into your email, and you look at your calendar, and you check the first email, and you put this email into there, and you put that email into there, and you delete that email here, like, you could record yourself doing it, and then, within a couple weeks, again, thanks to technology, you can go on Upwork.com, you can find a VA from $5 to $10 an hour, to basically now take all the videos that you've put together for the past week.
• 22:46
  Vince Perri @VincePerriOfficial: or two, say, hey, here's all the training, how I check my emails. Hey, here's my calendar and how I like to book all my stuff, which I didn't know that I did, but apparently that's the way I always do it. Could you please make sure that you watch these videos, and this is how I want you to take care of my schedule and my email? And now, within two weeks of starting a company.
• 23:04
  Vince Perri @VincePerriOfficial: You've literally just offloaded probably two of the most time-sucking things, which is your email and your calendar.
• 23:11
  Vince Perri @VincePerriOfficial: Brilliant. Brilliant. And you're building systems and processes.
• 23:14
  Marcia Riner | Profit Booster®: And that's what you're doing, is you're building these operational systems that are duplicatable, and when
• 23:21
  Marcia Riner | Profit Booster®: the money starts rolling in, and you maximize your time properly, right? You no longer become the bottleneck, and you can push things off to your team to do the repetitive things that don't require the CEO hat on, right?
• 23:39
  Marcia Riner | Profit Booster®: And I think that, that to me is super attractive.
• 23:43
  Marcia Riner | Profit Booster®: for, A, your current lifestyle, right, because you're not the bottleneck in stopping everything up.
• 23:48
  Marcia Riner | Profit Booster®: But B, for that future buyer coming in, they're gonna go, oh.
• 23:53
  Marcia Riner | Profit Booster®: Yeah, like I said earlier, I'm not gonna buy their headache. I know that I only have to do the parts that I'm only required to do, right? And not everybody else's job.
• 24:03
  Vince Perri @VincePerriOfficial: I'll tell you what my day is today.
• 24:06
  Vince Perri @VincePerriOfficial: It was a 30-minute meeting with my admin. I'm very sales-focused right now, so I have 2 hours for sales.
• 24:12
  Vince Perri @VincePerriOfficial: My lunch is in there, I did another hour of sales, I recorded one of my podcasts, and now I'm here with you.
• 24:20
  Marcia Riner | Profit Booster®: Right. That was my day. There's nothing administrative with that day except my quick check-in with my….
• 24:25
  Vince Perri @VincePerriOfficial: admin, which I told her all the things that I needed to do.
• 24:29
  Vince Perri @VincePerriOfficial: What happens there is, again, I've got 3 people on my marketing team, which, by the way, I put them in charge of hiring more people.
• 24:36
  Marcia Riner | Profit Booster®: Good.
• 24:38
  Vince Perri @VincePerriOfficial: And they're now looking for helpers for them, and I told them, remember, 50 bucks, right? So, like, you could make a decision if… whatever it is that they want to charge, and Marcia, like, it's amazing, because they're coming to me
• 24:54
  Vince Perri @VincePerriOfficial: in one of our… I don't like to be in all the weekly meetings, but, you know, I'll jump in every once in a while, and they're just like, well, you know, she was telling me that she wanted this much, but I thought that was too much, so I told her to do it for this much, and, like, they're doing all of that for me that I used… and they're doing whatever they can to save, technically, me money, right?
• 25:13
  Vince Perri @VincePerriOfficial: They build all the systems and processes now. Every quarter.
• 25:18
  Vince Perri @VincePerriOfficial: The only thing that I ask is every quarter, all of the systems and processes, the SOPs, get looked at and updated according to how they may have changed over the last quarter. That's something new that I implemented because what happens with a lot of SOPs, you do them and you forget them.
• 25:33
  Marcia Riner | Profit Booster®: That's it. They become that nice plaque, or that nice book in the drawer, right?
• 25:37
  Vince Perri @VincePerriOfficial: Yeah, so we have a… we have a whole, like, an Excel spreadsheet of every single system and process, which is basically our organizational. My SOP, for my executive assistant… assist… for my executive assistant, Marcia, guess how many pages it is?
• 25:52
  Marcia Riner | Profit Booster®: I'm scared.
• 25:53
  Vince Perri @VincePerriOfficial: It's over 40 pages.
• 25:54
  Marcia Riner | Profit Booster®: Wow.
• 25:55
  Vince Perri @VincePerriOfficial: It includes all of the work, and it includes the calendar, it includes my personal life, includes my travel, my flight, where I like to sit, how my calendar needs to be set up, how the blocks are. There are template emails that you need to respond to stuff, there's a way that my calendar invites have to look. Like, I'm pretty obsessive with all that stuff, but they love it.
• 26:14
  Vince Perri @VincePerriOfficial: They do, they like it, it's like, okay, I don't make any mistakes now.
• 26:17
  Marcia Riner | Profit Booster®: That's it! You're giving them clear guidance and expectations of what you want them to do, so that they do it, and then if you give it to them, to the letter, then there's no variation, but then you gave them a $50, you know, waiver to go left or right on, you know, and start to make decisions to improve your process for you.
• 26:37
  Marcia Riner | Profit Booster®: So, I, I, ugh.
• 26:39
  Marcia Riner | Profit Booster®: So good.
• 26:40
  Vince Perri @VincePerriOfficial: And what it does, what it does for me, it's like, you know, I was listening to a podcast yesterday, and they were like, take your work, take your business life, take this, take that, put it all into a blender, what would you rate your life on a scale of 1 to 10? 10 being, like, Dalai Lama, and 1 being, like, you hate your life. And I was, like, thinking about it, and I'm just like…
• 26:56
  Vince Perri @VincePerriOfficial: Now a 10.
• 26:58
  Vince Perri @VincePerriOfficial: Wow. Like, I… and it took me a while to get there.
• 27:01
  Vince Perri @VincePerriOfficial: Right? Like, there's a lot of…
• 27:03
  Vince Perri @VincePerriOfficial: Learning that took place, but then there was a lot of limiting beliefs that had to be broken as well.
• 27:09
  Vince Perri @VincePerriOfficial: Like, I don't… depending on who you're… who's listening, right? You've got… you've got people who think that…
• 27:17
  Vince Perri @VincePerriOfficial: scaling your business is not good, or I'm scared because it's gonna take up more of my responsibility, and it's gonna take up my time, which I want to spend with my family.
• 27:27
  Vince Perri @VincePerriOfficial: or becoming rich, what if I think that rich people are evil, and they're all, like, kind of scumbags, and this and that? Like, if you have those beliefs, then why would you ever accomplish those things?
• 27:40
  Marcia Riner | Profit Booster®: Exactly.
• 27:41
  Vince Perri @VincePerriOfficial: Because your subconscious is just gonna tell you, like, wait, no, rich people are bad, we don't want to be rich. No, scaling the company is just gonna be more responsibility. If you could break that….
• 27:50
  Marcia Riner | Profit Booster®: When we talk about scale, we're not talking about Amazon domination, we're talking about consistently seeing
• 27:58
  Marcia Riner | Profit Booster®: positive numbers in your business, and when you hit that certain… I believe scale and growth is a Christmas tree, right? You grow, and then you have to scale to support the growth. Grow, and you scale to support the growth, right? So, I mean, it's a natural…
• 28:14
  Marcia Riner | Profit Booster®: It's a natural thing, and if you're not doing it, you're actually…
• 28:18
  Marcia Riner | Profit Booster®: going backwards, because inflation, competition, you know, I can go on with a list, but yeah, you have to continuously do that. So, it boggles my mind, I always say this, and forgive me, world, I know it sounds really snotty.
• 28:34
  Vince Perri @VincePerriOfficial: Say it.
• 28:35
  Marcia Riner | Profit Booster®: But… What are you doing in business if you've got these limiting beliefs, right?
• 28:41
  Vince Perri @VincePerriOfficial: Well, we all have them.
• 28:43
  Marcia Riner | Profit Booster®: Well, we all have them to some point, but we're able to work through them, and if you've got these… I mean, business… business could be really hard, or it could be really easy.
• 28:54
  Marcia Riner | Profit Booster®: And I think there's a lot of in-betweens, but it takes some… in order to be a successful business owner, I think you have to have a business owner mindset, which says, I'm going to push the envelope on a lot of things.
• 29:06
  Marcia Riner | Profit Booster®: I'm gonna reduce my risk and be smart here, I'm gonna continuously educate myself, but I'm gonna go for things that the normal person
• 29:15
  Marcia Riner | Profit Booster®: And I use that term loosely, the normal person would stay in corporate and say, oh, I'm gonna stay safe with this paycheck.
• 29:23
  Vince Perri @VincePerriOfficial: I think it takes time.
• 29:24
  Vince Perri @VincePerriOfficial: It takes… it takes getting run through the mud. But you mentioned the thing about Amazon, that you're not talking about Amazon. Hey, Marcia, if Jeff Bezos can do it, why can't you?
• 29:34
  Marcia Riner | Profit Booster®: Well, yeah, but it… I mean, what people think all the time when you talk about scaling that you're gonna, you know, you need to be this monster. No, it's just every year being bigger and better than you were before.
• 29:46
  Vince Perri @VincePerriOfficial: I believe you can be the monster and still live the life of your dreams, and what I have seen is that when people become rich, their true self comes out.
• 29:56
  Vince Perri @VincePerriOfficial: If you are a good person, and you're a caring person, and you're a family-first person, and you want to help others, you're gonna be that way, whether you're worth $100 million or $100. So, it's okay. And the nicest people that I have met.
• 30:13
  Vince Perri @VincePerriOfficial: are filthy rich.
• 30:15
  Marcia Riner | Profit Booster®: I love it.
• 30:16
  Vince Perri @VincePerriOfficial: They got there by giving to others, helping others, and doing what they can to support others. And that was a mindset that I… I was… I had that mindset for a while, Marcia. I'm not gonna lie. You could ask my wife, I'll never forget, we were going to a conference, and that was my mindset. And she's like, why do you have that mindset? This is years ago.
• 30:33
  Vince Perri @VincePerriOfficial: But, you know, I had to break that mindset as well. And the scaling mindset, I had that for a while, I was terrified. I was like, I like a simple life, I don't want that responsibility, more money, more problems.
• 30:44
  Vince Perri @VincePerriOfficial: more employees, more problems, but if you do it right, which again, I do believe it takes time, you break the limiting belief, and you learn and learn and learn, and yes, probably get run through the mud a couple of times. I almost went bankrupt. I was two weeks away from bankruptcy, so…
• 30:57
  Vince Perri @VincePerriOfficial: It took that to really just be like, you know what? All these fears that I've had, and I also used to have a fear, by the way, which stopped me from scaling of…
• 31:07
  Vince Perri @VincePerriOfficial: of giving too much to my employees. Like, I didn't want to give them too much information, I didn't want to teach them too much because I was worried that they would learn too much and go away and go to another job. I literally teach my team
• 31:20
  Vince Perri @VincePerriOfficial: things that would help them scale their own business, and if they were… I have… my executive assistant works like an animal for me. She's got a little side hustle, and I help her all the time with it.
• 31:30
  Marcia Riner | Profit Booster®: Love it. Love it. And I think… I think, for me too, I believe, you know, when I'm working with my clients, I over-deliver, and I over-give, and share ideas, and I'm working with my friends, and oh, hey, how about this? Have you thought of that, right? You know, it's just…
• 31:44
  Marcia Riner | Profit Booster®: It's just my nature to do that, but in… in…
• 31:48
  Marcia Riner | Profit Booster®: in checking in on that, that's actually me wanting to help other people be better, right? And I think it's just a… it's a good… it's a good philosophy to have, and it's a good value to have in your company as well, because, you know, when the water rises, all boats lift up. You know, it only benefits everybody, and if you… if you're afraid that someone's gonna learn too much and leave.
• 32:12
  Marcia Riner | Profit Booster®: well then, wouldn't they say thank you on the way back out? And aren't you creating another business and community? I mean….
• 32:19
  Vince Perri @VincePerriOfficial: They're gonna be so eternally grateful if that opportunity that they have, and they will… they will point to you as the reason why they have now been able to take their life to an even another better level from everything that they learned from you, and I'm telling you, that's gonna be more rewarding than you holding it back and trying to keep them the whole time, because then they're gonna leave just because, you know, you're not giving them everything that you got.
• 32:43
  Marcia Riner | Profit Booster®: Good stuff. Well, this was really a great conversation. I love the intrinsic value conversation that we really had here.
• 32:52
  Marcia Riner | Profit Booster®: Talking about the great things that create a great business now that you're living in, you're enjoying, your employees enjoy, everything else, that also have, as you mentioned, 80% of that
• 33:06
  Marcia Riner | Profit Booster®: value that your company has when you're looking at Company A and Company B. Somebody told me,
• 33:14
  Marcia Riner | Profit Booster®: The important factor is that as a seller, you usually have to sell your business for one reason or another. Could be health, retirement, age, money, whatever it is, you have to sell. The buyer never has to buy. They want to buy, and if you make that business
• 33:34
  Marcia Riner | Profit Booster®: Something that they want.
• 33:36
  Marcia Riner | Profit Booster®: then they're going to be more apt to make the deal easier, smoother, pay you a little bit more money, or the money that you wanted for it, and it's all just… and I believe that it's all due to the intrinsic value of the company you have. I mean, basically, after the foundations are there, you're profitable and, you know.
• 33:54
  Marcia Riner | Profit Booster®: You got an audience, and that kind of stuff, but… Really good conversation.
• 33:59
  Vince Perri @VincePerriOfficial: A thousand percent, I agree with all of that.
• 34:01
  Marcia Riner | Profit Booster®: Love it. Okay, so Vince, where can people find out more about you and the way you do things and your teachings? Because I know you're very vocal about it.
• 34:10
  Vince Perri @VincePerriOfficial: I'm pretty easy to find. Vinceperry.com. I have a YouTube channel that's Vince Perry Official, Instagram is VincePerryOfficial, Facebook is,
• 34:19
  Vince Perri @VincePerriOfficial: Vince Perry. So, you know, you can type in my name pretty much everywhere, and you'll find me. There's a lot of good resources that we have. We've got a lot of… we've got a pretty nice, guide and roadmap, and basically, it's pretty much almost a book. You even told me, you're like, yeah, that's a book!
• 34:35
  Vince Perri @VincePerriOfficial: It's a Valley Clarity roadmap that really, honestly, you don't even have to hire me. You want to self-implement? You take that free roadmap, and it will tell you step-by-step everything that you need to do to not only scale your business for maximum value, but also prepare your personal life
• 34:54
  Vince Perri @VincePerriOfficial: And your finances, your personal finances, and your business, so that you could scale correctly. Because people don't think about life after exit.
• 35:04
  Vince Perri @VincePerriOfficial: people don't think about how much money they actually need when they actually sell their business. A lot of people, Marcia, take a pay cut, and they don't even know it, because they didn't do the math correctly. Where I was making a million dollars a year, I just sold my business for, I don't know, $5 million or $10 million, that's not gonna be very… that's not gonna take me very far after retirement, so making sure you have all that stuff in order, or at least you're thinking about it.
• 35:29
  Vince Perri @VincePerriOfficial: what are you gonna do after exit? Do you have a financial advisor? Do you have a wealth goal? And then really breaking down how you actually determine the value of your business, and how you could increase that value over time.
• 35:41
  Marcia Riner | Profit Booster®: Wow, and where can they find that?
• 35:43
  Vince Perri @VincePerriOfficial: VincePerry.com, or on my YouTube page, or anywhere where it says Vince Perry with an I.
• 35:48
  Marcia Riner | Profit Booster®: I made it so easy to find you, I love it, I love it.
• 35:51
  Vince Perri @VincePerriOfficial: Oh, but also, honestly, we'll leave it… we're sending it to you, just put it in the show notes, or the description, or whatever, so that people can get it. Yeah, that'd be great. But honestly, another easy way is just send me a message on Instagram. If they tell me that you're from your show, I'll go ahead and send it right then and there.
• 36:06
  Marcia Riner | Profit Booster®: Great, great. And it is…
• 36:09
  Marcia Riner | Profit Booster®: I think it's so important that we are well-rounded, right? A lot of us business owners go through life and keep, you know, cut our own pay to put back in… invest back into the business. Oh, I gotta do this, I gotta do that, right? And we forget that we are, we're… we have a… we should have a life outside of business, and we have responsibilities and what happens afterwards, so it's that… I love it that it's that
• 36:32
  Marcia Riner | Profit Booster®: cohesive, comprehensive look at your life and how to make sure that your business is a great source for… for everything else that you want to do in life, so I think it's fantastic.
• 36:45
  Vince Perri @VincePerriOfficial: Absolutely. I say holistic.
• 36:46
  Marcia Riner | Profit Booster®: Holistic, that's a good word for it. Awesome. Alright, listeners, thanks for tuning in today. I hope you picked up some valuable insights and actionable ideas that will help you make your business more profitable.
• 36:58
  Marcia Riner | Profit Booster®: And remember, if you're tired of overpriced marketing that's complicated and time-consuming, well, then the Profit Booster Marketing Hub is your low-cost, easy-to-use alternative to expensive strategies, complete with automations, templates, and a personalized strategy call. Go get details at ProfitBooster.viz.
• 37:16
  Marcia Riner | Profit Booster®: And don't forget to subscribe! You don't want to miss future shows! You can always find Profit with a Plan on any of your favorite podcast players. We're looking forward to more great profitable information on next week's show. So until then, make your plans and profit with them. Thank you so much, Vince. This was really valuable.
• 37:34
  Vince Perri @VincePerriOfficial: Awesome. Thank you so much for having me, Marcia, I really appreciate it.