Business broker and #1 Amazon best-selling business author Trent Lee joins us to share how to determine the value of your business.
NOTABLE QUOTABLE – “Later, with the help of Scooter Braun, who started a stint comanaging West in 2016, they created what appears to be an unprecedented deal: a 15% royalty on wholesale, according to sources familiar with the deal, plus a marketing fee. For comparison, Michael Jordan is thought to get royalties closer to 5%, though he doesn’t own his brand. (After publication, we clarified the time line of the Adidas deal).” https://www.forbes.com/sites/zackomalleygreenburg/2019/07/09/kanyes-second-coming-inside-the-billion-dollar-yeezy-empire/#5a3913a15ec3
- Yes, yes, yes and yes! Thrivetime Nation on today’s show we are interviewing the #1 Amazon best-selling author of The 7-Figure Exit Plan, a frequent Forbes contributor, and the #1 business broker in the entire country for most closed transactions. Trent, welcome onto the Thrivetime Show, how are you sir?!
- I know that you’ve had a ton of success at this point in your career, but I would love to start off at the bottom and the very beginning of your career. What was your life like growing up and where did you grow up?
- When did you first figure out what you wanted to do professionally?
- Personal expenses
- $50,000 one-time expenses
- $800,000 x 2.7 = $2,160,000
- Trent Lee, I know that you have some incredible advice when it comes to increasing the overall value of a business…if I can I would like to ask you about 5 things a business owner can do to increase their business valuation?
- Trent, why would a business owner want to increase the valuation of their business?
- Trent, what kinds of questions should a business owner be asking before they go out there and hire a business broker? (8 questions to ask before hiring a business broker)
- What is the best way to determine how much money a business is actually worth buying?
- Trent, what are a few things to consider if you will be offering seller financing when selling your business?
- Trent Lee, what is the best way to truly determine what a business is worth?
- Trent Lee How, you come across as a very proactive person…so how do you typically organize the first four hours of your and what time do you typically wake up?
- What are a few of your daily habits that you believe have allowed you to achieve success?
- What mentor has made the biggest impact on your career thus far?
- What has been the biggest adversity that you’ve had to fight through during your career?
- Trent Lee What is your favorite old school jam?
- What advice would you give the younger version of yourself?
- We find that most successful entrepreneurs tend to have idiosyncrasies that are actually their super powers…what idiosyncrasy do you have?
- What message or principle that you wish you could teach everyone?
- Trent Lee, What are a couple of books that you believe that all of our listeners should read?
- Trent Lee You’ve got the mic, what is one thing that you want to share with the Thrive Nation before you drop the mic?