Maximizing Business Valuation - with Lance Bachmann - EP 305
Lance Bachmann, also known as the Digital Lion, shares his journey from a troubled childhood to becoming a highly successful serial entrepreneur. According to Bachmann, the key to success in business is to focus on three essential areas: numbers, sales, and communication. Knowing how to read a P&L statement, understanding the sales process, and being able to communicate effectively are crucial for success. Bachmann also stresses the importance of believing in oneself and taking action.
Lance Bachmann is a true son of Philadelphia: he was raised in the Northeast alongside his 14 brothers and sisters. With strong roots in his hometown and an unparalleled commitment to his family, Lance is a professional family man that can be trusted with anything. He was the youngest vice president in AT&T history and helped start YellowPages.com before leaving to start his own company, 1SEO, in 2009. Since then, Bachmann has become a best-selling author, international keynote speaker, entrepreneur, philanthropist, and owner of multiple home service companies.
When it comes to private equity deals and acquisitions, Lance emphasizes the importance of having processes, systems, teams, leadership, and cash flow in place for managing and operating a business with valuation in mind. He stresses the importance of being transparent and honest when it comes to partnerships and acquisitions, and all parties being upfront about expectations. Overall, Lance Bachmann's journey is a testament to the power of perseverance, hard work, and a never-give-up attitude. His insights and experiences provide valuable guidance for aspiring entrepreneurs looking to build successful businesses. So take action, believe in yourself, and unlock the secrets of successful entrepreneurship with Lance Bachmann.
Quotes from the episode:
"If you're gonna go start your own company, take action, and don't be afraid to fail. Failure is just a stepping stone to success."
"I truly believe to own a company and see its scale, the leader has to be able to sell and communicate articulated vision and have people believe in them."
Key highlights:
- How Lance got involved with SEO
- Advice to new business owners
- Why Lance chooses service-based businesses
- How do you create valuation or enterprise value?
- Why your business isn’t worth anything
- Achieving generational wealth
- Selling with private equity
- Two things that kill deals: ego and time
- Why you should be operating your business with valuation in mind
Episode resources:
Join 365 Driven in Portugal July 3-7
Connect with Lance Bachmann:
Instagram: @lancebachmann
Website: lbachmanncapital.com
LinkedIn: Lance Bachmann
Connect with Tony Whatley:
Instagram: @365driven
Facebook: 365 Driven
LinkedIn: Tony Whatley
Patriotism Is Not Exclusive - with Ian Wendt - EP 304
When building a brand, people often put their focus on the wrong areas and then wonder why the brand isn’t taking off. When we’re talking branding, especially apparel, people are usually buying into an idea or another person and what they stand for, and not necessarily just the products themselves. Building a message that you know other people need to hear is an essential first step in getting people to be interested in your brand. Find a community that will rally around that message, inspire them with your ideas, and they will want to buy what you create as their way of supporting your idea. This is the slow yet brilliant approach that led to the very successful launch of the apparel company Official Patriot Gear, owned by Ian Wendt.
Ian Wendt is an expert in sales, an accomplished creative, speaker, and a marketing professional. Ian’s passion has always been about serving others by helping them to reach new levels of performance both in their professional and personal lives. With his successful history in communication sales, Ian turned his focus on launching his own brand and apparel company, Official Patriot Gear. Their message is simple: patriotism is not partisan or exclusive. He’s taking that message to the masses and drawing attention to some of the most controversial and polarizing subjects of today’s culture and society. At the age of 34, Ian has established himself as an influential leader and teacher.
In this episode of the 365 Driven Podcast, Ian Wendt talks about the importance of always chasing fulfillment, focusing on adding value to others, embracing challenges, not being afraid to reinvent yourself, and what it means to be a Patriot. Ian credits a lot of his success to making the decision to stop caring what other people think about him. Although we hear this advice a lot, few people have actually put that into action. Releasing the fear of judgment or how others may perceive you will free you to do so much more and align with people that will resonate with your message. That is how you build an unstoppable brand.
Key highlights:
- Fulfillment should be constant
- How to be successful: Find gaps and find a way to fill them
- Put yourself in challenging situations so you can grow from them
- Society’s two biggest problems: Apathy and entitlement
- The 3 things that drive people: Money, power, and control
- About Official Patriot Gear: What is it and how did it start?
- Why building an identity around politics is dangerous
- How to build a powerful brand
- Putting your audience into perspective if you think you don’t have a big enough following to make a difference in the world
Episode resources:
Join 365 Driven in Portugal July 3-7
Connect with Ian Wendt:
Instagram: @iwendtster | @theofficialpatriotgear
Website: Officialpatriotgear.com
Join The Free Collective Coaching Group
Connect with Tony Whatley:
Instagram: @365driven
Facebook: 365 Driven
LinkedIn: Tony Whatley
Recession-Proof Your Business - with Jeff Fenster - EP 303
If you’re in the business world, you have probably heard of the term “vertical integration". But what exactly does that mean? This very strategic business approach could be part of a number of moves you can make to build a rock-solid business that would weather a recession. Jeff Fenster is back on the 365 Driven podcast, and Jeff is an expert in vertical integration and serial entrepreneurship.
Jeff Fenster is the CEO of Everbowl, a best-selling author, and podcast host. Jeff is an award-winning entrepreneur who credits his success to one thing: the art of building and maintaining relationships. His businesses range from a quick-serve restaurant chain, Payroll & HR company, a digital marketing agency, and a construction company. He was named a Top 100 Entrepreneur in America under the age of 35, a Top 40 Executive under 40 by the Business Journal, a finalist for CEO of the Year by Ernst & Young, and was named a Top Entrepreneur to follow for 2022. He has appeared on over 500 podcasts, created courses for LinkedIn Learning, and speaks across the country on entrepreneurial mindset, authentic networking, and vertical integration.
In this episode, Jeff delivers so much gold when it comes to building, growing, and protecting powerful businesses. As someone that has built and scaled various types of businesses, Jeff reveals where so many entrepreneurs go wrong which doesn’t allow their business to flourish and thrive. If you are tied to your business and you can’t take a vacation without it falling apart, this episode is for you.
Another very important aspect of owning a business is making sure it is profitable. Jeff offers a different perspective here. What if instead of focusing on how to make more money in your business, you use your entrepreneurial problem-solving ability to come up with ways to keep more money? That is what vertical integration is all about and you are going to want to hear how Jeff does it.
Key highlights:
- What is vertical integration?
- Where a lot of entrepreneurs go wrong
- What not to do when hiring team members
- How to build great teams in your business
- Being an effective leader
- Lessons on ego and self-awareness
- Don't solve problems, erase problems
- Making your business recession-proof
- Why experience is overrated in building businesses
- Do you need a business partner?
- Jeff’s advice to beginners
- About Jeff’s upcoming podcast: The Success Formula
Episode resources:
Join 365 Driven in Portugal July 3-7
Connect with Jeff Fenster:
Instagram: @fensterjeff
YouTube: @JeffFenster
Get Jeff's book: Relationship Bank Account: How to Make Friends, Have Fun, and Attract Lifelong Success
Connect with Tony Whatley:
Instagram: @365driven
Facebook: 365 Driven
LinkedIn: Tony Whatley
I Wouldn't Have Hired Myself
In 2007 I sold my first business for millions. But I wouldn't have hired my 34 year old self as a coach. 😮
That version of me had figured out how to make money, but not much else. I had no life experience, no self-awareness, and certainly no wisdom.
At that point in my life, I had only been financially successful at doing one thing. I still had a lot of self-doubt, and wondered if I had just gotten lucky.
I was stuck in the constant loop of making sacrifices to earn more money. Trading my time for bigger salaries, pursuing executive roles in corporate to satisfy ego "because I know I can do it."
These sacrifices included spending time away from family. I missed a decade of birthdays, holidays, and other social events. I was always traveling, and sometimes gone for entire months at a time.
But hey, that's what men do, right? Men have to "work hard" and prove their worthiness to the world. Men have to sacrifice their time, their physical bodies, and even their mental health to be "manly" in this world.
I was still living for the weekends and time off. I was eating unhealthy food, drinking too much alcohol, and I stopped going to the gym. By age 39 I had a complete soft dadbod, man-boobs and a gut. I hated tucking in any shirt, because it would reveal my shape. I couldn't even bench press my own weight.
How "manly" I had become. Rich, comfortable, and soft.
While I had the 10 cars in the driveway, the big custom home, and the beautiful wife, I still didn't know shit about life. Truth be told, that level of awareness didn't begin to arrive until age 40+ for me.
My 34 year old self didn't have the courage or confidence to do what I do, today at age 50. My self-doubt kept me from standing on any stages or being in any spotlights. Those things are uncomfortable. Those things open us up to potential criticism.
Keep this message in mind, for one of two reasons;
1. Just because someone made money, it doesn't make them a great mentor. If that's the level of their attraction, it's missing severe depth. Money doesn't buy wisdom. Only time and experience does that.
2. If you've demonstrated success in multiple arenas over a period of decades, quit being a bitch and hiding your important message from the world. You aren't getting any younger, and you can do this. It's not easy, but it's worth doing.
-Tony
Be Authentic as F*ck - with Sun Yi - EP 302
You might already know about the importance of being authentic, but maybe you’re not exactly sure how to translate that over social media in order to attract your ideal customers. You don’t want to be so authentic and transparent that you don’t leave any mystery about you, and you also don’t want to share so much that you become uninteresting to listen to. There is definitely an art in owning who you are and what your unique talents are, and conveying that appropriately to your audience so that you stand out while showcasing your expertise. Sun Yi calls this the “goldilocks of personal branding.”
Sun Yi is an entrepreneur, storyteller, and TEDx speaker. He is the founder of Night Owls, an award-winning digital agency in NYC. In 2022, he started Night Owl Nation, a community that practices storytelling together.
Sun gained over 50k Instagram followers in only 6 months, and in this episode of the 365 Driven Podcast, he reveals his content strategy and the common mistakes he sees people making on social media, and what you should actually be doing instead. So many people think if they post consistently, that will be enough to grow their following, but they are missing a key component. It is called “social media” for a reason. The interactions are meant to be a 2-way street. No one likes when someone just takes without giving anything in return. Instead of “posting and ghosting” think about how you can use your knowledge and abilities to serve with authenticity, and the right clientele will take notice.
Key highlights:
- Sun’s content strategy and how he got 50k followers in 6 months
- Repurposing and recycling content
- What is a carousel on Instagram?
- The 3 necessary pieces of great content
- Why Sun has a consistent theme and colors on his Instagram page
- Don’t “post and ghost”
- Nuances about social media that Sun didn’t realize before
- The problem with influencer mentality
- How to land high-caliber clients
- Where to start if you are new to social media
- Why really great content might not perform well
- Common storytelling mistakes
- The importance of being relatable
Resources mentioned in the episode:
Join 365 Driven in Portugal July 3-7
Connect with Sun Yi:
Website: sunyi.co
Instagram: @sun.yi
YouTube: Sun Yi
Connect with Tony Whatley:
Instagram: @365driven
Facebook: 365 Driven
LinkedIn: Tony Whatley
Unleash Your Rockstar - with Jonathan George - EP 301
In the personal development space, we often hear the advice to be authentic and to ensure we are operating from a place of authenticity, but what happens if you don’t know who you are? This happens more often than you might think, and even celebrities deal with identity struggles. In the entrepreneurial world, you have to have clarity in who you are, and who you are speaking to, or the disconnect will be apparent. Jonathan George is here on the 365 Driven Podcast to dive deep into personal branding and offer a different perspective on what exactly it all means and how to achieve it the right way.
Jonathan George is the CEO of a Personal Branding Agency called Unleash Your Rockstar. His clients have amassed over 150 million online followers leading him to be dubbed “The Human Hitmaker.” As a specialist in creating, positioning, and expanding authentic rockstar personal brands to scale business brands, Jonathan has worked with top brands including Chanel, Universal, Sony ATV, Hulu, FOX, and Disney. As a thought leader on the topic, he also utilizes it as one of the hottest tools for self-development for GenZers and Millennials.
In this episode, Jonathan explains why it is so crucial to understand who you are in this day and age. With social media, so many of us get caught up in comparing ourselves to others, leading to anxiety and overwhelm. If we haven't taken the time to overcome the insecurities we had as children, we can carry them into adulthood without even realizing it, and then we let those insecurities turn into excuses as to why we can’t go after our goals. With mental health on the decline, it is becoming increasingly important to break through the walls and barriers that are holding you back and be the person you are meant to be. Unleashing your rockstar means unapologetically being who you are.
Key highlights:
- The mental effects of social media
- The number one thing that will hold you back from reaching your dreams
- Jonathan’s rebirthing experience and how he found real confidence
- Why personal branding is more than just colors and fonts
- How Jonathan helps people figure out how they want to show up in the world
- Why you need to understand your weaknesses
- Learning how to tell your story in a way that connects to your audience
- Oversharing: how do you know when it becomes too much?
- Crisis Management: How to diffuse situations you are not proud of
- Controlling how people perceive you
- Why your personal brand shouldn't be built around your business
- Why a personal brand is portable and can be pivoted for any business
Resources mentioned in the episode:
Book: The Four Agreements
Join 365 Driven in Portugal July 3-7
Connect with Jonathan George:
Website: unleashyourrockstar.com
Instagram: @jonathangeorgee
Facebook: Jonathan George
LinkedIn: Jonathan George
Connect with Tony Whatley:
Instagram: @365driven
Facebook: 365 Driven
LinkedIn: Tony Whatley