Life After Business
About This Show
Sell your business when you want, to who you want, for how much you want. Ryan Tansom’s goal is to bring you all the information he wishes he had when they sold their company. He will teach you to build the value of your business, set your timeline, and harvest your wealth during the sale so you can exit your business happy and transition into a life after with passion, purpose, and community.
Most Recent Episode
2 Open-Heart Surgeries, 10 Buckets Lists & The 3-Week Retirement
4 days ago
On this week’s podcast we tell the incredible story of Conrad Braun, a man who not only managed to turn a business around from technical bankruptcy to profitability in a matter of years, but who also managed to follow most of the golden rules when he exited the business. He did all this despite having no experience of running, buying, or selling a business. In fact he only became involved in the business because he sold them an IT system. Hear how this accidental business owner managed to save the company by pleading in person with his major creditors to not cash the checks his company had just sent them, how he faced down the banks and persuaded them to extend the credit line of a technically bankrupt business, and why his battles with heart disease motivated him in his exit strategy. How to streamline a business and sell it: the moral of the story, with Conrad Braun Conrad Braun’s story really is a shining example of how to run a business from beginning to end, through good times and bad. Firstly out of survival and then out of motivation to grow something profitable, Conrad wanted to grow a business that was worth something to his banks, his vendors, and ultimately to he and his family. Transparency is king: By implementing the right systems of reporting, he effectively became ‘bankable’. From bankable to profitable and profitable to valuable, the path Conrad took is one to take note of. Go the extra mile with personal relationships: By getting on a plane and visiting his four biggest creditors to persuade them to not deposit the checks his company had already sent out, Conrad literally did go the extra mile. Once he’d averted the crisis, the rapport that he had built up ensured he was trusted in future. Define what it is that makes your company successful: It often isn’t just about volume of sales. In Conrad’s case, it was the expenses relative to volume that proved to be key. Remember who has the poker hand between you and the bank: In Conrad’s words: “When you’re a small businessman, if you owe them $100,000 you’re in trouble, if you owe them a million, they’re in trouble!” “Banks sell borrowed money. If you can