Freedom Factory's Podcast

About Freedom Factory's Podcast

Do you want even more freedom in your life? As entrepreneurs, many of us start our business because we want more freedom in our lives, but our definition of freedom changes as our business grows. At first, we just want to break the “time for money” continuum and by working on the machine instead of working in the machine, we do that.

Publisher

Robert Hirsch

Category

business

Language

en

Explicit

No

First episode

7 Feb 2020

Latest episode

29 May 2020

Latest episodes

46 episodes in the feed.

1. 

   29 May 2020

   Is There a Simple Business Valuation Calculator

   Today's episode of the podcast, Robert Hirsch from Freedom Factory discusses "Is There a Simple Business Valuation Calculator". Listen to the podcast, watch the video https://freedomfactory.libsyn.com/is-there-a-simple-business-valuation-calculator (https://freedomfactory.libsyn.com/is-there-a-simple-business-valuation-calculator) or read the transcript below. Hey, it's Robert from Freedom Factory. I want to talk to you about a little pain point that we have in our business, and it's a business valuation calculator. People look at real estate and tools like Zillow, or they look at Kelly blue book on cars and they say, why don't you have a business valuation calculator? You've been doing this for so long, and the reality is we'd love to. Problem is it's hard. And so there are a couple of really good baselines, like revenue and earnings and we can talk about guidelines and what that looks like but what makes us so hard to do is you can take two businesses, same revenue, same earnings, worth vastly different multiples. Literally two, three X each other, not even close. And that's because of the intangibles. There's so many things to a business - intellectual property, defensibility software that really make it a more complex discussion than just, Hey, what are your earnings and you're worth five times that hypothetically. Now we're working with it. It's probably a little early to talk about it, but we're working with an amazing company to solve this problem and we're going to have a solution soon. But in the interim, if you have any questions about how do you maximize the value of your business or what your business is worth, why don't you give us a call at Freedom Factory. We look forward to speaking with you soon. Thank you so much. Please hit like and subscribe. (https://youtu.be/WsTEI9SiGSU) Contact Freedom Factory Freedom Factory 5500 Greenwood Plaza Blvd., Ste 230 Greenwood Village, CO 80111 Phone: 844-MAX-VALUE (844-629-8258) https://www.freedomfactory.com/ (https://www.freedomfactory.com/) https://g.page/freedom-factory-denver (https://g.page/freedom-factory-denver) Also, Follow Freedom Factory here Best Business Brokers (https://vimeopro.com/freedomfactory/freedom-factory) - video portfolio Follow us on Twitter (https://twitter.com/FreedomFactory7) Find us on Facebook.com (https://www.facebook.com/Freedom-Factory-112201923642080) Connect on Linkedin (https://www.linkedin.com/company/freedomfactory) Youtube Channel (https://www.youtube.com/channel/UCXUrv3qYNsR8NjZEWRDch5Q/) Managing Partners Learn more about the managing partners, Tyler Tysdal (https://www.linkedin.com/in/tyler-tysdal), and Robert Hirsch (https://roberthirsch.com/). About Tyler Tysdal (https://tylertysdal.com/about)

2. 

   28 May 2020

   How Can I Live My Best Life by Selling My Business

   Today's episode of the podcast, Robert Hirsch from Freedom Factory discusses "How Can I Live My Best Life by Selling My Business". Listen to the podcast, watch the video https://freedomfactory.libsyn.com/how-can-i-live-my-best-life-by-selling-my-business (https://freedomfactory.libsyn.com/how-can-i-live-my-best-life-by-selling-my-business) or read the transcript below. Whenever I go to a cocktail party or a dinner party and I meet a fellow entrepreneur, I usually get the same question, which is how much to sell your business for. There's lots of videos and lots of tools and many things that I've done in the past that will talk to you about valuation or multiple or earnings or all the math that goes into selling your business but what I want to talk to you about today is a bit more of the art. What I mean by that is really as an entrepreneur, what does it take for you to live your best life? So I remember early on in Facebook's days, Mark Zuckerberg had a chance to sell Facebook to a private equity firm. I believe it was John Dora Kleiner Perkins for $50 million. And John Doerr told Mark Zuckerberg that with 50 million, you can do anything you want. Mark Zuckerberg had a very thoughtful response, and it was only in his twenties he said, I would do that, John, but I don't have a better idea than this. And I remember when I first heard that story, I thought about how mature he was because he knew that he was on a big idea. And so when you think about selling your business, what I want you to think about is what is a bridge to the other side? Do you have a large family or a small family? What does it take to create work for you where you're not necessarily worried about finances from here on out? Do you have seven kids going to private school or do you have no kids and live a pretty simple life? So, how I frame that is you want to make sure you're building a bridge to the other side, not just appear into the middle of the Lake. Because if you sell your business and immediately you have to start a business to meet your financial needs. What did you really accomplish? It makes more sense to put your wood behind the arrow that's really penetrating, or what I mean by that is to really put the effort into the business. It's already got traction to make sure you build a bridge to the other side. Now, when we talk about it, we can look at comparable sales and we can look at multiples and we can look at earnings. We can come up with a good idea for it. But the one other factor that I would think about on it is, how long do you want to close? Are you looking to sell close sometime in the next two years? Where you're looking to close before the end of this calendar year. Because if you are, your price and your strategy is going to be a little bit different, right? If you've got a two-year timeline, you can come out very high and start lowering it down to find the market spot. On the other hand, if you want to close before the end of the year, maybe we start out more aggressively, get more buyers interested and create a bidding war. So there's lots of different strategies. When people say, how much to sell my business for. I'm Robert Hirsch from Freedom Factory, all we do is help entrepreneurs buy and sell their businesses. Now, if you have questions either on the art side or the science side of how to sell your business, why don't you give us a call for a free appraisal? We look forward to talking to you soon, and thanks for spending your time with us. Thank you so much. Please hit like and subscribe (https://youtu.be/GFCMOn4iLdM) and we'll see you soon.

3. 

   27 May 2020

   When Should I Tell Employees if I am Thinking About Selling

   Today's episode of the podcast, Robert Hirsch from Freedom Factory discusses "When Should I Tell Employees if I am Thinking About Selling". Listen to the podcast, watch the video https://freedomfactory.libsyn.com/when-should-i-tell-employees-if-i-am-thinking-about-selling (https://freedomfactory.libsyn.com/when-should-i-tell-employees-if-i-am-thinking-about-selling) or read the transcript below. Hi, Robert Hirsch from Freedom Factory again. I just had a really interesting email from one of my clients, and long story short, rumors got out among their employees that they were selling the company and he chose not to share that with his team and now it's created some problems for him. And so I wanted to talk to you today about whether you should tell your employees that you're thinking of selling your company or not. To me, when I sell one of my companies or my advice on it, it's always honesty and transparency is the best policy. That's easy to say and hard to do and you understand the culture at your company and whether you want to have an all hands meeting, whether you want to have an email, whether you want to discuss it. I love talking to our employees about it in a place that's face to face where it gives them the opportunity to talk to me and it gives me the opportunity to comfort them. Depending on the structure of your company, I usually have bonuses or incentives when the company sells, and as an entrepreneur, there's this really important lesson that I learned along the way. It's, there's no fun winning when there's nobody to high five, and if you're the only one that wins in the sale of your company and all your employees and the teammates and the people that have given the years of their life are worried or concerned about what they're going to do next often you can create a structure that makes it, that everybody wins and everybody celebrates together and, and perhaps, some of your core team is going to want to come with you. Perhaps they transition with the company. Most of the time when a company is acquired, they're going to want to keep the team in place for the continuity. So ultimately, how you choose to address this question is up to you and it's up to your corporate culture. But often I'll tell a few key members early and the people that are going to help me in the transition, but rumors are unavoidable, and if you don't talk to your team about it, and then the rumors are going to start coming and then it's going to come back to bite you like it just bit my client in the behind and I like to get out in front of it early. I think honest and transparency and creating a game worth winning for everybody is a whole heck of a lot of fun. In that way when you win, you in with everybody. If you have any questions about how to disclose it or what that looks like, just give us a call at Freedom Factory. Please hit like and subscribe (https://youtu.be/ssIEqo6ldEo) and thank you so much. Contact Freedom Factory Freedom Factory 5500 Greenwood Plaza Blvd., Ste 230 Greenwood Village, CO 80111 Phone: 844-MAX-VALUE (844-629-8258) https://www.freedomfactory.com/ (https://www.freedomfactory.com/) https://g.page/freedom-factory-denver (https://g.page/freedom-factory-denver)

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