Listen to “#619 How a Founder Took Back His Business from His CEO” on Spreaker.
On this episode of The Small Business Radio Show…
SEGMENT 1 with Scott Jordan, starting at 0:00: When you own a business for 20 years, you’re going to have a lot of ups and downs. Here to share his experience is Scott Jordan, founder of SCOTTEVEST, the world’s best travel clothing company.
SEGMENT 2 with Michelle Seiler Tucker, starting at 18:45: The holy grail for many small business owners is selling their business. Unfortunately, eight out of ten businesses fail. Either they have not been able to articulate their value or fail because of poor financial records in due diligence. How does one actually sell their business successfully?
SEGMENT 3 with Frank DeSocio, starting at 37:30: Many segments have been hit hard during the pandemic, but one huge industry that has been severely affected is bowling centers. How can they survive and thrive during this time?
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More on each segment below.
Segment 1: Almost 20 years ago, Scott Jordan wanted to solve a very common problem: He needed a way to carry and organize all his gadgets and gear without a “man-purse.” With inspiration from his loyal customers, he created SCOTTEVEST as the world’s best travel clothing company.
1:30 – How has your clothing company been affected by COVID? How did you respond?
3:30 – Why did you raise your prices?
4:45 – Tell us about the journey of marketing Scottevest.
6:15 – What happened with marketing in 2018 that lead to a loss of $2M?
9:00 – When did you realize there was a big problem? How did you react?
13:45 – What does the future look like for Scottevest in 2021?
Segment 2: Michelle Seiler Tucker is the author of “EXIT RICH: The 6 P Method to Sell Your Business for Huge Profit”. She has sold hundreds of businesses and is a leading authority on buying and selling.
18:45 – Why do so many small business owners fail to sell their business?
20:00 – How far in advance should you plan for an exit?
23:15 – How to set a specific price for selling your business.
25:45 – How long does it take to sell a business?
27:45 – What is the most common weakness small business owners have in selling their business?
28:30 – How to generate a bidding war on the sale of your business.
30:30 – Advice for small business owners who want to sell their business, but their revenue is down due to COVID.
Segment 3: Frank DeSocio, a bowling proprietor from Wichita, Kansas is the executive director of The Bowling Proprietors’ Association of America (BPAA). As the executive director of the BPAA since July 2014, DeSocio’s mission is to ensure that the 3,400-plus members of the BPAA have the tools and guidance to run successful bowling centers around the country, as well as continue to innovate to make bowling an even more fun experience than ever before for people of all ages.
37:30 – How are your bowling center owners doing during this time?
39:30 – What do you tell your members in states were bowling centers aren’t allowed to open?
41:15 – How big is bowling in America?
42:15 – In the states where bowling centers are allowed to be open, what precautions are being taken?
45:45 – How else have bowling centers been creative during this time?
48:50 – What is your outlook for 2021?
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