Allen Terrell Gregory

15/04/2024

My team and I worked with a client to help her sell her business, but she sold it to someone else.

Here's why I'm happy for her...

First, this woman is an absolute dynamo. She built her business from scratch, hired everybody, worked 16 hour days and 100+ hour weeks.

I'm not big on this level of hustle, but this woman refused to be denied and it paid off huge for her. The respect that I have for her is immense.

Second, when I first talked to her almost a year ago she poured her heart out to me and trusted me to bring on the right partners. I did exactly that and we had regular meetings regarding motivation and deal structure.

During our talks, she mentioned that she was talking with another buyer that was there before us, but she would have preferred working with us. The timing didn't work out in our favor and she went with the other team.

Lastly, the way that she notified us that she went with the other team was respectful, delightful, and heart-warming. The message she sent us was classy, elegant, and genuine.

Even though she didn't go with us, I was truly happy for her. She found her peace. She didn't have to run the business anymore. She was free to pursue other opportunities.

And now she's going to build something even more amazing on the heels of her recent exit.

Deals don't always go how you want them or expect them to go. That's okay. The goal isn't to do every deal. It's to highlight the path to freedom for an entrepreneur that's ready to take the next step.

This started out as a hobby for me. Then, it turned to a passion. Now, it's an obsession. It's not about me. It's not about deals. It's not even about money.

It's about ensuring that every business owner achieves a successful exit; even if I'm not part of the deal.

12/04/2024

My good friend Rick Meekins had me on his podcast recently and I wanted to share it with you.

We had a great discussion regarding exit planning and business acquisitions.

Tune in for an episode that promises to be as enlightening as it is practical, especially for those plotting their business journey’s next phase.

Explore strategies on how to exit your business and feel like you have won with Allen Terrell Gregory on the Relentless Pursuit of Winning Podcast

11/04/2024

Confidence is believing in yourself. Arrogance is believing ONLY in yourself.

10/04/2024

Did you know that there's a way for you to get paid three times when someone acquires your business?

This is my go-to deal structure because I'm a noble capitalist that believes in everyone walking away from the table happy.

I'm calling this the Triple Win Deal.

Here's how it works...

First, you'll get paid when we acquire the business. The rub is that we are only acquiring 90% of the business and you will retain 10% equity.

At this stage, you get paid because we are buying 90% of the business upfront.

Second, you'll get paid quarterly distributions because you retained 10% equity.

At this stage, you get mailbox money. You don't have to show up, clock in, deal with customers or any of that stuff.

Just go to your mailbox -- or check your account from your phone -- and the money will show up like clockwork four times a year.

Lastly, you'll get paid a lump sum after my team and I grow the business and sell it 3-5 years down the road.

At this stage, you have already received your upfront payment and your quarterly distributions. This is your bonus for staying the course and riding the wave with us to the top.

Structuring deals this way gives an owner a successful and dignified retirement because that's what it's all about.

But wait... there's more 😅

You can take that lump sum from Stage 3 and roll some of it into one of our other acquisitions and start the cycle all over again.

Because what's the point of gaining wealth if you can't share it with the people you started with?

My team and I are looking to do deals just like this with accounting firm owners that are approaching retirement.

09/04/2024

This is my second time being featured in Acquisition Aficionado Magazine .

Check out Issue #25. The article begins on Page 47

The title of the article is Personal Planning and Post-Sale Preparation

08/04/2024

I had someone reach out to me and ask this question...

HIM: I'm curious to hear how business owners sacrifice their health for wealth specifically in the context of a business exit

Here's my response...

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Unfortunately, the biggest problem for an owner pre-exit is that they are working too many hours, don't have any systems in place, have the wrong people in the wrong seats, and their books are a mess.

The best case scenario is that they deal with this by hiding behind a brave face. The worst case scenario is that they succumb to the pressure and reach for other vices to escape.

The post-exit conundrum is that they don't have anything to do with themselves because their entire identity was wrapped up in the business.

They don't know who they are when they aren't in charge of the business that they've built from the ground up and aren't running anymore.

This affects their mental health which usually leads to overeating which then leads right back into other vices.

My team and I address the pre-exit stuff with tools, training, and consulting.

We address the post-exit stuff with a deal structure that allows them to retain some equity so they can participate in the growth of the business and still have something to live for.

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HIM: Wow!! I’m so happy I asked. That was an incredible answer. I know someone whose experienced some of those issues you’ve discussed. They sold their business over 15 years ago, but their identity is still wrapped in owning the business.

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Most people that want to buy your business are not concerned with YOUR life post-acquisition. All they care about is getting the deal done so they can move on with THEIR life.

Fortunately, there's another group of people that think differently and want to partner with you on the sale so that you can move on to your next phase of life with dignity, respect, and peace of mind.

05/04/2024

Today is my birthday. 44 laps around the sun.

04/04/2024

When most people think of loyalty, they are thinking about someone else.

What if I told you that loyalty isn't about them; it's about YOU!

Here's what I mean...

Most of us have a vision of how we want things to be.

Unfortunately, we are often fighting against circumstances and asking ourselves why things aren't how we want them to be.

The reason is simple... It's an old saying from my childhood.

"You're hustling backwards."

The truth is you can't control circumstances. Deep down, you know that, but yet you keep fighting anyway.

Back up a bit.

Think about what you want, why you want it, and who you have to become to get it.

When you zoom out like this, circumstances get smaller and your vision gets bigger.

Let me land the plane here and get back to the original topic of loyalty with this...

"Have more loyalty to your vision than your circumstances and watch how things change around you."

03/04/2024

Two new favorite podcasts: Diary of a CEO on YouTube and The Ultimate Human on Audible

02/04/2024

There's only a few steps to preparing your business for sale:

1. Standard Operating Procedures
2. Succession Planning
3. Organized Historical Financials
4. Finding the Right Buyer

The first two steps are in-house things that can easily be taken care of; assuming the business owner doesn't have to do everything and has some time to think.

The third step requires a CPA. Most owners have a bookkeeper or bookkeeping services, but you'll need a CPA to really make it all work.

Finding a buyer is one of those things that can be easy or difficult. It's easy if you run in the right circles. It's hard if you don't and just depend on a standard business broker.

This is an oversimplification. However, it's not really all that difficult. It comes down to these three C's

- Culture
- Cashflow
- Cooperation

If you're thinking about retiring or transitioning from your business, I'm setting aside some time to do a few VIP days.

Here's what you get:

A "real" business valuation. Meaning, you won't get an opinion of value, you'll get two offers based on what an investor will pay for your business as-is

Your Resignation Number. This is the number you need to sell your company for so you can live your ideal lifestyle after you exit.

Exactly what you need to do to bridge the gap between your valuation and your resignation number.

And how to tap-in to a network of serious buyers that will actually buy your business instead of tire kicking and wasting your time.

Ready to get started?

Type "let's talk" in the comments.

01/04/2024

Most small business owners -- in this instance, self-employed people -- make a critical mistake in the early years of their business.

They become the "chief cook and bottle washer" early on and refuse to let go of the reigns because "nobody does it like I do it."

Once you get your first few customers, it's time to start hiring people. Everyone has their opinion of who you should hire first, so I won't delve into that. The point is... get some help.

Being a solopreneur is not cool. You're not special because you can do everything in your business.

On the contrary, you are the bottleneck and the reason your "business" -- which is really just a job -- isn't getting bigger or better.

Sure, you might make a few dollars; even a significant amount of them. But until you bring other people along for the ride, you aren't doing anything special.

29/03/2024

I came across a post on LinkedIn regarding a disease called BSDS. People that want to sell their businesses -- and the people who represent them -- constantly infect one another.

Here are some of the symptoms:

😷 Business "value" based on beliefs and not real-world accounting and statistics

🤒 Gatekeeping data that is absolutely critical to help buyers come up with reasonable offers

🤢 Asking a prospective buyer to submit an LOI prior to talking to the seller

🤮 Complete and utter delusion in not just pricing the business, but how to have conversations with prospective buyers. So much so, that sellers and brokers are actually rude and disrespectful to people who can put money in their pockets and food on their tables.

This disease is called Broker/Seller Delusion Syndrome.

If you or someone you know is suffering from these symptoms, you could end up wasting years of your life, lose an insane amount of sleep, and waste a ton of money on broker listing fees.

Don't do this to yourself. Get help. An ounce of prevention is worth a pound of cure.