Profitability Coach Bill McDermott Archives

What is Exit Planning?, with Bill McDermott, Host of ProfitSense

September 24, 2024 by John Ray

North Fulton Studio

What is Exit Planning?, with Bill McDermott, Host of ProfitSense

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What is Exit Planning?, with Bill McDermott, Host of ProfitSense

In this commentary from a recent episode of ProfitSense, Bill McDermott, The Profitability Coach, explains why exit planning is much more than simply selling a business.

Bill’s commentary was taken from this episode of ProfitSense.

ProfitSense with Bill McDermott is produced by John Ray and the North Fulton Studio of Business RadioX® in Alpharetta.

Transcript

I want to talk a minute about “what is exit planning anyway?” Business owners may hear the phrase exit planning thrown around fairly often. But what is exit planning anyway? Every business owner dreams of that sunny retirement, sipping drinks on a beach, free from the daily grind. Yet many of us are so caught up in the hustle that we forget to plan for the big.

What’s next? Exiting our business. Is exit planning just another buzzword, or is there something more to it? At its core, exit planning is about ensuring you can leave your business on your terms. It’s about making sure you just don’t walk away with a nice goodbye card and a piece of cake, but with the financial freedom you’ve worked so hard to achieve.

On one hand, exit planning is a meticulous process. It involves numbers, valuations, legal documents, and sometimes a few uncomfortable conversations. On the other hand, it’s deeply personal. It’s about your legacy, your future, and yes, your dreams. The challenge? Balancing these practicalities with your personal aspirations.

Let’s be honest, this can be overwhelming, but here’s the good news: you don’t have to go it alone. With the right exit planning coaching, you can navigate each step confidently, ensuring your business thrives even after you step away. It’s like having a copilot on that road trip—someone to remind you to check the oil and suggest the best scenic routes.

So whether you’re just starting to think about your exit or are knee deep in the process, remember this. Exit planning. Isn’t just about leaving. It’s about leaving well, and that’s something we can all get behind.

About ProfitSense and Your Host, Bill McDermott

Follow this link to find the show archive.

The show is presented by The Profitability Coach. The Profitability Coach helps business owners improve cash flow and profitability, find financing, break through barriers to expansion, and financially prepare to exit their business.

Bill McDermott is the Founder and CEO of The Profitability Coach. When business owners want to increase their profitability, they don’t have the expertise to know where to start or what to do. Bill leverages his knowledge and relationships from 32 years as a banker to identify the hurdles getting in the way and create a plan to deliver profitability they never thought possible.

Bill currently serves as Treasurer for the Atlanta Executive Forum and has held previous positions as a board member for the Kennesaw State University Entrepreneurship Center, Gwinnett Habitat for Humanity, and Treasurer for CEO NetWeavers. Bill is a graduate of Wake Forest University, and he and his wife, Martha, have called Atlanta home for over 40 years. Outside of work, Bill enjoys golf, traveling, and gardening.

Connect with Bill on LinkedIn and Instagram and follow The Profitability Coach on LinkedIn.

Dr. Robert Matheny, Corvivo Cardio, and Don Bravaldo, Bravaldo Capital Advisors

July 16, 2024 by John Ray

Dr. Rob Matheny, Corvivo Cardio, and Don Bravaldo, Bravaldo Capital Advisors

North Fulton Studio

Dr. Robert Matheny, Corvivo Cardio, and Don Bravaldo, Bravaldo Capital Advisors

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Dr. Robert Matheny, Corvivo Cardio, and Don Bravaldo, Bravaldo Capital Advisors (ProfitSense with Bill McDermott, Episode 59)

On this episode of ProfitSense, host Bill McDermott delves into the stories of two influential Atlanta businessmen. The first guest, Dr. Robert Matheny of Corvivo Cardio, discusses his transition from a cardiovascular surgeon to an entrepreneur, pioneering groundbreaking extracellular matrix technology for heart tissue regeneration. The second guest, Don Bravaldo, President of Bravaldo Capital Advisors, provides expert insights into the mergers and acquisitions landscape, highlighting recent success stories and advising business owners on how to best prepare for sale.

Bill concludes the show with a commentary on how to de-risk your decisions and ensure you’re making the best choices for your company.

ProfitSense with Bill McDermott is sponsored and presented by Bill McDermott, The Profitability Coach, and the show is produced by John Ray and the North Fulton Studio of Business RadioX® in Alpharetta.

Dr. Robert Matheny, Corvivo Cardio (formerly CorMatrix Cardiovascular, Inc)

Dr. Rob Matheny, Corvivo Cardio — **Dr. Robert Matheny, Corvivo Cardio**

Dr. Robert Matheny is a highly experienced cardiothoracic surgery specialist based in Atlanta, GA, with over 41 years in the medical field. He graduated from the University of Louisville School of Medicine and has since dedicated his career to cardiovascular medicine and medical technology innovation.

As the founder and Chief Medical Officer of CorMatrix Cardiovascular, Inc., Dr. Matheny has been instrumental in developing extracellular matrix (ECM) biomaterials for cardiac and vascular tissue repair. His work has led to the creation of innovative products that have been used in over 160,000 cardiovascular procedures across more than 975 hospitals in the United States.

Dr. Matheny’s commitment to advancing regenerative medicine in the cardiovascular field is evident through his extensive research and development efforts. He has overseen numerous studies, including more than 50 at T3 Labs, contributing significantly to the improvement of patient outcomes in the treatment of heart failure and various cardiovascular conditions.

Don Bravaldo, Bravaldo Capital Advisors

Don Bravaldo is the founder and President of Bravaldo Capital Advisors, a boutique investment banking firm based in Atlanta, Georgia, which he established in 2006. As a Certified Public Accountant (CPA) with a strong background in finance and accounting, Don has developed a particular passion for mergers and acquisitions. His firm specializes in serving privately held and closely held companies, typically those with revenues between $10 million and $300 million, primarily located in the Southeastern United States.

Under Don’s leadership, Bravaldo Capital Advisors offers a comprehensive range of transaction and advisory services, including sell-side transactions, exit strategy planning, growth through acquisition, debt restructuring, and corporate recapitalization. The firm has developed extensive expertise across various industries, including industrials, information technology, healthcare, and general business services.

Don’s approach to investment banking emphasizes providing independent economic and financial advice, coupled with execution services. His firm’s engagements have a broad geographical scope, ranging from national to international. In addition to his role at Bravaldo Capital Advisors, Don serves as a Board Member for Pandea Global M&A, further extending his influence in the mergers and acquisitions field.

Website | LinkedIn

Topics Discussed in this Episode

00:00 Introduction to ProfitSense
01:05 Meet Dr. Robert Matheny of Corvivo Cardio
01:26 The Journey from Surgeon to Entrepreneur
05:00 Groundbreaking ECM Technology
09:54 Clinical Trials and Future Prospects
12:51 Meet Don Bravaldo of Bravaldo Capital Advisors
13:38 The Genesis of Bravaldo Capital Advisors
17:53 Current M&A Market Insights
21:37 Success Stories in M&A
27:36 Advice for Business Owners Considering an Exit
30:43 Bill McDermott’s Entrepreneurial Journey
32:49 Closing Remarks and How to Stay Connected

About ProfitSense and Your Host, Bill McDermott

Follow this link to find the show archive.

Connect with Bill on LinkedIn and Instagram and follow The Profitability Coach on LinkedIn.

Don’t Run Your Business Without These Two Things, with Bill McDermott, Host of ProfitSense

May 28, 2024 by John Ray

North Fulton Studio

Don't Run Your Business Without These Two Things, with Bill McDermott, Host of ProfitSense

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Don’t Run Your Business Without These Two Things, with Bill McDermott, Host of ProfitSense

In this commentary from a recent episode of ProfitSense, Bill talks about two things you shouldn’t neglect as you run your business.

Bill’s commentary was taken from this episode of ProfitSense.

ProfitSense with Bill McDermott is produced by John Ray and the North Fulton Studio of Business RadioX® in Alpharetta.

Transcript

I want to take a moment now to talk about “don’t run your business without these two things.” And today I want to talk about the two things that you should never When our company is growing, sometimes we hire people that don’t share our core values or core focus.

These people may behave in a way that we don’t understand because it’s not who we are. We’ve all heard the quote, “if you don’t stand for something, you’ll fall for anything.” Early in my coaching meetings with clients, it’s critical to find out what they stand for, even if it means taking a loss in their company.

I also had to determine what my core values were when I started The Profitability Coach 15 years ago. So when you’re running a business, it’s crucial to first decide on your core values. Some of mine are adaptability, empathy, and being strategic. If you’ve never done this exercise before, I encourage you to take some time to determine what you stand for and hire people who believe in the same things you do. You may even think about developing a core value speech that you share with each person that you’re thinking about hiring.

Second thing is we must choose perseverance. Very early in my life, when didn’t want to do homework for school. My dad told me anything worth doing. Is worth doing well.

Studies show that perseverance is an essential quality for success in life. It often tops aptitude and raw talent and is a more accurate predictor of success in life. When I was laid off at 54 years old, after 32 successful years in banking, I started The Profitability Coach at the height of the great recession with one idea in mind. I had a dream to make business owners, better financial managers of their businesses. 15 years later, I would not be where I am today without choosing perseverance.

So if you’re a business owner or CEO, make sure you’re not operating without these two things.

About ProfitSense and Your Host, Bill McDermott

Follow this link to find the show archive.

Connect with Bill on LinkedIn and Instagram and follow The Profitability Coach on LinkedIn.

How to Manage the Buyer-Seller Dance, with Bill McDermott, Host of ProfitSense

March 4, 2024 by John Ray

How to Manage the Buyer-Seller Dance, Profitability Coach Bill McDermott

North Fulton Studio

How to Manage the Buyer-Seller Dance, with Bill McDermott, Host of ProfitSense

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How to Manage the Buyer-Seller Dance, with Bill McDermott, Host of ProfitSense

In this commentary from a recent episode of ProfitSense, Bill offers thoughts on how to manage the buyer-seller dance.

Bill’s commentary was taken from this episode of ProfitSense.

ProfitSense with Bill McDermott is produced and broadcast by the North Fulton Studio of Business RadioX® in Alpharetta.

Transcript

Bill McDermott: I want to talk a little bit today about how to manage the buyer-seller dance. During a sales call, both buyer and seller have their own goals and agendas. They are constantly trying to influence each other and often get caught in what we call the buyer-seller dance. In my experience, if we don’t have a sales process, we automatically divert to the buyer’s process, and the buyer leads in the buyer-seller dance.

Buyers have access to more information than ever before. They are increasingly sophisticated and savvy, and also have the option to walk away from a sale at any time. So, what are some ways that sellers like us can lead the buyer-seller dance? First is set the agenda for the sales call. Sellers can do this by asking the buyer what they want to learn about and what their goals for the call are.

Second, ask open-ended questions. This will help sellers learn more about the buyer’s needs and challenges. Third, focus on the buyer’s pain points. Sellers should know their buyer, how their product or service can solve their problems and improve their life. Fourth, be honest and transparent. Sellers should avoid making false promises or overselling their product and service.

And last, be confident. Sellers should believe in their product or service and their ability to help the buyer. When sellers are able to lead the buyer seller dance, they are more likely to close sales and build long-term relationships with their customers.

About ProfitSense and Your Host, Bill McDermott

ProfitSense with Bill McDermott dives into the stories behind some of Atlanta’s successful businesses and business owners and the professionals that advise them. This show helps local business leaders get the word out about the important work they’re doing to serve their market, their community, and their profession. The show is presented by McDermott Financial Solutions. McDermott Financial helps business owners improve cash flow and profitability, find financing, break through barriers to expansion, and financially prepare to exit their business. The show archive can be found at profitsenseradio.com.

Bill McDermott is the Founder and CEO of McDermott Financial Solutions. When business owners want to increase their profitability, they don’t have the expertise to know where to start or what to do. Bill leverages his knowledge and relationships from 32 years as a banker to identify the hurdles getting in the way and create a plan to deliver profitability they never thought possible.

Connect with Bill on LinkedIn and Instagram, and follow McDermott Financial Solutions on LinkedIn.

Seth Peabody, iTxRe

February 21, 2024 by John Ray

North Fulton Studio

Seth Peabody, iTxRe

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Seth Peabody, iTxRe (ProfitSense with Bill McDermott, Episode 55)

CPA Seth Peabody joined host Bill McDermott on this episode of ProfitSense. Seth’s firm, iTxRe, emphasizes the importance of proactive tax planning for businesses, and he explained how their approach can significantly impact profitability by strategically reducing tax liabilities. Seth provided insights into tax planning vs. what he calls “tax telling,” highlighted the advantages of having an early and consistent tax plan, and discussed the major issues faced by the CPA industry. Seth also delved into the potential role of AI in aiding the CPA industry, and he underscored the necessity for a pragmatic understanding of accounting for better business outcomes.

Bill concluded the show with thoughts on how to manage the buyer-seller dance.

ProfitSense with Bill McDermott is produced and broadcast by the North Fulton Studio of Business RadioX® in Alpharetta.

Seth Peabody, iTxRe

Seth Peabody has been a CPA for over two decades, working in small, medium, and large firms. In pursuit of growing a niche CPA practice, he learned business owners and high-net-worth individuals didn’t have true annual income tax planning. He created a program and process for clients to reduce taxes annually.

iTxRe creates a proactive environment to assist businesses and individuals across the country with annual income tax planning. They regularly meet with their clients to customize a plan for them. Then they work to control and minimize the impact of income tax on both the business and the individual. Finally, they complete the last step of the plan, filing the tax returns.

Quite simply, iTxRe engages in tax planning, not “tax telling.”

Website | LinkedIn | Instagram | Facebook | Seth LinkedIn

Topics Discussed in this Interview

00:00 Introduction
01:07 Guest Introduction: Seth Peabody, CPA
01:29 Understanding Tax Planning
03:13 Proactive Tax Strategies
04:08 Understanding Tax Credits and Deductions
05:28 The Importance of Quarterly Estimates
07:27 The Role of Tax Planning in Business
09:11 Differentiating in the CPA Industry
15:29 The Impact of AI in the CPA Industry
17:56 The Importance of Understanding Accounting for Business Owners
24:22 The Buyer-Seller Dance in Sales
26:01 Closing Remarks and Contact Information

About ProfitSense and Your Host, Bill McDermott

Bill McDermott, “The Profitability Coach,” is the Founder and CEO of McDermott Financial Solutions. When business owners want to increase their profitability, they don’t have the expertise to know where to start or what to do. Bill leverages his knowledge and relationships from 32 years as a banker to identify the hurdles getting in the way and create a plan to deliver profitability they never thought possible.

Connect with Bill on LinkedIn and Instagram, and follow McDermott Financial Solutions on LinkedIn.

Mastering Sales: It’s Not About You, It’s About Them, with Bill McDermott, Host of ProfitSense

January 23, 2024 by John Ray

North Fulton Studio

Mastering Sales: It's Not About You, It's About Them, with Bill McDermott, Host of ProfitSense

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Mastering Sales: It’s Not About You, It’s About Them, with Bill McDermott, Host of ProfitSense

In this commentary from a recent episode of ProfitSense, Bill McDermott discusses the essential mindsets and skills necessary for mastering sales.

Bill’s commentary was taken from this episode of ProfitSense.

ProfitSense with Bill McDermott is produced and broadcast by the North Fulton Studio of Business RadioX® in Alpharetta.

Transcript

We’re kicking off a new year. It’s 2024. Every business owner I’m talking to recently has been trying to think about “what do I need to do to sell more? Do I raise prices? Do I increase volume?” And so I wanted to talk briefly about how to become the salesperson people want to buy from. Having success in sales can sometimes feel easier said than done.

It takes hard work, dedication, and a willingness to learn and grow. It also takes the ability to overcome objections and setbacks. I recently led a sales training to a group of commercial bankers that we discussed the importance of dealing with mindset first and then adding the right skill set. Two crucial mindsets to have are an abundance mindset and a success mindset.

The best way to have an abundance mindset is to have an abundance of opportunities. A success mindset includes the 80/20 rule. In a sales call, do 20 percent of the talking and 80 percent of the listening. Ask questions based on curiosity and listen to the answers. For skill set, it’s important to engage your client or prospect in as much right brain thinking as you can.

The right side of the brain is where imagination and feelings live. If you can engage those through the art of storytelling, you’ll soon find the client sees themselves in your story. This triggers a desire to do business with you because they see you as someone that can solve their problem. So our formula for success is simple.

Find the level of activity you’re willing to adopt, own your sales process, and ask good questions and solve problems. Don’t sell products.

About ProfitSense and Your Host, Bill McDermott

Connect with Bill on LinkedIn and Instagram, and follow McDermott Financial Solutions on LinkedIn.

Three Tips for Perfecting Your 2024 Projections, with Bill McDermott, Host of ProfitSense

January 7, 2024 by John Ray

North Fulton Studio

Three Tips for Perfecting Your 2024 Projections, with Bill McDermott, Host of ProfitSense

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Three Tips for Perfecting Your 2024 Projections, with Bill McDermott, Host of ProfitSense

In this commentary from a recent episode of ProfitSense, Bill McDermott offers three quick tips on perfecting your 2024 projections for your business.

Bill’s commentary was taken from this episode of ProfitSense.

ProfitSense with Bill McDermott is produced and broadcast by the North Fulton Studio of Business RadioX® in Alpharetta.

Transcript

Bill McDermott: Whether you’ve finished your 2024 projections or not, I’d like to share three tips you need to know to put the finishing touches on your forecast.

Projections are critical to knowing whether your financial forecasts are realistic, especially if you will use these to obtain financing or attract investors.

First, look for tendencies in your forecasting to gain insights on things you can do to improve next year. This could be things like: did you overestimate revenue and profits? Did you accurately forecast the timing of collections from clients and payments to vendors?, etc.

Second, compare your assumptions on revenue and expense growth compared to your historical performance and industry norms/standards. It’s possible you’re outperforming your peers in some areas but underperforming in others. Know your tendencies.

Third, forecast from the bottom up, not the top down. It’s not how much you bill, but how much you keep. Plan profit first, then expenses, then revenue. Compare your forecasted revenue number based on what you discovered in your historical performance. If your revenue number is too high, then consider either adjusting your profit number or cutting expenses.

Many business owners will have several rounds of assumptions before they end up with a forecast they’re comfortable with. Remember, it’s important to forecast not only your income statement but also your balance sheet and cash flow statement to get a complete picture of your business.

Here’s to a great 2024 for all of us!

About ProfitSense and Your Host, Bill McDermott

Connect with Bill on LinkedIn and Instagram, and follow McDermott Financial Solutions on LinkedIn.

What is Your Business Worth?, with Bill McDermott, Host of ProfitSense

December 14, 2023 by John Ray

What is Your Business Worth?, with Bill McDermott, Host of ProfitSense

In this commentary from a recent episode of ProfitSense, Bill McDermott asks business owners to consider what their business is worth, and why an informed answer to that question is so important.

Bill’s commentary was taken from this episode of ProfitSense.

ProfitSense with Bill McDermott is produced and broadcast by the North Fulton Studio of Business RadioX® in Alpharetta.

Bill McDermott: I’d like to talk about the one question every business owner should be able to answer, and that’s: what’s my business worth?

In a recent study, business owners were asked what they estimated the value of their business to be. Ten percent didn’t have a clue. The other 90% answered in a wide range between $500,000 and $100 million.

When asked how they arrived at that valuation, two-thirds answered that they had no specific method or that they used some kind of informal methodology. Only 1/3 answered that they obtained an independent valuation from a qualified professional.

But it’s crucial to know the true value of your business for two main reasons:

To make informed decisions about the future, such as whether to sell, expand, or make other major changes. For example, if you know that your business is worth a significant amount of money, you may be more likely to consider selling it in the future. Or, if you know that your business is growing rapidly, you may be more likely to consider expanding into new markets.
To attract investors or partners.  If you are looking to attract investors or partners, knowing the value of your business can be a valuable asset. Investors and partners will want to know how much your business is worth before they commit any money or resources. By having a professional valuation, you can show potential investors and partners that your business is a sound investment.

Typically, our business is the largest asset on our personal financial statement. We should know the value to make informed decisions.

About ProfitSense and Your Host, Bill McDermott

Connect with Bill on LinkedIn and Instagram, and follow McDermott Financial Solutions on LinkedIn.

The Sales Rule Everyone Should Follow, with Bill McDermott, Host of ProfitSense

August 29, 2023 by John Ray

North Fulton Studio

The Sales Rule Everyone Should Follow, with Bill McDermott, Host of ProfitSense

00:00 /

The Sales Rule Everyone Should Follow, with Bill McDermott, Host of ProfitSense

In this commentary from a recent episode of ProfitSense, Bill McDermott discussed the sales rule everyone should follow.

Bill’s commentary was taken from this episode of ProfitSense.

ProfitSense with Bill McDermott is produced and broadcast by the North Fulton Studio of Business RadioX® in Alpharetta.

About ProfitSense and Your Host, Bill McDermott

ProfitSense with Bill McDermott dives into the stories behind some of Atlanta’s successful businesses and owners and the professionals that advise them. This show helps local business leaders get the word out about the important work they’re doing to serve their market, their community, and their profession. The show is presented by McDermott Financial Solutions. McDermott Financial helps business owners improve cash flow and profitability, find financing, break through barriers to expansion, and financially prepare to exit their business. The show archive can be found at profitsenseradio.com.

Bill currently serves as Treasurer for the Atlanta Executive Forum and has held previous positions as a board member for the Kennesaw State University Entrepreneurship Center and Gwinnett Habitat for Humanity and Treasurer for CEO NetWeavers. Bill is a graduate of Wake Forest University and he and his wife, Martha have called Atlanta home for over 40 years. Outside of work, Bill enjoys golf, traveling, and gardening.

Connect with Bill on LinkedIn and Twitter and follow McDermott Financial Solutions on LinkedIn.