Do you want to be a business owner? Consider buying one instead of starting from scratch! Tamara Bey, President of EGR Financial Solutions, joins Bill to dive deep into strategies for business growth. With over two decades of experience in sales leadership, strategic planning, and relationship management, Tamara shares insights on the importance of partnerships, leveraging LinkedIn for networking, and navigating business financing options. The conversation also touches on buying an established business versus starting one from scratch, the significance of maintaining both personal and business credit, and understanding business valuations and add-backs. This episode is packed with valuable advice for both prospective and current business owners.

Takeaways:

• Consider Buying vs. Starting a Business: This approach lets you build on an established foundation and potentially avoids some early growing pains.
• Leverage Partnerships: Look for opportunities to form strategic partnerships with other businesses. These can help you leverage strengths, share resources, and ultimately achieve common goals.
• Get Your Financials in Order: Good bookkeeping is critical. Keep detailed records of your financials and track cash flow meticulously. Separate personal and business credit to ensure your financial health is clear and organized.
• Prepare for Business Loans: Develop a thorough business plan and detailed financial projections. Collect several years of financial records to present to lenders.
• Valuing a Business: When buying or selling, ensure a professional business valuation. Understand the difference between revenue and profit and how to properly calculate add-backs (e.g., owner’s salary, depreciation).
• Utilize LinkedIn for Networking: Stay active on LinkedIn to connect with other business professionals and explore partnership opportunities.

Quote of the Show:

“ Get into that business, add your own flavor, and grow that business to the next level.” - Tamara Bey

What problem can the listeners help you solve?

• Finding business partnerships.

Links:

• LinkedIn: https://www.linkedin.com/in/tamarabey-servantleader/
• Website: https://www.egrfinancialsolutions.com/

Ways to Tune In:

• Transistor: https://steelcitygrowth.live/
• Spotify: https://open.spotify.com/show/4SBtiD6wOmd2EFCYh4PW3Z
• Apple Podcasts: https://podcasts.apple.com/us/podcast/steel-city-growth/id1806713142
• Amazon Music: https://music.amazon.com/podcasts/42813799-b7e8-432a-a9d5-aa6d67b8f8f3/steel-city-growth
• Podchaser: https://www.podchaser.com/podcasts/steel-city-growth-6053619
• YouTube: https://www.youtube.com/@SteelCityGrowth