How can you, as an entrepreneur, take your first steps toward buying and selling businesses?

Do you agree, like my guest, that most businesses should never be owned longer than six years?

In this episode, Bill Gallagher talks with Josh Tolley, an expert in flipping businesses. Josh is the chairman of a business brokerage company that buys, builds, operates, and sells companies in finance, spirits, birthing centers, professional sports, and other industries.

Key topics that Bill and Josh explore in this episode:

- Josh shares insights from his recent book, Acquisition of Wealth, on creating life-changing prosperity.

- The importance of perseverance and learning from failures in acquiring business success.

- Saving vs. investing for wealth, with a focus on business ownership.

- Why saving your way to wealth can become like chasing a moving target.

- The power of buying businesses for profit over real estate.

- Buying vs starting a business.

- The distinction between small business owners and entrepreneurs.

- Why buying an existing business is often more efficient than starting one from scratch.

- Flipping businesses, using Warren Buffett as an example.

- Warren Buffett invests in companies, keeps profits for himself.

- Acquiring a 20-year-old business with a skilled employee as CEO can yield higher returns than starting a new venture.

- Flipping businesses every 5-7 years is more profitable than holding onto one.

- Equity gained from flipping a business can be used to buy a more valuable business.

- Josh advises against listening to “Instagram experts” who recommend buying, say, a laundromat or car wash.

- Common mistakes business owners make when selling their companies.

- Business owners often lack a clear exit strategy, leading to problems when it's time to sell.

- Entrepreneurs must set up their businesses to run without them.

- Entrepreneurs struggle with identity issues when their businesses fail or they sell them.

Thanks to Josh Tolley for being on the show!

Learn more about Josh: https://www.joshtolley.com

Get Josh’s book: Acquisitional Wealth: The Fastest, Most Proven Way to Create Life-Changing Prosperity: https://amzn.to/3UbD560

Bill Gallagher, Scaling Coach and host of the Scaling Up Business podcast, is an international business coach who works with C-Suite leaders to achieve breakthrough growth.

Join Bill in the Growth Navigator Coaching Program: https://ScalingCoach.com/workshop

Bill on LinkedIn: https://www.LinkedIn.com/in/BillGall/

Bill on YouTube: https://www.YouTube.com/@BillGallagherScalingCoach

Visit https://ScalingUp.com to learn more about Verne Harnish, our team of Scaling Up Coaches, and the Scaling Up Performance Platform, which includes coaching, learning, software, and summit. We share how the fastest-growing companies succeed where so many others fail. We help leadership teams with the biggest decisions...

In this episode, Bill contrasts the job scorecard's effectiveness with traditional job descriptions, which he finds overly bureaucratic and filled with generic language. The job scorecard, with its clarity and simplicity, provides a structured framework for outlining the responsibilities, expected outcomes, and key performance indicators (KPIs) for a role, making it an invaluable asset in evaluating candidates and managing employee performance over time.

Bill outlines the key components of a job scorecard, including the job title, reporting lines, a succinct headline describing the role's main function, specific outcomes the role is accountable for, and a set of KPIs to measure these outcomes. He emphasizes the importance of setting clear performance standards (green, yellow, red levels) for each KPI, facilitating objective performance evaluations and discussions. By employing the job scorecard in regular one-on-one coaching sessions, managers can effectively guide employees towards improved performance, ensuring regular feedback and action plans are in place. This approach promotes continuous performance enhancement and avoids the pitfalls of traditional, less frequent performance reviews.

How can business leaders let go of control at the same time as they empower team members to take ownership of their work?

In this episode, Bill Gallagher and Hortense Le Gentil discuss trust, empathy, and the importance of leaders recognizing and challenging their limiting beliefs.

An executive leadership coach and an author, Hortense Le Gentil is on a mission to empower leaders to embody authenticity, inspire meaningful change, and make a profound difference in the lives of people around them and the organizations they lead.

Key topics Bill and Hortense explore in this episode:

- Hortense’s journey from France to business coaching and book writing.

- Why empathy and trust are key to effective leadership.

- Hortense recounts a personal experience of feeling unfulfilled in her professional life and seeking a change, despite having a seemingly perfect life on the outside.

- Hortense’s journey as an entrepreneur, from learning to be herself to helping others.

- Self-discovery through neuroscience and psychology.

- Unlocking potential in CEOs and executives.

- Why the traditional heroic leadership model is no longer effective in today's workplace.

- The importance of teamwork and collaboration in overcoming challenges.

- Leaders can’t be like Superman and have all the answers.

- The importance of leaders being remembered for empathy, support, and human connection.

- How each person has a unique talent that they are meant to share with the world.

Thanks to Hortense Le Gentil for being on the show!

Visit her website: https://www.hortenselegentil.com/

Connect with her on LinkedIn: https://www.linkedin.com/in/hortenselegentil/

Get her book: The Unlocked Leader: Dare to Free Your Own Voice, Lead with Empathy, and Shine Your Light in the World: https://amzn.to/49NgSkA

Bill Gallagher, Scaling Coach and host of the Scaling Up Business podcast, is an international business coach who works with C-Suite leaders to achieve breakthrough growth.

Join Bill in the Growth Navigator Coaching Program: https://ScalingCoach.com/workshop

Bill on LinkedIn: https://www.LinkedIn.com/in/BillGall/

Bill on YouTube: https://www.YouTube.com/@BillGallagherScalingCoach

Visit https://ScalingUp.com/ to learn more about Verne Harnish, our team of Scaling Up Coaches, and the Scaling Up Performance Platform, which includes coaching, learning, software, and summit. We share how the fastest-growing companies succeed where so many others fail. We help leadership teams with the biggest decisions around people, strategy, execution, and cash so that they can scale up successfully and beat the odds of business growth.

Did you enjoy today’s episode? If so, then please leave a review! Help other business leaders discover the Scaling Up Business Podcast so they, too, can benefit from the ideas shared in these podcasts.

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