Show Me The Way

Show Me The Way: How To Lead Your Business to a Successful Exit, presented by Spencer Fane LLP, is an outgrowth of David Seitter’s 2020 book “Quiet Plans – Exciting Results.” The podcast offers assistance, hope and direction to those business owners who have the goal of growing their business so they can achieve the best possible exit for their company. In one-on-one interviews with successful business owners who have been exactly where you are — dealing with the everyday challenges of owning and operating their business — they share their experiences on the way to their planned business exit. The show will often explore how acquiring business(es) or merger and acquisitions played a role in those exits, what ways to make those decisions and how to finalize the deals. www.davidseitter.com.

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Episodes

4 days ago

Welcome to the "Show Me The Way" podcast with David Seitter
In this episode of “Show Me The Way,” Dave talks with Dr. Henry Silvestriz, Doctor of Chiropractic Services, and President & CEO / Co-Founder of Vinci Holdings, LLC, exploring Henry's journey from his humble beginnings in Puerto Rico to his recent ventures into the world of mergers and acquisitions (M&A). Learn about the challenges he's faced, the lessons learned, and the exciting future ahead.
Ep. 49 — Navigating the First Acquisition: Insights from Dr. Henry Silvestriz, DC
Henry was born in Puerto Rico in 1982. He completed his high school education on the island before enlisting in the Army in 2001. His military stint as an artillery specialist offered him unique experiences, but it wasn’t until after his service that he found his true calling.
The Path to Chiropractic Medicine
After leaving the Army, Henry joined the Dallas Police Department, serving for seven years. His career took a turn when he decided to pursue chiropractic studies at Life University in Georgia, graduating in 2018. His interest in the field extended beyond personal practice; he actively participates in chiropractic mission trips to Guatemala with Tanaka Chiropractic Missions, providing care to underserved communities.
The M&A Journey Begins
Inspired by the teachings of Dan Pena, Henry set his sights on the business world. With the encouragement from Pena's seminars, he realized that one didn’t need to be wealthy or have a specific degree to buy a business. Thus began Henry's journey into the M&A space, eventually founding Vinci Holdings with his father.
Vinci Holdings: Merging Healthcare with Business Acumen
Vinci Holdings has carved out a niche in the healthcare sector, focusing primarily on technology within healthcare, such as Electronic Health Records (EHR) systems and clinics. Henry and his team began actively searching for acquisition targets in September 2020, starting with modest goals and gradually moving to larger deals.
Overcoming Challenges in the M&A Process
Henry’s first acquisition is close to completion, and he shares invaluable lessons from the process. Establishing relationships with sellers is crucial since they are entrusting their company's legacy and their employees' future. Furthermore, it is essential to perform thorough due diligence, not only on the target businesses but also on the service providers assisting in the due diligence process. Henry recounts a costly lesson when he had to switch accounting firms midway through due diligence to get the quality of earnings report right.
Advice for Sellers
Henry offers practical advice for sellers to enhance their likelihood of a successful sale:
Realistic Expectations: Understand that an outright, immediate exit with full payment is rare.
Open to Structures: Be open to various deal structures, including promissory notes and equity stakes for future payouts.
Company Preparedness: Improve the company’s internal structures, such as having a CFO or Controller, to make the company more appealing to buyers.
Looking Back and Moving Forward
Reflecting on his journey, Henry notes the importance of not limiting oneself to small deals. Pursuing larger targets can often be more fruitful and less cumbersome in the long run. He looks forward to growing Vinci Holdings by continually acquiring more businesses in the healthcare sector and leveraging his initial success to propel future endeavors.
Reaching Out
For those interested in learning more about Vinci Holdings or seeking partnership opportunities, Henry is active on LinkedIn and encourages direct contact. His openness to conversations underscores his commitment to building relationships and expanding his network.
 
 
 
To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter@spencerfane.com
 
Disclosure
This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.

Tuesday Jun 25, 2024

Welcome to the "Show Me The Way" podcast with David Seitter
In this episode of “Show Me The Way,” Dave reconnects with Karl Dakin to discuss critical aspects of business funding and deal-making. Karl, an expert in capital strategies for businesses, shares his extensive knowledge on finding the right investors, understanding the unique needs of each business, and the importance of proper preparation before selling a business.
Ep. 48 — Navigating Funding of Business Deals with Karl Dakin
Dave kicked off the episode with an enthusiastic introduction of Karl Dakin, a man with whom he has shared a history. Despite their different career paths, both have remained connected through their professional endeavors.
Post-law school, Karl moved to Denver, Colorado, where he ventured into software engineering before eventually starting his own law practice in 1986. His knack for high-tech and complex technical issues has made him a sought-after attorney and entrepreneur.
The Significance of Business Funding
Much of the discussion centered around the importance of understanding funding, especially in the realm of business succession planning, mergers, and acquisitions. Karl offered several golden nuggets of wisdom:
 
Know Your Investor: Understand that not all investors are created equal. Each has unique motivations, resources, and levels of sophistication. Karl elaborated on how to identify investors who aren’t just willing but are eager to invest in your business. Whether it’s through familiar connections or targeting stakeholders who stand to benefit from your success, knowing who to approach can make or break your funding efforts.
 
Mistakes to Avoid: Many businesses waste valuable time pitching to investors who will never invest. Karl says to avoid generic pitches and ensure your business stands out among the competition. Entrepreneurs should prioritize building relationships with stakeholders and seasoned advisors who can introduce them to suitable investor candidates.
 
Tailored Strategies: Karl emphasized the importance of customizing your pitch and understanding what the investor needs or benefits from. Investors are more likely to invest in a business that aligns with their interests and offers tangible benefits. By understanding the long-term goals and pinpointing exact requirements, Dakin Capital creates bespoke strategies that align businesses with their perfect match investors.
Single Pitch Success
Karl shares an inspiring success story about a sports widget manufacturer. By identifying a supplier who would significantly benefit from the manufacturer’s growth, Karl secured a $200,000 investment after a single pitch. This highlights the importance of aligning your business growth with the interests of potential investors.
Building a Support System
Entrepreneurs should build a robust board of directors and advisors, leveraging their networks for business growth and funding. This support system can introduce you to a wider audience and potential investors, thereby increasing your chances of securing necessary funding.
Contact Karl Dakin
If you find Karl’s insights valuable and want to reach out to him for assistance, you can contact him through several avenues:
- Website: http://www.dakincapital.com
- LinkedIn: Karl Dakin
- Phone: 720-296-0372
 
Karl's expertise could be the key to unlocking the potential of your business through strategic funding.
 
 
 
To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter@spencerfane.com
 
Disclosure
This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.

Tuesday Jun 11, 2024

Welcome to the "Show Me The Way" podcast with David Seitter
In this episode of “Show Me The Way,” Dave sits down with Hetrick to uncover the twists and turns of his remarkable journey—from his beginnings in the SEAL Teams to building a fitness empire with TRX, and now venturing into a new business with Outfit Training. He discusses the highs and lows of entrepreneurial life, including raising private equity, managing a business during a pandemic, and navigating a company through bankruptcy and bad investors.
Ep. 47 — Redemption from Bankruptcy and Bad Investors with Randy Hetrick
Randy Hetrick was born in Southern California in Santa Ana and spent his formative years enjoying the idyllic beaches of SoCal. His educational journey led him to USC, where he was a rower. Despite an early life filled with athleticism and sun-soaked beaches, an unexpected pivot came during his junior year in college. Driven by a desire to serve his country and test his limits, Randy was drawn to the SEAL Teams, where he flourished.
From SEAL Team to Business Team
Hetrick’s impressive stint with the SEAL Teams included training and missions worldwide. His time with the SEALs instilled in him tenacity and resourcefulness—traits he later carried into the business world. He humorously recounts adding to his slogan thanks to other veteran friends: “If you have two arms and two legs, the suspension trainer loves you. But even with one arm or one leg, it’s a fantastic tool.”
The Birth of TRX
After retiring from the SEALs, Randy attended Stanford Business School, where he used his experiences to incubate what would become TRX. Born out of necessity, the TRX Suspension Trainer was initially just a clever tool for his SEAL teammates. However, recognizing its broader potential, he launched it to the public in 2004.
Hetrick's journey in building TRX was filled with highs and lows, from experiencing soaring growth to navigating through disastrous private equity partnerships. “The first group of private investors were useless but not sinister,” he mentions, candidly. The second group, however, led the company into significant financial distress, culminating in a near collapse.
Rescuing TRX from the Brink
By 2020, TRX faced deep financial troubles. However, leveraging his experience and an intense drive to reclaim his business, Randy orchestrated a buyout from bankruptcy with a new partner, Jack Daly. Remarkably, they pulled TRX back from the abyss, restoring profitability and stabilizing the brand.
Introducing Outfit Training: A Blue Ocean in Fitness
Hetrick's entrepreneurial spirit didn’t stop at TRX. Observing the inefficiencies in the traditional fitness market, he launched Outfit Training—a mobile fitness service. Inspired by outdoor activities and the need for accessible and scalable fitness solutions, Outfit Training uses technologically advanced mobile vans filled with fitness equipment. This venture aims to revolutionize fitness by bringing it directly to consumers in parks and personal spaces.
Outfit Training isn’t just about innovation; it’s also about providing opportunities for small business ownership, especially targeting veterans, fitness professionals, women, and minority entrepreneurs. “It’s a business model designed to be capital-light and can be scaled up incrementally, offering a great opportunity for those looking to own a small business,” Randy explains.
Lessons in Resilience and Leadership
Throughout the podcast, Hetrick shares invaluable lessons he has learned over the years:
Profitability is Key: Keeping a business profitable slows down the clock and allows for better decision-making.
Culture and Team Matter: A strong team with a solid culture is essential for success, particularly when transitioning ownership.
Choosing the Right Buyer: Ensuring the buyer aligns with your business's culture and vision is crucial, especially if you have an earn-out clause.
Randy's story underscores that success in business, much like climbing a mountain, requires determination, strategy, and resilience.
Connect with Randy Hetrick
Interested in learning more or getting involved with TRX or Outfit Training? Here are some ways to connect:
- TRX Website
- Outfit Training
- Franchise Opportunities
- Instagram
 
 
 
To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter@spencerfane.com
 
Disclosure
This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.

Tuesday May 28, 2024

Welcome to the "Show Me The Way" podcast with David Seitter
In this episode of “Show Me The Way,” Dave sits down with Bill Conway, Managing Director at RubinBrown Corporate Finance, to sheds light on the intricacies of investment banking, the role it plays in business transactions, and the value it brings to clients seeking financial advice and strategic guidance.
Ep. 46 — Unlocking Investment Banking for Your Business with Bill Conway
 
Dave introduces Bill Conway, a seasoned professional with nearly 30 years of experience in the investment banking realm. Hailing from Kansas City, Bill shares insights into his career journey, highlighting his passion for helping clients navigate the complex world of mergers, acquisitions, and capital raising. His extensive knowledge and strategic approach to investment banking make him a sought-after advisor in the industry.
The Role of an Investment Banker
As the conversation progresses, Dave delves into the core question of what exactly an investment banker brings to the table. Bill eloquently explains that investment banking serves as a financial advisory service that facilitates transactions between buyers and sellers in the marketplace. Beyond numbers and deals, investment bankers offer strategic guidance, capital market expertise, and years of experience to help clients achieve their financial goals.
Challenges and Strategies in Investment Banking
Throughout the discussion, Bill shares valuable insights into the challenges faced in the investment banking world. From deal fatigue to the importance of thorough due diligence, he emphasizes the critical role of time and expertise in closing successful transactions. By examining real-world scenarios and offering strategic advice, Bill provides a comprehensive view of the nuances involved in the investment banking process.
Success Stories and Future Outlook
Reflecting on his career, Bill shares that the ultimate satisfaction in investment banking comes from delivering successful outcomes for clients. While monetary success is a factor, the true measure of achievement lies in helping clients achieve their goals and set the stage for future growth and success. By fostering strong relationships and offering tailored advice, investment bankers like Bill contribute to the long-term success of businesses and individuals.
Finding a Trusted Advisor
Dave and Bill underscore the importance of hiring a trusted advisor in the complex world of investment banking. By seeking independent expertise, staying focused on strategic objectives, and fostering open communication, clients can navigate the intricacies of financial transactions with confidence and clarity.
 
Bill Conway offers a rare glimpse into the world of investment banking, highlighting the strategic thinking, expertise, and dedication required to succeed in this dynamic field. As businesses continue to evolve and seek growth opportunities, the role of investment bankers as trusted advisors remains paramount in guiding clients towards financial success and strategic growth.
 
To reach out to Bill visit https://www.rubinbrowncf.com/ or find him on LinkedIn
 
 
To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter@spencerfane.com
 
Disclosure
This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.

Tuesday May 14, 2024

Welcome to the "Show Me The Way" podcast with David Seitter
In this episode of “Show Me The Way,” Dave sits down with David Churchman, CFO at Midland Industries, to learn from David’s vast experience in mergers and acquisitions (M&A) from multiple perspectives: as a CPA, CFO, and consultant. They delve into strategic preparation of businesses for sale, the importance of understanding the financial intricacies of M&A, and the distinction between strategic and financial buyers.
Ep. 45 — Unveiling M&A Strategies with David Churchman
In the world of business, mergers and acquisitions (M&A) serve as pivotal moments that can shape the course of companies and industries alike. Understanding the complexities and strategies involved in M&A is crucial for any business looking to grow or transition. David Churchman shared invaluable insights based on his extensive experience in M&A, offering a unique perspective on preparing businesses for sale and successful acquisitions.
Preparing Your Business for Sale: A Dual Approach
David stresses the importance of preparing your business always as if you're going to sell it, but also approaching it as if you're going to buy it yourself. This dual perspective challenges business owners to evaluate their operations, financials, and strategies from both sides of the transaction. By viewing the business through the lens of a potential buyer, owners can identify strengths and areas for improvement that may enhance its marketability.
Dealing with Deal Fatigue and Uncertainty
One of the challenges inherent in the M&A process is deal fatigue, which David acknowledges as a real and persistent issue. As the transaction progresses, the volume and complexity of questions multiply, requiring thorough and consistent responses. Managing deal fatigue necessitates effective communication, strategic breaks to re-energize, and a proactive approach to address repetitive inquiries.
The Day After: Embracing Change and Leadership
David emphasizes the significance of acknowledging the post-acquisition landscape, where the dynamics and expectations shift significantly for all involved parties. For acquiring companies, adapting to the new realities within the acquired business and supporting employees through uncertainty are critical tasks. On the flip side, selling companies must navigate through the aftermath of the deal, managing expectations and leading effectively through the transition.
 
 
 
To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter@spencerfane.com
 
Disclosure
This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.

Tuesday Apr 30, 2024

Welcome to the "Show Me The Way" podcast with David Seitter
In this episode of “Show Me The Way,” Dave sits down with Amber Kivett of Kivett Kinetic Solutions, LLC, to discuss her remarkable journey from a catastrophic accident to becoming a beacon of hope and healing for many, including celebrities and professional athletes.
Ep. 44 — MAGIK on the Farm with Amber Kivett
Amber's story is nothing short of miraculous. Born and raised in Indiana, Amber graduated from one of the most prominent sports medicine programs in the country and was set on a path to success. However, life had other plans. A horrific car accident left her with severe spinal injuries, head trauma, fibromyalgia, and thrust her into a battle with the healthcare system as she became overmedicated and disillusioned by the treatments offered to her. This adversity, however, planted the seed for her transformation.
Determined to reclaim her life, Amber fired her entire medical team and sought alternative treatments. Through a blend of acupuncture, herbal detox, and an unwavering will to move again, Amber not only healed herself but also discovered her unique ability to heal others. This led to the creation of her business, where today she uses her sports medicine background, along with an array of holistic healing practices, to help individuals from all walks of life, including some of the world’s most elite athletes and high-profile celebrities.
The Philosophy of MAGIK
Amber's approach to healing is encapsulated in the acronym MAGIK (Motivation, Acceptance, Greatness, and Gifts, Inspiration, and Kindness). Through her practices, she aims to motivate individuals to be better versions of themselves by accepting them as they are, recognizing their inherent gifts and greatness, inspiring them, and treating them with kindness. This philosophy has drawn clients from all over the world to her sanctuary in Indiana, seeking the magic of her healing touch.
Healing Beyond Physical
Amber’s work goes far beyond physical healing. It touches on the profound aspects of mental and emotional recovery and self-discovery. Her clients, many of whom are dealing with the pressures of fame, physical demands of their careers, or transitions into new life stages, find in Amber a confidante and a healer who can keep their secrets and guide them through their darkest moments.
For those living a high-stress lifestyle, whether in high-stakes corporate environments or in the competitive world of professional sports, Amber's practice offers a beacon of hope. She emphasizes the importance of de-stressing, recognizing the role of emotions and the mind in physical health, and encourages her clients to find activities that bring them joy and fulfillment beyond their professional achievements.
Amber’s practice is open to all, and she can be reached through her website kksmagik.com or directly at (317) 446-7971. In a world that often prioritizes achievement over well-being, Amber’s work is a vital reminder of the importance of caring for our bodies, minds, and spirits.
 
 
 
To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter@spencerfane.com
 
Disclosure
This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.

Tuesday Apr 16, 2024

Welcome to the "Show Me The Way" podcast with David Seitter
In this episode of “Show Me The Way,” Dave sits down with Ron Keith, CEO of Arbor Masters, to discuss the evolution of the tree care industry but also the personal and professional growth of a passionate entrepreneur.
Ep. 43 — Unearthing the Roots of Success with Ron Keith
Ron's narrative isn't just the story of a business; it's the legacy of a passion that branched out through generations. Born and raised in Kansas City, Ron's roots in the tree care industry were planted by his grandfather in Norton, Louisiana, and nurtured by his father in Kansas City. This familial bond with trees wasn't merely a profession but a way of life that Ron eagerly embraced from a young age. His commitment to never having "had a real job" because he's doing what he loves is a testament to finding one's calling.
The Pillars of Success: Culture, Risk, and Education
Cultivating the Right Culture - For Ron, the amalgamation of businesses wasn't just about growth. It required a deeper integration - a blending of cultures that mirrored Arbor Masters' core values and respect for the industry. This approach of working on projects together before finalizing acquisitions ensures that the company expands without diluting its essence.
Embracing Risks and Learning from Failures - Keith's narrative champions the entrepreneurial spirit of taking calculated risks and learning from failures. He credits his risk-taking ability for the exponential growth of Arbor Masters, highlighting the importance of being fearless yet mindful.
Continuous Learning and Mentorship - Despite admitting to not having been a great student in traditional education, Ron Keith's dedication to learning from life, experience, and mentors shaped his leadership. This commitment extends beyond personal growth to fostering a culture of mentorship within his company.
Arbor Masters' Environmental and Social Impact
Ron's passion for trees transcends business. He speaks fervently about the scientific advancements in tree care that allow Arbor Masters to save trees that would have been lost to disease or improper care. His vision for a greener Midwest and the innovative practices adopted by his company, such as root system revitalization and environmentally safe tree injections, underline a deep-seated commitment to environmental sustainability.
Leadership, Legacy, and Life Lessons
Ron Keith's philosophy on leadership extends beyond professional confines to personal growth and wellbeing. He emphasizes the importance of leading oneself first, ensuring that personal life is in harmony with professional aspirations. Moreover, his reverence for the Bible as a guide and his approach to continuous learning and applying knowledge pragmatically in life and business underscore a holistic approach to success.
Branching Out Beyond Boundaries
Ron Keith's journey with Arbor Masters exemplifies how passion, perseverance, and a commitment to core values can cultivate a legacy that impacts not just an industry but also the community and environment. His story isn't just about the growth of a family-led tree care business to a multi-location enterprise. It's about planting seeds of passion, nurturing them with education and culture, pruning through calculated risks, and ultimately, growing a legacy that stands tall in the face of time.
In Ron's pursuit of greening the world, one tree at a time, lies a blueprint for aspiring entrepreneurs and business leaders. It teaches us that with the right mixture of passion, leadership, and dedication to a cause greater than ourselves, we too can branch out beyond our wildest dreams.
 
 
To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter@spencerfane.com
 
Disclosure
This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.

Tuesday Apr 02, 2024

Welcome to the "Show Me The Way" podcast with David Seitter
In this episode of “Show Me The Way,” Dave sits down with Travis Barnes, the CEO and founder of Journey 333, to discuss his humble beginnings in a FEMA trailer to becoming a successful entrepreneur, motivational speaker, author, and podcaster. They delve into the challenges and triumphs of franchising, the importance of systems, mentors, and the right team.
Ep. 42 — From Prison to Franchise Success: The Inspiring Journey of Travis Barnes
In the world of business and personal development, stories of resilience, determination, and triumph serve as powerful beacons of hope. One such story is that of Travis Barnes, a man who overcame insurmountable challenges to become the CEO and founder of Journey 333, a rapidly growing fitness franchise. This blog post will delve into Travis's extraordinary journey, highlighting the key lessons and insights that aspiring entrepreneurs can glean from his experiences.
The Unlikely Beginning
Travis Barnes's story starts in a small town, Sayre, Pennsylvania, where he was born and raised. Fresh out of high school, Travis moved to Las Vegas, Nevada, in pursuit of his passion for fitness. Initially, it seemed like a dream come true. He landed his first job in fitness at Gold's Gym, a place buzzing with potential and opportunity. However, Travis's journey took a dark turn as he was ensnared by an unhealthy lifestyle that spiraled into drug addiction and, eventually, prison for a nonviolent drug offense.
A Phoenix Rises
The potent mix of regret and a desire for redemption during his imprisonment ignited Travis's determination to turn his life around. Upon release, Travis's path to recovery and success began with a job at a physical therapy and fitness company. There, he quickly ascended to the role of manager, thanks to his work ethic and vision. It was this experience that equipped him with the knowledge of how a business could be systemized and run efficiently, setting the stage for what was to come.
The Birth of Journey 333
Travis's entrepreneurial journey kicked into high gear when he and his wife, displaced into a FEMA trailer by a flood, decided to leverage their last reserves of hope and start a fitness business. With nothing but an unemployment check and a high-interest loan for equipment, they began Journey Fitness. The business flourished, growing from 14 to 400 clients in a year, and expanding to five locations in under four years. Despite these successes, Travis knew he wanted to impact more lives. The solution? Franchising.
The Franchise Model
Transitioning to a franchise model was not merely a business decision; it was a means to enable passionate fitness professionals to own their businesses while continuing to propagate the proven Journey 333 brand and system. Today, Journey 333 is a beacon in the fitness industry, with locations across several states, and is continuing to expand despite the challenges presented by the global pandemic.
Lessons from the Valley to the Peak
Travis Barnes's story is more than one of personal redemption; it encapsulates invaluable lessons for entrepreneurs and business leaders:
1.    Embrace Systems and Processes
Efficiency and consistency are the backbones of a successful enterprise. Implementing systems that allow the business to run smoothly without constant oversight is crucial for growth.
2.    Seek Mentorship
Mentors can provide guidance, wisdom, and insight based on their experiences. For Travis, mentorship was instrumental in navigating the challenges of entrepreneurship and franchise development.
3.    Find the Right People
Your team can significantly impact your business's trajectory. Investing in finding and nurturing the right talent is pivotal for long-term success.
Looking Ahead
With a goal to impact a million lives, Travis Barnes and Journey 333 are on an upward trajectory, demonstrating the transformative power of resilience, leadership, and vision in the entrepreneurial landscape. His journey teaches us that adversity can serve as a powerful catalyst for change and that the depth of one's struggles can indeed determine the height of one's successes.
Whether you're an aspiring entrepreneur or someone looking to make a significant life change, remember Travis Barnes's story. It's a vivid reminder that, no matter where you start or the obstacles you face, with determination, support, and vision, you can achieve incredible heights.
For anyone drawn to the compelling world of fitness and entrepreneurship, Journey 333 stands as an exemplary model and testament to what is achievable when passion meets purpose.
 
 
 
To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter@spencerfane.com
 
Disclosure
This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.

Tuesday Mar 19, 2024

Welcome to the "Show Me The Way" podcast with David Seitter
In this episode of “Show Me The Way,” Dave sits down with Chris Foote, Owner of Coronado Fitness Club, and a business continuity entrepreneur who turned his passion for fitness into a thriving venture in the health industry. Chris shares his journey, insights, and the lessons learned along the way.
Ep. 41 — The Business Continuity Entrepreneur: Insights from Chris Foote
Like most successful business narratives, Chris Foote's journey starts modestly and evolves into something monumental. Born in Albuquerque, New Mexico, Chris's formative years instilled in him a strong work ethic. After attending Texas Tech University and realizing that his athletic career was not his calling, he ventured into the world of fitness training.
Living in San Diego, Chris was inspired by the wonderful community of Coronado and noticed an opportunity for a firsthand, community-spirited gym. Starting from scratch, he created a business that was all about community, hard work, and making a difference in people's lives.
Mentorships and Understanding Your Strengths
Reflecting on his journey, Chris shares three critical insights that he has gained:
1.    The Power of Mentorship
One of Chris's strongest recommendations for budding entrepreneurs is to seek out a mentor. In his third year of business, Chris hired a coach, which he describes as a game-changing decision. A good mentor not only offers valuable experience and guidance but also lends perspective, enabling entrepreneurs to see their businesses and themselves more clearly.
2.    Self-awareness is Key
Chris underscores the importance of deep self-awareness. All entrepreneurs should take the time to understand their strengths and areas of growth. He advises going through personality tests and introspective exercises to learn more about oneself. When faced with challenges, it is essential to realize, "you're the solution."
3.    Develop Your Systems from Day One
Finally, Chris emphasizes the need for robust, well-defined business systems. Whether it is administrative tasks or daily operations, having clear processes and protocols will pave the way for smoother functioning and scalability.
Looking Ahead: Vision For the Future
As he looks forward to age 65, Chris envisions himself remaining engaged in business, perhaps even in a different capacity. Moreover, he hopes to work in some capacity with his children if it aligns with their visions. For Chris, success at age 65 does not simply mean profitable transactions; it comes from continued growth, self-fulfillment, and nurturing strong family bonds.
It All Comes Down to Community
Chris's success story highlights the importance of community in business. In his fitness club in Coronado, everyone — staff and members — shares a sense of belonging and team spirit. This, he believes, is the lifeblood of his business.
Business continuity is no simple task, but with resilience, courage, and the right attitude, it is achievable. Whether you are an established business owner, a budding entrepreneur, or someone dreaming of starting a venture, Chris's journey offers exciting insights and an inspiring narrative of entrepreneurial achievement.
 
To learn more about Chris or Coronado Fitness club, visit their website: https://www.coronadofitnessclub.com/
 
To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter@spencerfane.com
 
Disclosure
This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.

Tuesday Mar 05, 2024

Welcome to the "Show Me The Way" podcast with David Seitter
In this episode of “Show Me The Way,” Dave sits down with Linda Freeman, a transformational CPA. Linda brought a wealth of intricate tax law and strategic expertise to the conversation, as she shared her wisdom on mergers, acquisitions, business succession planning, and business continuity planning.
Ep. 40 — The Transformational CPA: Linda Freeman
Linda Freeman, a Certified Public Accountant, delivers more than your typical taxation advice. Her ability to navigate the intricacies of tax law and apply a strategic, high-level perspective has earned her the title of a "Transformational CPA".
Dave made it apparent right at the outset that all professionals exhibit their unique trade pedigree specialty in their detailed execution of work. However, some exhibit the capability to contribute high-level strategic foresight about various significant business processes, which sets them apart – Linda is one such professional.
The CPA's Unique Insights Into Business Operations
Linda’s grasp on the operational intricacies of various businesses - from manufacturing and distribution to high-net-worth individuals - offered listeners valuable insights into the mechanics of mergers, acquisitions, and succession planning. When asked why CPAs are involved in M&As, Freeman remarked that businesses are finding ways to generate efficiencies and facilitate growth by integrating various business branches through private equity.
Communication: The Pillar of Successful Mergers and Acquisitions
Linda stressed the importance of two-way communication during the M&A process. The idea is to understand what attracted the client to the deal, what issues they might have, and how to structure the entire transaction so that the tax implications can be minimized. This is where the expertise of a versatile CPA, like Linda, comes in handy. They not only tackle the technicalities of taxation but also keep the broader picture in mind.
The Calculated Approach to M&As
According to Freeman, a typical M&A might take somewhere between six to nine months. The duration might vary depending on the size and the complexity of the deal. However, what she emphasized more was the preparation before entering into a deal. A business contemplating an M&A should always have their businesses pre-evaluated to understand the potential value beforehand.
Conclusion
When asked to give her top three pieces of advice for someone considering an M&A, Linda suggested that business owners should have a clear understanding of their goals, pay special attention to the cultural fit, and work with a team that is receptive and unintimidated by challenges.
Her refreshing perspective on M&As shows us that accountants stand as fundamental pillars during the entire process. Their wisdom and insights can shape the decisions that lead to successful and rewarding deals. Linda has elevated the role of CPA to a strategic and transformational one, making our journey through the intricate process of M&As a bit more navigable.
Linda Freeman's unique perspective on the largely complex process of M&As is indeed insightful, and her long-held experience with the process served as beneficial guidance for business owners looking to explore this ledger of business operations.
 
You can reach out to Linda at MarksNelson at 816-743-7700 or consult their https://www.mnadvisors.com/.
 
 
To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter@spencerfane.com
 
Disclosure
This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.

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