Terry is President and Co-Owner of Innovative Business Advisors. Terry received his designation as a Certified Valuation Analyst (CVA). This is an accreditation through the National Association of Certified Valuation Analysts (NACVA). Terry also holds a Real Estate Brokers License with the state of Illinois.
He is the author of You Don't Know What You Don't Know™. To learn more about Terry, click here.
Here is a link to my recent presentation during SBA Week at Medici MediaSpace where I spoke about why it's important to get a business valuation, as well as the different methods of evaluating the cash flow in your business to determine the business value (5/10/19):
This is an interactive presentation and the attendees left with an understanding of how to value a business and an overview of the NON-FINANCIAL things that influence value.
I was honored to speak at the Independent Truck Repair Group's (ITRG) Tradeshow & Training Conferences in Dallas and Denver recently (3/9/19 and 6/21/19). Here is a link to the video of my presentation at ITRG's Tradeshow and Training Conference in March:
If you are interested in having me speak at your next event, you can contact me at firstname.lastname@example.org or 618-688-2018.
1/24/19 - Best Real Estate Investing Advice Ever with Joe Fairless:
2/21/19 - Exit Coach Radio with Bill Black:
3/12/19 - Business Creators Radio Show with Adam Hommey:
4/12/19 - Money for Lunch with Bert Martinez:
4/15/19 - Business Owners Freedom Formula with Paul Maskill: https://www.paulmaskill.com/2019/04/15/episode-283-terry-lammers/
4/23/19 - Lead Pedal Podcast with Bruce Outridge:
5/2/19 - Play Your Position with Mary Lou Kayser:
5/13/19 - Business Owners Radio with Craig Moen & Shye Gilad:
5/22/19 - Nancy Gaines with Gain Advantages, Inc.:
7/8/19 - Build a Better Agency with Drew McLellan:
Is Your Company Bankable? How to Improve Your Chances of Being Approved for a Loan
You’ve mapped out your debt schedule and optimized your operations. You have cash flow and collateral. Your business is budding, and you could use some extra cash to capitalize on the opportunity. Congratulations! It’s time to apply for a loan. But how can you be sure you’ll secure the financing you need?
In this article, Terry Lammers demystifies the process of applying for a bank loan as a small business owner, offering three tactics to ensure your business is bankable. Read the full article here. Published on 3/4/19 on Business.com.
This article was published on our Blog page on 3/6/19: https://innovativeba.com/is-your-company-bankable-how-to-improve-your-chances-of-being-approved-for-a-loan/
How to Make the Most of Your Business Valuation (Even if You’re Not Ready to Sell)
What is your company worth? If you've considered what life after running your current business might be like, you've probably given this some thought. But here's the real question you should be asking: Is your own estimate accurate?
It probably isn't. While no one knows your business better than you do, that doesn't mean you understand the intricacies of determining what someone else would pay for it. That's why it's essential to seek out a professional to help you come to an accurate valuation. And once you do that, there are a few steps you can take to make the most of that valuation — whether you're ready to sell or not. Read the full article here. Published on 3/19/19 on Due.com.
This article was published on our Blog page on 3/20/19: https://innovativeba.com/how-to-make-the-most-of-your-business-valuation-even-if-youre-not-ready-to-sell/
3 Steps to Prepare Your Business for Sale in 2019
It might not be something they like to talk about, but all business owners should at least think about what their exit strategy is. Even massive companies like Campbell Soup Co. sell off business units at one point or another, so it’s best to be prepared.
Plus, there’s never been a better time to sell. Citizens Bank’s 2019 mergers and acquisitions survey of 600 companies found that 62 percentof potential sellers are either already engaged in a transaction or looking to sell a business this year.
As the Baby Boomer generation inches closer to retirement, valuations are steadily increasing. The economy is in good shape, and banks are still hungry for loans and, therefore, offering attractive deals. Read the full article here. Published on 3/20/19 on Equities.com.
This article was published on our Blog page on 3/25/19: https://innovativeba.com/3-steps-to-prepare-your-business-for-sale-in-2019/
3 Signs It's Time to Move on From Your Startup (and How to Get That Move Started)
Selling a business is hard. Emotions run the gamut from happy to sad to proud to disgusted. Many founders look at their startups as their babies — the time and energy that running a successful company requires make it a lot like raising a child. And when you're not able to see that commitment pay off the way you expect, it can be tough to walk away.
In a perfect world, you'd have your exit strategy planned 10 years in advance of a sale. But let's face it: Most founders don't, and most don't know when to start creating one. Read the full article here to learn about three of the most obvious signs that it's time for you to create an exit plan. Published on 3/25/19 on Entrepreneur.com.
This article was published on our Blog page on 4/1/19: https://innovativeba.com/3-signs-its-time-to-move-on-from-your-startup-and-how-to-get-that-move-started/
Find Financials Confusing? Here’s How To Make Them Work For You
Leaders today must know the financials of their companies for the same reason doctors monitor patients’ vitals. How can you solve a problem if you’re unaware of it? Knowing a few key performance indicators about the company’s finances can be crucial for improving its health.
Best of all, CEOs don’t have to track tons of figures. They just need to keep an eye on a few things every month, such as the income statement, balance sheet, and cash flow statement. If something seems amiss, they can find the right person to fix it.
This is less arduous than it sounds. The first step is to identify the most common errors found in businesses’ financial processes and remedy them with permanent proven solutions.
Published on 5/9/19 on CEOWorld.biz.
This article was published on our Blog page on 5/15/19: https://innovativeba.com/find-financials-confusing-heres-how-to-make-them-work-for-you/
Why Every Startup Needs to Shift Its Focus From the Checkbook to Cash Flow
Starting a business comes with a hefty price tag. You have to purchase equipment, hire staff, and lease an office space. When you're fighting for survival, you aren't carefully reviewing financial statements — you only know what's in your checkbook. Your vision for the company started long-term, but in the trenches, all you can consider is how to make it through the day, the week, or the month.
Hopefully, you can get your head above water and have some predictability month after month. You can take time to prioritize finances and see how healthy the business is. Now is the time to switch your focus from the checkbook to key performance indicators that will help you manage cash flow.
Avoid a Disastrous Acquisition by Following These 5 Steps
Most executives would agree that it's important to scour the books for any signs of concern before an acquisition. The problem is that it can be hard to see red flags through rose-colored glasses, so many buyers miss big issues.
So, how do you know what to look for to prevent these issues? Read the full article here to learn about 5 areas you should look into when examining the financial statements of your prospective acquisition.
Published on 7/1/19 on https://born2invest.com.
How to Become an Entrepreneur Without Starting From Scratch
If this avenue into entrepreneurship interests you, there may be plenty of opportunities in the years to come. As Terry Lammers, managing member of Innovative Business Advisors, observes, “We are currently in an era where there is going to be a massive amount of businesses being sold because of the retiring baby boomers.” Not only does this approach land you an established product and market, but an acquired company also brings with it skilled, experienced employees. That’s no small consideration in today’s tight labor market.
Entrepreneurship is most certainly not for everyone. At the same time, there are many different ways to become an entrepreneur, and one could be the right path for you. Before venturing out on your own, take the time to explore what’s possible, and create a plan to get where you want to be. No matter which path you choose, hustle, grit, and determination won't be optional. Read the full article here. This article was written by Serenity Gibbons and was published on 4/2/19 on Forbes.com.
6 Financial Reports to Help Monitor Your Business
A wide variety of financial reports exist. While they're all important, it's a good idea to keep a close eye on several specific numbers.
"You can have a good idea of how your company is performing by focusing on just a few key performance indicators [KPIs]," says Terry Lammers, managing member of Innovative Business Advisors, which performs business valuation and helps people buy and sell companies.
"Though, you won't be able to run your company by focusing solely on just a few KPIs without ever looking at others, there are some to keep an eye on more frequently." Read the full article here.
This article was written by Julie Bawden Davis and was published on 4/30/19 on AmericanExpress.com.