From the Blog
“What’s Your Number?” With Lewis Schiff
Lewis Schiff shared “What’s Your Number?,” a presentation on maximizing your profit from the sale of a company, to the West Michigan Inc. Business Owners Council on December 10 at Worklab by Custer in Grand Rapids. Lewis is the chairman and executive director of the Inc. Business Owners Council. He’s also a noted author on business affairs; his latest book, Business Brilliant: Surprising Lessons From The Greatest Self-Made Business Icons, was published last year.
Lewis began his presentation by teaching the group about the difference between financial security and financial independence, specifically in relation to the benefits of selling the company he grew from scratch. In regards to financial security, Lewis said, “I want to replace my income, including the expenses associated with my perks, for the rest of my life.” For independence on the other hand, Lewis said, “I want to make enough money to catapult me into a higher quality of life and never have to worry about money again.”
We also learned how one could potentially turn a $2 million proposition into a $20 million one with a long-term plan and well thought out exit strategy. Lewis stressed that you can’t hope to build a bigger company without outside money, and urged us to think about what we would do with that money if someone were to invest in the company.
Lewis finishes his presentation by detailing key pieces of advice to keep in mind. He advised the audience to meet with “money people” a few times a year to get information on your company’s worth and what you should be doing with your money. Lewis also mentioned the importance of meeting with potential talent, because even if you won’t be hiring them, you’ll want to know what people in the industry are looking for. The talk was brought to a close with Lewis’ suggestion to develop a network of industry colleagues, as this will help you stay up to date on industry terms and trends.