Inside BS Show with The Godfather and Nicki G.

Maximizing Customer Lifetime Value: Strategies to Grow Your BusinessThis episode of our show is taken from actual sessions we've conducted in Exit Success Lab with business owners and the professionals who advise them. If you'd like to be a part of these sessions and increase the value of your business, apply for membership by calling: 1+786.436.1986.In this episode of The Inside BS Show, we dive deep into the concept of Customer Lifetime Value (CLV) and why it’s critical for scaling your business. Understanding CLV helps you make smarter decisions about how much to spend on customer acquisition, ensuring that you break even within the first year.We also explore how customer segmentation can unlock higher returns. Learn how targeting high-value customers with tailored acquisition strategies can significantly boost your business.But that’s not all—relationship-building is essential for increasing CLV. We cover the three powerful communication principles you can use to build lasting customer loyalty:- Primacy: How to introduce new ideas effectively.- Recency: The power of repetition in your messaging.- Emotional Resonance: Why personal connections matter.Finally, discover how becoming a trusted advisor and expert in your niche will give you a competitive edge. We’ll share actionable insights on how to conduct research, ask the right questions, and demonstrate expertise to gain access to your ideal clients.Don't miss out on this episode packed with practical strategies to increase your customer lifetime value and grow your business!

The Ten Big Mistakes Business Owners Make with Financial ManagementThis episode of our show is taken from actual sessions we've conducted in Exit Success Lab with business owners and the professionals who advise them. If you'd like to be a part of these sessions and increase the value of your business, apply for membership by calling: 1+786.436.1986.In this insightful episode of The Inside BS Show, hosts Nicola Gelormino and Dave Lorenzo sit down with financial management experts Harry Cendrowski and John Alfonsi to discuss the ten most common mistakes business owners make when managing their finances.From investing too heavily in new ventures after a sale to neglecting personal financial planning, Harry and John dive into real-world examples that every business owner should hear. Learn how to avoid these pitfalls and set your business up for long-term success.Key mistakes discussed include:1. Over-investing proceeds from a business sale.2. Lack of an exit strategy.3. Failure to reinvest in the core business.4. Impulsive spending without ROI analysis.5. Poor preparation and document organization.6. Not maintaining a budget.7. Failure to benchmark performance.8. Not incentivizing key employees.9. Ignoring recurring revenue and employee retention.10. Lack of personal financial planning.Whether you're a business owner, advisor, or entrepreneur, this episode is packed with valuable insights to help you better manage your business finances and achieve sustainable growth.

Buy Sell Agreements: What You Need to KnowThis episode of our show is taken from actual sessions we've conducted in Exit Success Lab with business owners and the professionals who advise them. If you'd like to be a part of these sessions and increase the value of your business, apply for membership by calling: 1+786.436.1986.In this show, we explore the essential topic of buy-sell agreements and why every business owner must have a well-structured one in place. Our discussion begins with Harry Cendrowski and John Alfonsi addressing the common scenarios where business owners either lack a buy-sell agreement or have one that fails to meet their business needs.Harry Cendrowski and John Alfonsi are seasoned experts in business advisory, and they provide in-depth insights into the importance of buy-sell agreements in safeguarding business continuity, especially during unforeseen events like the departure of a key partner, death, or retirement. In this video, they break down the complexities and offer practical advice on how to create a robust agreement that addresses both current and future business goals.Key Topics Covered:What is a Buy-Sell Agreement? A foundational document that outlines how ownership changes hands in the event of key transitions like death, disability, or retirement.  The Consequences of Not Having One:What happens when business owners don’t have a buy-sell agreement or have one that is outdated or inadequate?Common Mistakes in Existing Agreements:Harry and John discuss the most frequent errors business owners make when drafting these agreements and how to avoid them.Tailoring an Agreement to Fit Your Business:Learn why a one-size-fits-all approach doesn’t work and how to customize a buy-sell agreement to align with your specific business structure and objectives.Steps to Crafting an Effective Buy-Sell Agreement:Practical advice on key provisions, funding mechanisms, and legal considerations that should be included to ensure the agreement is comprehensive and effective.This episode is a must-listen for business owners, partners, and advisors looking to protect the future of their businesses through sound legal and financial planning.

Introduction to Business Valuations Part 2This episode of our show is taken from actual sessions we've conducted in Exit Success Lab with business owners and the professionals who advise them. If you'd like to be a part of these sessions and increase the value of your business, apply for membership by calling: 1+786.436.1986.This episode provides a comprehensive overview of the key considerations and best practices in business valuation.The importance of cash flow analysis in valuing a business, including adjustments for working capital, borrowing, and capital expendituresHow to approach valuations for businesses with little historical data versus mature businessesThe impact of economic conditions, industry trends, and company-specific factors like intellectual property, brand, and legal risks on the valuation methodology and overall valueThe critical role of management team quality and succession planning in a business valuationGuidance on hiring a qualified valuation expert, including the differences between a "calculation" engagement versus a full "valuation" engagement, and typical timelines and costs.And much, much more

Introduction to Business Valuations Part 1This episode of our show is taken from actual sessions we've conducted in Exit Success Lab with business owners and the professionals who advise them. If you'd like to be a part of these sessions and increase the value of your business, apply for membership by calling: 1+786.436.1986.During today's show we discuss business valuation fundamentals, key terms like EBITDA and seller's discretionary earnings, and the different types of valuations (e.g. fair market value, investment value). Today we cover how exit strategies can significantly impact the valuation, with strategic sales to competitors or private equity often commanding higher multiples than management buyouts or ESOPs. This show also covers valuation methods like market capitalization, revenue/earnings multiples, and net asset value. It provides guidance on properly forecasting future cash flows and using historical data, emphasizing the importance of considering the industry, economic conditions, and the specific buyer when valuing a business. Finally, we discuss strategies for valuing intellectual property as a separate asset.This show is part 1 of a two-part series.

Why You Need a Business Exit Strategy | The Inside BS Show with The Godfather and Nicki GIn this episode of The Inside BS Show, The Godfather and Nicki G explore why every business owner needs an exit strategy. Whether you're planning to sell, transfer ownership, wind down, or even if you're focused on growing and scaling your business, this conversation is for you. Having a solid exit plan not only prepares you for the future but also helps maximize your business's value and safeguard your investment along the way.We break down both internal and external exit options, such as employee buyouts, strategic sales, and IPOs. You'll also learn about the 10 key drivers of enterprise value that are essential for every business owner to consider, including leadership succession, cybersecurity, sales systems, and more. These are vital whether you're thinking of exiting or simply strengthening your business for long-term success.Tune in to learn how planning for the future today can set you up for the best possible outcome, no matter what your goals are!

On this episode of The Inside BS Show, Nicola Gelormino and Dave Lorenzo discuss the importance of personal growth and overcoming the fear and lack of support that often hold us back. Nicki shares her personal experience of wanting to try stand-up comedy and how Dave encouraged and supported her in taking the risk. They emphasize the need to surround yourself with people who enable your growth and the importance of being uncomfortable and resilient. They also highlight the value of learning from every experience and using failures as opportunities for growth.TakeawaysTake risks and push yourself outside of your comfort zone to achieve personal growth.Surround yourself with people who support and enable your growth.Embrace discomfort and be resilient in the face of challenges.Always be open to learning and growing from every experience.Chapters00:00 Introduction: The Importance of Personal Growth01:02 Being Held Back by Fear and Lack of Support03:32 Taking the Risk to Try Something New05:02 The Importance of Having the Right Support System07:52 Being Uncomfortable and Resilient14:23 Surrounding Yourself with Others Who Enable Your Growth15:21 Embracing Discomfort for Real Growth19:31 Being Uncomfortable and Resilient24:36 Always Learning and Growing26:52 Conclusion: Achieving Personal Growth

In this episode, Nicola Gelormino and Dave Lorenzo share five tips for a great holiday party experience. They discuss the importance of not overindulging in cocktails, keeping conversations positive and light, avoiding sales pitches at holiday parties, understanding the dynamics of different types of parties, and not having serious conversations at social events. The hosts emphasize the need to be mindful of one's behavior and to prioritize building relationships and enjoying the holiday season.TakeawaysModerate your alcohol consumption at holiday parties to maintain a professional image.Keep conversations positive and avoid discussing sensitive or negative topics.Avoid selling or pitching your business at holiday parties; focus on building relationships instead.Understand the dynamics of different types of parties and adjust your interactions accordingly.Avoid having serious conversations at holiday parties and respect others' boundaries.Chapters00:00 Introduction and Setting the Stage01:05 Tip #1: Take it easy on those cocktails03:21 Tip #2: Only happy conversations04:23 Tip #3: Don't sell at holiday parties05:01 Tip #4: Speed date versus third date08:15 Tip #5: Don't pull people aside and ask for advice at a holiday party12:54 Conclusion and Final Thoughts

In this episode, Dave Lorenzo and Nicola Gelormino discuss the need for patience in growing a business. They also share their experiences on their recent trip to Chicago. They reflect on the importance of building relationships in business. They also express gratitude for their audience and the journey they have been on together.TakeawaysBuilding relationships and delivering value are key to success in business.Playing the long game is essential for sustainable growth.Expressing gratitude and appreciation is important in building strong partnerships.Consistency and planning are crucial in achieving long-term goals.Chapters00:00 Introduction and Recap01:12 Working Together and Building Relationships06:08 Playing the Long Game15:33 The Importance of Delivering Value17:19 Expressing Gratitude19:15 Closing Remarks

This episode of The Inside BS Show focuses on fostering a mentally healthy workplace. Dave and Nicola discuss the importance of mental health, the need for conversations about wellbeing, promoting well-being in the workplace, providing access to mental health resources and support, and mental health training for employees and managers.TakeawaysConversations about mental health and well-being should be encouraged in the workplace to remove the stigma and provide support for employees.Promoting well-being in the workplace can include encouraging employees to take vacation days and offering flexibility in work schedules.Providing access to mental health resources and support is crucial for employees' well-being. Reviewing benefits and insurance coverage can help ensure adequate coverage for mental health services.Mental health training for employees and managers is important to recognize signs of mental health issues and provide appropriate support and referrals.Chapters00:00 Introduction01:05 The Importance of Mental Health01:59 Chapter 1: Conversations about Wellbeing and Mental Health07:22 Chapter 2: Promoting Well-being in the Workplace14:22 Chapter 3: Providing Access to Mental Health Resources and Support19:40 Chapter 4: Mental Health Training for Employees and Managers27:28 Conclusion

On this episode of the Inside BS Show, Dave Lorenzo and Nicola Gelormino discuss the concept of a "season of focus" and how it can help individuals achieve their goals. They emphasize the importance of clarity of purpose, breaking goals down into smaller tasks, celebrating small wins, and setting a defined endpoint for the season of focus. They also highlight the need for balance and taking breaks to recharge before starting a new season of focus.

On today's Sunday Special, Dave Lorenzo and Nicola Gelormnio discuss Nicola's recent comedy performance and the success of their joint presentation. They emphasize the importance of preparation and taking risks in personal and professional growth. They also discuss the value they provide through their business and the positive feedback they have received. However, they also address the challenges of dealing with jealousy and negative behavior from others. They share their experiences and discuss the importance of surrounding oneself with supportive and positive people. They also mention upcoming events and express their gratitude for their listeners.

On this edition of The Inside BS Show with The Godfather and Nicki G., Dave Lorenzo, and Nicola Gelormino discuss the seven steps to dominating a new market within 12 months. They emphasize the importance of identifying ideal clients and focusing on those who have the highest lifetime value. They also discuss the need to determine the huge problem that is costing these clients and create urgency around solving it. They stress the importance of giving clients hope and sharing the vision for the future. They also highlight the value of working with experts who have experience in solving these problems. Below are the notes from each step in the process:Step One: Identify the Ideal ClientsDave: Recap the qualifying process: money, problem, ability to make a decisionTalk about leverage – getting in front of them in groupsFocus on high lifetime valueNicola:For all of us, our ideal clients are entrepreneurs who have businesses with at least 5 million in annual revenue.Highlight how they meet the qualifying criteriaHighlight the lifetime value (repeat and recurring revenue)Step Two: Determine What HUGE Problem Those Clients are Experiencing that Is KILLING ThemDave: This step can be tricky. People don’t share problems they share symptoms of problems.We also need to find a problem that is common among the groupIt doesn’t matter if some of them don’t have the problem yet – just that they could have the problem if they are successful (even poor people don’t like increasing estate taxes)Nicola:We have trouble getting in front of these entrepreneursWhen we do get in front of them, we are poorly positioned and get squeezed on priceWe spend most of our time looking for referrals to these folks because we don’t know how to position ourselves as subject matter experts.Step Three: Have the Clients Calculate HOW MUCH this Problem is Costing ThemDave:There are three costs to every situation: hard financial cost, emotional cost (sleepless nights), and opportunity cost. Get your prospective client to think about each of those. Nicola:How much is your time worth? How many hours do you spend each month networking with people who are not your ideal client? How much of that time is wasted?If you invested that same amount of time each month and landed two new clients, would that be better? Three? Step Four: Explore How Much Worse this Situation Can BecomeDave:We need to help the prospect develop the urgency necessary to solve this problem now. We must take them to the logical extreme in their mind so they understand what is possibleThey have to be able to see it and feel the potential impactNicola:Attending dozens of networking meetings each month without connecting with one new real client is killing your business.Your competitors are signing new clients each week (the best are signing new clients each day)Yet here you are talking to people you HOPE will refer you. How long will you rely on hope as a strategy?Step Five: Give the Clients Hope by Sharing a Solution with ThemDave:In a perfect world, you’d learn what your ideal clients need, learn how to deliver a message that would resonate with them and you’d get in front of them to deliver that message as often as possibleYou’d have an expert guiding you, showing you shortcuts, and helping you refine your approachYou’d have someone working hard to put you in front of your ideal clientsNicola:This is your chance to change everything for you, for your business, and for your lifeYou have the opportunity to discover the secret to using leverage and the experience and knowledge of others to buy money at a discountSimply by coming to this breakfast, you’ve been taken behind the curtain and given a glimpse at the future of business coachingStep Six: Provide the Clients with enough Knowledge to Evaluate the Need for an ExpertDave:What do you need to know to evaluate a good opportunity? That the person offering it has authority, believability, and credibility? You’d also need to know that it will work for you – find people who look just like you.You need to know that if you only get it half right, the process will still deliver results Nicola:During the past 30 years, Dave has refined this system. He’s used it to open three hotels and start two businesses. He’s used it to win corporate political campaigns against Unions. He’s used it to help connect all of us.Dave and I used this system (along with MCD and Lenny) to win over a crowd of 300 people at the ProVisors conference.I’ve worked with Dave to use this system effectively in my world – to become the GL of the Attorney Affinity Group and to connect with people who have become valuable to my practice. Step Seven: Share the Vision of the Future for the ProspectDave:Your prospective client needs to have a clear vision of the future after deciding to work with youThe picture must be so compelling and the sense of relief so real that they cannot resistThis is the answer they’ve been waiting forNicola:I’m not telling you what to do. You make good decisions. You know the facts and you know the truth.Nothing changes until you make a decision and make a change.This is easy. Make the choice to join a team of people dedicated to your success make a choice to join a community of people dedicated to making your work fun again. Dave then recaps the seven steps and gives the audience the call to action to join ESL.  Step 1: Get in front of your ideal clientsStep 2: Figure out what’s killing themStep 3: Figure out how much this is costing themStep 4: How much worse can this get?Step 5: Hope: Share the SolutionStep 6: Give them the knowledge to evaluate the expertStep 7: Share the vision for the future

On this episode of the Inside BS Show, Dave Lorenzo and Nicola Gelormino discuss how to select the right business coach. They provide three tips for finding the right coach: 1) Hire someone who has achieved what you want to achieve in your business; 2) Find a coach who specializes in the specific area you need help with; and 3) Talk to both current and past clients of the coach to get a better understanding of their style and results. They emphasize the importance of asking questions and doing thorough research before making a decision.

On today's show, Dave Lorenzo and Nicola Gelormino discuss their busy week in their business, Exit Success Lab (ESL). They onboarded 10 new members into ESL, who then referred two more members. They also had successful orientation sessions where they shared their vision and business plan with the new members. They emphasize the importance of recognizing and celebrating their accomplishments as entrepreneurs. They also discuss the level of preparation and professionalism they bring to their business, which gives people confidence in working with them. They mention upcoming events and plans for the future, expressing excitement and motivation for what lies ahead.

In this episode of the Inside BS Show, Nicola Gelormino and Dave Lorenzo discuss the importance of having a management succession plan in place. They provide seven best practices for implementing a management succession plan, including starting early, identifying key positions and competencies, assessing and developing talent internally, creating individual development plans, implementing a mentoring and coaching program, encouraging cross-training and exposure, and regularly reviewing and updating the plan. They emphasize that having a management succession plan adds value to a business and is crucial for long-term success.

On this episode of the Inside BS Show, Nicola Gelormino and Dave Lorenzo discuss the biggest opportunity that entrepreneurs often miss out on: getting in front of their ideal clients. They emphasize the importance of focusing on ideal clients rather than referral sources and provide three benefits of getting in front of ideal clients. The first benefit is understanding the problems that clients have and being able to solve them. The second benefit is being able to speak the language of the clients and convey the right messaging. The third benefit is the opportunity to do business with the clients and receive direct referrals. The hosts also discuss ways to get in front of ideal clients, such as joining trade associations, immersing oneself in the client's world, hosting industry events, and using targeted advertising or marketing. They emphasize the importance of education and sharing expertise to establish oneself as an expert in the industry. Overall, the episode provides valuable insights and strategies for entrepreneurs to effectively reach their ideal clients.

In this episode of the Inside BS Show, Nicki G. and Dave Lorenzo discuss tips for attracting more referrals for your business. They emphasize the importance of asking for referrals and making it known that you are open to receiving them. They also suggest giving referrals and making key introductions to others as a way to build relationships and establish yourself as a giver. They recommend being specific when asking for referrals, including the name of the person, their position, the company they work for, the industry they are in, and the reason why you want to be introduced to them. Additionally, they suggest making referrals a requirement and incorporating them into your engagement agreement with clients. Lastly, they mention that if someone is unable to provide a referral, you can ask for a letter of recommendation instead, which can also be used as a reference for future work.Referrals should be a part of your small business marketing plan. This show helps you make that happen.

In this episode of the Inside BS Show, hosts Nicola Gelormino and Dave Lorenzo provide tips for introverts to make selling easier. They emphasize the importance of shifting the mindset from selling to helping, and suggest seeking to help others rather than focusing on making sales. They also recommend asking friends to introduce you to new people, bringing a wing person to networking events for support, scripting your opening lines to ease anxiety, and owning your shyness to gain empathy and support from others. The hosts encourage introverts to embrace their unique qualities and share the episode with others who may benefit from the tips.

Dave and Nicola share the six things they have learned through 60 episodes of The Inside BS Show with The Godfather and Nicki G. The first lesson is to stop worrying about what other people think and not let fear hold you back from pursuing your passions. The second lesson is that anyone can learn anything with the right mindset and immersion in the subject matter. Dave and Nicola discuss the importance of frequency of communication in developing relationships, both between themselves and with their audience. They also emphasize the value of working with someone you enjoy and how it can make work easier and more enjoyable. Lastly, they discuss the importance of being conversational and vulnerable in their podcast, and how it has helped them connect with their audience. They express gratitude for their listeners and look forward to the next 60 episodes.