In this week's episode of the Maximize Business Value Podcast, Tom dives deep into Chapter 24 - "Settle Any Outstanding Lawsuits." Join us as we unpack the wisdom behind settling legal matters and the impact it can have on your business's value.
Tom begins with a candid reflection on lawsuits, acknowledging that, while some lawyers may prosper, the cost and distraction for business owners often outweigh the benefits. Drawing from personal experiences, he emphasizes that lawsuits are generally not worth the effort, diverting valuable resources from the core of your business.
Tom shares a poignant example where standing on principle led to a legal victory but at a staggering cost — over $30,000 in legal fees and countless hours. The lesson learned: lawsuits, even when won, may not translate into a tangible victory.
The episode encourages business owners to think rationally about settling legal disputes, especially as a business approaches a transition. Any ongoing legal battles can hinder a smooth transition and potentially impact the business's overall value.
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Mastery Partners
Elevating Businesses to Achieve The Business Owner’s Dream Exit
The unfortunate reality is that for every business that comes on the market (for whatever reason), only 17% of them achieve a successful exit. You read that right. 83% of attempted business transitions never reach the closing table. Mastery Partners is on a mission to change that. We ELEVATE businesses to achieve maximum value and reach that dream exit.
Our objectives are simple - understand where the business is today, identify opportunities for dramatic improvement, and offer solutions to enhance the business, making it more marketable and valuable. And that all starts with understanding the business owner’s definition of his or her dream exit.
Mastery has developed a 4-Step Process to help business owners achieve their dreams.
STEP 1: Transition Readiness Assessment
STEP 2: Roadmap for Value Acceleration
STEP 3: Relentless Execution
STEP 4: Decision: Now that desired results are achieved, the business is ready for the next step in the journey!
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