Today's Guest

Randy Artman is an entrepreneur that has been buying and selling businesses for over 20 years. Today he’s the owner of Affordable Cabinet Refinishing and he shared the key strategies he employs to grow a business and maximize the resale value on an exit.

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Episode Summary

I have been able to consistently double the businesses I have acquired in the first year by implementing an infrastructure for growth. Which unlocks additional value for the owner running the business and increases the valuation multiple when the business is sold. 

Technology plays a key role in establishing an infrastructure for growth. It allows for rapid expansion and creates a repeatable process that can scale as the business grows. 

Simplification is important when you are considering different platform options. If you are using one tool for estimates, another for marketing, and yet another for listings management, pretty soon you’ve lost any efficiencies you might have gained. Ideally, you want to find one or two systems that can manage all the parts of your business. 

Everything in business is a process, so when you find something that is not working the key to solving the problem is to review the steps in that process. You might find you need to add or remove a step to ensure you have a predictable outcome. 

When I’m looking to buy a business I look for ones that have a quality reputation and good product but are lacking infrastructure. Then when I am ready to sell the business I get to capitalize on my efforts by offering an easier turnkey operation for the new owner. 

Resources Shared

• Affordable Cabinet Refinishing 
• Thryv
• BizBuySell
  

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