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Episode 61 - I Love it When a Plan Comes Together - Bob Phillips
Manage episode 430448186 series 3465975
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Bob Phillips, the president and CEO of P&S Sells, Inc., shares his insights on balancing business and family, the importance of finding the right partner, and the process of selling a business. He emphasizes the need for work-life balance and the support of a spouse who understands the demands of entrepreneurship. Bob also discusses the challenges of coaching and mentoring employees and the importance of putting people in positions where they can succeed.
He shares his experience of selling P&S and highlights the importance of preparing the business for sale and finding the right buyer. In this conversation, Bob Phillips discusses the acquisition of P&S Detail Products by ATG and MPE Partners. He shares his experience going through the acquisition process and highlights the benefits of joining a larger organization.
Bob also provides advice for small business owners on how to make their businesses marketable for potential buyers. He emphasizes the importance of running a business that can operate without the owner and having clean financials. Bob believes that the detailing industry has a bright future with opportunities for growth and adaptation to new services and technologies.
Takeaways
- Finding the right partner and having a supportive spouse are crucial for balancing business and family life.
- Coaching and mentoring employees is important, but it's also necessary to put people in positions where they can succeed.
- Selling a business requires preparation and finding the right buyer who appreciates the brand and values of the company.
- Work-life balance is essential for long-term success as a business owner.
- Being open to learning from mistakes and allowing employees to make mistakes can lead to growth and improvement. Joining a larger organization can provide resources, support, and opportunities for growth.
- To make a business marketable for potential buyers, it should be able to operate without the owner and have clean financials.
- The detailing industry has opportunities for growth and adaptation to new services and technologies.
- Detailers should focus on selling a consumable product and catering to the evolving needs and preferences of customers.
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