HOW TO MAXIMIZE THE VALUE OF YOUR BUSINESS DURING THE CORONAVIRUS PANDEMIC ON THE BUSINESS DEVELOPERS NETWORK
INTRO
IN THE BEGINNING OF 2020 WE WERE FIRST MADE AWARE OF A CONTAGIOUS FLU SPREADING
THROUGHOUT THE WORLD NAMED CORONAVIRUS WE FOLLOWED THE RECOMMENDED MEDICAL ADVISORY GUIDELINES AND SHELTERED IN OUR HOMES. WE WATCHED A CABLE SERIES WE ORDINARILY WOULD NOT HAVE WATCHED NAMED ‘LION KING’ AND EXPECTED TO RETURN TO NORMALCY IN A FEW WEEKS. WE HAD NO PREVIOUS POINT OF REFERNCE FOR ITS SERIOUSNESS, WEEKS TURNED INTO MONTHS, AND THE VIRUS, NOW CALLED COVID-19 HAS COMPLETELY DISRUPTED OUR LIVES AND OUR BUSINESSES.
OUR GUEST, JEFF PLANK A PRINCIPAL IN CORPORATE ADVISORY AT WARREN AVERETT, ONE OF THE TOP 40 FULL-SERVICE ADVISORY AND PUBLIC ACCOUNTING FIRMS IS HERE TO DISCUSS A PRESSING ISSUE FOR ALL BUSINESSES, LARGE AND SMALL: “DO I GO, OR DO I GROW? HOW TO MAXIMIZE THE VALUE OF YOUR BUSINESS DURING THE CORONAVIRUS PANDEMIC”?
SHOW
AS WEEKS TURNED INTO MONTHS COVID-19 HAS COMPLETELY DISRUPTED OUR LIVES AND OUR BUSINESSES. A BURNING ISSUE FOR AALL BUSINESSES IS “DO I GO, OR DO I GROW? HOW TO MAXIMIZE THE VALUE OF YOUR BUSINESS DURING THE CORONAVIRUS PANDEMIC”? LET’S WELCOME JEFF PLANK, A PRINCIPAL IN CORPORATE ADVISORY AT WARREN AVERETT, ONE OF THE TOP 40 FULL-SERVICE ADVISORY AND PUBLIC ACCOUNTING FIRMS.
JEFF’S CAREER HAS FOCUSED ON PROVIDING ADVISORY SERICES FOR PROFIT ENHANCEMENT, BUSINESS TRANSITION PLANNING, LITIGATION SUPPORT, VALUATION SERVICES AND INTERNAL CONTROL ENGAGEMENTS WITH FORTUNE 500 FIRMS AS WELL AS MID & SMALL BUSINESSES, WHICH IS SIGNIFCANT BECAUSE HE CAN RELATE TO HOW COVID-19 IS AFFECTING ENTERPRISE AND MAIN STREET BUSINESSES.
JEFF’S ACADEMIC BACKGROUND INCLUDES AN MBA FROM UNIVERSITY OF CHICAGO BOOTH SCHOOL OF BUSINESS AND PERHAPS EVEN MORE NOTABLE, HE IS A GRADUATE OF THE UNITED STATES MILITARY ACADEMY AT WEST POINT.
JEFF BEFORE WE DISCUSS BUSINESS, BEING A GRADUATE OF WEST POINT, WHICH IS A CLOSE-KNIT ACADEMY, HAVE YOU REMAINED CLOSE TO SENIOR OFFICERS IN TODAY’S MILITARY?
JEFF, PLEASE TELL US ANYTHING ABOUT YOURSELF YOU WOULD LIKE THE LISTENERS TO KNOW AND A LITTLE MORE ABOUT THE SERVICES OF WARREN AVERET.
INTERVIEW
LET’S FOCUS ON 3 CATEGORIES OF BUSINESS:
1) ENTERPRISE COMPANIES: MAYBE SERVICE FIRMS
2) MID-SIZE FIRMS: $50-500 MILLION MANUFACTURERS
3) MAIN STREET: MOM/POP – SOLE ENTREPRENEURS – PEOPLE THAT RELY ON THE CASH FLOW OF THEIR BUSINESS FOR THEIR LIVING.
WHAT TRENDS ARE YOU SEEING IN EACH?
A) WHICH INDUSTRIES CAN TAKE ADVANTAGE OF CURRENT BUSINESS CLIMATE?
B) HOW CAN THEY ENHANCE THEIR REVENUE AND PROFITS?
C) WHICH ARE BEING HURT BY THE CURRENT ECONOMIC CIRCUMSTANCES?
D) SHOULD THEY GO OR GROW?
E) IF THEY SHOULD GO, HOW DO THEY MAXIMIZE THEIR EXIT?
F) IF THEY SHOULD GROW, HOW DO THEY DO THAT?
JEFF PLANK RESPONSES:
BUSINESSES ARE IN ONE OF THESE FOUR CATEGORIES:
1) DOING WELL
2) FLOATING: UP & DOWN – NOT SURE OR CONFIDENT
3) HURTING
4) PIVOTING: FINDING NEW MARKETS – REPOSITIONING PRODUCTS FOR NEW PURPOSES REGARDLESS IF THEY ARE DOING WELL – FLOATING – HURTING OR PIVOTING, THEY ALL NEED TO DO THESE THREE BASICS REGARDLESS THERE IS A PANDEMIC OR NOT:
1) CASH FLOW: MONITOR CASH FLOW CAREFULLY – WEEKLY – DAILY FOR SMALLER BUSINESSES. FIND WAYS WHERE CAN THEY PRESERVE CASH.
2) GROWTH: DEEPEN EXISTING RELATIONSHIPS – FIND NEW MARKETS – REPOSITION PRODUCTS FOR NEW PURPOSES
3) RISK PROFILE: REFRESH YOUR BUSINESS PLAN – UNDERSTAND ITS STRENGTHS AND WEAKNESSES – DECIDE IF IT IS SUSTAINABLE – WARREN AVERETT OFFERS A ONE PAGE BUSINESS PLAN TEMPLATE
OUTRO
THANK YOU, JEFF. BEFORE WE LEAVE TELL US HOW LISTENERS CAN CONTACT YOU.
[email protected] / 770-393-6170 / WARRENAVERETT.COM
THANK YOU FOR LISTENING AND REMEMBER TO KEEP DEVELOPING YOUR BUSINESS
Show Host: Artie Ruderman
The Business Developers Network where today’s leading business developers share and learn innovative business development concepts to generate greater value for their businesses. Broadcasting LIVE from the Pro Business Channel studios in Atlanta.
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