May 30, 2023
Lance Bachmann, also known as the Digital Lion, shares his journey from a troubled childhood to becoming a highly successful serial entrepreneur. According to Bachmann, the key to success in business is to focus on three essential areas: numbers, sales, and communication. Knowing how to read a P&L statement, understanding the sales process, and being able to communicate effectively are crucial for success. Bachmann also stresses the importance of believing in oneself and taking action.
Lance Bachmann is a true son of Philadelphia: he was raised in the Northeast alongside his 14 brothers and sisters. With strong roots in his hometown and an unparalleled commitment to his family, Lance is a professional family man that can be trusted with anything. He was the youngest vice president in AT&T history and helped start YellowPages.com before leaving to start his own company, 1SEO, in 2009. Since then, Bachmann has become a best-selling author, international keynote speaker, entrepreneur, philanthropist, and owner of multiple home service companies.
When it comes to private equity deals and acquisitions, Lance emphasizes the importance of having processes, systems, teams, leadership, and cash flow in place for managing and operating a business with valuation in mind. He stresses the importance of being transparent and honest when it comes to partnerships and acquisitions, and all parties being upfront about expectations. Overall, Lance Bachmann's journey is a testament to the power of perseverance, hard work, and a never-give-up attitude. His insights and experiences provide valuable guidance for aspiring entrepreneurs looking to build successful businesses. So take action, believe in yourself, and unlock the secrets of successful entrepreneurship with Lance Bachmann.
Quotes from the episode:
"If you're gonna go start your own company, take action, and don't be afraid to fail. Failure is just a stepping stone to success."
"I truly believe to own a company and see its scale, the leader
has to be able to sell and communicate articulated vision and have
people believe in them."
Key highlights:
- How Lance got involved with SEO
- Advice to new business owners
- Why Lance chooses service-based businesses
- How do you create valuation or enterprise value?
- Why your business isn’t worth anything
- Achieving generational wealth
- Selling with private equity
- Two things that kill deals: ego and time
- Why you should be operating your business with valuation in mind
For resources and links mentioned in this episode, visit: 365driven.com/episode305