9 Things We Learned By Interviewing Rudy Upshaw, An Executive Level Business Banker And Financial Coach For Over 25 Years Watch Here:
Here is what my team and I learned from this interview: (These are notes from team members, writers, sometimes AI, and even listeners who submitted what i learned loosely edited and shared here) - If it seems a bit crude, you're reading our notes, so. yeah. -Ron
Concept 1: Work hard for money.
Work hard for money is a mantra that many of us have heard in our lives, but few of us truly understand the impact that it can have on our lives. We often take for granted the opportunities that we have to make money, but for those who have grown up in poverty, the concept of working hard for money takes on a whole new meaning.
Rudy Upshaw is a 25-year veteran of the financial world, and he knows all too well the importance of working hard for money. Growing up in an impoverished environment, he and his siblings had to scavenge for food in dumpsters, and this experience instilled in him a fear and scarcity mentality. This fear and scarcity mentality has driven Rudy to become an expert in managing money and helping others do the same.
Rudy's story is not unique. Many of us have experienced similar challenges in our lives and have had to work hard for money. We may have had to take on multiple jobs, or we may have had to hustle to make ends meet. It may not have been easy, but it was necessary in order to make a living.
For those of us who have not had to experience the same levels of poverty as Rudy, it is important to remember the importance of working hard for money. We should not take for granted the opportunities that we have to make money and should strive to work hard and make the most of them. We should also remember to be grateful for the opportunities that we have and to help those who are less fortunate.
Rudy's story is a reminder that hard work and dedication can pay off in the long run. He has been able to turn his fear and scarcity mentality into a strength, and he has used it to help others in similar situations. His story is a testament to the power of hard work and dedication, and it is a reminder that we should never take for granted the opportunities that we have to make money.
Concept 2: Understand financials to bankability.
But what does it take to make a business bankable? Rudy and Ron have discussed this in their podcast, and it is clear that understanding financials is key. To make a business bankable, it must be profitable first and foremost. But it also needs to have strong financial foundations in place. This means that the owner or leader of the company must understand their financials in depth. They must be able to look at the last three years of financials and identify trends and determine the sustainability of the company.
Having a coach or mentor to help understand financials is also important. It can be difficult to navigate the complexities of financials on your own, and having a coach or mentor can provide guidance and support. Additionally, having a coach or mentor can help you develop a “fight or flight” mentality when it comes to achieving success. This is the mentality that can help you push through difficult times and achieve success.
In conclusion, understanding financials is essential for making a business bankable. It is important to have a coach or mentor to help guide you through the complexities of financials and to help you develop a “fight or flight” mentality. With hard work and dedication, you can make your business bankable and achieve success.
Concept 3: Start the transition process early.
Starting the transition process early is essential for a successful business transition. It is important to plan ahead and to be aware of the potential risks and rewards of transitioning a business. By starting the process early, you can give yourself the time to properly analyze the financials, to develop a strong business plan, and to make sure that you are taking the right steps to ensure a successful transition.
Starting the transition process early also gives you the opportunity to plan for any potential life events that could occur, such as a death in the family or a spouse needing to take over the business. By having a plan in place, you can ensure that the transition process is as smooth and successful as possible. Additionally, starting the process early can save you money in the long run and can help you make more money on the back end.
Overall, starting the transition process early is essential for a successful business transition. It is important to plan ahead and to be aware of the potential risks and rewards of transitioning a business. With the right guidance and planning, you can make sure that your business is bankable and that your transition is successful.
Concept 4: Engage spouse in financial decisions.
One key factor in a successful business transition is engaging the spouse in financial decisions. This is especially true for solo or family-run businesses. It is important to make sure that both spouses are on the same page, and that they understand the financial implications of the transition. This can help ensure that the transition is smooth and successful.
When working with business owners, it is important to have conversations about what is going on in the home environment. This includes discussing personal credit, budgeting, and any other personal issues that could potentially impact the business. It is also important to consider the marital harmony of the business owners when giving advice. This is because the business and the home environment are intertwined and any issues in one area can have a ripple effect on the other.
Having an open and honest conversation with both spouses about the transition is essential for a successful transition. This can help to ensure that both spouses are on the same page and that they understand the implications of the transition. This can also help to alleviate any potential issues or conflicts that could arise during the transition.
In conclusion, engaging the spouse in financial decisions is essential for a successful business transition. It is important to have an open and honest conversation with both spouses to ensure that they are on the same page and understand the implications of the transition. This can help to ensure that the transition is smooth and successful.
Concept 5: Build trust with advisors.
Trust is an essential element when it comes to working with advisors. When it comes to selling and buying a business, it is important to find advisors who have the experience and expertise to provide the best guidance and advice. It is also important to find advisors who are trustworthy and have the best interests of the business owner in mind.
Building trust with advisors is essential for successful business transitions. It is important to have an open and honest conversation with advisors to ensure that they understand the goals and objectives of the business owner. It is also important to ask questions and do research to ensure that the advisors are knowledgeable and experienced in their field. Additionally, it is important to interview multiple advisors to find the best fit for the business owner and their goals.
When it comes to building trust with advisors, it is important to be open and honest about the goals and objectives of the business. It is also important to ask questions and get to know the advisors before making any decisions. Additionally, it is important to have a good working relationship with the advisors, as this can help to ensure that the transition is successful.
Overall, building trust with advisors is essential for successful business transitions. It is important to have an open and honest conversation with advisors to ensure that they understand the goals and objectives of the business owner. Additionally, it is important to ask questions and do research to ensure that the advisors are knowledgeable and experienced in their field. Finally, it is important to have a good working relationship with the advisors to ensure that the transition is successful.
Concept 6: Trust is key in relationships.
Trust is key in relationships and this is especially true when it comes to business transitions. When a business owner is looking to transition their business, they need to find advisors that they trust and can rely on. This means that the business owner needs to have an open and honest conversation with the advisors to ensure that they understand the goals and objectives of the business owner. Additionally, it is important to ask questions and do research to ensure that the advisors are knowledgeable and experienced in their field. This will help the business owner gain a better understanding of the advisors and their qualifications.
Furthermore, it is important to have a good working relationship with the advisors to ensure that the transition is successful. This means that the business owner needs to be willing to listen to the advisors and take their advice into consideration. Additionally, the advisors need to be willing to listen to the business owner and understand their goals and objectives. This will help ensure that the transition is successful and that the business owner is satisfied with the results.
In conclusion, trust is key in relationships and it is especially important when it comes to business transitions. The business owner needs to have an open and honest conversation with the advisors to ensure that they understand the goals and objectives of the business owner. Additionally, it is important to ask questions and do research to ensure that the advisors are knowledgeable and experienced in their field. Finally, it is important to have a good working relationship with the advisors to ensure that the transition is successful.
Concept 7: Trust takes time to build.
Trust takes time to build. It is not something that can be achieved overnight. It takes time, effort, and commitment to build a trusting relationship. It requires open and honest communication, research, and a willingness to invest in the relationship. Additionally, it is important to take the time to understand the goals and objectives of the business owner in order to ensure that the transition is successful.
When it comes to business transitions, trust is essential. It is important to be open and honest with advisors in order to ensure that they understand the goals and objectives of the business owner. Additionally, it is important to ask questions and do research to ensure that the advisors are knowledgeable and experienced in their field. Finally, it is important to have a good working relationship with the advisors to ensure that the transition is successful.
Trust takes time to build. It is not something that can be achieved overnight. It takes time, effort, and commitment to build a trusting relationship. It requires open and honest communication, research, and a willingness to invest in the relationship. Additionally, it is important to take the time to understand the goals and objectives of the business owner in order to ensure that the transition is successful. When trust is established, it can lead to successful business transitions and a long-term relationship with advisors.
Concept 8: Follow your purpose relentlessly.
Rudy Upshaw, a business coach, understands the importance of trust in the transition process. He believes that the best way to reach success is to follow your purpose relentlessly. In his podcast, he emphasizes the importance of following your purpose and not giving up, no matter what challenges you face. He also highlights the importance of having a mentor or coach to help you stay focused and accountable.
Upshaw acknowledges the influence of Jesus Christ on his life and his business. He believes that the Bible provides great advice on how to treat people, how to work hard, and how to follow your purpose. He also finds motivation in the 10X Rule by Grant Cardone and Dave Ramsey’s Total Money Makeover. These books provide him with the guidance he needs to stay on track and to keep striving towards his goals.
Upshaw emphasizes the importance of accountability when pursuing your purpose. He believes that having someone to hold you accountable to your commitments can be the difference between success and failure. He also believes that it is important to understand why you haven’t achieved your goals in the past in order to ensure that you are taking the right steps towards success.
Following your purpose relentlessly is a key to success. It requires trust, commitment, and accountability. It also requires a mentor or coach to help you stay focused and to provide guidance. With the right mindset and guidance, you can achieve your goals and reach success.
Concept 9: Relationships are key to success.
Relationships are the foundation of success. They are the key to unlocking the potential of your dreams. They provide the support and encouragement you need to stay on track and to reach your goals. Relationships also provide the accountability and trust you need to stay focused and to stay committed.
When it comes to business, relationships are key. They provide the support and understanding you need to succeed. Relationships help you to understand the needs of your customers, the dynamics of the market, and the impact of technology. They also provide insight into the strategies and tactics you can use to reach your goals.
Relationships also provide the trust and commitment you need to stay focused on your purpose. They provide the accountability and support you need to stay on track and to make progress. When building relationships, it is important to be mindful of the other person’s needs and to be open to learning. It is also important to be honest and to be willing to listen.
When it comes to financial success, relationships are key. They provide the support and understanding you need to make the right decisions. They also provide the trust and commitment you need to stay focused on your goals and to stay motivated.
In today’s world, technology has made it easier to stay connected. However, technology should not replace personal relationships. Technology should be used to supplement and enhance relationships. Technology can help to bridge the gap between people and to stay connected, but it cannot replace the trust and commitment that come from personal relationships.
Relationships are key to success. They provide the support, understanding, trust, and commitment you need to stay focused and to reach your goals. They also provide the accountability and trust you need to stay motivated and to stay on track. By building strong relationships, you can unlock the potential of your dreams and achieve success.
---- MORE COOL STUFF ---
For investors passionate about business acquisition and anyone interested in buying a company to strategically expand, selling/exiting, or driving up your valuation, the new Acquisition Aficionado Magazine is a must-have resource. As a reader of How2Exit, you can click here to get a complimentary copy of Issue 4 featuring content from Ronald Skelton and many other M&A pros.
Are you ready to take your podcast listening to the next level? Subscribe to "DEEPER by How2Exit" newsletter and never miss out on our latest episodes. Join our newsletter HERE
Want to stay in touch with what's happening in the Main Street M&A Space? Subscribe to The Hub - Acquisitions Hub
