In this episode of Independence by Design™, I sit down with Matt Bodnar to explore what it truly means to be an owner versus an operator. Matt’s journey—from being deeply entrenched in the day-to-day operations of his IT firm to becoming a strategic investor and capital allocator—perfectly illustrates the shift in mindset necessary to move from "doing" to "owning." Starting out by handling every detail, Matt gradually worked his way out of the operator role and learned how to structure his company to run without him.

We dive into the key steps Matt took to delegate operations, build systems, and free himself from the daily grind, ultimately allowing him to focus on long-term strategy and investing in multiple companies through his holding company, Eidolon Capital. This episode provides a clear path for business owners ready to make the transition from operator to owner, focusing on how to unlock sustainable cash flow, build equity, and design real independence—what I call the Independence by Design™ ownership mindset.

1. Matthew Bodnar is the Founding Partner at Eidolon Capital. As a “Forbes 30 Under 30” alumni and partner in multiple “Inc Fastest Growing Companies,” Matt is a private equity sponsor who has scaled businesses across multiple industries. He is the major investor and Chairman of Ozark River Manufacturing, ProRack Systems, Fresh Technology, Inc and Highland Industrial Staffing. He is also the Creator and Host of The Science of Success Podcast with more than 5mm downloads. Bodnar previously worked as a consultant in Nanjing, China and spent several years at Goldman Sachs in New York.[Text Wrapping Break]

Chapters:

• 00:00 Introduction and Background - Matt Bodnar
• 02:30 The Struggles of Being an Operator: Matt’s Early Days
• 07:45 The Turning Point: Transitioning from Operator to Owner
• 13:07 Life Purpose and What Drives Matt, Influential Books
• 17:30 Everything is Connected, Navigating Reality
• 25:31 Being ‘Roughly Right’ and Examining Operations
• 28:49 The Owner’s Mindset: How Matt Changed His Approach
• 30:53 Delegating and Building a Leadership Team
• 37:45 Case Studies and Real Life Examples
• 48:00 Statistics on U.S. Businesses, Employment, and Revenue Levels
• 51:57 Advice for Owners on Shifting to a Capital Allocator Mindset
• 54:00 Buying Companies and Investment Criteria, ‘Baking the Perfect Deal’
• 1:00:03 Empowering Company Teams, Distributing Equity
• 1:01:00 Closing Thoughts, Subscribe to Matt’s Newsletter
• Share with the owner/operators you know!

Ryan Tansom is a seasoned entrepreneur, speaker, and the founder of Independence by Design™, a transformative ownership framework for growth-oriented business owners. After turning around and selling his family business in an eight-figure exit, Ryan spent over a decade dissecting the lessons learned from his journey. His mission is to help other business owners avoid the pitfalls he encountered by providing them with the tools and knowledge to align their business operations with their personal and financial goals.

With a deep understanding of the challenges faced by owner-operators, Ryan developed Independence by Design™ to empower owner-operator...

In this episode of Independence by Design™, I sit down with Ken Sanginario, a top turnaround and valuation expert and creator of the Value Opportunity Profile, to dive deep into the fundamental drivers behind business valuations. We explore how the multiple in a business valuation is directly tied to the sustainability, predictability, and transferability of your cash flow—and why understanding this is the key to more than doubling the value of your company.

Throughout our conversation, we unpack the often-overlooked details that can either make or break your company’s financial future. Ken breaks down critical concepts like the cost of equity, the buildup methodology, deal structures, and how reducing risk plays a major role in increasing your enterprise value. By looking at valuation from both the owner’s and buyer’s perspectives, we provide a comprehensive understanding of what truly drives value and where the multiple comes from.

One of the most important takeaways is that this entire process is within your control: by reducing risk and improving operational quality, you can take actionable steps to increase the multiple applied to your business’s cash flow, doubling the value of your business giving you more freedom and options.

We also explore how making your cash flow more predictable can significantly enhance your company’s potential for reinvestment, growth, or future opportunities. Additionally, Ken and I discuss the challenges of business ownership, the complexities of scaling, and how you can strategically grow your company's value.

By the end of this episode, you’ll have a clear roadmap for taking control of your business’s financial future, with practical insights on how to create sustainable growth through the derisking process.

Brandon Hall is the founder of BGH Valuation Services, LLC, is a seasoned valuation expert with over 2,000 business valuations under his belt. Based in Saint Michael, MN, Brandon holds a B.S. in Accounting from Saint Cloud State University and has extensive experience from his roles at Polaris Industries and Best Buy Corporate. A Certified Valuation Analyst® and Certified Machinery & Equipment Appraiser, Brandon is dedicated to helping businesses understand and maximize their value.[Text Wrapping Break]

Chapters:

• 00:00 – Introduction and Background - Ken Sanginario
• 08:00 – Why Business Owners Must Focus on Cash Flow Valuation
• 15:00 – How Your Cash Flow Increases the Multiple
• 19:30 – Breaking Down the Buildup Methodology
• 27:00 – Strategies to Grow the Enterprise Value of Your Business, Reducing Risk
• 35:00 – Cost of Capital, Understanding the Role of Debt in Business Growth
• 48:00 – Equity Risk Premiums
• 54:00 – Quality vs. Value and the Multiple, Pension Funding through Private Equity
• 59:00 – Cost of Debt
• 1:11:30 – Understanding Company Valuation Metrics
• 1:17:00 – DISC for Business, 8 Primary Functional Categories in a Company
• 1:29:08 - Strategic Ownership Accelerator Discussion

Ryan Tansom is a seasoned entrepreneur, speaker, and the founder of Independence by Design™, a transformative ownership framework for growth-oriented business owners. After turning around and selling his fa...

In this episode of Independence by Design™, I sit down with Brandon Hall, an expert who has conducted over 1,500 business valuations across a wide range of industries. We dive deep into the importance of understanding and controlling the value of your business. Brandon shares his journey from a corporate accountant to a trusted advisor in the valuation space, reflecting on the lessons he’s learned from his extensive experience, especially in working with small to medium-sized businesses.

We break down the three primary valuation methods: income-based valuations (with a focus on cash flow), asset-based valuations (looking at tangible assets), and market-based valuations (comparing similar businesses in the market). I place particular emphasis on cash flow valuations, which are the most actionable and controllable by business owners like you. We discuss why understanding and managing your cash flow is crucial—not just for keeping the lights on but for driving long-term growth, strategic planning, and maximizing the equity value of your business.

By the end of this episode, you'll have a clearer understanding of how to take charge of your business’s valuation, why cash flow is such a critical metric, and how you can use it to make informed decisions that will help you achieve the independence you’re striving for.

Brandon Hall is the founder of BGH Valuation Services, LLC, is a seasoned valuation expert with over 2,000 business valuations under his belt. Based in Saint Michael, MN, Brandon holds a B.S. in Accounting from Saint Cloud State University and has extensive experience from his roles at Polaris Industries and Best Buy Corporate. A Certified Valuation Analyst® and Certified Machinery & Equipment Appraiser, Brandon is dedicated to helping businesses understand and maximize their value.

Chapters:

• 00:00 Introduction and Background - Journey from Corporate Accounting to Business Valuation

• 06:00 The Importance of SBA Valuations in Business Transactions

• 10:45 Understanding Cash Flow Risk in Business Valuations

• 17:20 Mapping Out Ten Year Loans, Common Misconceptions About Business Valuations

• 21:24 Strategic Considerations for Business Owners: Equity and Cash Flow

• 29:13 Real-Life Examples of Business Valuation Challenges

• 35:20 The Role of the Government and Banks in SBA Loans

• 40:00 Assets and Proactively Managing Your Business’s Value

• 47:00 The Cash Conversion Cycle, Market Approach in Strategic Evaluations

• 52:00 Owner Involvement and Cash Flow

• 1:05:00 Splitting Assets in Divorces

• 1:12:00 Investments - Ryan and Brandon

• 1:22:00 Final Thoughts and Practical Advice for Business Owners

Ryan Tansom is a seasoned entrepreneur, speaker, and the founder of Independence by Design™, a transformative ownership framework for growth-oriented business owners. After turning around and selling his family business in an eight-figure exit, Ryan spent over a decade dissecting the lessons learned from his journey. His mission is to help other business owners avoid the pitfalls he encountered by providing them with the tools and knowledge to align their business operations with their personal and f...

In this episode of Independence by Design™, I sit down with Mike Frommelt, the co-founder of Strategic Talent Partners and a seasoned expert in executive search and leadership development for privately held businesses. We dive into the critical role of talent assessment and leadership development in scaling a business beyond the founder’s personal capacity. Mike shares his unique insights on how to assess a company’s leadership team, the challenges owners face when transitioning from day-to-day operations, and the importance of aligning leadership talent with ownership goals.

Mike explains the differences between hiring internally versus externally, and why sometimes promoting from within isn’t always the best option. We also explore the strategic role of a CEO or president and how to identify whether someone has the capacity to think strategically and lead teams effectively. Mike's framework for evaluating leadership potential and his holistic approach to aligning talent with business goals will leave business owners equipped with actionable steps to start building a leadership team that can thrive without their constant involvement.

Mike Frommelt is the is the co-founder of Strategic Talent Partners, a national executive search and leadership solutions firm. With over 20 years of experience, Mike specializes in C-level executive search and leadership development for privately held businesses. He helps companies transition from founder dependency by recruiting and integrating leadership talent aligned with ownership goals. Mike's expertise ensures organizations grow sustainably while equipping teams to thrive. Learn more at www.strategictalentpartners.com.

Chapters:

• 00:00 – Introduction
• 01:20 – Mike Frommelt’s Journey and the Creation of Strategic Talent Partners
• 05:00 – The Challenges of Founder Dependency and Leadership Transitions
• 08:30 – Assessing Your Leadership Team: Internal vs. External Hires
• 14:15 – The Role of Strategic Thinking in Leadership
• 25:00 – Joel Trammell, CEO’s, and finding candidates
• 39:00 – Developing High-Potential Leaders from Within, What Traits to Look for in Future Leaders
• 42:00 – Growth Leadership Model, Assessments
• 51:10 – Compensation
• 1:00:01 – Compensation of C-Suite vs. size of company
• 1:11:00 - Advice for Business Owners, Final Thoughts and Call to Action

Ryan Tansom is a seasoned entrepreneur, speaker, and the founder of Independence by Design™, a transformative ownership framework for growth-oriented business owners. After turning around and selling his family business in an eight-figure exit, Ryan spent over a decade dissecting the lessons learned from his journey. His mission is to help other business owners avoid the pitfalls he encountered by providing them with the tools and knowledge to align their business operations with th...

In this episode of Independence by Design™, Ryan Tansom is joined by Craig Rutledge, an expert in compensation strategy and the Partner at VisionLink. Craig offers valuable insights for growth-oriented business owner-operators looking to step back from daily operations and hire a CEO who can drive both cash flow and equity growth. He addresses the critical need to design compensation strategies that align the goals of the owner with those of the leadership team, ensuring that the owner can manage the company from an ownership perspective without worrying about the stability of their income from distributions or the growth of the company’s value.

Craig discusses how to structure compensation plans that not only attract premier talent but also ensure that these leaders are motivated to make decisions that support sustainable cash flow and increase equity valuation. By linking short-term and long-term incentives directly to the owner’s financial goals, Craig helps owners confidently step back from the day-to-day operations, knowing their company is in good hands and positioned for growth. This episode is essential for business owners who want to replace themselves in operations while maintaining control over their financial future.

Craig Rutledge is the founder of VisionLink, a leading expert in compensation strategy with over 25 years of experience. He specializes in helping business owners align their leadership teams with their financial goals through innovative compensation plans. Craig’s expertise empowers owners to step back from day-to-day operations while ensuring sustainable cash flow and equity growth. His work has guided countless companies in securing long-term success.

Chapters:

• 00:00 Introduction and Background
• 04:50 Craig Rutledge from VisionLink delves into executive compensation strategies
• 07:05 Drafting a compelling compensation philosophy statement
• 12:30 Recruiting and retaining high-level executives amidst compensation challenges
• 18:57 Short-term bonuses and long-term equity growth plans
• 24:42 Importance of aligning compensation with working capital and EBITDA
• 29:00 Phantom equity plans versus actual equity
• 35:00 Structuring executive compensation plans
• 43:00 Structuring compensation to align with strategic business objectives
• 53:00 Structuring short-term CEO compensation plans
• 1:00:27 Designing incentive plans for business success

Ryan Tansom is a seasoned entrepreneur, speaker, and the founder of Independence by Design™, a transformative ownership framework for growth-oriented business owners. After turning around and selling his family business in an eight-figure exit, Ryan spent over a decade dissecting the lessons learned from his journey. His mission is to help other business owners avoid the pitfalls he encountered by providing them with the tools and knowledge to align their business operations with their personal and financial goals.

With a deep understanding of the challenges faced by owner-operators, Ryan developed Independence by Design™ to empower owner-operators to create sustainable cash flow, grow their company’s equity value, and achieve true independence. He has shared his insights on hundreds of stages, including Vistage, EO, and industry associations, and has reached over 500,000 listeners through his podcast. ...

In this episode of Independence by Design™, Ryan Tansom is joined by Eric Roman, a former dentist turned entrepreneur and business coach, who shares his powerful story of building and exiting a successful dental service organization (DSO) worth $40 million. Despite his company’s impressive valuation, Eric felt cash flow broke and balance sheet rich, struggling with significant personal life issues. He believed the only way to solve his problems was to sell the business and pull the ripcord. However, after the exit, he realized that selling the business didn’t resolve the deeper issues in his personal life.

Eric dives into the challenges of managing growth, the impact of business on personal life, and how implementing the Entrepreneurial Operating System (EOS) transformed his business. He also reflects on how he wishes he had an ownership framework like Independence by Design™ to guide him on the ownership side of decision-making, which could have provided the clarity he needed beyond the operational insights of EOS. Eric discusses the importance of having a personal operating system and how the One Life System helps entrepreneurs achieve both professional and personal success. Throughout the episode, Eric offers insights into balancing business demands with family life, the significance of personal clarity, and the necessity of having a support system to navigate the entrepreneurial journey.

Eric Roman has over a decade of experience running high-powered, multi-location dental companies. From inception through exit, Eric understands all facets of what it takes to build transformational companies and, most importantly, personal joy. His breadth of expertise covers topics such as Executive team development, EOS (The Entrepreneurial Operating System), Culture Development, Managing Millennial and Post-Millennial Workforces, Developing High-Performing Associate Dentists, Work-Life Harmony, Personal Performance Habits, and much more. However, Eric's value isn't limited to his accomplishments: He has a unique ability to inspire and empower others to live abundant, impactful lives.

Chapters:

• 00:00 Eric Roman's journey scaling his dental practice to $40M valuation
• 06:49 EOS in Transforming Business Operations, Balancing Business Success with Personal Fulfillment
• 14:00 Ownership Goals, Trade-Offs Between Immediate Cashflow And Long-Term Equity Growth, Personal Scorecards And Understanding Life Experience Costs
• 16:00 Building “a $100 Million company,” Managing Control And Expectations To Reduce Anxiety And Stress
• 24:39 Navigating the Challenges of Business Growth and Personal Life
• 36:15 Finding a “System”, The Power of Community and Support Systems for Entrepreneurs
• 40:33 Overcoming Identity Crises and Finding Meaning Beyond Business, Transition From Success To Significance
• 55:31 The One Life System: A Framework for Personal and Family Success
• 1:05:02 Final Thoughts and Call to Action

Ryan Tansom is a seasoned entrepreneur, speaker, and the founder of Independence by Design™, a transformative ownership framework for growth-oriented business owners. After turning around and selling his family business in an eight-figure exit, Ryan spent over a decade dissecting the lessons learned from his journey. His mission is to help other business owners avoid the pitfalls he encountered by providing them with the tools and knowledge to align their business operations with their personal and financial goals....

In this episode of Independence by Design™, Ryan Tansom sits down with Roger Roundy, a tax mitigation strategist with a unique approach to helping business owners keep more of their hard-earned money. Roger explains the three phases of wealth—accumulation, preservation, and distribution—and how each phase requires different tax mitigation strategies to maximize wealth. He emphasizes the importance of understanding the tax code as a set of incentives designed to encourage certain behaviors rather than something to be feared. Roger argues that when properly understood, the tax code allows business owners to legally and ethically partner with the government to reduce their tax liabilities, all while staying in compliance with audit protection.

Throughout the episode, Roger shares his journey of becoming a "tax architect," detailing how his firm helps small to mid-sized businesses utilize the same tax-saving techniques employed by Fortune 500 companies. Listeners will gain insights into various tax mitigation strategies, the distinction between tax preparation and tax strategy, and how to proactively manage taxes throughout the wealth-building journey. Roger also discusses why his solutions are audit-proof, eliminate any grey areas, and show how business owners can leverage a team of advisors to optimize their financial strategy.

Roger Roundy is the CEO of Strategic Associates a Risk Mitigation firm focused primarily on the education and implementation of tax mitigation strategies. Throughout his years of risk management and tax mitigation services, Roger has helped 100’s of business owners and individuals find solutions to protect their incomes from the wealth-eroding factors of risk and taxes. As the CEO and Director of Operations for Strategic Associates, Roger thrives on providing value using innovative but sound tax mitigation strategies to help his clients reduce their tax liability and provide options for properly positioning those savings. "Work hard, play harder, and provide opportunities for others to do the same" has been his M.O. during his business life. Roger has been married for 24 years and is the father to 5 wonderful children. He is an avid outdoorsman and loves to spend any spare time he can find, either biking, skiing, snowmobiling, or hunting. Life is busy, and a passion for working with other successful business owners has directed his path to tax mitigation and the extreme value and opportunity it provides to his clients.[Text Wrapping Break]

Chapters:

• 00:00 Introduction and Background, Roger Roundy’s Journey to Becoming a Tax Architect
• 07:20 The Role of CPAs vs. Tax Consultants, Understanding Tax Mitigation and Its Importance
• 21:00 Tax Planning and Strategy vs. Tax Preparation
• 32:00 The Three Phases of Wealth and Tax Mitigation
• 35:00 Googling Tax Information
• 38:15 How to Proactively Manage Your Taxes
• 41:17 Managing your wealth and cash flow, Partnering with the Government, Understanding the Tax Code
• 47:08 Advice for Business Owners on Reducing Tax Liabilities, Risk Management
• 48:36 Final Thoughts and Call to Action

Ryan Tansom is a seasoned entrepreneur, speaker, and the founder of Independence by Design™, a transformative ownership framework for growth-oriented business owners. After turning around and selling his family business in an eight-figure exit, Ryan spent over a decade dissecting the lessons learned from his journey. His mi...

In this inaugural episode of the Independence by Design™ podcast, Ryan Tansom sits down with Joe Brown, founder of Heresy Financial, to dive deep into the intricacies of the economy and financial systems. Driven by personal experiences and a relentless curiosity, Joe explores the mainstream financial narratives and advocates for a deeper understanding of economic fundamentals. He underscores the importance of aligning financial decisions with personal values and addressing root causes of economic issues, rather than merely treating symptoms.

The discussion spans critical topics like the effects of money printing, the escalating costs of education and healthcare, and the quest for financial freedom. Joe and Ryan also dissect the evolution of money as a debt system, the value of time, and strategies for managing wealth amid inflation and taxes. They provide practical insights into business ownership, portfolio diversification, and the challenges posed by government bond refinancing and its impact on regional banks. Tune in to gain valuable perspectives on mastering your financial future and understanding the system that shapes it.

Key Takeaways:

• Aligning one's values with their financial decisions is crucial for personal fulfillment and moral integrity.

• Understanding the root causes of economic problems is more important than focusing on symptoms.

• Education and individual decision-making play a significant role in improving one's financial situation.

• Money printing, rising costs of education and healthcare, and the erosion of financial freedom are key issues in the current economic landscape. Money has evolved over time from a debt system primarily.

• Time is the most valuable resource for individuals, but it is also the most replaceable thing to others.

• Starting a business allows individuals to provide value that is not denominated in their time and can lead to escaping the limitations of trading time for money.

• Diversifying investments across savings, business, and income-producing assets can help protect wealth and provide stability.
• Understanding how the financial system works and taking control of one's wealth is crucial in navigating the challenges and uncertainties of the future.

In This Episode:

• 00:00 Introduction and Background - Joe Brown of Heresy Financial
• 04:45 Joe's Journey into Understanding the Economy
• 10:00 The Curiosity to Understand the Economic Cycle
• 13:13 Stepping Stones to Understanding the Economic Cycle
• 18:00 Aligning Work with Your Values
• 23:00 Questioning the Narrative and Seeking Understanding
• 26:00 Starting the Conversation about the Economy, Silent QE by Commercial Banks
• 29:30 The Historical Perspective on Money and Trust, What happened in 1971?
• 33:15 Analyzing Economic Narratives and Policies
• 42:00 The Value of Time and Escaping the Time-for-Money Trap
• 44:55 Starting a Business, Owner/Operators and Cash Evaluation
• 47:56 Case Studies, Diversifying Investments, Protecting and Growing Wealth
• 59:00 Looking Forward, Navigatin...