{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Spokane Daily","title":"The Long Game of Trust: Loren Baker of Profectus Business Consulting","html":"","width":"100%","height":180,"duration":1176,"description":"Loren Baker of Profectus Business Consulting calls himself a trusted strategic advisor, walking alongside entrepreneurs from the trades to white-collar businesses and light manufacturing on three big ideas: team, money and time. He explains why hanging up a for-sale sign is a horrible idea, and why getting the owner out of the business so there is actually something to sell generally takes 18 to 24 months. Loren and Jethro also dig into why trust is so hard to build at a distance, and why the long-term relationship matters more than any single transaction.\nKey takeaways\nPlan your exit early. Even with good systems and a good team, there's still a ton in the owner's head, so that year and a half to two years goes to getting it out on paper and getting the business organized. If you're further along, it may take about a year.\nRunning a business off your gut works for a while, but by around employee number seven, hiring and firing on your gut doesn't work anymore. If revenue is going up while profit goes down, the guts of the business, like knowing your numbers, need work.\nEveryone should have mentors and coaches, paid or not, and different coaches at different times, just like professional athletes. Jethro adds that paying someone makes you value it a little more.\nGood ideas over coffee aren't enough. Coaching works when you have skin in the game, accountability and tactics to take out of every conversation.\nTo build trust, keep the transactional piece away: be a good listener, ask good questions and get to know the person in front of you. People can sniff out when you're just trying to make a nickel off them.\nJethro's trust phrase: once we work together on anything, we're going to be connected for the next 10 years. He also recommends The Speed of Trust by Stephen M. R. Covey.\nLoren's best business decision: starting his own LLC about 20 months ago, a step of faith.\nLoren's local shout-outs: Side by Side, a nonprofit where everybody is a participant, with a new...","thumbnail_url":"https://img.transistorcdn.com/IfMjlikjxqDzI90CDVBleFO_RW8aJhHCE5LCNGJjQ6g/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9hMjYz/NGU4ZmY5YjQ2NzUw/MzBhNDg0NDRhZGJh/MTU2Yi5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}