Hello Influential People News readers, it is our distinct pleasure to introduce you to Legacy Media Consulting LLC Founder, Allen Terrell Gregory. Legacy Media Consulting LLC was created to serve business owners that understand the importance of succession planning and legacy preservation.
As the founder and serving principal, Allen Terrell Gregory has been providing products, services, and advice to business owners since 2009. Allen helps business owners aged 55–70 get their businesses ready for exit and succession so they can preserve their legacy, retire from their businesses, and spend more time with their families.
With his help, you will achieve a steady stream of reliable income from your business without having to be there every day. Your employees will be well taken care of. And your legacy will be preserved.
Influential People News readers, please enjoy our interview!
If someone were to ask you who is Allen Terrell Gregory. What would your reply be?
Allen: A solution-oriented, get-it-done kind of person that is willing to work alongside his family, friends, and business partners to bring ideas to life.
We are excited to learn about the work that you do as a Business Growth Specialist. What does this role entail?
Allen: I help business owners get paid to walk away from their business. I help them remove themselves from the business so they can finally retire and allow someone else to take over. It involves four simple steps.
Step 1 of this role involves helping business owners create standard operating procedures in their businesses so that their employees can execute them flawlessly without the owner having to do everything.
Step 2 involves helping business owners create a succession plan so that when they decide to walk away from the business, it’s fully transferable to a new owner. Usually, if a business owner decides to transition from their business on Friday, they don’t know what they are going to do on Monday morning because their identity is wrapped up in their business. I help them create an “after-business” plan that is compelling so that they see walking away from their business as a positive experience and not a negative one.
Step 3 involves getting their business finances in order. A lot of businesses do basic bookkeeping. Unfortunately, that’s not enough if you are planning to transfer your business to someone that wants to acquire it. Business owners need “clean books.” That means they need income statements, balances sheets, and cash flow statements. I’m not an accountant. However, I can refer them to several CPAs that can help with this.
Step 4 involves finding the right buyer. As a business broker, I am connected to a consortium of Acquisition Entrepreneurs that are looking for businesses to buy every day. My primary goal is to help business owners get themselves prepared so that my network can acquire their businesses.
You also help business owners aged 55–70 get their businesses ready for exit and succession so they can preserve their legacy, retire from their businesses, and spend more time with their families. What has been some feedback from those you’ve helped achieve this goal?
Allen: I have been a part of several M&A (mergers and acquisitions) masterminds over the past two years. I also earned my CEPA (Certified Exit Planning Advisor) designation from the Exit Planning Institute in November 2022. I recently put together a live event that I will be broadcasting every Thursday at 6PM Eastern. The website is: www.readytogetpaid.com. At the end of my presentation, I will be offering a 4-Week Coaching Program that helps walk people through the four steps mentioned in the previous question.
What other projects and endeavors are you working on as of late?
Allen: I truly want to help business owners get prepared for the transition of their businesses. There are 10,000 Baby Boomers retiring every day and approximately 25% of them own businesses. Unfortunately, a lot of these businesses are being dissolved and employees are losing jobs. I want to prevent that from happening. Also, some of these business owners have their businesses listed with a business broker and are hoping that someone will come along and buy their business. A good majority of these business owners were not properly educated on how to transition their businesses. The business owners are hoping for a big payday when their business sells, but 80% of the businesses that get listed never get sold because the businesses are not transferable to a new buyer. That’s another problem that I address. I want to help as many business owners as I possibly can to exit their businesses gracefully and on their terms.
What do you enjoy most about the work that you do?
Allen: I enjoy being in the trenches with business owners and helping them work through these problems. I’m not going to just give them a bunch of recorded videos and some checklists and walk away. I’m going to lock arms with them and walk with them as we build a path for them to exit their businesses. Sometimes that will be a group coaching program. Sometimes it will be in-person events. And for the fortunate few, I will work with them 1-on-1 and help their teams build these plans out. I’ll also bring in my own team of experts to help with the items that I’m not qualified in: CPAs, Wealth Managers, Attorneys, etc.
What is a super fun fact about yourself that many people are not aware of?
Allen: I met the love of my life over twenty years ago and like many relationships that are formed in our youth, we grew apart. When my Mom passed away in 2022, we were able to reconnect and rekindle what we thought was lost. We are to be married in August 2023.
What have been some challenges you’ve faced as a business owner? How did you overcome those moments?
Allen: The biggest challenges I’ve faced as a business owner was during COVID. Up until then, I was a Digital Marketing Consultant.
I decided to venture into a very different arena of business during that time and became involved with Mergers and Acquisitions because I knew that I could use my marketing expertise to acquire businesses instead of just helping people grow them.
When my colleagues and I began outreach to business owners regarding the acquisition of their businesses, we quickly realized that most businesses and business owners were not prepared to sell their businesses.
Most of my colleagues discarded these leads because the owners were not ready for an immediate exit. I decided that these people would be best served by someone like me guiding them toward a successful exit.
This shift in mindset has allowed me to become a leader in one of my online communities and will allow me to help business owners exit their businesses on their own terms.
What advice would you have for anyone who aspires to follow your career blueprint?
Allen: If you want to do something, go out and do it. Don’t let anything hold you back.
Keep up to date online:
https://www.linkedin.com/in/allentgregory/
https://www.facebook.com/AllenTGregory/
https://www.instagram.com/allentgregory/
https://legacymediaconsulting.com/
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