Buying, Growing, and Selling a Business with Terry Lammers

<p>In today’s episode of Design Your Exceptional Life, we have Terry Lammers as our guest. We look into Terry’s journey from starting out with nothing and being able to make such a massive impact today.<span class="Apple-converted-space"> </span></p> <p>Terry is a certified valuation analyst and was the owner of Tri-County Petroleum for 20 years. After selling the company, he went on to become the vice president of a commercial bank.<span class= "Apple-converted-space"> </span><strong><span class= "Apple-converted-space"> </span></strong></p> <p><strong>Terry, introduce yourself and tell us about your journey (01:53)</strong></p> <ul> <li>Terry grew up in a small town in Illinois. His family owned a wholesale fuel and lubricants business, along with a grocery store and a gas station. The fuel business was their main business though.<span class="Apple-converted-space"> </span></li> <li>He worked away from the company but came back in 1991 when the company was in rough shape. They had the opportunity to buy another small oil company, at this time Terry started Tri-County Petroleum, and he bought the oil company from his parents.<span class= "Apple-converted-space"> </span></li> <li>They merged the oil company with his dad’s company, and that was the beginning of a 20-year journey. Throughout the 20 years, they bought 11 more companies and grew the business from $750 000 a year in sales to 42 Million by the time it was sold in 2010.</li> <li>He was at home for three months and then did some commercial banking for three and a half years. In 2014 he wanted to become an entrepreneur again and started Innovative Business Advisors along with Steve Denny.<span class= "Apple-converted-space"> </span></li> <li>IBA helps people buy and sell companies, they do business valuation as well as coaching and consulting. They’ve also involved in the financial aspects of the business; bankability, and the financial things that can affect your business.<span class= "Apple-converted-space"> </span></li> </ul> <p><strong>You walked into