Stark Naked Numbers Jason Andrew

Ever wondered what it’s like to run a high-octane digital agency? If you’re knee-deep in the digital marketing world, you’re gonna dig this chat.
Hey there, Jason Andrew here, and you’re listening to Stark Naked Numbers – the podcast that’s about stripping down the numbers behind business, investing, and wealth creation to help you become a better entrepreneur and investor, and ultimately build your net worth. 
Today I’m hanging out with serial entrepreneur and self-proclaimed industry disrupter, Nick Bell. This guy’s not your average Joe – he’s set up more than a dozen companies, including a digital advertising agency he started in 2008 with just $400 bucks. He then sold it ten years later for close to $40 million. 
Since then, Nick’s been on a roll, with a holding company sporting over 10 digital agencies and services business, from Outsourcey, an off-shore labour hire company, to his latest passion project, Super Young, a bio-hacking clinic promising to keep you spry and kicking till you hit the century mark. But I’ll let him tell you all about that.
In this chat, I ask Nick about his rinse-and-repeat strategy for success, how he keeps his managers motivated, and how to control client experience and maintain quality as you grow. We also go deep on the numbers of running a high-flying agency.
Links:
To keep up with Nick Bell, follow him on LinkedIn.
If you enjoyed this episode, subscribe to Stark Naked Numbers on Apple Podcasts, Spotify, Stitcher or wherever you get your pods.  
Want the secrets the other accountants won’t give you? Follow Jason Andrew on LinkedIn.
To learn more about uncovering your financials, unlocking your cash and unleashing your cash, visit starknakednumbers.com.
Show Notes:
(02:29 ) - The early days of WME 
(13:10) - A new and improved digital agency formula
(17:55) - Why outsourcing is a good industry to be in
(23:10) - Incubating a service-based business
(28:43) - Nick’s time allocation across his business portfolio
(31:20) - Incentivising your GMs
(33:51) - What the financials of a high performing agency look like
(36:02) - Identifying a poorly run agency 
(44:53) - Scaling up your service-based business
(47:30) - Nick on people management (being a ‘people person’)
(50:29) - Controlling the client experience and maintaining quality as you grow
(52:22) - Selling your agency: when an agency will sell for more
(53:27) - Nick’s passion behind Super Young and ‘Biohacking’
(01:03:43) - Nick’s advice for new business owners

Back in my corporate finance days, I was knee-deep in valuations and financial due diligence for small businesses. I always joked with my boss at the time that it was the easiest job ever. Just figure out the profit, or what we finance folks call the normalised EBITDA, and then you multiply it by three. 
But why three times? Why not two or even ten? 
I’m Jason Andrew, and this is Stark Naked Numbers – the podcast that strips down the numbers of business, investing, and wealth creation to help you become a better entrepreneur and investor, and ultimately build your net worth. 
In this episode, I'm joined by my good friend and valuation nerd, Simon Cook. Simon’s a chartered accountant, and an expert when it comes to valuing businesses. 
Today we're giving you a masterclass in small business valuations. If you're an entrepreneur that's either buying or selling a business, listen up. This may give you a slight edge at the negotiating table.
Links:
Follow Simon Cook on LinkedIn. 
Subscribe to Stark Naked Numbers on Apple Podcasts, Spotify, Stitcher or wherever you get your pods.  
Want the secrets the other accountants won’t give you? Follow Jason Andrew on LinkedIn.
To learn more about uncovering your financials, unlocking your cash and unleashing your cash, visit starknakednumbers.com.
Show Notes:
(01:52) – The difference between price and value.
(04:00) – How to value a business: forecasting future cash flow and investment risk.
(12:21) – A cautionary tale of WeWorks “tech company” debacle. 
(15:20) – Establishing a discount rate or required return.
(17:55) – Investing in private companies and grappling with liquidity.
(22:35) – The pitfalls of relying solely on the multiples model for business valuation. 
(47:58) – Applying multiples to EBITDA versus cash flow.   
(01:00:02) – Enterprise value versus equity value: What’s the difference?
(01:06:16) - Working capital adjustment in the valuation process
(01:10:23) – Deciding between revenue-based multiples and profit-based metrics

We’ve talked about how to buy a business – but have you ever wondered what the first three to six months should look like for someone who’s just bought one? 
Hi. Jason Andrew here, and you’re listening to Stark Naked Numbers – the podcast that strips 
down the numbers of business, investing, and wealth creation to help you become a better entrepreneur and investor, and ultimately build your net worth.
Today I’m joined by Nikita Gossain. She’s a chartered financial analyst, an entrepreneur, and a mergers and acquisitions pro. 
She’s also the director of Smokeshield, a commercial security and fire company that she purchased from a retired business owner.
In this episode, Nikita shares her search fund journey, from the initial decision between buying versus starting a business, building that initial relationship, how to extract the business’ most valuable data, and the time it takes to seal the deal. Nikita’s insights are a ripper. Enjoy. 
Links:
Follow Nikita Gossain on LinkedIn.
Subscribe to Stark Naked Numbers on Apple Podcasts, Spotify, Stitcher or wherever you get your pods.  
Want the secrets the other accountants won’t give you? Follow Jason Andrew on LinkedIn.
To learn more about uncovering your financials, unlocking your cash and unleashing your cash, visit starknakednumbers.com.
Show Notes:
(02:40) - What’s a search fund anyway?
(04:03) - The costs related to a search fund
(05:19) - Nikita’s investor journey: From funded to self-funded  
 (09:02) - Educating Australian investors on the search fund model
(14:07) - Nikita’s process: Proprietary outreach and relationship building
(16:52) - The Search & Acquisition Phase  
(20:06) - Insights into Smokeshield
(22:15) - Key factors to consider in your search
(26:44) - How to value a small business
(30:38) - Nikita’s funding journey: From debt to equity  
(37:39) - The first 3-6 months of business ownership
(43:23) - The questions you should ask before going on a search fund journey

They say you should never meet your heroes, but that’s probably because they never met Dan Norris. 
Dan’s a serial entrepreneur, an award-winning content marketer, a best-selling author, and a genuine hero of mine.
On this episode of the Stark Naked Numbers podcast, Dan tells us about how he developed his transparent approach to content marketing, why he left Black Hops Brewing, and why he’s putting it all on the line with his new business, East Coast Roast. 
Strap in. 
Show Notes:
(02:12) Why Dan’s never been afraid of posting his revenue publicly 
(06:28) How Dan built and sold his first successful business, WP Curve 
(20:15) Why Dan got into craft beer with Black Hops Brewing 
(23:47) How hard is it to start a craft brewery, and why are so many struggling now? 
(31:00) Influencer-led products: Hit or shit? 
(36:00) Why Dan left Black Hops and bought a coffee roaster 
(50:34) The challenges of taking over an existing business 
(01:07:24) Why Dan will always sell a business when a good opportunity presents itself – and why I think he’s dead wrong 
Links:
Keep up with Dan Norris here.
Subscribe to Stark Naked Numbers on Apple Podcasts, Spotify, Stitcher or wherever you get your pods.  
Want the secrets the other accountants won’t give you? Follow Jason Andrew on LinkedIn.
To learn more about uncovering your financials, unlocking your cash and unleashing your cash, visit starknakednumbers.com.

This episode is all about roll-ups – and we’re not talking about the fruit snacks you had in your lunch box as a kid. 
No, we’re talking about rolling up SMBs. You know the playbook: Buy a bunch of small businesses, whack them together, take it public and make a tonne of money. 
I’ve been feeling the itch to do some rolling up myself. And this pod, I scratch that itch with the great Dr Glen Richards, Australia’s king of the roll-up. 
You know Glen. He’s the founder of Greencross Vets, a roll-up of vet clinics, and a chairman of Healthia, a health care roll-up. He’s also a director of a bunch of companies, which I’ll let him share with you. Glen’s also a Shark… yep, you might also recognise him from his time as a panelist and investor on Shark Tank.
Roll-ups might sound easy (and delicious) – but as Glen explains this episode, getting it right is actually harder than you think.
Alright, let’s get into it.
Links:
Keep up with Glen Richards on LinkedIn.
Subscribe to Stark Naked Numbers on Apple Podcasts, Spotify, Stitcher or wherever you get your pods.  
Want the secrets the other accountants won’t give you? Follow Jason Andrew on LinkedIn.
To learn more about uncovering your financials, unlocking your cash and unleashing your cash, visit starknakednumbers.com.
Show Notes:
(00:52) - Glen’s business portfolio 
(02:14) - What does a successful roll-up look like?
(07:44) - Why most Aussie businesses don’t have long term vision
(13:20) - Creating value and de-risking through a roll-up 
(18:25) - Synergies: The cream on top of the ‘Roll-Up Cake’
(25:16) - Glen’s learnings from the Petbarn and Greencross merge
(33:34) - Roll-up succession plan 
(41:00) - Jason’s five key ingredients to a successful roll-up
(44:07) - The Pitch: Jason’s perfect roll-up business – and The Shark weighs in.
(50:30) - Glen’s dream roll-up businesses

Today I’m joined live in the studio by Tobi Pearce, the brilliant mind behind the hugely popular Sweat fitness app. Tobi's journey is nothing short of remarkable. He bootstrapped Sweat to a peak of $100 million in annual revenue and eventually orchestrated a jaw-dropping $400 million sale. 
I’m Jason Andrew, and this is Stark Naked Numbers. It’s the podcast that strips down the numbers of business, investing and wealth creation to help you become a better entrepreneur and a better investor, and ultimately build your net worth. 
In this pod we go over the profits and numbers of Sweat, how he thinks about managing people and problem solving, his relationship with money, asset allocation and how he chooses to invest his hard-earned funds. 
Tobi one of the most impressive people I've met, and as you'll hear, one of the sharpest minds you’ll come across. 
Alright, let’s get into it.
Links:
Keep up with Tobi Pearce on LinkedIn or Instagram.
Subscribe to Stark Naked Numbers on Apple Podcasts, Spotify, Stitcher or wherever you get your pods.  
Want the secrets the other accountants won’t give you? Follow Jason Andrew on LinkedIn.
To learn more about uncovering your financials, unlocking your cash and unleashing your cash, visit starknakednumbers.com.
Show Notes:
(01:43) - The evolution and success of Sweat
(05:22) - The lucrative world of e-books
(08:11) - Luck or opportunity spotting? 
(10:22) - The influencers’ ascent in fitness 
(12:16) - The creator economy: fad or forever?
(17:11) - Sweat’s endurance test 
(19:25) - Tobi’s strategic exit 
(26:40) - Selling at the peak: Indicators of a ‘frothy’ market 
(35:26) - Market trends and entrepreneurial opportunities
(47:07) - The pain points of business founders
(48:45) - The making of a successful CEO
(55:50) - Personal wealth for personal growth
(58:05) - Tobi’s take on negative media coverage and public criticism  
(59:23) - The fear of losing it all
(01:04) - Tobi’s investment strategy