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In this week's episode of the Maximize Business Value Podcast, Tom delves into Chapter 26 of the Maximize Business Value Playbook - "Formalize Documentation." Join as we explore the indispensable practice of putting commitments in writing and the profound impact it has on business stability and value.

Tom begins by highlighting the cultural significance of a handshake, especially in the South. However, in the realm of business, he underscores the necessity of memorializing everything in writing. The risk of different recollections arising from verbal agreements poses a significant threat, particularly for business owners engaged in crucial discussions, such as those involving compensation or ownership.

Through a compelling real-life example, Tom recounts a business acquisition where verbal promises to key managers went unfulfilled, leading to confusion and dissatisfaction post-transaction. Had these commitments been documented, the ensuing conflict could have been easily avoided.

The lesson is clear: "If it's worth saying, it's worth documenting." Formalizing agreements in writing not only provides clarity but also prevents potential conflicts that could impact both business owners and employees. This proactive approach fosters a sense of security and confidence, ultimately contributing to increased business value.

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Tom Bronson is the founder and President of Mastery Partners, a company that helps business owners maximize business value, design exit strategy, and transition their business on their terms. Mastery utilizes proven techniques and strategies that dramatically improve business value that was developed during Tom\\u2019s career 100 business transactions as either a business buyer or seller. As a business owner himself, Tom has been in your situation hundreds of times, and he knows what it takes to create and implement the right strategy. Tom is passionate about helping business owners and has the experience to do it.

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