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Added for You - Selling Your Business - The Hardest Sale You Will Ever Make & 9 Keys to Making It Count
What can we learn about careers from watching Donald Trump and The Apprentice?1. Recognize that job tests don't always correspond to job realities.Hundreds of companies screen candidates through psychological tests, stress interviews, group interviews, role-playing and a whole lot more. Do these tests make sense?* Martin Seligman found that optimism often outweighed raw sales talent when he tested Metropolitan Life sales representatives.* Lawyers tell me that law school tests have little relation to what they do on a
6. The Customer Database - Your Pot of Gold
This is what will add value to your sale price. Think about it from the buyer’s perspective, they are buying a business that with the hope that the customers continue to deal with them. By developing a detailed database of your customers you will be giving them more confiden
I used to be obsessed with the idea of starting my own business. My grandfather, you see, was a successful small business man. He followed the classic American story. He came over here with nothing, worked hard, and started up his own shop. I had always dreamed of doing this. Unfortunately, starting an independent small business can be difficult. That is why I joined up with one of the fastest growing franchises.I was a little nervous about this idea at first. The fastest growing franchise this month, after all, can be old news by next month. If y
They say the three most stressful times in a person's life are when they get married, buy a house and change jobs. Well, try selling a business… It's your baby, the thing you have built over 15 years. You have put your heart, soul and an incalculable number of hours into it. Now you are going to sell it.
There are many things you need to do and consider, but these seven areas are of immense importance when it comes to finding a buyer, selling the business and getting the most value for it.
1. Think about who would want to buy your business
Do you have employees that have the management ability and the mindset of an owner and the ability to access capital to pay for the business? If these people aren’t working for you now, do you have time to recruit them and teach them the business with an understanding that they might take over?
What about your suppliers, customers or competitors? They might be looking for an opportunity to enter your part of the industry.
Finally, you can go to the general market. Contact a broker that has experience in your type of business or advertise it yourself through the classifieds.
2. Remove Yourself from the Business
Many businesses are based around the owner. Customers are used to dealing with you. Suppliers have long relationships with you. Your team trusts you. All these relationships need to be transferred to your other staff or the new owner. Start planning early!
3. Setup the Business as if you are going to Franchise it.
Who wants to buy a business that relies solely upon the current owner - the person who wants to sell and walk away from the business? A well-systematised business is attractive to prospective buyers who see the potential to own a business that runs smoothly using systems and, importantly, can run without their personal input. A business that can be run under management attracts a premium price when it comes time to sell.
4. Lock in your Senior Staff – The most Important People in the Business
If your senior staff aren’t in a position to be buying the business, you need to lock them in some way. Best thing to do is talk to them and keep them fully informed. Keep them up-to-date with developments in the sale process and make sure they understand where they will fit in after a successful sale. Consider introducing bonuses contingent on a successful sale.
6. The Customer Database - Your Pot of Gold
This is what will add value to your sale price. Think about it from the buyer’s perspective, they are buying a business that with the hope that the customers continue to deal with them. By developing a detailed database of your customers you will be giving them more confiden
Prelude: My initial thought "Jus' b'cos it offers more space it does not have to be good". It was jus' another mail account, the only difference "1GB"! [the marketing team of google has got my attention :-)]. I Started using gmail with some initial reluctance, as the loading time was much similar to yahoo. The user interface :-( was not catchy enough, to get the attention of first time usres.The "speed" was something that caught my attention first. These guys seemed to offer the service over a scalable grid. I did not see anything new there!.
1. Think about who would want to buy your business
Do you have employees that have the management ability and the mindset of an owner and the ability to access capital to pay for the business? If these people aren’t working for you now, do you have time to recruit them and teach them the business with an understanding that they might take over?
What about your suppliers, customers or competitors? They might be looking for an opportunity to enter your part of the industry.
Finally, you can go to the general market. Contact a broker that has experience in your type of business or advertise it yourself through the classifieds.
2. Remove Yourself from the Business
Many businesses are based around the owner. Customers are used to dealing with you. Suppliers have long relationships with you. Your team trusts you. All these relationships need to be transferred to your other staff or the new owner. Start planning early!
3. Setup the Business as if you are going to Franchise it.
Who wants to buy a business that relies solely upon the current owner - the person who wants to sell and walk away from the business? A well-systematised business is attractive to prospective buyers who see the potential to own a business that runs smoothly using systems and, importantly, can run without their personal input. A business that can be run under management attracts a premium price when it comes time to sell.
4. Lock in your Senior Staff – The most Important People in the Business
If your senior staff aren’t in a position to be buying the business, you need to lock them in some way. Best thing to do is talk to them and keep them fully informed. Keep them up-to-date with developments in the sale process and make sure they understand where they will fit in after a successful sale. Consider introducing bonuses contingent on a successful sale.
6. The Customer Database - Your Pot of Gold
This is what will add value to your sale price. Think about it from the buyer’s perspective, they are buying a business that with the hope that the customers continue to deal with them. By developing a detailed database of your customers you will be giving them more confiden
As many of you know, I have made it my mission to change the world's view point of customer service. Too many people today have just accepted the fact that no matter where they go, they will receive less than acceptable customer service. THAT'S NOT ACCEPTABLE!When we work so hard for the money we have, why spend it at a business establishment (no matter what type of business) that provides you less than superior customer service? Does it really make sense to hand your money over that way? Still not clear... okay, let me present this to you in a
2. Remove Yourself from the Business
Many businesses are based around the owner. Customers are used to dealing with you. Suppliers have long relationships with you. Your team trusts you. All these relationships need to be transferred to your other staff or the new owner. Start planning early!
3. Setup the Business as if you are going to Franchise it.
Who wants to buy a business that relies solely upon the current owner - the person who wants to sell and walk away from the business? A well-systematised business is attractive to prospective buyers who see the potential to own a business that runs smoothly using systems and, importantly, can run without their personal input. A business that can be run under management attracts a premium price when it comes time to sell.
4. Lock in your Senior Staff – The most Important People in the Business
If your senior staff aren’t in a position to be buying the business, you need to lock them in some way. Best thing to do is talk to them and keep them fully informed. Keep them up-to-date with developments in the sale process and make sure they understand where they will fit in after a successful sale. Consider introducing bonuses contingent on a successful sale.
6. The Customer Database - Your Pot of Gold
This is what will add value to your sale price. Think about it from the buyer’s perspective, they are buying a business that with the hope that the customers continue to deal with them. By developing a detailed database of your customers you will be giving them more confiden
While it may seem obvious that competition poses a threat to the success of your business many organizations fail to effectively track their competition within the marketplace.This is important for a number of reasons – one (the obvious one) they take possible revenue and secondly they often provide innovations within your marketplace, they expand opportunities and they influence your customers. By doing this competitors constantly force your organization to develop strategies and satisfy customers.Who are your competitors?
4. Lock in your Senior Staff – The most Important People in the Business
If your senior staff aren’t in a position to be buying the business, you need to lock them in some way. Best thing to do is talk to them and keep them fully informed. Keep them up-to-date with developments in the sale process and make sure they understand where they will fit in after a successful sale. Consider introducing bonuses contingent on a successful sale.
6. The Customer Database - Your Pot of Gold
This is what will add value to your sale price. Think about it from the buyer’s perspective, they are buying a business that with the hope that the customers continue to deal with them. By developing a detailed database of your customers you will be giving them more confiden
In the last issue I shared with you a technique for getting permission to follow up with people who have seen you speak on stage. This was just one example of a tactic for filling your pipeline.In these next two issues we'll look at one of our favourite and most powerful tactics for attracting new leads and turning complete strangers into customers as efficiently and enjoyably as possible.So buckle up and hang tight as we take another trip down the Lean Marketing Pipeline...Whenever we attempt to attract new business, we're paying for
6. The Customer Database - Your Pot of Gold
This is what will add value to your sale price. Think about it from the buyer’s perspective, they are buying a business that with the hope that the customers continue to deal with them. By developing a detailed database of your customers you will be giving them more confidence that they can manage the client relationships after you have gone.
7. Formalise Everything – Agreements
Get all loose agreement in writing. Start with your employment agreements. Develop up-to-date agreements that lay out the terms and conditions under which your staff are employed. Put agreements in place with your suppliers and customers as well. These should include trading terms, pricing contracts and any other ‘verbal’ arrangements.
8. Ensure you have the Best Looking Financials
You should aim to be able to show three years of constant growth, with healthy-looking financials. Clean up any personal items that could be questionable as business expenses – this will improve your profit figures. Clear up all outstanding debtors – this will improve your cashflow figures. Reduce any excessive spending and make the business look as profitable and attractive as possible.
9. Get a Business Coach to give you an Outsiders Perspective
Clients often come to me looking for someone outside the business to assist them with the eight steps above. They are GREAT business managers, but may never have been through the business sale process before. An experienced business coach will not only provide you with advice to keep you on the right track, but also the motivation and confidence to see the project through.
Many people wake up one day, fed up with their business and then hurriedly attempt to sell it. This doesn’t work. Plan it two to five years in advance so that you get the best outcome. Follow the nine steps above and you will be rewarded for the many years you spent building your business.
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