Monthly Archives: September 2018

How Do I Know It’s Time To Sell My Business?

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In This Episode

Several of our clients have recently been approached by folks who are expressing an interest in perhaps acquiring their company.  We have found this scenario happens to most business owners at some point.  The question is, how do you know it’s time to sell your business?  Just because some stranger reaches out to you to chat doesn’t necessarily mean it’s a sign that you should sell.

There are several questions we have our clients answer to help them figure out how to know when they are ready to sell.  Some revolve around financial issues while some are more philosophical.  A quick sampling of questions we address in this show include:

  • How much money are we currently taking out of the business (just a hint, you need to include more than just your salary)
  • How much money do we need to walk away?
  • What will I do next?
  • What about other family members involved in the business?

If you’ve recently been approached by a potential suitor, this show is definitely for you.  If you haven’t been approached yet, chances are you soon will and the sooner you start to get answers to some of these questions the better prepared you’ll be to know when is the right time to sell your business.

 

People, Companies and Resources We Mentioned in the Show

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How Do I Create More Transparency In My Business?

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In This Episode

There is a relatively recent trend in business, and in other parts of life for that matter, as it relates to transparency. Particularly as it relates to how to create more of it in the business. Seems like a simple enough question, but it’s not easy to do for most business owners. Why?

Many of the current business owners were brought up in times where subordinates didn’t ask questions or challenge authority. That mentality has certainly changed. People these days ask lots of questions, even ones that might seem inappropriate. So are they trying to be nosy or helpful or somewhere in between?

In tonight’s show we talk about some of the things you can do to provide more transparency and gave several examples of our business coaching clients who have both done a good and not so good job on the transparency front. The biggest part of this has to do with creating trust within the organization. Building trust starts with getting up in front of your team and explaining some of the “whys” in your business and how you make decisions.

People, Companies and Resources We Mentioned in the Show

  • International Talk Like A Pirate Day (https://www.awarenessdays.com/awareness-days-calendar/international-talk-like-a-pirate-day-2018/)
  • Steve The Pirate from Dodgeball the movie (https://www.imdb.com/name/nm0876138/)
  • Tales from the Crypt (https://www.imdb.com/title/tt0096708/)
  • Rotary International (https://www.rotary.org)

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How Do I Add Value As A Professional Service Provider?

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What’s it take to find good professional advisors?  Just about every small business owner has several advisors who are part of their business.  The most common include CPAs, attorneys, insurance agents, financial advisors, bankers, IT services providers, and marketing folks.  Not all of these folks are created equally.

In fact, we have found that in our experience as small business owners and advisors to hundreds of small business owners, the vast majority of these small business service providers leave much to be desired.  In fact, it’s so rare that we’ve heard small business owners sing the praises of any of their service providers that we can count on one hand the number of times this has happened in 15+ years of coaching small business owners.

Here are a few things good service providers do that can separate themselves and truly add value to small business owners:

  • Purge the hourly mentality
  • Focus on what’s best for your client (vs. what’s best for you)
  • Establish and frequently revisit clearly defined deliverables
  • Have a true desire to help
  • Educate your clients

We’ve been blessed to work with and meet several service providers who do great work with small business owners.  If you are a small business owner who is frustrated with your current providers, don’t settle for less than stellar results.

 

People, Companies and Resources We Mentioned in the Show

 

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How Do I Deal With The Litany of Excuses for Late or Non-Payment?

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In This Episode

Just about every business owner we’ve met has had to deal with collecting payment from customers who are simply late in paying for products or services or are actually refusing to pay.  What’s the best way to deal with these situations?  Depending on your style, you may actually look forward to calling up and yelling at someone to pay you, but most folks would rather get poked in the eye than have to confront someone on payment and have a potential conflict.

At this point, we’ve nearly heard all the excuses people will float your way.  Everything from “We didn’t get your invoice” to “We’re cutting you a check this week” to “Someone stole our checks”.  There are some simple things you can do to avoid getting into these situations.  There are also several things you can do to effectively collect what’s owed to you and do it in a way that isn’t going to cost you customers or hurt your bank account!

On tonight’s show we also address whether you should give someone a “man hug” after you’ve fired them and is it really better to work for someone else or yourself?  You won’t believe the stuff we found on these topics!

People, Companies and Resources We Mentioned in the Show

 

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