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Atricle Dump - Ground Rules for Successfully Selling Your Business
Do you find it hard to ask for referrals? I know I do! Your heart starts racing, you stumble for words, and sometimes you break out in a sweat just thinking of asking for a referral. But the secret to getting referrals without having to ask is to develop a system that does the asking for you.8 Strategies to Get Referrals Get referrals #1 Think in reverse. Instead of asking for one, earn one. If you're not getting referrals, maybe you're not providing the service your customers want and you are not as good as YOU think. Ask your customers what you can do to better to serve THEIR needs. When your customers are satisfied, it'll be easy to get referrals.Get referrals #2Give a referral. If you change your way of thinking from How do I get a referral to 'how can I give a referral', the rewards will be surprising. Think of someone you can refer to your clients. This is the giver's gain philosophyGet referrals #3Make a list of people or businesses that sell products that are complimentary to yours. If you sell health insurance, your list might include health clubs, running clubs, basketball teams or physicians. Now create a referral program that pays referral fees for people who are sent to you by your referral partners. Put a tracking mechanism in place to monitor this and make this process effective and rewarding.Get referrals #4Ask indirectly. One of the best ways to ask for a referral without being o
Unfortunately, fate sometimes dictates circumstances beyond your control, and tough decisions must be made. If your business isn’t ready to sell when the time comes, what are your alternatives?
1. Liquidation of business assets—may be a solution, but one that usually returns very little money to the business owner. If the business had been an operating business, the underlying assets (except for real estate) may be outdated and of li
I am sure by now everyone remembers the popular commercial that Gatorade had out stating that, “Life is a Sport”. Little did we think back then that particular commercial would be more than just another catchy phrase by another one of those brainy marketing guys at one of those power house Brand name companies. That phrase alone is really a metaphor to what life really is in essence. Life is a sport. We are all players and lets face it, there are winners and losers in this game of life. We all think it, but most of us are afraid to admit it. In school you were uniforms, at work you probably were uniforms, and at home you probably still were uniforms and these particular uniforms define which teams you are on at any particular moment. I want to break this down into the simplest form I can think of. Everyday we wake up we put our game face on. It’s the start to a new chance to gain an advantage on our opponents. We pick out the particular uniform each morning and we prepare for whatever role it is that we play in that uniform. For some of us, that brings excitement while for others that probably brings a since of worthlessness. Just like in sports there are stars, role players, and bench players. Most of the stars control their own destiny and legacy, the role players strive to be stars and wait for opportunity, the bench-warmers are content or rather discontent with where they are but unsure of how to move their name into a better position on the roster. Now, the question is what separates our positions in
It is estimated that seven out of ten privately held businesses have no succession plan to transfer the business to the next generation of owners. What does that mean to you? It means that if you do not currently have a plan in place to transfer your business to family members, existing partners, management or employees, someday you will think about selling your business.
That day might come sooner than you anticipate. Don’t make the mistake of thinking that just because you are not currently ready to retire that you have plenty of time to prepare your business for sale.
As a business broker, I have been involved in a number of transactions (and potential transactions) where the business owner wanted to sell, or in some instances, was forced to exit the business earlier than expected. In fact, retirement is NOT the number one reason why businesses sell.
Here is a list of the most common reasons why owners sell (or otherwise discontinue) their businesses:
Burn-out (the number one reason for selling)
Health issues
Personal diversification
Retirement/semi-retirement
Death
Divorce/partner disputes
Business growing too fast
Second generation not up to the task
Loss of market share
TAKE GOOD CARE
The sad truth is that many business owners do not take good care of their most valuable asset: the business. They don’t groom someone to continue the business in their absence, and do not keep the business in salable shape during the time they operate the business.
Business owners tend to get too bogged down in the day to day business operations to worry about--or plan for an event that they perceive won’t occur until sometime in the distant future; selling the business.
Unfortunately, fate sometimes dictates circumstances beyond your control, and tough decisions must be made. If your business isn’t ready to sell when the time comes, what are your alternatives?
1. Liquidation of business assets—may be a solution, but one that usually returns very little money to the business owner. If the business had been an operating business, the underlying assets (except for real estate) may be outdated and of lit
Most firms realise the importance of service quality and customer satisfaction. However, it is often unclear on how to achieve these goals.During the service encounters, when disagreements arise from problems and solutions, customer satisfaction is compromised. This highlights the importance of understanding behaviours and the types of events leading to customer satisfaction and dissatisfaction. Hence, it is vital to comprehend service encounters from various perspectives to assist firms in better educating both employees and customers. 100% service quality can then be better achieved.Keeping this in mind, it is important to note that from the employee’s viewpoint, customer satisfaction largely depends on moments of truth (the interaction between customer and the employee).The acknowledgement of existence of wrong customers and move away from the philosophy that “customer is king”. The reason is because organisations have been going on with the philosophy that customers are right all the time and as a result they had to suit their services in order to satisfy their customers. Organisations could have been right with their services initially but had to change for their customers without realising that the customer could have been wrong. For an instance, a guest in a hotel was informed of the policy that if they want a change of any facility, they should call before a certain time in order to have it changed. If the guest finds something not satisfactory and complains about it after the
That day might come sooner than you anticipate. Don’t make the mistake of thinking that just because you are not currently ready to retire that you have plenty of time to prepare your business for sale.
As a business broker, I have been involved in a number of transactions (and potential transactions) where the business owner wanted to sell, or in some instances, was forced to exit the business earlier than expected. In fact, retirement is NOT the number one reason why businesses sell.
Here is a list of the most common reasons why owners sell (or otherwise discontinue) their businesses:
Burn-out (the number one reason for selling)
Health issues
Personal diversification
Retirement/semi-retirement
Death
Divorce/partner disputes
Business growing too fast
Second generation not up to the task
Loss of market share
TAKE GOOD CARE
The sad truth is that many business owners do not take good care of their most valuable asset: the business. They don’t groom someone to continue the business in their absence, and do not keep the business in salable shape during the time they operate the business.
Business owners tend to get too bogged down in the day to day business operations to worry about--or plan for an event that they perceive won’t occur until sometime in the distant future; selling the business.
Unfortunately, fate sometimes dictates circumstances beyond your control, and tough decisions must be made. If your business isn’t ready to sell when the time comes, what are your alternatives?
1. Liquidation of business assets—may be a solution, but one that usually returns very little money to the business owner. If the business had been an operating business, the underlying assets (except for real estate) may be outdated and of li
Of late, Outsourcing has taken the business world by storm. And why not undertake this process for any business when one can only have many advantages after undertaking this process for their business. For those who are involved with online business, they know what it takes to catch the attention of search engines and this is why they are very particular about the SEO or search engine optimization strategy that they undertake for their business. However, we also know that anyone who is in the field of online marketing is not an individual who has knowledge about all the nuances related to SEO. This is one of the major reasons why outsourcing SEO is a good option for such business undertakings.SEO is the work of a specialist and you cannot thrust such an important task of your business to just any individual. Outsourcing SEO will provide you with many options and one of them is that you will be able to hire the services of trained professionals to help you in your SEO work. If you have an online business site, undoubtedly you will want to promote this site on the web and outsourcing SEO is one of the most affordable means to do this for your site. If you have not undertaken outsourcing SEO services for your company, chances are there you will not be able to hire the services of trainer professionals as their services are quite expensive.Outsourcing SEO can take care of many aspects related to your business and one of the most crucial things is that the process can help you in freeing up the in
Here is a list of the most common reasons why owners sell (or otherwise discontinue) their businesses:
Burn-out (the number one reason for selling)
Health issues
Personal diversification
Retirement/semi-retirement
Death
Divorce/partner disputes
Business growing too fast
Second generation not up to the task
Loss of market share
TAKE GOOD CARE
The sad truth is that many business owners do not take good care of their most valuable asset: the business. They don’t groom someone to continue the business in their absence, and do not keep the business in salable shape during the time they operate the business.
Business owners tend to get too bogged down in the day to day business operations to worry about--or plan for an event that they perceive won’t occur until sometime in the distant future; selling the business.
Unfortunately, fate sometimes dictates circumstances beyond your control, and tough decisions must be made. If your business isn’t ready to sell when the time comes, what are your alternatives?
1. Liquidation of business assets—may be a solution, but one that usually returns very little money to the business owner. If the business had been an operating business, the underlying assets (except for real estate) may be outdated and of li
Owning a busy medical practice demands organization, tight schedules, and don't forget - plenty of time to care for every patient. In all the hustle and bustle, the very backbone of your financial well-being, medical billing, can get put on the back burner if you're not careful. But, don't let it get out of hand. Use the tips below to develop a steady stream of capital for your practice and keep your medical billing in check.Organize your Medical OfficeThe first step to saving time and overhead costs is to get organized in the office. The office is where all patient information and billing is processed. You can't afford to lose patient or billing information. To organize your office, be sure every paper, form and bill has a designated area or file. Be sure the employees are trained properly so they'll know exactly where all paperwork belongs. This helps prevent lost paperwork, and benefits both your practice and the patient. A lost bill every now and then could result in hundreds or thousands of lost dollars each year!Use Medical Billing SoftwareAnother time-saver is sophisticated web-based medical billing software. This software is designed to make your medical billing easier and keep it organized. You can quickly retrieve records or past-due bills and claims when needed. You can enter information for insurance companies for quick access to process claims. Medical bills and records are stored at a secure online server instead of on your computer's hard drive. You can access the
TAKE GOOD CARE
The sad truth is that many business owners do not take good care of their most valuable asset: the business. They don’t groom someone to continue the business in their absence, and do not keep the business in salable shape during the time they operate the business.
Business owners tend to get too bogged down in the day to day business operations to worry about--or plan for an event that they perceive won’t occur until sometime in the distant future; selling the business.
Unfortunately, fate sometimes dictates circumstances beyond your control, and tough decisions must be made. If your business isn’t ready to sell when the time comes, what are your alternatives?
1. Liquidation of business assets—may be a solution, but one that usually returns very little money to the business owner. If the business had been an operating business, the underlying assets (except for real estate) may be outdated and of li
An introduction to Injection Molding.Every plastic product you see needs to be shaped, and the most common method is Injection Molding. Most people using their computer to read this give no thought to how all those plastic parts were formed. Or how complex and expensive it is even to produce a ballpoint pen. Just about every part made of plastic these days is formed using some kind of an injection mold, from tiny precision parts that can barely be seen to large automotive exterior parts. Just about every industry relies on some kind of injection mold for their products.Injection molding is the forcing of molten plastic into a shaping cavity. An injection molding machine has three basic components:1) Injection. Plastic pellets are fed into a hopper and then heated up. Once they are melted they are injected under extremely high pressure into a mold.2) Mold. This is a custom designed tool for shaping and cooling the melted plastic. Two halves are precisely designed with cavities for the shaping of the part, channels for cooling the molten plastic, and an ejection system.3) Clamping. This is the part of the machine that holds the removable mold in place, keeps the two halves together during molding, and opens the mold for part ejection.Molds are complex and must be of heavy-duty construction since they are subjected to a considerable amount of pressure. They are usually carved/milled out of aluminum or steel blocks and contain many different parts such as the mold base
Unfortunately, fate sometimes dictates circumstances beyond your control, and tough decisions must be made. If your business isn’t ready to sell when the time comes, what are your alternatives?
1. Liquidation of business assets—may be a solution, but one that usually returns very little money to the business owner. If the business had been an operating business, the underlying assets (except for real estate) may be outdated and of little use to anyone. At auction, the assets will bring only what the attending bidders are willing to pay. In some instances, underlying assets are sold to liquidators (or scrap) for only pennies on the dollar. Liquidation of a going business often occurs where the owners have become ill or disabled, or need to retire and have not planned adequately for their exit from the business.
2. Closing the business—is even less attractive than liquidation. That is because many who find themselves in this situation have a tendency to “put off” liquidating the underlying assets in hope that maybe someone will come along to buy this business. This almost never happens.
BUILD WEALTH NOW BY PLANNING FOR THE SALE OF YOUR BUSINESS
Okay, so you think you have enough to do without throwing more onto the pile. Am I right? That is why I have written this article for you. It provides a “down and dirty” overview of things that you ought to begin thinking about and planning for right now. Doing so will provide you with an additional safety net that will help safeguard your valuable business asset.
Here are just a few of the benefits of planning now:
A planned sale allows for your goals and objectives on your timetable
You may begin to identify potential buyers
You may be able to create an attractive acquisition candidate
You can begin to understand why a buyer may want to buy
You might learn why buyers would not want to buy—and be able to fix the problems
You may begin to realize the worth of your business now, and learn how to increase the value as part of your retirement planning
BUSINESS VALUE HOUSEKEEPING CHECKLIST
Record All Sales
Business owners often invent remarkable ways to beat the tax collector. But the taxman can be a business owner’s best friend when it comes to selling one’s business. Income taxes are a great investment in the years im
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