Part -5…Five MORE Things to Consider When Selling Your Business

May 6, 2009 by

It is often said: “Timing is everything”.  Timing is also the most likely reason that a business sale may fail.  As a potential sale drags on, the business owner is left in an uncomfortable state.  Why? Mostly because of lack of planning; business owners must prepare themselves – here are five more things to you exit planning list:

1.       Sell excess inventory/write-off obsolete inventory

2.       Collect aging accounts receivable and make them current

3.       Remove unnecessary family expenses

4.       Understand the “net” after the sale proceeds

5.       Create a control plan for quality control

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Part -4…Five MORE Things to Consider When Selling Your Business

May 4, 2009 by

Planning for business succession means it’s time to get every thing in order, both from a family and business perspective. Here are a few things to add to your exit planning list:

1.       Formalize contracts with customers

2.       Formalize contracts with suppliers

3.       Clean up legal issues

4.       Understand the “true” value of the assets

5.       Repair / maintain equipment

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Part -3…Five MORE Things to Consider When Selling Your Business

May 1, 2009 by

Business succession management means your exit plans need to be clear in not just in your own mind, but in a written document that explains how your business operates. Working “ON” your business means working on these five things:

1.       Cross train employees

2.       Create employee manuals

3.       Understand the sales process and timeline

4.       Emotionally detach from the business

5.       Remove non-operating assets

Invest your time in building your business by talking with Ralph Berge, Cleveland business coach about family business planning.

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Part – 2…Five MORE Things to Consider When Selling Your Business

April 29, 2009 by

The time has come to sell your business. Are you ready? Is this your idea or is it dictated by the market? If you are concerned about these questions, talk to a business coach about family business succession planning and begin working on these five things now:

1.       Understand seller financing pros & cons and how to structure

2.       Value stream map processes and materials

3.       Clean facility

4.       Improve appearance on the internet

5.       Solidify workforce

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Five Things to Consider When Selling Your Business

April 27, 2009 by

Family business succession planning is an often overlooked, but extremely important part of any businesses’ plan. This step of your business plan outlines your exit strategy. It may seem strange to develop an “up-front” strategy to leave your business, but potential investors want to know your long-term plans. Here are first five things you must know:

1.       Understand different types of buyers

2.       Understand how to calculate Seller’s Discretionary Earnings

3.       Understand different ways to value a business

4.       Understand that different buyers pay different prices

5.       Understand deal structure – asset vs. stock

 

This article is the first in a series that we will be discussing 50 Things owners must consider to develop a business/ exit planning process.

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Go Out There and Do It!

April 24, 2009 by

Get out of the office and start engaging with your customers. Make this part of your sales planning process. The best way to leverage your sales process is to have your customer and strategic alliances sell for you. Talk to them and find out how they are doing. They will soon start referring your business to others – which is by far the best way to leverage your “sales” time in any business.

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Get More Training

April 22, 2009 by

Get more training for yourself and your sales team. Honestly assess your sales and marketing abilities, and if you need help – go get it. You will be benefiting the most by increased sales. It is not easy to get additional education and training if you are in the office doing books or answering phones. Use an Ohio business coach to help you hone your skills to enhance your own business. Call Ralph Berge, a Cleveland business coach.

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Delegate Routine Tasks

April 20, 2009 by

Once you know how you spend your time, start finding ways to systemize your most routine tasks and delegate them to wage earners. I tell clients to examine the entire process.

Start from the bottom up, and make sure you have a system in place before you place an untrained person in a position. Use team building learning to strengthen team members so that when the task is delegated they can do it. Action coaching provides the best results to team building learning, which leads to successful delegating.

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Find Out Where You Spend Your Time

April 17, 2009 by

Keep a track of how you spend your time in your business for a week or two. Do a personal time study and you’ll have a better handle on how you can adjust your tasks and activities in more profitable ways. For most business owners, very little time goes into actually getting sales, and most of it is spent on delivering the product or service, administrative or managerial tasks.

Remember the 80/20 rule:  80% of all results come from 20% of effort. And if 80% of your efforts are administrative, you can see where your sales results are at. Look at your sales planning process, if one exists. If you don’t have a sales planning process invest some time to build one. This means training your team to sell and providing sales tools to make them successful. Talk to me about your sales planning process, I’m an Akron business coach who can make a difference. I can help with the time study, too.

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Know Your Worth in Terms of Time

April 15, 2009 by

Think of goals for you and your business…having a tough time? Here’s a great personal and business goal: define your value in your business in relation to the time you put in. Twenty-five dollars, $50, $300 an hour? How much do you charge for your time in your business? What should you charge? These questions will help you better understand the types of tasks you should be doing to leverage your own time and value in your company.

Once you know your value, you will know how you can outsource or delegate certain tasks. As a Cleveland business coach, I can tell you that leveraging your business beings with knowing your true value.

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