by theEmother | Mar 31, 2014 | build a Mother of a Business, business ideas & thinking, events, EXIT execution, exit strategy, Finish Unfinished Business, how to sell a business, Sell Your Business, SELL your Mother of a Business, so you think you're in business, start with the end in mind
The Motivating Mum “Make money on your business when you’re ready to sell” workshop eventually got started as planned! One day of solid rain had the entire traffic grid in lock down mode and no way to quickly get to Albert Park. Even the presenter was a little late (yes that would be me!)
Nonetheless, once we all settled in with our coffees, learning and conversation flowed easily.
There was quite a mix of business in the room. Half were reasonably new i.e. < 2 years. The other half were established with one 5 years old, another 7 years and two who were 10 years old. The newbys were doing what all good business owners should do, that is “start with the end in mind”. The others were viewing the end from todays date and working out what to do from here on. Both perfectly acceptable.
The feedback so far was that they definitely got a lot out of it and are already ticking over in their minds what to do once back in the office! No doubt their stories are to be continued and I look forward to being part of it…
The top 5 points covered:
1. Starting with the End in Mind – what does that mean exactly?
2. it is NOT about Selling your Business, it’s about the Freedom you want/expected when setting up your business…and how well that’s working right now?
3. Focusing less on the selling part and more on building profitable business drivers and motivators.
4. Making it easy for a Buyer to not only understand what they’re buying but also that they can SEE/FEEL themselves in it.
5. 10 things to do right now…
by theEmother | Mar 28, 2014 | build a Mother of a Business, business ideas & thinking, Buy a Mother of a Business, EXIT execution, exit strategy, Finish Unfinished Business, growth by acquisition, how to sell a business, Sell Your Business, SELL your Mother of a Business, Sellability Score, so you think you're in business, start with the end in mind, TEMpting, the business model
How Saleable is Your Business in 2014?
How Saleable do you want Your Business 2014?
What are you waiting for? GET YOUR SCORE…
This week, we waited patiently for an offer that had been coming for two weeks. Monday it arrived. What a let down…
Don’t get me wrong. Getting an offer is the initial part of an equally as long process as finding the buyer in the first place. But when the offer comes in as lowball is this did, with the current owner indicating that it was nothing short of “an insult”, you can’t help wondering “why bother!”
Here’s the thing. There is a reason why an indicative price is placed on a business. And yes, there is always room to wriggle but seriously, when it’s so far away from the indicator, does a potential buyer really think that the owner will say “sure, here have it at that price?”
No, they won’t.
GOT A WEBSITE FOR SALE?
If you want to do sell a website or you’re looking to buy a website (excellent bolt-on possibilities), please email me at dhall@businessbrokers.com.au
If any of the following tickle your fancy, please email me at dhall@businessbrokers.com.au, letting me know which one it is…
FOR SALE…
BS30 Online Venue Business
Completed Sellability Score
4 interested parties, with an update of the IM being done and a reenergised campaign. Will see a bit of movement on this one in April.
BS49 Home Help…
One party is very interested, with offer received. Another new party has appeared as well. This sale still has some play left to work out.
The potential has been well and truly revealed so it’s down to price and the level of comfort required to “pull the trigger”, as they say in the classics!
BS53 Balloons! and all that goes with them…
Such corporate appeal, so untapped. It’s waiting for the savvy operator that can see past the retail component and tap into it’s possibility as a warehouse servicing the larger players. Bit stuck on this one now!
BS57 Online Business
Signed good to go. It’s making money! Have received signed authority’s and in the process of developing the IM now. The owner has been out of the country and is just getting back into the swing of things. Stay tuned.
BS60 Advertising and Events agency
(via Sellability Score)
Authority signed. First fact finding meeting conducted. All parties getting more and more clear about the objective of finding the buyer. New website being launched. Draft IM is in progress.
Others I’m talking too.. are you interested in?
- a particular event
- specialty educational toys
- niche in building trade (via Sellability Score)
- sales and services
- magazine
- specialty bed linen
- facilities management
- speciality giftware
- technology reseller
- mortgage broker
- specialty children’s products x 2
If yes, let me know as these revealed themselves this week…
Exploring the Sale Option?
GET YOUR SCORE…
Onwards and Upwards!
by theEmother | Mar 27, 2014 | build a Mother of a Business, business ideas & thinking, exit strategy, Finish Unfinished Business, how to sell a business, SELL your Mother of a Business, so you think you're in business, start with the end in mind, the business model
The most interest over the last weeks has been “When Is the Right Time to Sell?”
The answer to that question moves amongst how-long-is-a-piece-of-string and who really knows. Nonetheless, there are a few prime clues that I will explore with you over the next number of posts…
The next question is how does the business generate its orders?
In other words, how are the leads generated, how is the marketing done?
We can all describe marketing in different ways. Descriptions range from a specific activity all the way through to everything-is-marketing. For the benefit of what the following means, I define marketing as lead-generation and all that is encompassed in getting the phone to ring, an enquiry to be place, an email to be sent.
To that end, what a Buyer is looking for here is how do you generate interest in the Business and how sustainable is it.
This is where you will list all major activities, both offline and online.
Things like:
- PPC
- SEO
- Advertising
- Magazines/newspapers
- Events
- Webinars
- Sandwich Boards
And of course, you will need to supply proof of how well these strategies are doing and where possible, what revenue was produced.
For online initiatives, your best friend for this is Google Analytics.
Seriously, if you do not have GA on your website, please do so or have your techie do it. It is the only trusted source of stats in the online space so make sure you have it on your site.
For the offline ones, you should be able to highlight a spike in enquiries after an advertisement has run, assuming you are tracking such a thing. If you are not, recommend you start.
by theEmother | Mar 26, 2014 | build a Mother of a Business, business ideas & thinking, exit strategy, Finish Unfinished Business, how to sell a business, SELL your Mother of a Business, so you think you're in business, start with the end in mind
The most interest over the last weeks has been “When Is the Right Time to Sell?”
The answer to that question moves amongst how-long-is-a-piece-of-string and who really knows. Nonetheless, there are a few prime clues that I will explore with you over the next number of posts…
Just suppose we have a Buyer who is expressing interest in the Business you’re offering for sale.
Depending what process they’ve gone through to find the business, lets assume to they know the name already.
Apart from what can be found by googling the business, what else do they want to know?
First up, it’s about the business itself. It’s about the story of today and as well as its history and its future.
Information to include is:
- Date the business commenced
- Why did the business start?
- Who started it?
- What are the key milestones of the business?
- How was the business set up, compared to today?
- Where was it started? Has it moved location?
- What does its future hold?
- What is possible, that you have not ventured in to?
As Andrew Grant (colleague) mentioned repeatedly recently: “you are not your client”. This too applies to selling a business; you are not the Buyer. Therefore think about the information you’re supplying as a means of having a buyer understand it better and not just a display of your opinions about it.
With most of these, 2-3 sentences are enough.
The buyer is certainly not looking for a thesis on the business. Just enough to satisfy initial questions and should further information be required, it can be addressed at a later date.
Why is this a clue?
Once you have thought through and formulated your responses to the above, document them, as the first of the “start with the end in mind” exercises…
by theEmother | Mar 25, 2014 | business ideas & thinking, events, exit strategy, Finish Unfinished Business, how to sell a business, Sell Your Business, SELL your Mother of a Business, start with the end in mind, the business model
Last chance to attend the Motivating Mum “Make money on your business when you’re ready to sell” workshop…
Date: Thursday March 27
Time: 10:30am to 12pm
Venue: The Beach Hotel, 97 Beaconsfield Parade, Albert Park VIC 3206 (Paid parking is available on Beaconsfield Parade)
Cost: $28 per person – $24 for Biz Mum Club Members and low income biz mums
TO REGISTER FOR THIS EVENT, CLICK THIS LINK
The top 5 points that will be covered:
1. Starting with the End in Mind – what does that mean exactly?
2. it is NOT about Selling your Business, it’s about the Freedom you want/expected when setting up your business…and how well that’s working right now?
3. Focusing less on the selling part and more on building profitable business drivers and motivators.
4. Making it easy for a Buyer to not only understand what they’re buying but also that they can SEE/FEEL themselves in it.
5. 10 things to do right now…
TO REGISTER FOR THIS EVENT, CLICK THIS LINK
