Wearing Your Sales Hat
With the title “owner” on your business card, you will become the most effective salesperson your company has. For me, learning this lesson took quite a while, until I discovered that being the company’s “face”…
Your Significant Other
The support you receive during your search will come not just from your investors, other searchers, personal friends, and advisors, but also from the “significant other” in your life, whether that be your spouse if…
Pricing for Value
Developing, and executing an effective pricing strategy has a more immediate impact on profitability than increases in volume, which take much more time, energy and patience. As CEO, your leadership role in pricing is paramount….
Preparing Your Search Brochure
Creating a “leave behind” document for a prospective seller is a very personal and unique opportunity to get your message across to a business owner. A single page presentation is also useful for the intermediary…
When Your LOI Falls Apart
Having a transaction fall apart can be devastating in a number of ways to a searcher. Since it takes an average of 3.1 LOI’s, and many months, to get to closing (See blog post Getting…
Sharing Profits, Not Equity
When I worked for large companies, the concept of profit sharing was limited to the upper echelons of the organization generally in the form of annual bonuses that were mysteriously calculated, paid 3-5 months after…
Establishing Seller Trust
The relationship you build with the seller, between the initial contact and your running of that business, is much more important than the “transaction” that you conclude with them. Like any relationship, it is based…
Selecting Your Direct Reports
Recruiting and retaining team members for the company you purchase can raise it from “good” to “great”. Getting the right people into the right positions should not be delegated to the HR department. As the…
Reaching Out for Help
The quest to become an entrepreneur by purchasing a business is about learning and continuous improvement. No search is the same, nor is any searcher, therefore you have to seek out solutions to the challenges…
Downsizing Your Business
While you did not buy a business to see it shrink, most “on-going” businesses will experience a decline in revenues that will severely test its leadership. Emerging stronger from the decline will require some tough…
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