TEMpting: how Business Sellers and Buyers have been tempted this week…
GET YOUR SCORE!
good Webinar this week, keep your eye out for the next one…
If any of the following tickle your fancy,
please contact me by emailing sell@theentrepreneurialmother.com
letting me know which one it is…
BS2 = Online Retailer
Plan B – Due Diligence concluded, to be settled early May
SOLD AND SETTLED
*
BS8 Waiting on Seller
Change of plans due to recent events…
ON HOLD
*
BS9 = Specialist Leadership and Talent Management Provider
Completed Sellability Score.
Looking to a 2013-14 kick off, getting all ducks in a row in the meantime.
*
BS14 Leading Book Supplier
Completed Sellability Score
Financials received, more to come. Currently going through refinancing dramas!
*
BS19 Leading Wedding Services Provider
1st meeting had, waiting on Stage 2 financials – due in next week
*
BS22 Business “Consultancy”
Completed Sellability Score
Stage 3 of process in play, Proposal and pricing
*
BS23 Health and Well Being Studio
engagement locked in
FOR SALE
*
Initial meeting to discuss options
there are many ways to Exit….
Met up with one of my favourite clients today. We have been on the “start with the end in mind” journey for 18 months and it continues to evolve. The beauty of going through this process over an extended period is that we explore, we try, we talk, we DO and we get closer to what the ideal exit will be, from their individual perspective.
When we started the process, it was about “renovating” the business ready for sale. Take it to market, sell it, get the cheque and eventually leave. But as we’ve continued down the path, the business has also been shifting and growing in its own right. No surprise there really. The point being is that nothing stands still, a business under renovation included.
Just when you think you’re ready to go to market, opportunities present, new excitement builds which in turn reenergises the business and the delays around exit inevitably begin. Now, thats OK if you can in fact go on forever, but as we know, life’s not like that!
So what we’re plotting and scheming now is how to take full advantage of the opportunities as they come live, as well as restructuring the business so that facilitating an exit is also still doable. Another chapter, another timeframe, another option. All doable, yes. Letting go of past confines and embracing new. Riding the wave, surfing it to the shore and winning the gong!
Looking forward to the next financial year…
TEMpting: how Business Sellers and Buyers have been tempted this week…
GET YOUR SCORE!
Webinar May 22
How Sellable is your Business?
click here
If any of the following tickle your fancy,
please contact me by emailing sell@theentrepreneurialmother.com
letting me know which one it is…
BS2 = Online Retailer
Plan B – Due Diligence concluded, to be settled early May
PENDING
*
BS8 Waiting on Seller
Change of plans due to recent events…
ON HOLD
*
BS9 = Specialist Leadership and Talent Management Provider
Completed Sellability Score.
Looking to a 2013-14 kick off, getting all ducks in a row in the meantime.
*
BS10 = Specialist Offline Retailer
Completed Sellability Score.
1st meeting completed, next steps discussed.
Proposal offered, awaiting response.
*
BS13 Specialist Equipment Provider
Completed Sellability Score.
Recommendations being pursued with favourable feedback.
ON HOLD
*
BS14 Leading Book Supplier
Completed Sellability Score
Financials received, more to come. Currently going through refinancing dramas!
*
BS19 Leading Wedding Services Provider
1st meeting had, waiting on Stage 2 financials – due in next week
*
BS22 Business “Consultancy”
Completed Sellability Score
Stage 3 of process in play, Proposal and pricing
*
BS23 Health and Well Being Studio
engagement locked in
FOR SALE
*
Initial meeting to discuss options
Webinar – How Sellable is Your Business?
How Sellable is My Business?
Isn’t this a most timely question… How Sellable is MY Business? And my colleague, Choon Ng, is conducting a Webinar on this very subject!
So you might want to tune in…
He will guide you through issues such as:-
- What are the Exit Options available to most business owners?
- When is the Best time to Exit?
- How to determine what your business is REALLY worth?
- Strategies and Tactics to enhance the value of your business.
- The Deal Breakers That Can be Avoided when preparing your business for sale.
- How to look beyond the obvious when you think of succession/exit options.
If you’re contemplating selling any time soon, now’s the time to find out what you need to know.
Choon is the senior partner at Hurst Partners and is an active Business Broker and Registered Business Valuer (Australian Institute of Business Brokers). In his 8 years working extensively with business owners of small to medium size businesses, he has seen all kinds of businesses… good and bad.
TEMpting: how Business Sellers and Buyers have been tempted this week…
GET YOUR SCORE!
If any of the following tickle your fancy,
please contact me by emailing sell@theentrepreneurialmother.com
letting me know which one it is…
PLUS:
Webinar arranged for May 22, details to follow
BS2 = Online Retailer
Plan B – Due Diligence concluded, to be settled early May
PENDING
*
BS8 Waiting on Seller
Change of plans due to recent events…
ON HOLD
*
BS9 = Specialist Leadership and Talent Management Provider
Completed Sellability Score.
Looking to a 2013-14 kick off, getting all ducks in a row in the meantime.
*
BS10 = Specialist Offline Retailer
Completed Sellability Score.
1st meeting completed, next steps discussed.
Proposal offered, awaiting response.
*
BS11 = Hairdresser
Completed Sellability Score.
First chat April 8. Waiting on Stage 2 financials.
Buyer presented but decision made not to sell…
*
BS13 Specialist Equipment Provider
Completed Sellability Score.
Recommendations being pursued with favourable feedback.
ON HOLD
*
BS14 Leading Book Supplier
Completed Sellability Score
Financials received, more to come. Currently going through refinancing dramas!
*
BS19 Leading Wedding Services Provider
1st meeting had, waiting on Stage 2 financials – due in next week
*
BS20 Window Cleaner
“Sellability Score” completed
“Snapshot” delivered with offer to discuss what to do about low score. Awaiting response.
*
BS22 Business “Consultancy”
Completed Sellability Score
Stage 2 of process in play, waiting financials
*
BS23 Health and Well Being Studio
engagement locked in
FOR SALE
*
The “Sellability Score” reports continue to dribble in each and every week.
Webinar arranged for May 22. Details to follow…
TEMpting: how Business Sellers and Buyers have been tempted this week…
GET YOUR SCORE!
If any of the following tickle your fancy,
please contact me by emailing sell@theentrepreneurialmother.com
letting me know which one it is…
BS2 = Online Retailer
Plan B – Due Diligence concluded, to be settled early May
PENDING
*
BS8 Waiting on Seller
Change of plans due to recent events…
ON HOLD
*
BS9 = Specialist Leadership and Talent Management Provider
Completed Sellability Score.
Looking to a 2013-14 kick off, getting all ducks in a row in the meantime.
*
BS10 = Specialist Offline Retailer
Completed Sellability Score.
1st meeting completed, next steps discussed.
Proposal offered, awaiting response.
*
BS11 = Hairdresser
Completed Sellability Score.
First chat April 8. Waiting on Stage 2 financials.
*
BS13 Specialist Equipment Provider
Completed Sellability Score.
Recommendations being pursued with favourable feedback.
ON HOLD
*
BS14 Leading Book Supplier
Completed Sellability Score
Financials received, more to come. Currently going through refinancing dramas!
*
BS15 #1 in Google for This Offering
Completed Sellability Score
Offer made and support decisions to progress awaiting advise. Family issue delaying process.
*
BS17 Specialist Offering
Completed Sellability Score
Analysis done and advised. Decision NOT to sell made.
Now using Sellability Score information as a Business Plan – in Reverse!
*
BS19 Leading Wedding Services Provider
1st meeting had, waiting on Stage 2 financials – due in next week
*
BS20 Window Cleaner
”Sellability Score” completed
“Snapshot” delivered with offer to discuss what to do about low score. Awaiting response.
*
BS22 Business “Consultancy”
Completed Sellability Score
Stage 2 of process in play, financials requested
*
BS23 Health and Well Being Salon
1st meeting done and engagement forthcoming.
Goes to market next week
*
BS24 Beauty Salon with a Twistnot sure what they want to do but “first prize” is to raise capital and roll out more stores
BS25 Sales and Services
The “Sellability Score” reports continue to dribble in each and every week.
How To Tell a Seller Their Asking Price Is Too High?
I’m sitting here pondering on finding a more effective and considerate way to do the following… (any suggestions will be greatly appreciated)
Seller: “A price of $_______ is what I want.”
Broker: “OK, great… so tell me, how did you arrive at your price? It helps us to determine whether we’re the right team to sell your business.”
Seller: “I sat down with my accountant and this is what we worked out.”
Broker: “OK great… so, lets look at what the historical and latest market stats on prices and multiples in your industry tells us.”
Seller: “This will be interesting!”
Broker: “As you can see, if we use this multiple on your current adjusted profit, the price is going to be somewhat less than than you’re asking…”
Seller: “Oh… but my business is different.”
Broker: “Really? Tell me more?”
And right there, the tone has changed. Enough to cast doubt in the Seller’s mind as to whether the Broker is the right one. As to whether any Broker can possibly sell the business for what’s wanted.
Granted, knowing what the market will actually do is anyone’s guess. But to blindly disregard the Broker, who plays in the market all day every day is not sensible.
But, knowing how to break news that is not so welcomed is never easy either…
Another Consultant, Another Exit Strategy Discussion….
Another day, another conversation with a Consultant who, when starting to explore Exit Strategy options, realises what they thought will be Saleable is not. Well, not in its current form anyway.
So, once the wind had been knocked out of their sails, they began to ponder what the hell to do next?
The first reaction was generally anger. Annoyed that what they thought they’d bought into with the whole start-your-own-business thing was in fact a crock!
A crock in so far as, having been sold the live-the-dream business model, to only be reminded that this model is really just a different version of a job.
Doing a diagnostic like the “Sellability Score” certainly helps to map out what’s current and raises the questions re what to do next.
But in order for this process to be most effective, time is of the essence. If you’re a Consultant and you want an Asset to sell once you’re done with it… Start Planning and Restructuring NOW.
If you want to talk further about this, feel free to call me.
TEMpting: how Business Sellers and Buyers have been tempted this week…
GET YOUR SCORE!
If any of the following tickle your fancy,
please contact me by emailing sell@theentrepreneurialmother.com
letting me know which one it is…
BS2 = Online Retailer
Plan B – Due Diligence concluded, to be settled early May
PENDING
*
BS8 Waiting on Seller
Change of plans due to recent events…
ON HOLD
*
BS9 = Specialist Leadership and Talent Management Provider
Completed Sellability Score.
Looking to a 2013-14 kick off, getting all ducks in a row in the meantime.
*
BS10 = Specialist Offline Retailer
Completed Sellability Score.
1st meeting completed, next steps discussed.
Financials arrived, Stage 2 of process begins.
*
BS11 = Hairdresser
Completed Sellability Score.
First chat April 8. Waiting on Stage 2 financials.
*
BS13 Specialist Equipment Provider
Completed Sellability Score.
Recommendations being pursued with favourable feedback.
ON HOLD
*
BS14 Leading Book Supplier
Completed Sellability Score
Financials received, more to come. Currently going through refinancing dramas!
*
BS15 #1 in Google for This Offering
Completed Sellability Score
Offer made and support decisions to progress awaiting advise. Family issue delaying process.
*
BS16 Furnishings Importer, 60% owned
Completed Sellability Score
1st meeting (phone call) completed, Stage 2 financials due.
*
BS17 Specialist Offering
Completed Sellability Score
Analysis done and advised. Decision NOT to sell made.
Now using Sellability Score information as a Business Plan – in Reverse!
*
BS18 Beauty Salon
Meeting booked April 17
Offer made and support decisions to progress awaiting advise.
Decision made to go with other Broker. The idea of paying for own expenses to do marketing proved to big a hurdle to get over.
*
BS19 Leading Wedding Services Provider
1st meeting had, waiting on Stage 2 financials
*
BS20 Window Cleaner
”Sellability Score” completed
to be discussed next week
*
BS21 Business “Consultancy”
”Sellability Score” completed
Decision made to put ON HOLD as two partners have come to realisation they need to make some fundamental decisions first, before going to market.
*
BS22 Business “Consultancy”
Stage 1 of process commenced, 1st meeting booked
*
BS23 Health and Beauty Salon
Stage 1 of process commenced, 1st meeting booked
The “Sellability Score” reports continue to dribble in each and every week.
Why Is It OK To NOT Pay Expenses Upfront?
How many professions do you know of that are expected to cover expenses upfront with no guarantee that they will be repaid?
For inexplicable reasons (other than as a marketing ploy perhaps) there are some that have an expectation that the Selling of a Business by a Broker means all advertising fees to do so are to be covered by the Broker, for example. That is, if a Business Owner wants their business advertised for sale, then the Broker should pay for the privilege. The argument justifying this is that these expenses will be recouped once the Business is Sold.
But here’s the thing, a Broker can’t control the process of the sale nor the decision making capability of either the Buyer or the Seller. Some of these transactions take some time to get over the line, if it all. Some do not sell.
With so many factors affecting a Business Sale transaction, of which a Broker only plays a small part, to expect anyone else other than the Seller to cover the expenses of trying to sell their own business is just plain wrong.
No seriously, think about it?
How is that smart policy? if the Broker was in complete control of all parts and parties then so be it. If the Broker knew that the expenses were guaranteed to be collected at settlement, then so be it. But settlement can’t ever be guaranteed obviously so how is it smart to think that all will just work out in the end? No worries!
Hope is not a Strategy!
But if hope is the only strategy a Broker has got to work with, one could go broke very quickly…
A Broker is definitely part of the “A” team for a well-executed Sale.
Other members of the “A” team are your accountant, your lawyer, your financial planner, your estate planner etc…
Would you seriously ask any of them to cover your fees for you to sell your business?
