How to maximise value when selling your business. Business owners work passionately and relentlessly at building their organisations.
At some stage, an exit will be a consideration, whether that be for retirement, to move onto pastures new, or to handover the company to a larger organisation with the capacity to further grow the business. An exit plan should be part of any successful entrepreneur’s strategy. Here are 5 top tips to help you build this strategy and sell your business at maximum value. 1. Get your timing right Growing a company to sell for prosperity is one of the most guaranteed ways to wealth, yet, just like roulette, the odds are stacked against you. Knowing when to stick or fold is a key part of business strategy and the timing of an exit is critical.
When it comes to selling a business it is critical that you examine the facts. Prior to sale, owners should be looking at strategic ways to increase the value, not only through the level of profits, but also through addressing elements that will directly impact the value. (821) The Ultimate Cheat Sheet for Selling Anything. I've never read a book on sales.
They seemed corny. Like many people I always looked down on the concept of "selling". It seemed like something lower than me. To some extent, selling appears manipulative. You have a product where you give the perception it has more value than it has in reality. I was a salesman snob. I was wrong. Sometimes I have been manipulative. And often, it was very much in the middle: I needed to sell something because I had to pay my bills.
We live in a hard world where our basic needs cost money and as we get older we become responsible for the basic needs of others. Adults sell for today. So here are the rules of this cheat sheet: None of this comes from a book. I downloaded a book by Og Mandino and by Zig Ziglar but I didn't read them. But I can say that over the past 25 years I've sold hundreds of millions of dollars of "stuff". 8 crucial sales skills.
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7 deadly sins of selling. (MoneyWatch) Everyone has heard of the traditional seven deadly sins (lust, greed, etc.).
Did you know that there are also seven sins of selling? And they're deadly sins, because if you indulge in them, you'll find your sales efforts dead in the water. Here they are: Not being personally accountable Don't pass the buck to somebody else in your firm; your customers want your personal skin in the game. Failing to understand the customer's business Don't expect customers to answer dozens of questions just because you didn't do your research. Being an adversary, not an ally Since customers are risking their career doing business with you, they expect you to represent their best interests. Selling products not solutions Don't burden customers with features and functions; tell them how your solution will help their business.
Being inaccessible when needed If customers are important to you, you'll answer their email or voice mail within minutes, not hours. © 2012 CBS Interactive Inc.. What is a good sales lead? The secret to delivering a timed presentation. (MoneyWatch) COMMENTARY I consider myself a very good extemporaneous speaker -- in fact, public speaking is one of my strongest skills.
I rarely do a lot of prep work on the actual words I intend to deliver; instead, I tend to use the bulleted lists in my PowerPoint deck as a memory jogger for the things I want to say. Last week, I had a rare experience, though: I had to deliver a timed presentation. Each speaker was given just five minutes to speak, start-to-finish, and presenters were unceremoniously shown the stage exit when the time ran out. My usual extemporaneous approach simply would not work, since there was a high probability of running out of time without making all of my key points. Instead, I was forced to go back to Presentation Basics and prepare for a speech the way that I did in high school, using public speaking rudiments. The Surprising Secret to Selling Yourself - Heidi Grant Halvorson.
By Heidi Grant Halvorson | 8:00 AM August 29, 2012 There is no shortage of advice out there on how to make a good impression — an impression good enough to land you a new job, score a promotion, or bring in that lucrative sales lead.
Practice your pitch. Speak confidently, but not too quickly. Make eye contact. And for the love of Pete, don’t be modest — highlight your accomplishments. As it happens, it isn’t. A set of ingenious studies conducted by Stanford’s Zakary Tormala and Jayson Jia, and Harvard Business School’s Michael Norton paint a very clear picture of our unconscious preference for potential over actual success. In one study, they asked participants to play the role of an NBA team manager who had the option of offering a contract to a particular player. Then the “managers” were asked, “What would you pay him in his sixth year?” Tormala, Jia, and Norton found the same pattern when they looked at evaluations of job candidates.
What Your Brand Can Learn from Political Rhetoric - David Aaker. By David Aaker | 10:00 AM August 2, 2012 Another election, another framing battle.
And once again, the Republican party seems to have the edge. Tax relief, death taxes, pro-life, small government, tax and spend. Why don’t Democrats come up with these kinds of memorable, emotive frames? Take this election cycle’s biggest controversy: health care reform. Being able to frame the discussion by imposing a perspective that’s driven by a label is key to winning — whether it’s a divisive political argument or a tough brand battle. Strong brands have always been good at framing. Framing has an impact on the purchasing (and voting) decisions people make. Framing determines which issues are addressed and how. Republicans have the ability to win the framing battle in part because they are disciplined about the vocabulary and labels, in part because they relentlessly simplify, and in part because they understand branding. Earn Customer Loyalty Without Losing Your Shirt - Rob Markey. By Rob Markey | 9:00 AM July 17, 2012 You know, people keep telling me we need to empower our employees, but we can’t just let our employees do whatever they want to satisfy customers.
We’d lose our shirts. We have a business to run, and we have to make money. Gaining commitment - Sales Machine.