Thursday, December 29, 2011
Monday, December 26, 2011
Thursday, December 22, 2011
Wednesday, December 21, 2011
Great Stocking Stuffer for the Business Owners in Your Life :)
Sunday, December 18, 2011
Thursday, December 15, 2011
Tuesday, December 13, 2011
Wednesday, December 7, 2011
Tuesday, December 6, 2011
Monday, December 5, 2011
Thursday, December 1, 2011
Tuesday, November 29, 2011
Monday, November 28, 2011
Advice from a UC Davis Alum: Don't Pepper Spray Your Buyers!
If you are thinking about selling your business in 2012, whatever you do, don't metaphorically spray your best buyers with pepper spray!
Specifically, during negotiations, many sellers automatically take an aggressive position and assume that a buyer is trying to take advantage of them. While this may be true at times, the majority of buyers are seeking a win-win outcome because their bigger goal is to ensure that the business continues to be successful after the sale.
To make sure your don't douse your deal with cayenne pepper, keep in mind these 3 important tips:
1. Know the market value of your company.
Use my Back-of-the-Envelope Valuation Worksheet (register at ExitJourney.com for your free download), so you can approach the price negotiation from a knowledgeable position, not an emotional position.
2. Make a list of your non-negotiable deal terms.
Know and protect what's most important you, but be flexible on other terms that may be very important to the buyer.
3. Be transparent with the buyer, beginning with your reason for selling.
If you are open and forthcoming with information, you will set the buyer at ease and reduce their concerns right from the start.
Just like big cultural shifts in our world, selling a business will always be a stressful time. However, if you approach the negotiation standing in the other parties' shoes, the transaction is more likely to unfold positively and the training period after the closing will be a time of excitement for all about the what's to come.
I'm Julie Gordon White, Certified Business Broker, Amazon Business Best Selling Author of "EXIT! 12 Steps to Sell Your Business for the Price You Deserve" (and proud UC Davis Grad!), signing off until next time! For more videos, tips and tools, visit http://www.exitjourney.com/.
Saturday, November 26, 2011
Tuesday, November 22, 2011
Sunday, November 20, 2011
Selling the Empire’s of Oprah Winfrey, Richard Branson, Donald Trump, Martha Stewart and Simon Cowell
Today I was sitting at my desk and for some reason I started thinking, “If I were selling the business empires of Oprah Winfrey, Richard Branson, Donald Trump, Martha Stewart and Simon Cowell, what would be the marketing message they would want me to communicate to potential buyers?”. After laughing OUT LOUD all by myself in my office J, here’s what came to my mind (I’m still smiling as I type this!):
Oprah Winfrey
“This company has been an unexpected spiritual journey for me and my wish for the new buyer is that the legacy of living your highest life and best life would be continued for our viewers, our readers and for the amazing person that sees the value in this company and desires to take it to the next level.”
Richard Branson
“Building this company has been an amazing seat-of-the-pants ride for me and the next man or woman who takes it over better have their knickers on tight!”
Donald Trump
“This is THE most AMAZING and OUTSTANDING organization on the planet and anyone who wouldn’t pay top dollar for it is a fool. You’re fired.”
Martha Stewart
“You will never find a more neatly organized and categorized set of financial statements and business processes anywhere. In fact, every strategy, decision and tactic we have ever made during the history of this company has been documented and placed in color-coded binders, with a cross-referenced alpha-numeric labeling system and placed in a water and fire proof vault. Would you like some oolong tea and a scone while you thumb through the volumes?”
Simon Cowell
“If you are as borrrrring as a karaoke cabernet singer on a cruise ship, don’t even bother making an offer. Bloody hell. Next!”
I’m still lol! I’ve got to get out more often!
When the day comes to sell YOUR empire (small or large, it’s all relative!), what will your marketing message be? Be sure to make it provocative enough for someone to want to learn more and eventually sign on the bottom line, but resist the urge to overly “fluff” things up because fluff usually goes flat during due diligence.
I’m Julie Gordon White, America’s Favorite Business Broker, signing off for now.
Take care, talk to you soon! jgw.
Friday, November 18, 2011
Wednesday, November 16, 2011
Tuesday, November 15, 2011
Monday, November 14, 2011
Monday, November 7, 2011
Friday, November 4, 2011
Wednesday, November 2, 2011
Monday, October 31, 2011
5 Business Lessons We Can Learn from Kim Kardashian
Thinking about it, there are actually 5 really great lessons that Kim and Kris can teach partners in business.
In fact, I think business partnerships are even harder than romantic partnerships because at least romantic partnerships have love as the glue. In business partnerships, money is the glue and when it comes to people's money, Elmer's isn't going to cut it.
After unfortunately selling many companies due to partnership disputes, here are five things business partners can learn from our favorite tabloid friends:
1. Discuss critical issues before becoming business partners.
Kris wanted to build their nest in Minnesota, but Kim said Hollywood or the highway. Didn't they discuss this before he gave her a $2 million dollar engagement ring?
2. Get to know each other (well) before starting your company.
The love birds got engaged after 2 weeks or something ridiculous like that. Entrepreneurs spend more time with their businesses (and business partners) than they do with their life partners. You better know which side of the desk the other one wants to sit on before agreeing to invest your entire future together.
3. Make sure your have a rock solid partnership agreement.
Kim is worth an estimated $35 million, and while Kris is no slacker with $8 million, you can be confident that her pre-nup agreement will ensure how any assets will be dispersed and that Kris will not get one dime of her reality fortune.
4. Spend your resources strategically and slowly.
Kim and Kris blew $10 million on the wedding day alone. If your company has that level of discretionary cash, make sure you have a well-thought out strategic plan and input from experienced advisors before you go on a spending spree!
5. Cut bait quickly.
If the writing is on the wall, it's better to divide the marbles and go home now. Don't wait until the business and your lives become so intertwined that the mo hill becomes a mountain. Often it's the decisions that you don't make that do more harm than the decisions that you do make.
Who knew we could actually learn something from these two?!
What else can we learn from these unlikely business consultants?
Post your thoughts below and I promise not to sell them to People Magazine :)
Wednesday, October 26, 2011
Jim Collins & Confessions of a Turtle
The theme of this piece reflects on my personal philosophy of slow and steady wins the race. I am comfortable admitting that I probably won’t be the first person across the finish line, but I do know without a doubt that I will always finish when others fail because they burned out during the journey.
Jim’s book addresses this concept, but adds something even more powerful that I have to confess I am not very consistent with. That idea is to have both “a floor and a ceiling” for achievement, and never fall below or above your commitment. He calls it “The 20-Mile March”. Here are few key snippets from the story he tells about two explorers on separate quests to reach the South Pole. They both embark at the same time and have the same environmental circumstances to deal with, but at the end of excursion, the 2 explorers had completely different outcomes.
“The 20-Mile March is more than a philosophy. It's about having concrete, clear, intelligent, and rigorously pursued performance mechanisms that keep you on track. The 20-Mile March creates two types of self-imposed discomfort: (1) the discomfort of unwavering commitment to high performance in difficult conditions, and (2) the discomfort of holding back in good conditions.
Twenty-Mile Marching helps turn the odds in your favor for three reasons.
First, it builds confidence in your ability to perform well in adverse circumstances. Confidence comes from actual achievement, accomplishing stringent performance standards year in and year out, no matter the industry conditions. Accomplishing a 20-Mile March, consistently, in good times and bad, builds confidence
Second, 20-Mile Marching reduces the likelihood of catastrophe when you're hit by turbulent disruption.
Third, 20-Mile Marching helps you exert self-control in an out-of-control environment. Most elements of operating a business are beyond our control- financial markets, customers, employees, but if we focus on an achievable goal that all team members can align themselves with we can manage our way to success in spite of all of the chaos around us.”
As I begin my 2012 planning, I am going to make a commitment to the “Weekly Discipline” I will adhere to in order to achieve my floor and ceiling achievement goals. Slow and steady still wins the race, but you have to be clear and consistent about your training. That is the secret sauce to getting to your desired finish line again, and again and again!
Want to become “Great by Choice” too? Comment below and I will send you my Weekly Discipline Worksheet to get you started in the right direction so we can step into the winner’s circle together!
Monday, October 24, 2011
Saturday, October 8, 2011
Match Made in Business Heaven
Wednesday, October 5, 2011
Thursday, September 29, 2011
Ask the PinkBizBroker!
Just post your question below and I promise to reply...
No charge!
Saturday, September 24, 2011
Thursday, September 22, 2011
Your Valuation: The Good, the Bad and the Ugly
The Truth About What Your Business Is Worth
By BARBARA TAYLOR
Click above to read a great article by my friend Barbara Taylor, who writes Transaction, a blog for New York Times.com, and is a partner and co-founder of Synergy Business Services, a full-service business brokerage firm offering exit planning, transaction advisory and intermediary services to privately held companies. Synergy also assists buyers with targeted acquisition searches. Before becoming a business intermediary, Ms. Taylor spent more than a decade in the wireless telecommunications industry in business development and product marketing roles. She was also instrumental in the launching of two dotcom start-ups in Seattle in the late 1990s. Her first entrepreneurial venture was launching and operating a retail espresso micro chain, which she successfully sold. Ms. Taylor received her M.B.A. from the Albers School of Business at Seattle University. She lives in Bentonville, Ark., with her husband/business partner and two sons.
Wednesday, September 14, 2011
Tuesday, September 13, 2011
Thursday, September 8, 2011
Wednesday, September 7, 2011
Monday, September 5, 2011
Save your business, your marriage and your kids!
Did I ever tell you about my Blackberry intervention? If you fear that you're next, ask me anything and I will try to save you from the pain!! Bottom line in my situation: Create boundries and don't assume your family understands!
Click on the link to read Verne Harnishe's (CEO of http://www.gazelle.com/) article on CNNMoney.com... Save your business and your marriage
Thursday, September 1, 2011
Tuesday, August 30, 2011
Monday, August 29, 2011
Saturday, August 27, 2011
Thursday, August 25, 2011
Wednesday, August 24, 2011
Monday, August 22, 2011
Saturday, August 20, 2011
Get Your FREE COPY of the EXIT! Book on September 15, 2011!
I only ask that you actually READ the book when it arrives and then post a review on Amazon.com.
That's it!
Not only will you learn information that would have cost you a minimum of $20,000 if you hired me personally to consult with you, or $50,000 if you engaged me to sell your company, you get the book for FREE! This is a mega win for both of us- you get literally thousands of dollars of valuable insights and I get hear how the book has made an impact on your business through your review posted on Amazon.com.
To receive a reminder about when the 50 FREE EXIT! books are available AND to get 3 FREE chapters of the book today, enter your name and email now in the box on the right at the top of the page.
OK, that’s all for now and back to you soon! jgw
P.S. The buzz is already building in the business community so enter your name and email in the "More Broker's Secrets" box at www.ExitJourney.com today! > > > > > >
Friday, August 19, 2011
Maximize Creativity; Work Remotely
Just finished working remotely from beautiful Lake Tahoe, CA. Here's a picture of my, uh, Assistant ;).
Seriously, it's incredible how new ideas flow and old ideas crystallize when you allow yourself the freedom to work in a beautiful setting.
Every business owner should block out a week once a quarter to work in a place that makes them feel both peaceful and energized. After all, you can do this- you're the boss!
OK, back to my desk I go, but before I do... What's your favorite place to work remote?
Thursday, August 18, 2011
Sunday, August 14, 2011
Saturday, August 13, 2011
Thursday, August 11, 2011
Saturday, August 6, 2011
Saturday, July 30, 2011
Friday, July 29, 2011
If you are writing a book too, you might like reading actual comments from my book editor...
Exit! Overview
Exit! is a very well-written book. Your readers will find it extremely handy—whether they are the type to read every word or the type to zone in on the highlighted points and skim the rest. You anticipate the needs, concerns, and issues facing your readers so well, and your readers will appreciate your ability to understand what they are going through as well as your depth of experience and your excellent communication skills. You also write so well about human nature and the psychology of the selling process—topics I would guess are all too often overlooked. Most of my comments and suggestions deal with relatively minor grammatical issues and consistency of formatting, but these are simple corrections to make. Overall, you have written an excellent book that makes what could be a dry and/or complicated topic downright pleasant to read about. Well done.
Exit! Main Objective
You certainly hit the mark with your purpose here. Your points are clearly mapped out, presented well, explained thoroughly, and communicated in language that is easy to understand. Your tone is knowledgeable, helpful, and positive. You do a great job of covering all of your bases thoroughly while not getting too wordy or going off on tangents. You stay true to the roadmap you present from the beginning and tie up all issues and even present them in a nice and easy-to-reference summary at the end. Your readers will be very happy to have you as their guide through a complicated process that you have made less scary and more achievable.
Thursday, July 28, 2011
Buzz is Building for the EXIT! Book!
Jim has sold MILLIONS of books to business owners and I am grateful for hit time and support of this project! Here is (I'm SO EXCITED!!):
"Most people can’t or won’t think about how or when they will exit from their business unless they are force to. They know this will be one of the most significant events in their life that will impact them, their family, partners, employees and possibly their community. The continuous postponement of planning the exit from one’s business is a serious mistake.
Failing to proactively plan your exit means you run the risk you will be forced to sell your company because of unexpected health, personal or family events, poor economic conditions, poor management decisions, fraud, bankruptcy and other disastrous business ending events. Selling a business under duress is never a happy event. It also may mean the people the most important to you will have to tackle and manage this process because you can’t.
Here is the good news!
In this book, Julie Gordon White does an amazing job of demystifying and simplifying the process of how to exit from your business. She clearly explains the 12 steps you must take to sell your business for the price you want and deserve. This is a comprehensive “how to” manual that covers the entire process, step by step.
The author immediately answers the questions most sellers what to know like, when is the best time to sell my business? How do I calculate what my business is worth? What is the profile of the buyer who will be willing to buy my business at the price and terms I want and deserve? Plus much more and her explanations are clear and understandable.
Like your business? Not in a hurry to sell?
This is the perfect time to begin to learning the steps and processes on how to exit your business. I encourage you do a quick read of the entire book and then calculate the value of your business using Julie’s easy formula. If you are not happy with the result, use this book as a tool to assess your business. Rethink how you are operating your business. Ask yourself what changes can I make that will improve my valuation… then make a plan and begin to implement those changes. I also encourage you to explore the many checklists she provides and begin to make a list of the next steps you are going to take. Be proactive… your business is an important asset!
People who have sold one or more businesses say when they start a new business they immediately begin to think about who the potential buyer(s) is going to be… and then build the business they will want to buy. It is solid advice.
Read EXIT! today. It’s a small investment of your time. I promise it will generate an exponential return on your investment. I also think you will enjoy the process.
Jim Horan, Author, Consultant, Speaker
President, The One Page Business Plan Company
www.onepagebusinessplan.com"
Wednesday, July 27, 2011
Monday, July 25, 2011
Friday, July 22, 2011
She Likes Me!
I just received a note back from my editor and she gave me a HUGE THUMBS UP, so I guess the EXIT! Book wont's be too dry of a pill to swallow!!! Kind of like medicine- doesn't tast good but it sure makes you feel better- especially if it's bubble gum flavored :) I will share her summary comments soon... Make it a great day! jgw
Thursday, July 21, 2011
Wednesday, July 13, 2011
Widgets are Awesome but Which Should You Use?
Wednesday, July 6, 2011
Monday, July 4, 2011
Tuesday, June 28, 2011
Saturday, June 18, 2011
Thursday, June 16, 2011
Tuesday, June 14, 2011
Thursday, June 9, 2011
Monday, May 30, 2011
Tuesday, May 24, 2011
5/24/11: VIDEO of the WEEK Broker's Secret #1
Broker's Secret #1: Competitor Calling! from Julie Gordon White on Vimeo.
Hi there! This is Julie Gordon White, certified business broker. After working with hundreds of business sellers and business buyers over the last 10 years, I had no choice but to write my forthcoming book, EXIT! 12 Steps to Sell Your Business for the Price You Deserve. Before my important book releases in the fall, I want to give you a quick peek at the 27 Broker’s Secrets that I included in the book, so today we are going to talk about Broker’s Secret # 1, Competitor Calling!
If a competitor calls with interest in buying your business, DO NOT share confidential information without having a Non-Disclosure agreement signed and having a transaction attorney, business broker and account engaged!
Again, that’s Broker’s Secret #1, Competitor Calling!
In closing, congratulations for taking the time to listen in and avoid many of the costly mistakes that business owners make when they wait too long to plan for the sale of their business. For more videos, tips and tools, visit www.ExitJourney.com.
This is Julie Gordon White, and remember, Your Exit Journey Began the Day You Started Your Business.
Take care and I’ll talk to you soon!
www.ExitJourney.com
Monday, May 23, 2011
Wednesday, May 18, 2011
Monday, May 16, 2011
Monday Motivation
Friday, May 13, 2011
Tuesday, May 10, 2011
Sunday, May 8, 2011
Saturday, May 7, 2011
Wednesday, May 4, 2011
Saturday, April 30, 2011
Friday, April 29, 2011
View from my #WPOVancouver room- Fab!
BlueKey Business Brokerage M&A
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www.pinkbizbroker.blogspot.com
Via BlackBerry so apologies for typos!
Saturday, April 23, 2011
Friday, April 15, 2011
Cover for My New Book!
Friday, April 8, 2011
Monday, April 4, 2011
Saturday, April 2, 2011
This is my favorite passage EVER by Marianne Williamson (written in Brendon Burchard's new book). Enjoy! xoxo, j
BlueKey Business Brokerage M&A
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Thursday, March 31, 2011
My kitchen table in the morning makes me happy and ready for the day. Leave a comment below on your morning happy place :)
BlueKey Business Brokerage M&A
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Wednesday, March 30, 2011
Tuesday, March 29, 2011
Monday, March 28, 2011
Sunday, March 27, 2011
Thursday, March 24, 2011
From Suze to Julie :)
BlueKey Business Brokerage M&A
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Tuesday, March 22, 2011
Monday, March 21, 2011
Tuesday, March 15, 2011
How Long is Too Long to Get Your Deal Done?
M&A Issues: Timing
Yet another post in the M&A Issues series. This one is about timing, ie how long it should take from the first serious conversation about a sale transaction until the closing.
I've seen acquisitions done in a week. I've seen acquisitions take over a year from the first serious conversation to close. And one thing I know for sure, if a buyer wants to take their time and feels like they can get away with it, they will.
Not every buyer wants to take their time. Many buyers want the transaction closed as soon as possible. In that case, the seller has alignment with the buyer and the transaction closes quickly.
Sellers usually want a quick close. They should. Selling your business is distracting and fraught with risk. One you decide you are going to sell, you should move with as much speed as you can while being diligent, thorough, and reasonable.
Six weeks from serious conversation to close is fast. If the company is "clean" and the buyer is incented to do a quick close and there are no governmental approves, it can be done.
Anything over three months is too long. The sale process starts to hang over the company and impacts the team, the business, and can lead to lasting problems. Team members get antsy. Resumes hit the street. Customers hear rumors and start thinking about plan B. The senior team loses focus. The company suffers.
If there are reasons why a close is going to take a long time (governmental approvals, buyer approvals, diligence, etc) an approach you can take is to sign a defintive agreement which obligates both sides to close and provides remedies if the close does not happen (including breakup fees). This is often the way deals are done with public companies that require shareholder approval.
Another key issue related to timing is the news leaking out. The longer the process goes on, the more likely the news will leak out. The reality is most deals leak and it rarely gets in the way of a deal getting done. Buyers hate it when the news leaks out because it can bring additional buyers into the process and make it more competitive. But most sellers should prefer a quiet process too. The less chatter about the sale, the better in my opinion.
I'm a fan of quick M&A processes, within reason. It takes time to do the required diligence and legal work. Doing a deal in a day is generally not a good idea. Doing it in six weeks is desirable and should be the goal. Anything longer than three months is likely to be problematic and will require a ton of management effort to manage the fallout. If you are a seller, you should specifiy the time to closing in the LOI and do everything in your power to make the buyer meet that deadline. And if you are buyer, you should respect the seller's desire for a quick close and work hard to make it happen on your end.
Monday, March 14, 2011
Sell Dreams, Not Products...Luv This >>>
What is innovation? Innovation is a new way of doing things that results in positive change. It makes life better. Innovation can be big or small but the principles apply to many aspects of life. As such, The Innovation Secrets of Steve Jobs is more than just about innovation. It’s about principles that have guided Jobs throughout his life. Innovation is about thinking differently, making new connections and making things better.
Author Carmine Gallo offers not rules, systems, or steps to greater innovation, but inspiring principles that can be applied to your own situation to get you to think differently. The principles are:
1.Do What You Love. Think differently about your career. Jobs advises, “Have the courage to follow your heart and intuition. They somehow already know what you truly want to become. ...My goal wasn't to die the richest man in the cemetery. It was to go to bed at night saying, we've done something wonderful."
2.Put a Dent in the Universe. Think differently about your vision. Jobs attracts like-minded people who share his vision and who help turn his ideas into world-changing innovations. Passion fuels Apple’s rocket, and Job’s vision creates destination.
3.Kick Start Your Brain. Think differently about how you think. Innovation does not exist without creativity, and for Steve Jobs, creativity is the act of connecting things. Jobs believes that a broad set of experiences broadens our understanding of the human experience.
4.Sell Dreams, Not Products. Think differently about your customers. To Jobs, people who by Apple products are not “consumers.” They are people with dreams, hopes, and ambitions. Jobs builds products to help them fulfill their dreams. "Some people think you've got to be crazy to buy a Mac. But in that craziness, we see genius" says Jobs.
5.Say No to 1,000 Things. Simplify. Think differently about design. Simplicity is the ultimate sophistication, according to Jobs. From the designs of the iPod to the iPhone, from the packaging of Apple’s products to the functionality of the Apple website, innovation means eliminating the unnecessary so that the necessary may speak. Jobs: "I'm as proud of what we don't do as I am of what we do."
6.Create Insanely Great Experiences. Think differently about your brand experience. Jobs has made Apple Stores the gold standard in customer service. The Apple Store has become the world’s best retailer by introducing simple innovations any business can adopt to make deep, lasting emotional connections with its customers. Use analogies or metaphors to think about a problem. By finding the similarities between two things that are unalike, your brain makes new and sometimes profound connections.
7.Master the Message. Think differently about your story. Jobs is the preeminent corporate storyteller, turning product launches into an art form. You can have the most innovative idea in the world, but if you cannot get people excited about it, your innovation doesn’t matter. Make your brand story consistent across all platforms: presentations, website, advertising, marketing materials, social media.
8. Confidence is a key to innovation. Jobs told Stanford graduates, “Don’t let the noise of others’ opinions drown out your own inner voice.” “Most important,” writes Gallo, “how you think about yourself and your business will have the greatest impact on the creation of new ideas that will grow your business and improve the lives of your customers.”
Gallo provides a lot of background on Jobs and in doing so has written an inspiring, down-to-earth book that will encourage you to imagine what you could do by thinking differently.
Catch Carmine Gallo “Live” in Singapore – visit www.aventis.edu.sg or http://www.aventisgroup.com.sg/Innovation%20Secrets%20of ...
# # #
The Innovation Secrets of Steve Jobs is more than just about innovation. It’s about principles that have guided Jobs throughout his life. Innovation is about thinking differently, making new connections and making things better.
Sunday, March 13, 2011
Post Tsunami SF Bay... Erie Calm...
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Seth on Sunday: 7 Questions
----------------------------
Leaders, do you let the facts get in the way of a good story?
What do you do with people who disagree with you... do you call them names in order to shut them down?
Are you open to multiple points of view or you demand compliance and uniformity? [Bonus: Are you willing to walk away from a project or customer or employee who has values that don't match yours?]
Is it okay if someone else gets the credit?
How often are you able to change your position?
Do you have a goal that can be reached in multiple ways?
If someone else can get us there faster, are you willing to let them?
No textbook answers... It's easy to get tripped up by these. In fact, most leaders I know do.
www.sethgodin.com
Julie Gordon White, Principal
BlueKey Business Brokerage M&A
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Sent Via BlackBerry!
Friday, March 11, 2011
Wednesday, March 9, 2011
Tuesday, March 8, 2011
Monday, March 7, 2011
Sunday, March 6, 2011
Friday, March 4, 2011
Thursday, March 3, 2011
Wednesday, March 2, 2011
Sunday, February 27, 2011
Saturday, February 26, 2011
Thursday, February 24, 2011
Size Matters!
[You're getting this note because you subscribed to Seth Godin's blog. www.sethgodin.com]
An atomic theory of business size The magic of the periodic table is that every atom is one thing or another--there isn't a stable element that's sort of oxygen and sort of nitrogen. If there were, there would be millions of elements, not a few hundred.
That's because electrons are (more or less) either here or there. The quantum levels ensure that there are no weird hybrids. A business follows a similar model. A local mom and pop store is just the right size for mom and for pop. The rent is low enough for the two of them to cover it. It's stable. They can't afford a $200,000 a year CFO. It wouldn't be a stable situation.
This is backwards but here you go: businesses that exist exist because the marketplace allows them to function at the right size. There were a lot of bowling alleys in the 1960s because the number of people you needed to run one plus the rent was just covered by the revenue you could expect. There was a right size, one that people were willing to take on and run.
The next level up from Mom and Pop feels different. Different furnishings, different rent, different payroll. It's not a little bigger, it's a whole quantum level different. And then down the street is the chain store, the one with 40 outlets and regional vice presidents and regional newspaper ads. Those things naturally go together, the scale is right.
Rightsizing your business is one of the most important decisions you can make. Just because you're thriving at one scale doesn't mean that a little more effort or a little more investment magically take you to the next. They probably don't.
Want to sell your popular donuts at Whole Foods? That's a quantum leap, not an incremental step.
Want your auction software company to become a public behemoth? It requires a leap of size and commitment, not a gradual creep.
Want to go from freelance work as a programmer to running a business like Fog Creek Software? Totally different list of requirements.
This is actually a good thing. It's good because rightsizing allows you to be profitable and live as a human. Those chasms in between are where people fall down.
One of the side effects of the internet revolution is that several new stable business sizes appeared. Groupon can do a billion dollars in revenue nationwide with far, far fewer employees than it took Target to hit the same level. A solo author can reach more people and generate more impact than she ever could have a dozen years ago.
These new sizes don't mean that the rules of quantum scale have gone away, though. That popular self-published author might be able to successfully employ six people, but there's no way she magically scales to sixty without something else changing. Several times I've run businesses that the market liked but couldn't find the right scale... adding more people didn't add a significant enough amount of revenue, and fewer people would have cost us our customer base. Just because it's a good idea doesn't mean that there's a scale that works.
When in pain, consider your scale. When you're too big or too small for the revenue or the impact you seek, you'll feel it in your bones. Leap.
Julie Gordon White, Principal
BlueKey Business Brokerage M&A
510.812.2233 Direct
License 01347013
www.bluekeybma.com
www.linkedin.com/in/juliegordonwhite
www.pinkbizbroker.blogspot.com
Sent Via BlackBerry!
Saturday, February 19, 2011
Thursday, February 17, 2011
What's Your Selling Story?
With the planned sale of your business, your reason for selling will be one of the most important “trust factors” created to reach agreement with a potential buyer. Selling your business to an outside buyer begins with a courtship. Don’t ask to get married on the first date, and never, ever lie about why you want to get to know them better! These exit options are the most common reasons for selling a business to a third party, listed in order of highest credibility:
Retirement
This is THE very best reason for selling! If you are of retirement age, a buyer will more readily accept that you are selling so you can start enjoying the next phase of your life- not just hiding from problems in the business such as the loss of a customer or key employee.
Health Issues
Health issues are another legitimate reason to sell. You don’t have to divulge all of the details of your personal health situation, but the more forthcoming you are, the greater likelihood that the buyer will believe your reason for your selling along with other critical aspects of the sale.
Death
Death of an owner or partner is a very unfortunate but legitimate reason for a sale.
Divorce / Partner Disputes
Divorce and/or partnership disputes are also legitimate reasons for a sale as long as they legitimately affect your ability to operate the business. If you site this as your reason for sale, make sure you have a good story to tell (and don’t mind telling it).
Loss of Market Share
Be honest about declining sales, because in a challenging economy, you can! Be forthcoming with information, share the down and dirty details and be prepared to present the plan to help the new buyer grow again as the economy rebounds. Also, be prepared to participate in the financing (promissory note or an earnout) to reap the upside benefits (more on promissory notes and earnouts later).
So to recap, make sure your reason for selling is legitimate and your “selling story” is practiced. Answering the “reason for selling question” honestly and convincingly will set the stage for an open and friction-free negotiation.
Wednesday, February 16, 2011
I <3 Seth Godin
Make big plans ...that's the best way to make big things happen.
Write down your plans. Share them with trusted colleagues. Seek out team members and accomplices.
Shun the non-believers. They won't be easily convinced, but they can be ignored.
Is there any doubt that making big plans increases the chances that something great will happen?
Is there any doubt that we need your art and your contribution?
Why then, are you hesitating to make big plans?"
Julie Gordon White, Principal
BlueKey Business Brokerage M&A
510.812.2233 Direct
License 01347013
www.bluekeybma.com
www.linkedin.com/in/juliegordonwhite
www.pinkbizbroker.blogspot.com
Sent Via BlackBerry!
Tuesday, February 15, 2011
The Benefits of A Planned Sale of Your Business
Lastly, with a planned sale, you have time to understand the strengths, weaknesses, opportunities and threats of your company and make changes accordingly with the goal of significantly increasing the final selling price.
The above is an excerpt from the soon to be released book “EXIT! 12 Steps to Sell Your Business for the Price You Deserve” by Julie Gordon White. Julie is a Certified Business Broker, Author, Speaker, Wife, Mom and Marathoner. Julie lives in the San Francisco Bay area and has been quoted in major media outlets such as the New York Times, Wall Street Journal, Inc. Magazine and the San Francisco Chronicle.
Monday, February 14, 2011
Sunday, February 13, 2011
Friday, February 11, 2011
Thursday, February 10, 2011
Wednesday, February 9, 2011
Tuesday, February 8, 2011
Monday, February 7, 2011
Saturday, February 5, 2011
Tuesday, January 25, 2011
Tuesday, January 18, 2011
NYTimes.com: How Six Companies Failed to Survive 2010
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Monday, January 17, 2011
Thanks for everything Dr. King.
BlueKey Business Brokerage M&A
510.812.2233 Direct
License 01347013
www.bluekeybma.com
www.linkedin.com/in/juliegordonwhite
www.pinkbizbroker.blogspot.com
Sent Via BlackBerry!
Sunday, January 16, 2011
Thursday, January 6, 2011
Tuesday, January 4, 2011
Fw: PR LEADS! HARO Tuesday Afternoon Queries "How to Get Paid What You're Worth" Edition
BlueKey Business Brokerage M&A
510.812.2233 Direct
License 01347013
www.bluekeybma.com
www.linkedin.com/in/juliegordonwhite
www.pinkbizbroker.blogspot.com
Sent Via BlackBerry :)
TAPE and some videos. Our friends at Pixability and small biz
guru John Jantsch, bestselling author of 'Duct Tape Marketing',
are offering a free webinar on how to ramp up your 2011 marketing
with videos and other immediately useful tips to generate leads.
It's at 12:30 p.m. EST on January 19th and seats are limited.
Secure your spot here: http://bit.ly/dF5IAD
So... How many freelancers or consultants on HARO? Want to make
sure you're getting paid what you're worth? Some simple tips:
http://shankman.com/how-to-get-paid-what-youre-worth/
********* INDEX ***********
Biotech and Healthcare
1) Changing Medicare elections (Seniors 55+ Web Portal)2) Delivery Room Primping (NewsProNet Video)
Business and Finance
3) Filing taxes late (Major monthly glossy)4) Translation Mistakes (Marketing, Strategy, Kosher! Blog www.issamar.com/strategy.)
5) Looking for real estate expert house loan broker in D.C. metro area (The Washington Examiner)
6) Seeking D.C. metro area expert to comment on buying vacation homes (The Washington Examiner)
7) Setting up an emergency fund (Bankrate.com)
8) Recession Job Retraining Stories (MainStreet.com)
9) Reducing Overhead Costs (ToiletPaperEntrepreneur.Com)
10) Entrepreneur Journeys: Tech/Online Companies with >$10M in annual revenue (http://www.sramanamitra.com)
11) Looking for someone with an extremely low credit score (MainStreet.com)
12) Retailer redesigns (Internet Retailer)
13) How to Ensure you get a raise (MainStreet.com)
Education
14) college admissions specialists / high school advisors (NextStepU)Energy and Green Tech
15) Solar Manufacturers, Installers, Producers with Innovative Products (ScheinMedia)Entertainment and Media
16) Looking for unique creative guests (Doug Foresta Show)17) MTV global reach (The Miami Herald)
18) Victims of Abuse and a Chance for Victory (CarLou Media & Publishing)
19) Pet Lifestyle and Entertainment (MBB Radio Network)
20) Secrets of ebooks (Book)
General
21) Architecture and Interior Design (International Design Magazine)22) Girls Going the Extra Mile to Make a Difference (Book)
23) Looking for a wedding expert (Online Women's Magazine)
24) Building Your OWN Brand (Radio)
25) Video Production (Social Media Club Journal)
26) Preventing Financial Arguments (MainStreet.com)
27) Helping a Loved One Cope with Splitting from Their Significant Other (FabulousLiving.com)
28) Home Safety Tips While You're Away on Vacation (FabulousLiving.com)
29) Healthy products/books/DVDs or Published Health Research or Research - NEW for May 2011 (Better Homes & Gardens)
30) Quirky in-laws (Redbook)
31) Looking for physical therapist or expert to comment on joint replacement recovery (Orthopedic Publication)
32) Seeking NE Dayton Human Interest Stories (Dayton Daily News)
33) Is PR really starting to lead more integrated campaigns? (PRWeek)
Lifestyle and Fitness
34) Working on a spring pedicure story and looking for an expert to weigh in (Girls' Life)35) Need Boston Marathon Runners (Examiner.com)
36) Tech Savvy chefs and restaurants using mobile and Web apps (Major Tech Blog)
37) jeans, jeans, jeans (examiner)
38) New query THE WANDER YEARS (Viking)
39) How moms can remain connected to their partners (Parent & Child magazine)
40) Entertaining (SK)
41) Essential Books for a Healthy Man's Library (Men's Journal)
42) How to Handle Changing Up Your Look (Bella in You magazine)
43) Spusal snoring - try this! (First for Women)
44) How to Become a Beauty Professional (SpaBeautySchools.com)
45) young women and alcohol (SELF magazine)
Public Policy and Government
46) Obama Increasing Engagement with Africa (Atlanta Post)Travel
47) Hotel deals for skiers (OnTheSnow.com)48) Places to stay and not to stay in St. Louis, MO (Travelated)
49) Need Example of a Vendor Creative Problem Solving at Texas Folklife Festival (area magazine)
****************************
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