Tuesday, November 29, 2011

Wish I could! RT @IncEvents: Don't miss #incwomen-a swanky #NYC atmosphere w/savvy women like: @tinacwells, @IForTalent http://t.co/VS94DzCm
:( RT @@SynergyBizNWA: Dividing Small Businesses in Divorce http://t.co/mJwipIsV -- #1 Is the business considered "property" or "income?"
Absolutely! RT @BizBuySell: Start your year-end small business tax planning now. @PASBAaccountant has 6 steps http://t.co/lwKahqHX
"Think like a banker, act like an investor." Great advice for business sellers from an amazing wealth manager and my pal John O'Dea.

Monday, November 28, 2011

Advice from a UC Davis Alum: Don't Pepper Spray Your Buyers!

The national pepper spray incident at UC Davis has really hit home with me.You may or may not know this, but in addition to graduating from UC Davis in 1987, I also grew up in Davis, CA.  To add another layer, I'm also a wife of a police sargent (also a UC Davis Grad), so I understand that police are in a pressure cooker during a protest situation, but as a Davis Girl and Grad, this national black eye is really, really painful.  After reading more about the purpose of pepper spray, I learned that its primary use is to "handle unruly persons", which triggered my thinking about business sellers negotiating with potential buyers on the sale of their company.

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

Extra Extra! Get your FREE eVersion of my bestselling EXIT! Book on Small Business Saturday! Get all 148 pgs @ ExitJourney.com til midnight!

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.
"The deepest courage we can exercise is continuing to believe in our dreams until we make them come true." -Oprah, Oprah's Life Class
"There is a process for success. We must each figure our what that particular process is for our own life." -Oprah, Oprah's Life Class
"Your life is a reflection of the way you think. What you believe is what you become." --Oprah, Oprah's Life Class
"Only YOU have the power to make the changes you want in your life." -Oprah, Oprah's Life Class

Friday, November 18, 2011

Great fun today presenting on LinkedIn Basic & Advanced for #IBBA... Hunt me down at ExitJourney.com if you want the slides! #ExitJulie!

Wednesday, November 16, 2011

I'm looking forward to flying to Phoenix tomorrow to speak at the Int'l Business Brokers Association Fall Conference. Will I see you there?

Tuesday, November 15, 2011

Join me this morning on my "...5 Fixes Fast" interview on Small Business Trends Radio @smallbiztrends at 10:30 PST! http://bit.ly/sfQoDe

Monday, November 14, 2011

Thx!! @SannWoods @smallbiztrends 1:30p EST Tomorrow W/@pinkbizbroker "Why Most Businesses Can't Be Sold & 5 Fixes FAST" http://bit.ly/sfQoDe
Million $$ Idea: 1) Uncover the 3 Needle Movers that will exponentially improve your customer's lives 2) Create and deliver those solutions!
Let's talk! Catch me with Anita Campbell tomorrow on @SmallBizTrends Radio at 11:30am PST!

Wednesday, November 9, 2011

Monday, November 7, 2011

I'm just back from a 4-day High Performance course and WOW! My energy is exponential! Stand by for my take-aways in this week's blog post!

Friday, November 4, 2011

I'm speaking at the Santa Clara Bar Assoc on business transactions. Any questions you want me to ask the attorneys? #smallbusiness

Wednesday, November 2, 2011

Now is a great time to buy your business real estate > RT @bizsugar: SBA 504 Business Loans Helping Drive Recovery http://t.co/JiXE8HLG