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This Will Make or Break Your Business!

As I sit down to write my article for this week, I come to two very important realizations.

  1. I’m sitting outside in 80-degree weather in November. I am living my dream on several different levels. The first is that I live in this weather! My husband and I made the decision a few years back to move from the cold weather (outside of Toronto) to California. This is AMAZING! I will never take this for granted. The second is that I’m working outside. I remember all of those years in corporate when I was cooped up in an office. I did have a view, but still. Nothing competes with being able to work outside. It makes my heart sing.
  2. I realize how free I am because of the support I have in my business. All I have to do is focus on serving clients and growing my business. All of the nitty gritty behind the scenes stuff is taken care of because of having a great team in place. I am so thankful for the support and proactive planning over at Team Beckers. For help with systems and strategy, please check out Kim Beckers.

Today’s article is about being thankful for systems and support, and to convey to you just how imperative both are for the continued growth of your company.

Get the support you need. Get the support you need in your business and at home. Get the support you need now – like a.s.a.p. Don’t wait until you can afford it. My mentor once told me to spend my way to success. I agree with that statement on a few different levels. The first, is that it creates a sense of urgency for you to shift your thinking and be who you need to be in order to have the business and life you really want. The second, and more applicable to this article, is that when you invest in getting the support you need you will have more time to grow your business. You can spend time making service calls (what I now call sales calls) and grow your business. When you find the right support team you will also have the peace of mind that your business is in good hands, and being well taken care of. You can relax. Someone has your back. This is HUGE!!!!

When looking for support, first be clear on what your support team can do for you. What would make your life a whole lot easier if you let go and had help with it?

Here are some ideas:

  • Uploading and sending your ezine, and the social media around it
  • Billing and accounts receivable
  • Booking your appointments
  • New client inquiries
  • New client enrollment
  • Client management for logistical information
  • Creating sales pages
  • Organizing your teleclass campaign

The list goes on…

When you have the support, everything will change. I had a virtual assistant (VA), for many years, which was awesome! This is definitely a service you need to add into your business even if you’re just starting. If you’ve been in business for awhile, you may want to consider an online business manager. They are more proactive in that they can help with business planning, and have a deeper knowledge on systems. They keep you in line, instead of you managing a VA. If you have a list size of over 500 people, or a have reached 6-figures in our business, then it’s a good time to look at bumping-up.

It’s also equally as important to have help in your personal life. Start with a cleaning lady. Realize that A) you are giving someone a job, and B) you can use the time you will save to grow your business. If you are a woman (sorry guys, nothing against you), you are likely to be the nucleus of your family and are in charge of making sure everything runs smoothly. Having someone clean your house will help the rest of your home – and life – run more smoothly.

With my increased travel schedule, we decided to hire someone to help with laundry and groceries too. This is probably the best decision I’ve made in years! The person hasn’t started yet, and I already feel better. Just knowing I have extra support coming makes all of the difference. I also feel great knowing I am supporting someone else in growing her business.

The other side of the coin is that you must be willing to do what you need to do make the money to pay for these services. That is the secret. And no I’m not referring to anything illegal. You may need to shift your focus in your business, but you likely need to change who you are being. You need to show-up differently in your business. Ask yourself, how does the version of you who is already at the level you are desiring behave? How does she think, act, feel, make decisions, dress, etc.? This is who you need to be, you’re contributing to something bigger then just you. It will inspire you to keep going. Our world needs you and your unique gifts, so please hang in there through thick and thin.

How to Sell Your Business Faster and for More Money, Create Lifetime Income, and Pay Zero Taxes

No thinking person would ever willingly choose to throw their time, money, and effort into an investment that yielded them only a 3% return (or less).

Yet, that is precisely what happens, day in and day out, when business owners sell their businesses. Sellers in today’s market are at the mercy of a broken, inefficient system dominated by incompetent brokers who contribute little to the process. Since most business owners do not have business succession plans in place, they are unprepared to gain the upper hand in the complex, fragile undertaking of getting their companies sold successfully.

Industry statistics paint a dismal picture: the odds are stacked against any seller who wants to sell in today’s marketplace and the situation shows no signs of improving in the future. Over 368,000 business owners turn 65 every year. Of those, around 226,000 say they want or need to sell their businesses and retire. However, the current system closes only a fraction of sales, a mere 24,000 or so a year.

These horrible statistics are having a big impact on all sellers, but are especially hard on Boomer owners looking to retire. Because they have such a low expectation of selling, many owners are forced to stay in their businesses even when they have health, family, or other situations that need their immediate attention. You don’t have to talk to too many owners to realize they are stressed-out, tired, and afraid for their futures. The system is irrevocably broken and hindered by factors such as a lack of qualified, competent buyers, too much third-party involvement (business brokers, lawyers, banks, etc.) and too many investment choices for the small pool of buyers that exists.

When I began my business career, it didn’t take long for me to realize that those of us in the business of buying and selling successful small businesses needed to come up with viable alternatives. After examining over 300 deals, deals in which nearly every seller was getting hosed, I came up with what I called the “Delta Solution.” My partner and I determined that certain key elements MUST be included in any deal in order to ensure a successful outcome for sellers.

Before discussing the best plan for dealing with shortcomings in the business selling process, let’s take a look at a typical scenario. While this is a fictional illustration, it will help you understand the challenges you face as an owner who wants to sell his or her business and give you an idea of how a new approach will work.

Let’s say that Anthony owns an air conditioning and refrigeration company with revenues around $2 million dollars a year. Anthony’s business creates approximately $300,000 in cash profits per year. In a traditional selling situation, the company, if it sold at all, would probably sell for between $900,000 and $1,000,000.

After paying broker fees, (10% or more), professional fees, and taxes (at least 20%), Anthony would be left with around $700,000 in cash profits from the sale. More than likely, especially if he is near retirement age, he will be faced with investing that money securely, so that it will generate a stream of income but not face exposure to risk.

The problem with this understandably conservative approach is that Anthony, even if he is a pretty savvy investor, is likely to get a 10% return at most. So, he now winds up going from a lifestyle based on a $300,000 a year income to one in which he makes only $70,000 a year. This represents a huge change in lifestyle; one which Anthony and his family are unwilling to make.

Unfortunately, unless he is exposed to another way of selling, Anthony may find he has no other choice when he decides to he needs to leave his business. This is the type of situation faced by business owners every day and it has long-term repercussions for the entire economy.

Sellers want and need:

• A quick, efficient sale that takes weeks, instead of years.

• Predictable, secure income that they will not outlive.

• No broker fees

• Less tax or no tax at all

• Competent buyers who will grow their business and not run it into the ground

Our experience led my partner and I to believe that the only way to achieve these goals was to create a method of selling that sets up a business so that it becomes an annuity.

Properly structured, with an iron clad, asset-backed guarantee that removes all risk for the seller, such a plan is radically different than anything currently being done. The ideal exit strategy would, first of all, provide the owner with qualified, competent buyers committed to growing the business and keeping it intact.

It would create a steady, reliable monthly paycheck for the owner that contains a cost of living adjustment and a guarantee to alleviate risk. Ideally, a balloon payment to the family would occur upon the owner’s death. The entire process of selling would take only a few weeks instead of several months or years, allowing the seller to get on with the rest of his or her life more quickly.

If you are an owner looking to sell your successful business, you can’t afford to settle for anything less than the criteria I mentioned above.

You certainly can’t afford to turn this crucial phase of your life over to an incompetent, commission-drive business broker.

I encourage you to check out the recent webinar I did which explains in more detail how business owners can successfully retire with more money, a lifetime stream of income, and with paying a lot less in taxes.

You can watch the webinar here:

http://www.mediafire.com/watch/cc2nc79qj211vao/2014-02-11_09.03_How_To_Sell_Your_Business,_Get_Cash_Flow_For_Life,_And_Pay_Zero_Taxes

If you like what you see and want to explore these alternatives further, please contact us.

4 Reasons Why Every Business Needs A Blog

The cornerstone of business has always been sales and profits, but with the advent of the internet age, business has transformed into a multi-headed monster that you as a businss owner have to tame. Online business and marketing strategies are your defense against the monster and they seek to help your business or product be the most sought and searched after product available on the market. One of the best ways you can help your business and it’s online presence is through a blog. Blogs are ways in which people can express their individuality and creativity as well as sell products and your business could possibly benefit from having one as well.

1. Content

By having a blog, particularly a blog that contains high quality, original and informative content will show up higher on search engine results pages. Having a higher search engine ranking will ensure that people visit your site when they search using specific keywords which can hopefully be relaid into sales. But don’t just use written posts on your blog. Upload YouTube videos, music, images, diagrams, anything and you will see a definite increase in site traffic, even if you’re just featuring industrial vacuum cleaners.

2. Customer Interface

By having a blog that features your services and products and what you think these goods can do for your customer base, you are allowing people to learn about the business you created. You can post tutorials, directions, suggestions, tips and tricks, all kinds of things to maximize the keywords that you’ll appear when someone is searching.

3. Customer Discussion

By having a updated and popular blog, you’ll allow customers to discuss your business with other customers. This can provide valuable information and help grow your business. If customers feel that they have found a community within your business or product they are likely to continue supporting it.

4. Owner Information

By giving your business a blog to discuss whatever might pertain to your services, you are giving your customers an opportunity to express their compliments, their complaints, and their suggestions. There may be an overall dissatisfaction with a particular asset of your company, and by seeing that information in your blog, you as the business owner can help to rectify it. Or if a customer posts things from your blog frequently onto other sites, you can learn what kind of audience you are reaching.

I would like your input on this article. Are you currently using blogging with your business? If so, how has blogging helped your business?