No matter which stage of development your client’s company is in – there are issues requiring your services. You can help them see around the corner ahead – because you know what’s coming. You may be the voice of reason. You may be the outsider they are looking for – no hidden agenda, no ax to grind, no previous advice to protect.

Or are your services no different than your competitors?

Really, why should people do business with you and not one of them? You’ve got to have a very good answer for that, or you are on your way out of business.

In an earlier piece I discussed the importance of finding and owning your niche, your target audience around which you create your unique selling proposition.

That description was based on the principles of psychographic marketing, a strategy of focusing on what your audience has in common, learning everything you can about that commonality, and positioning your solutions around issues that effect each of them.

In another article I described how “Doing It Right” can play an important learning/teaching role, making you feel more at home calling on and selling your services to business owners. I know it works, I published it based on almost three decades of real-life experience.

Here is another way to choose your ideal client type, based on where they are on the curve from start-up to sale or exit strategy.

In the previous article I suggested a ‘vertical’ psychographic process, every prospect being in the same industry for example, an industry you already know something about or have existing credibility in.

Here is another way to look at your target market, one that may help you further identify where you want to work, where your specific knowledge, skill, and abilities will have the greatest impact.

How about working with start-ups?
When businesses are just getting going, everything that each of them does they are doing for the first time. There will always be mistakes when creating business strategies, but at this stage the mistakes can cause the business to fail before it even has a chance.

Perhaps your specialized knowledge, that unique perspective you bring to the equation, is especially suited to helping these entrepreneurs. I know a business coach who has conclusively demonstrated to me his clients and me, that without him, they would fail failed and lost everything.

What have you learned or experienced to date that gives you special insights when working with people at this fragile stage?

Perhaps yours can be the voice of experience, the voice of reason – while their excitement runs from high to low from one minute to the next.

There are three principles for new business failures. How can you help?

One is a lack of experience, can you help them with this? Do you have a coachable point of view worth paying for?

Another is a lack of money, they run out of money before their revenues exceed their expenses. Again, can you help them figure out what’s important to use their limited resources on? Can you help them set priorities, make decisions strategically so they will have a fighting chance to get over the hump?

And finally, the business was a bad idea. You know, “It seemed like a good idea at the time.” Can you be a voice of reason? Your interactions might help them redirect their energies and resources into a more productive venture.

How about working with businesses that have escaped the failure of most entrepreneurs?
This business is a survivor that has beaten the odds, moving from the weekly panic that the payroll will bounce – to one that is looking for more employees, more equipment, and perhaps a more professional management structure.

This business must build on what’s working, focusing on what’s important to their continued growth.

Even though they are successful. seventy-five percent of them will fail to outlive their founder. The average life span of this successful company is 23 years.

Why is that? Maybe they lost their focus, their identity, or their vision. Maybe things were going so well they quit doing them.

Is this a coachable opportunity for you? You bet. They have already demonstrated that they have a viable economic proposition. They did not already go broke like eighty or ninety percent of the other start ups.

If they recognize that you can be part of their turnaround, in your manner, in your attitude, and in your focus on them, they will pay your price. After all, their very life (business and personal) depends on the business and hopefully on you too.

Maybe you can focus of companies that have hit a “flat spot” in their developmental process.
It happens to all successful companies after the making money equation has been figured out, the founders of the business are making more money that they ever thought possible, and they have not yet started thinking about what is going to happen to the company when they are ready to step down.

The people begin to be effected by a sort of malaise, stagnation brought on by no urgent battles to fight.

The business proposition is working just fine thank you very much, often in spite of them. They’re making money, living the good life – but there is a lot of dissatisfaction often under the surface. There’s no joy in the process.

This is where most coaching takes place in business today. Can you see yourself as part of their solution?

Issues such as conflict resolution, executive burnout, lack of motivation, intergenerational conflict, sibling rivalry to name a few.

Opportunities in team building, strategic communications, employee motivation, strategic planning, and on and on.

Maybe you specialize in only one of the above. A place where your specialized knowledge has a maximum value to a group of business owners.

There’s no limit to what you can achieve working with companies in the doldrums!

The Final Frontier! Maybe this is where you will find your niche.
According to a recent Wall Street Journal article, the next ten years will see the largest transition of wealth and management in history.

The gigantic boom that began after WWII in the US and gradually around the world over the last fifty years, those business owners who were successful, outlasted their competition, and got past the “flat-spot” in productivity are now passing the torch to those who follow them.

Is this where you belong? Working with the most wealthy among us.

These successful businesses have only three options available to them. What role can you play in the process?

They can be sold, perhaps to strangers, to investors, or to their competitors wishing to consolidate their position in the industry.

To achieve any of these possibilities successfully requires insights and knowledge not likely to be found internally. Perhaps this is an area of special experience for you?

A second option is that the business can be sold at auction at a drastic discount compared to its value as a going concern.

If this is determined to be the only option, special knowledge, strategies, and techniques may help the business owner make the most of this often very negative situation. Can you add value in this process?

Or the company can continue on in the life of a family member or other insider. This is the preferred option by the vast majority of business owners.

Succession planning in expectation of this option works best when developed over time.

Gauging the commitment of the successor generation, the owners not ready for retirement yet, but are ready to share the management load, or perhaps no one wants to run the place in the next generation. How can you help them uncover what’s important to each of them?

Each business determined to continue beyond the retirement of the founder offer those of you who specialize with them, virtually unlimited opportunities for coaching, training, and mentoring.

And those opportunities are not just for business and executive coaches.

Coaches specializing in pre and post retirement coaching, management, conflict resolution, career coaching, and life coaches will find a fertile field among these wealthy business owners.

I know a life coach who helps high school students whose families own large companies.

Her role is to help them surface their real desires, interests, and aptitudes – so they can move beyond high school toward a productive role in the family business or not.

Her presentations to trade association groups present both sides of the stories, with not a dry eye in the place at the end.

She has all the business she can do working with business owners in a single industry, as well as world of satisfaction helping people see their futures in a positive and exciting light.

My objective here is to help you see your potential prospects from an angle you may not have considered before.

I hope you are making notes and brainstorming with your associates and friends.

I hope you will read all of the articles in this series. I guarantee you that you will be able to come up with a very tight, specific, and accurate description or your ideal client and a very targeted strategy for getting your benefits in front of them.

We Buy Your Business

For some, planning a business exit can be a predictable, methodical process. We know the competition; we understand market demands, know when we want to sell and might even know the actual date. But for far too many business owners, the business exit comes as a harsh reality and often unplanned event.

Protecting your business and assets against the dreaded six D’s of an unplanned business exit can give whole new meaning to the term “Disaster Management”. While every business may experience unexpected pitfalls, careful planning to ensure risk exposure is minimized can assist in keeping you in the driver’s seat when it comes to managing your company. Familiarize yourself with the six D’s of an unplanned business exit: debt, death, disability, divorce, departure and disaster. Know the enemy and look to address all six D’s in your operating and buy / sell agreements.

The Six D’s of an Unplanned Business Exit

Debt:No one goes into business and plans on it not succeeding, but 40,000 businesses fail every month in the United States. When debt exceeds revenue, it is critical to exit timely in order to minimize loses. Understanding limitations and protecting critical assets are key to successful divesture.

Death:Many businesses are solely dependant on their owner’s abilities, relationships, and passion to drive success, and when there is a death of an owner or partner of a business, it can have significant impact to a business almost immediately. While no one wants to consider their own demise, the strength and longevity of a business relies on being able to plan for such a critical loss even if it means downsizing or reorganization. The survival of a business in relation to key individuals needs to be evaluated and exit strategies planned accordingly.

Disability:Unbelievably, death is not as likely to end the business as a disability. A disability to a business partner can put a significant drain on cash flow, daily workloads, and excess down time, all of which can be devastating. Insurance and financial planning towards alleviating such an impact needs to be carefully evaluated especially when dealing with small business start ups where funding and resources are limited.

Divorce:No one wants to plan for a business or personal divorce, yet while Pre-nuptial agreements may be gaining in popularity many people never look to manage such impact to their businesses. What happens when the partners cannot get along? Or worse, you inherit another partner due to a personal divorce settlement? Exiting the business might be the only alternative you are provided.

Departure:It does not sound as bad as death, but it can wreak the same results. A partner, key employees, or other resources decide to go to the competition, retire, burn out, or win the lotto. When they leave, how does this impact your business going forward?

Disaster:If the five D’s above where not enough to impact your business, there are no limit to the other disasters that may occur that were never planned on: robbery, sickness, employee theft, employee turnover, natural devastating events, etc. In today’s post Katrina, 911 world the impact of the chaos theory is enough to keep even the best business minds awake at night. Plan for the worst; strive for the best and know when to get out if need be.

For the typical business owner, each one of the six D’s has special demands on the family, income, taxes, and control of assets. An agreement, commonly called buy/sell agreements, can be used to plan for the impact associated with the dreaded six D’s. A successful sustaining business exists as a separate entity from personal concerns and risk can be reduced by developing mutually fair and equitable agreements prior to these events occurring.

Business is an evolution and travels a diverse path. While some may look on an unplanned exit as a failure others may see an opportunity for growth and freedom.

www.WeBuyYourBusiness.com

We Buy Your Business

In today’s dynamic business environment you’re either Growing or Going…out of business that is! If you’re part of the latter contingent and have made the decision to get out of a business but are unable to transition your business internally or sell it as an intact entity, full or partial liquidation of assets may be an appropriate exit strategy. Asset liquidation can provide quick cash and assist in diversifying equity. However, before you terminate your lease, sell a key piece of equipment, or disconnect your utilities, make sure you have a well-thought-out plan.

Getting out of business successfully requires careful planning from start to finish. If you are looking at asset liquidation as a part of your exit strategy, consider incorporating the following recommendations into your plan to increase your chances for success.

1. Talk to your lawyer and accountant.

2. Establish the liquidation value of your assets; remember liquidation vs. retail value can differ substantially.

3. Identify the best venue and timetable to sell your assets.

4. Arrange the sale at the most appropriate location with an expert.

5. Use a non-recourse bill of sale.

Understanding and incorporating these steps into your exit plan will not only help you recover as much money as possible, they may also help you achieve the freedom needed to pursue new endeavors.

It is important to note that the recommendations discussed above are intended to serve as a general overview to assist with the asset liquidation process. It is not a substitute for case-specific advice that only your lawyer and/or accountant can provide. Also, depending on the situation and necessity of business divesture, the cooperation of creditors may need to be considered. Cover your bases and talk to the experts before liquidating any assets that may be in question.

Initiate the process by preparing a current inventory of your business assets. Include photographs, serial numbers and a brief description of the condition of each item if possible. A thorough inventory will save considerable time and expense as you navigate the sale process and can be invaluable if you are asked to provide documentation for creditors or the Internal Revenue Service.

Next, start preparing your assets for sale. To elicit the best offers, take care that you do not diminish the appeal of your most marketable items by lumping them in with outdated or worn-out equipment, furniture or inventory. In most cases the most lucrative value of these lesser items may be in the form of a tax deduction, so why not donate them to an appropriate charity?

Finally, don’t overlook your intangible assets. For example, is your lease assignable? Are the business licenses, permits, patents or trademarks that you hold in demand? Can they be transferred? Is there a market for your customer list, contract rights or accounts? You may need to check with your attorney or accountant to determine what information and agreements are transferable but once cleared these types of assets can also provide a substantial return.

We Buy Your Business (WBYB) provides cash offers for all assets in order to assist in the liquidation process. Please contact your WBYB representative for more information at www.WeBuyYourBusiness.com