sell a business florida Archives - Page 7 of 11

Selling With Your Ears -8 Steps to Improving Sales

By Scott | May 14, 2010 - 8:08 am |July 19, 2013 business broker florida, how to sell a business, Main, sell a business, sell a business florida, selling my business, small business ideas, small business owner

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“Nothing happens in this business until somebody sells something.”

Are you a salesperson? If you are in a small business or a startup I would be stunned if you said no. I have been with several companies throughout my business career, small, medium, and a large Fortune 100 company, some as an employee and some as an owner. My role currently as a business broker is to help people with the process of buying and selling businesses. How do you find people wanting to buy a business or sell a business- prospecting.

Whats The First Thing I Do When Meeting This Prospect- Listen.

My job of working with those in the buying and selling of businesses is really really a job of listening. I recall one of my first jobs out of college I was hired by a Fortune 100 company, and they would send all new employees off to corporate headquarters for 45 days of fairly intensive training. Training as a salesman/woman for that company involve quite a bit of technical knowledge on their products along with sales/marketing/time management skills. I studied the technical aspect of this product extensively. I felt when I got in front of a prospective client I just had to let him know all I had learned about this product without really slowing down to hear what they wanted to know. It seems a little silly to me now, but then I felt it was my job to tell them all I knew.

Photo (c) wikia.com

Today to me selling is listening to a customers needs and proposing a solution. As I work with those buying and selling businesses there is so much that goes into such a complex process that include the emotional side, the financial side, the timing, family, friends, employees, loyalties, that without listening to what a persons true interest is seems so mis-guided.

Overall, I’ve found Salespeople can seem to be looked at in a negative way by other departments within an organization, can be looked at disparagingly thru movies and stories, but my perspective on sales process or the sales person is a little different. I have a strong admiration of those involved with the sales process. The sales process can be defined in many different ways from taking orders over the phone to the full cycle process of identifying a target market, prospecting that target market, approaching that target market, and ultimately trying to parlay those contacts into gainful customers. The production department, or the service department may not like all the actions of the sales department, but very often the jobs in the production department or the jobs in the service department are dependent upon the sales department. I guess its ok to not like the salesmen or saleswomen in your company but from a business perspective you can not discount their value.

Some thoughts on Selling:

Were not selling stuff, were selling solutions
Selling is not trapping a prospect in a room or on the phone and subjecting them to our “pitch”, selling is maybe 80% listening 10% asking followup questions and 10% wondering if you have asked all the pertinent questions
When selling are we telling them what we want to tell them, or responding to what they are asking for
The true full selling cycle from development to implementation to closing a sale is an admirable achievement. Most that are successful at this can find many successes in business.
Many (maybe most) Presidents, CEOs, Vice-Presidents began their careers as a salesperson
All in the company should have a role in sales from CEO/President to receptionist- Do you think Steve Jobs- Apple, Bill Gates- Microsoft sells? – Absolutely
Listening is a skill… and maybe a salesperson biggest potential asset. – Like many others, I was fortunate to be born with 2 ears and just one mouth.
STOP- and pretend you are the buyer of your product or service- what do you want to hear?

I cant imagine meeting a person that wants to buy a business and not asking them what type of business do you want to buy?, where do you want to buy that business?, how much do you want to spend on that business?, what is important to you when buying a business? and so on.

When a person wants to meet with me regarding selling their business- I would like to know why do you want to sell your business? When someone runs a business for 5,10,20 ,30 years the why can be a pretty compelling answer. I continue to ask more questions and listening. It almost doesn’t even sound like selling, and I think there is nothing wrong with that. Maybe listening is a byproduct of experience, or maybe it is taught, or maybe some people are just better listeners than others. And maybe that’s what makes one a better salesperson than others.

“Earn $10,000 per Month Working just 2 Hours per Day!? “

By Scott | April 22, 2010 - 9:16 am |July 23, 2013 business broker florida, buy a business, entrepreneur, how to sell a business, Main, sell a business, sell a business florida, selling my business, small business ideas, small business owner

Is It True Or Just A Marketing Trick?

Does one think that you can get rich just working a couple hours per week? Lose weight by laying on the sofa? I dont think we really believe it to be probable – maybe we think it to be remotely possible, and just that sliver of hope warrants us to spend our valuable time to read.

Optimism is a wonderful trait-when tempered. Kind of like the optimist that falls off a 90 story building and while falling past the 50th floor says to himself – “so far so good.”

Small business is of great interest to me, and I have various sources of information that I tend to follow. I write for a website that reaches many entrepreneurs, aspiring business owners and current business owners searching for both information and opportunities. On my own website, I list 1000 plus businesses for sale from Florida and around the United States. Within these businesses for sale certainly exist tremendous opportunity for those willing to put in the necessary risk and hard work.

And yes one buying one of the many businesses for sale you can earn $10,000 per month only working a couple hours per week…. But that may occur only after 10 years of working 14 hours day, initially struggling to pay the bills, and dealing with daily dealing with setbacks, and disappointment.

Yes, maybe after you have exercised a) a good business plan, in b) a good industry and c) are well funded and d) properly timed your venture you could earn that money – i.e. One could find quality people to help one execute a solid business plan for a well funded Typewriter Company…. But success would be unlikely – the same above scenario, executed 40 years ago may have proved successful. The timing for a typewriter company has come and gone.

There are people that “hit a homerun” and reach significant financial success with apparent little effort in a short period of time and capitalized on a new idea as the typewriter people may have several years ago. But I think for every one of those success stories there are the 10,000 others that reach success through long term hard work.

Photo (c) financeonlines.com

A person may start a business or buy a business and sell it next year for rich rewards. But, I am convinced that most financially independent success stories are the result of hard work over an extended period of time. And for me much of the good valuable advise I have attained throughout the years came through extended conversations, and trial and error – It does not come through short cryptic eye catching statements.

As a writer of a blog based on my experience as a business owner directly involved with several business acquisition, I contemplate the question of writing what I think readers may want to read or the information that I think small business owners and aspiring entrepreneurs should read. Style or substance – I will tend toward substance knowing I will regularly not catch the eye of the readers looking to “get rich today – retire tomorrow.”

If I write an article about “Why is It Important That A Business Owner Understands His/Hers Balance Sheet,” will it be read? I dont know, but I know it would add value.

Real Business Advises

Some of the advise regarding starting a business, running a business, or buying a business can appear fairly boring and non eye-catching –

Do Your Homework
Educate Yourself
Understand that you will be rarely over-funded
Expect to Work Hard (working at “your job” or for others may be hard- but this will probably be harder-maybe more enjoyable, but harder)
Expect setbacks and accept it will be up to you to overcome them.

But I do think that readers that are reading small business/entrepreneur blogs, news feeds etc. are taking an important step in educating themselves which is a valuable part of the process of reaching financial independence and or entrepreneurial business success.

Starting a Business in a Recession

By Scott | April 12, 2010 - 5:55 am |July 23, 2013 business broker florida, buy a business, entrepreneur, how to sell a business, Main, sell a business, sell a business florida, selling my business, small business ideas, small business owner

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Some business owners and Entrepreneurs are good planners. Some are not. Some consider themselves “do’ers” that they are very good at doing what they do and really don’t have the time to plan for next year or the year after, or for 5-years from now. The economic climate has done more than bringing on lower sales, lower profits and lost employment.

It is a sound business practice to have a plan or idea that extends beyond the current year. Many sound business owners and operators had planned to sell or exit their business, and then were hit by the drop in their stock portfolio, retirement funds, drop in home value and depressed company results. So those well laid out plans are delayed as a result of the business environment.

Is It Wise To Start A Business In A Recession?

Photo (c) drewsmarketingminute.com

What about the small business owner that had planned to start a business, or buy a business only to feel the need to address the question- Can I start a new business during a recession? What does one do? Delay the decision until the economy turns around, or move ahead regardless of the slumping economy. When running and or growing a business for an extended period of time ( say 10-20+ years), it is inevitable that you will need to operate that business during both good economic times and bad economic times. How much do you allow the economic climate to be an excuse/reason/crutch or do you try to just work harder thru it. I personally view this economic downturn that we currently operate to be quite different than any “downturn” I have seen in my 25 years of business.

Most of what I read and discuss with others refer to our current economic environment as a Recession. But is it possibly a Depression? A common offhanded comment defines A Recession is when your neighbor looses their job, A Depression is when you lose your job. Respective governments have criteria used to establish Depression and or Recession. I question the accuracy and application to our newer global economy.

I also question how much our politicians and policy makers really know what the business climate really is at the “street level”. I actually think our economic climate we have been operating in is neither a Recession or a Depression but rather a hybrid maybe there is a need for a new or different term to refer to our business environment. I think the non-existent term “DEP-RECESSION” may apply.

The Importance Of Proper Timing In Business

So what do you do with your plans to start that business or buy that business? Do you delay or press ahead? My thought is that it is somewhat dependent upon the business venture. Many businesses and consumers still need to procure certain products or services to allow their household or business to continue. But some buying decisions can be put on hold or delayed until the economic uncertainty passes. How much your product/service may be considered a discretionary expenditure may influence your decision to go forward or delay.

For example if you are in the paper business, businesses still need paper to run their operation or make copies. But a business may not be compelled to buy that new copier and may decide to just “get by” with the one they have. Most small business owners and entrepreneurs I know are more of the press ahead type and fairly aggressive with their business decisions.

Should one delay the decision to start or buy a business until the economy improves? I’m not so sure, but what if it takes 2-5 more years to improve.- This almost sounds like an answer to this question.

More than One Reason to Start or Buy a Business

By Scott | March 27, 2010 - 3:18 pm |July 23, 2013 business broker florida, buy a business, entrepreneur, how to sell a business, Main, sell a business, sell a business florida, selling my business, small business ideas, small business owner

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How many times do you go to a cocktail party or just hang out with friends and hear things such as “I got this great idea for this new business”, or “Ive got this great idea for this new invention”, or “If I were the boss and owned this business that I am working at, I would ______________.” Words are said, heads nod, cocktail parties end and friends go home and nothing happens.

But for some the entrepreneur spirit rises to a greater height than just words, and they are able to turn those words into action. What is the difference between those at the weekend cocktail party talking about it and the person that wakes up Monday morning and actually pursues it? Very often, the inspiration to turn words into actions lie in the reasons why one want to pursue this path. What are the reasons some turn those casual interest into action?

Photo (c) bluewolf.com

As a business broker I have many discussions with individuals that want to buy a business. The process of buying a business or starting a business both are filled with trepidation, concern, excitement and pursuing of yet to realize results. One of my functions in working with individuals in the process of buying a business starts with a simple question – WHY? Why do you want to buy a business? or in some cases Why do you want to start a business? There is a big difference between the person that talks about buying a business or starting a business and one that actually follows through on those aspirations. And the reason why one wants to start or buy a business can be very different as well.

The below list is certainly not complete but explores some of the reasons one takes the next step.

Why Do You want to Buy a Business or Why do you want to Start a Business?

1. Sometimes its not just about the money, someone has a passion for a field or effort and just wants to immerse self into that field.

2. Others, want to turn filthy rich. Some studies will speak to the high percentage of individuals that gained significant personal wealth through buying a business or starting a business.

3. Someone may just want to have a job to count on. If you are the boss (of yourself), Who is going to walk into your office and fire you. No one. You have control of your job security. Maybe this venture will turn into more, but at this point, “I just need steady work”.

4. There is a want to start or buy a new business because a person wants out of existing business due to “burnout”, or fatigue and wants to enter a new venture to re-invigorate and try to re-discover the energy that comes along with an entrepreneurial new start.

5. There may be a compelling wish to pursue a new venture that is genuinely making peoples lives better, and a person has a need to fulfill this want of self- fulfillment.

Real Reason For Starting Your Own Business

People who want to be entrepreneurs cite reasons such as satisfying a self-determination, wanting to set their own hours, wanting to be their own boss, and wanting to test themselves, as reasons for starting a new business. But when we get down to it, most people want to start a business to gain financial freedom. Starting or buying a business in the pursue of financial gain and to provide a comfortable existence for self, family or others is a realistic and well-proven approach. Starting or Buying a business so one can spend more time with family is both mis-guided and unrealistic.

The reasons one does start a business, or buys a business can vary greatly, and the list is longer than outlined above. But there are only 2 types of entrepreneurs or small businessman when it comes to buying a business or starting a business – Those that Do – And Those that Don’t.

I Want to Buy a Business… I Think

By Scott | March 11, 2010 - 9:48 am |July 23, 2013 business broker florida, buy a business, entrepreneur, how to sell a business, Main, sell a business, sell a business florida, selling my business, small business ideas, small business owner

Buying And Selling A Business – Facts

I am in the business of helping business owners and individuals buy and sell businesses. I interact with both a lot of potential buyers and potential sellers . Understanding the key points below that outline some information regarding the future sale of your business, or if opportunity presents itself buying a business may benefit your situation:

1. ALL business owners are probable future business sellers

We all need some “exit strategy” from our business. Selling ones business for a nice gain is one of the more appealing exits from a business that exist. Prepare in advance for that fact. Also know and understand the value of what may be your largest asset- your business. Even if you are not plannining on selling your business- it makes business sense to know what the value of your largest asset actually Is. On my website www.sellabusinessflorida.com we list 1000’s of businesses for sale. On this site one could locate “like’ businesses and use this information to approximate the value of their own business. But please keep in mind all businesses are different, but this would be a starting point to ballpark valuation.

2. Not all businesses that try to sell actually sell

Homes are bought and sold all the time. Some homes take much longer to sell than others (especially here in the South Florida market). But ultimately most all homes do sell. The same is not the case for all businesses that attempt to sell. The process of selling a business can be a long process, and that process does not always end with an executed contract and or sales agreement .

Photo (c) tampabusinessbroker.com

3. Most people that say they want to buy a business don’t buy a business

Industry statistic regarding this fact vary, but the numbers may be as high as 9 out of 10 peoplethat actively pursue acquiring a business, talk to business owners about selling their business, and engage in some form of due diligence don’t buy a business. The reasons vary and go beyond the scope of this post, but money “surprisingly” is a determining factor in not having a potential business buyer buy a business.

4. If you have started your own business and are looking at ways to boost sales, buying another like business is a very viable growth business concept

Buying A Business Comes In All Shapes And Sizes

Eliminate the thought that buying a business means $100,000- $5,000,000+ deals. It can be as simple as buying an online web store for $200 that is a perfect fit and the additional traffic that it can drive to you is extremely beneficial. – Eliminate the thought that you need to have big piles of cash and the person selling their business is walking away with an all cash deal. MOST businesses sold today involve seller financing. The seller has both a vested interest in your success, and the seller is eliminating the need for you to go to a bank to finance the acquisition of the business. The seller is your bank. The seller understands their business and the likelihood of your success with their business, very often better than a banker would.

If you have started a business and need to “boost sales” and not sure how to gain additional customers or sales, buying a business that may be a competitor or a complimentary product of service can be an effective strategy. If you are thinking of starting a business, and want to “jump start” your effort buying a small business that you can build on and mold into your own is also a very viable strategy.

Thinking of buying a business? Will you be that 1 out of 10 that actually goes forward and makes that goal a reality.

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