Eric Gilboord Author/Speaker
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Welcome To My Blog

A collection of lessons learned, tips, suggestions,
observations, ideas and thoughts including some guest posts,
to ​fuel your personal and business lives.

You Can Be Your Worst Enemy

4/29/2017

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Are You A Trusted BABO Adviser?

4/29/2017

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As a trusted adviser, are your BABO clients stuck on when to start transitioning their company?  

​The biggest challenge today for boomer aged business owners is in taking that first small step toward selling their company.  Realizing a successful sale or transition is key to their future. As hard as this is to believe for them, they will not live forever. Owners don't know what they don't know. They are the least prepared for the single largest sale they will ever make. It's time to shed some light and bring owners up to speed on transitioning out of their company.

My new book is available now on Amazon. Makes a great gift for your BABO (boomer aged business owner) clients or prospects. Ask about quantity orders eric@ericgilboord.com
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4 P's of Success in Life or Business

4/29/2017

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1. Patience - Often times it takes years to launch a new idea and still more time to be successful at it. You have little real control over the thinking of others. Be it the world, family, friends or business associates. Some will come around to your way of thinking others will not. You know it's a great idea but 'they' may not be ready for it. The world is not on your clock.

2. Persistence - If you really believe in what you're doing you will not give up. Changing your thinking, adjusting the measurements, and revising your plan are all part of the process. Giving up is not.

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Are You Attracting Takers Or Buyers?

4/29/2017

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Free samples has several meanings and offering stuff for free can often result in different outcomes.
 
You can get a free sample at the deli counter before you buy. Usually you're there to buy so it makes sense to offer free samples. Sure someone might take advantage but typically the ratio of buying vs taking is low.
 
Free on the other hand, as in download this stuff free, take this free pen at the trade show, come to this free event or take an hour of my time for free has less attraction to real Buyers and usually appeals to Takers. 

Takers go for anything free or close to free and place little value on what they're receiving. It's appropriate to lower your expectations and anticipate a lesser quality of response.

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Not Knowing Is OK

4/29/2017

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The past year has been an interesting time for me. Lots of changes, including how I work, who I work with and how much I enjoy my work. Yes it is true, if you really enjoy what you're doing it's not work. 

This is not without the obligatory surprises, tests of will and oh crap did I just make a huge mistake lightning bolt. So how have I managed to soldier through the challenging times? Good question. While it's exhilarating enjoying the highs, it can be tough dealing with the lows.

Here is my mantra. "I don't know, I'll figure it out."

Next time you're faced with an overwhelming challenge, don't curl up in the fetal position and try to ride it out or yell at the innocent party who just asked you a simple question. 

Embrace the situation, take a deep breath and say "I don't know, I'll/we'll figure it out."

Interesting, I just had an epiphany while writing this post. It's no longer always I, it's now we. As more great people join our company I have become part of the 'we'.

Something for many of us to think about.

Cheers, Eric
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If You Can't Explain it Simply ...

4/29/2017

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Answer a question, make a pitch, request a sale, get an opinion, show someone how to do something. If you can't make the message clear, communicate it quickly and say it simply so anyone can understand, then you're not ready.

I used to say, explain it to me like I'm a six year old.  So here goes. 
Grandpa and Grandma, are mixed up and sad about closing their store. Let's make them happy.

Know a 50+ owner of an established business feeling 'a little mixed up and maybe even sad about transitioning out of their business'? A friend, spouse, parent or client.

If yes, please click here and find out how to help make them happy again. 
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Balance And Age

4/29/2017

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 I've found that as you age, balance requires more attention. Please enjoy this short slide presentation on using Tai Chi principles to improve balance. You don't need to do traditional Tai Chi to enjoy the benefits.
​Cheers, Eric
Click Here for Slide Show
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What's My Business Worth?

4/26/2017

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Dear Eric
How do I figure out what my business could sell for?
Thanks, Wondering How Much

Dear Wondering
We happen to offer a confidential, blank, DIY template form you can download and fill out with your Accountant on our WarrenBDC website. Click Here

Remember this is only an indication of the value of your business. A proper valuation by a licensed Business Valuation specialist is still necessary. WarrenBDC can help with that.

Cheers, Eric 
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There's Lots To Do

4/26/2017

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Whether you're exiting a business or just living your life!
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Every day

4/25/2017

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Boomer Business Owners are Missing Out

4/24/2017

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MEDIA RELEASE 
                                  Boomer Business Owners Are Missing Out On Cashing In,
                                              Unless They Start Preparing Properly for Sale 


TORONTO, ON, March 31, 2017 - Boomers (born 1946-1964) own about 63% of private companies in both Canada and the United States. Of the businesses available for sale, 70-80% don't sell. Incredibly 44% of Owners say they aren't familiar with their transition options, 24% do know what their choices are and 32% are not sure. As for getting help, 88% have not yet established a formal transition team.

Author Eric Gilboord says "Owners need to get started now, preparing their business and themselves for transition." Or the impact on their personal finances will be devastating. Many Owners are carrying on business as usual. The current thinking of many smaller Owners is to take as much money out of the company as they can for the next few years, and then sell for what they can get or simply close down. Neither solution is in their best interest."

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For My DAUGHTER and Yours

4/24/2017

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your decision affects the whole family

4/21/2017

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The holidays are right around the corner. You have a not too frequent opportunity to speak with your entire family about the future. To talk about the business and what is going to happen. 

Scheduling meetings or lunches or whatever to try and get to everyone during the year could be overwhelming. So how about taking advantage of the holidays? When pretty much everyone is already there. As for those who are not, there's always the phone.
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No, I'm not talking about starting a bun fight. How about a quiet, private conversation with each family member individually. Take their temperature on how they perceive the business and their role or non role to date. What are their expectations for the future? 

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The one interview you need to hear

4/20/2017

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The most important interview I've ever done.
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Click on pic to go to Creative Warriors online.
Highlights
  • Having an exit plan can help when the unexpected occurs.
  • Be on the front end of your business or career.
  • There are two sides to the exit plan conversation: emotional and business.
  • There is a risk in creative businesses that fall into the lifestyle business trap.
  • Boomers own 63% of private businesses in US and Canada.
  • Avoid the “me” focused way of looking at your business.
  • In terms of your success, think “I want that AND…”
  • Understand where a buyer is coming from and how they are looking at your business.
  • You may not want to think of creating an exit plan, but the truth is you should.
  • Figure out what you want to do from a business perspective with legacy.

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EBITDA

4/20/2017

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Dear Eric
What is EBITDA?
Thank you, Not an Accountant

Dear Not
Excerpt from my book 'Moving Forward'.

Commonly abbreviated as EBITDA, it is an accounting measure to calculate a company's net Earnings, Before Interest expenses, Taxes, Depreciation and Amortization are subtracted. Used as a proxy for a company's current operating profitability.  Hope this helps.

Cheers, Eric
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23 Marketing Tips For Avoiding Small Business Failure

4/19/2017

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This post is an excerpt from my book 'Just Tell Me More'.

Lists like this one are usually made up of financial reasons for the failure of a small business. Unfortunately there are also many sales and marketing reasons. Fortunately, there is a positive step that can be taken for each one that will greatly increase your chances for success.

“These actionable tips are the responsibility of everyone who works with you. Make sure they know and understand them. Forward this blog to your team NOW!” EG

1. Face Your Weaknesses.  Failure to face up to your weaknesses and a lack of effort to take advantage of your strengths can keep your business in a no-growth mode.

Take two pieces of paper and list your company’s strengths on one page and its weaknesses on the other. Note the ways you can make your staff, customers, prospects, and other business associates aware of each of your strengths. On the page of weaknesses, identify steps to correct each problem. Discuss the points with your staff and develop a schedule to address them. No, it’s not really as bad as you think.

2. Take Action.  Talking about the great marketing program you have been developing and following through with it are two very different actions. Implementing the program is the key to marketing success. Plan all you want, but be prepared to act on all the steps you have identified. Don’t be surprised to discover that there are some steps you hadn’t initially considered.

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Don't piss off spock

4/19/2017

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7 Triggers For Selling Your Business

4/19/2017

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  1. Negative event i.e. spouse or owner gets sick or dies.
  2. Partner wants out.
  3. You want to sell but partner does not. 
  4. Industry is changing and you are not prepared to.
  5. Kids are not taking over i.e. do not want the business, or are unqualified.
  6. Want to improve life enjoyment i.e. time with family, spouse, travel.
  7. Need money from sale to finance retirement.
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did you plan to get punched in the face?

4/19/2017

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As Mike Tyson so eloquently stated "everybody has a plan until they get punched in the face"​. 

Extended Version: Many boomer age business owners have been putting off transitioning their company for so long, it's now the accepted status. Or they promised their spouse, the team, advisers and most importantly themselves, five more years and I'm out.

But suddenly circumstances change and you're faced with an unsettling feeling in the pit of your stomach. You want out, but you're trapped, for at least a period of time. And it's always longer than you want it to be. 
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Could be changes in the business environment are making it too much work. New competition is coming out of nowhere. They're well funded, younger or seasoned owners getting back in the game, more aggressive and kicking your butt. Higher interest rates, cross border restrictions and you get the picture.

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Nuff Said

4/18/2017

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Can You Handle the Truth?

4/17/2017

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You Can Handle the Truth (about selling your company) I Know You Can
The first thing I'm consistently told by my readers, when we meet in person or speak on the phone, is they respect the honesty and tell it like it is attitude in my writing. I take that as a badge of honour. So thank you.

The truth and cutting to the chase is and always has been important for any successful business owner. I respect you by offering the truth and I expect to receive it back. Trust is earned over time and we slowly develop an honest relationship.
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I think you do want it and you can handle it. One of the tools you used to build your successful business was and still is a strong BS meter.

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Understanding The Other Generation

4/17/2017

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My son and I got into a conversation about Trump the other day. And of course the inevitable what do we do here in Canada about our own leadership. 

As we talked I realized that our discussion was less about the specifics and more about our own generational concerns and how the implications would affect us personally. 
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So with that clarity I understood we likely would never agree on everything and we both need to work hard to appreciate the impact the upcoming changes will have on each other.

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When Partners Do The Sale Themselves

4/17/2017

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An email I recently received. I am expecting an offer from my partner to possibly buy me out. If this falls through I will contact you.

My response. Thanks for the update. Food for thought. I recently had a conversation with another Owner we have been talking with over the last couple of years. His plan was to buy out his partner of 30 years or have the partner buy him out. The partner chose to be the Seller.
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The Buyer, our contact, chose to do the deal on his own. We offered our services but he declined as he knew his partner well and they have had a 30 year relationship. After literally a couple of years of discussion the deal was supposed to finally close on January 2, 2017. 

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Reach Out of the Weeds, to Open the Gate

4/17/2017

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It's easy to get caught up in the day-to-day only to miss the big picture. Consequently, opportunities can disappear as quickly as they came. As a business Owner, this can be an easy trap to fall into. We all do it. I'm not suggesting you ignore the small stuff, just don't get personally involved in every decision. Have someone else take care of it. 

Why would you hand off important and not so important decisions? Because if you and your staff continue to run the business as if you're the only one who can make the right choices or solve the problems, you will live to regret it. If you don't already.
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Eventually the reality will hit you, you're not running the company, it's really running you. Instead, you should be thinking about the bigger, more important issues. Like how exactly you're going to get out. 

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Boomer owners drive unemployment

4/17/2017

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MEDIA RELEASE

                       Unemployment Going Up, As Boomer Owned Businesses Shut Down,
                                        Unless They Start Preparing Properly For Sale


TORONTO, ON, January 25, 2017 -  Boomers (born 1946-1964) own about 63% of private companies in both Canada and the United States. Of the businesses available for sale, 70-80% don't sell. Incredibly 44% of Owners say they aren't familiar with their transition options, 24% do know what their choices are and 32% are not sure. As for getting help, 88% have not yet established a formal transition team.
 
Author Eric Gilboord says "Owners need to get started now, preparing their business and themselves for transition."  Or the impact on families and local communities will be devastating.  We need to create jobs not lose them. Shuttering the doors of long-term businesses should not be the go to option considered by Boomers."

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Eric's Latest Book Moving Forward

Written specifically for Boomer Aged Business Owners. One of the biggest events they face today, is to sell or transition out of their company.

Moving Forward is about selling or transitioning faster and for more; without forgetting the emotional and practical struggles Owners face.

At the same time it serves to help the Owners Family, Friends, Buyers and Trusted Advisers to better understand these challenges from the Sellers' perspective.

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