I didn't start out to write this weeks email about me personally, but sometimes it just goes that way.
My Father passed away when I was eighteen years old. He was only 51. While not with me physically, he has always been a part of my life. A good and just influence.
He danced to his own music and lived his life as short as it was, his way. Helping people, both friends and strangers, while never expecting anything in return.
He set a fine example of what it means to be a good person and will be remembered as someone who truly cared about others. More importantly, he took action to make their lives better.
I will think of him fondly today, trust I am living a life that honours him and will continue to pass his spirit on to my children and grandchildren.
As written on his tombstone.
'He was never too small for big jobs nor too big for small jobs.'
Something we can all aspire to live by.
It's NOT OK to wait any longer. You can deny it all you want.
If you're a boomer aged business owner (or know one), you know in your heart it's time to start the transition.
More than likely you are already taking the steps needed to move on with the next exciting stage in your life. By your choice or not it is happening. The train has left the station.
10 Ways Boomers Know They're Already In Change Mode
It's been a good run and you accomplished quite a bit with the company but it's time to let go. Get on with your life. I know I hear it all the time, you don't know what you will do if you sell or transition. You also don't know what you'll be missing.
Still not convinced?
Here Are 7 Triggers To Selling Your Business
Anything Sound familiar?
How about you take a comfortable first step. Please feel free to contact me at 416-270-2466 and we can have a brief conversation by telephone. Or email me at email@example.com to schedule a call. I've been told I'm easy to talk to.
If you like, visit our website first www.warrenbdc.com, see who we are and how we might be able to help you move forward.
There are two sides to an Exit Plan conversation: Emotional and Business. It's in your best interest to understand both.
If you're thinking about transitioning out of your company, you need to hear this interview. So grab a cool beverage, sit back and enjoy. Click Here
Family Offices Adding Staff As Direct Private Equity Investments Increase
Found in FIN alternatives Daily Newsletter www.finalternatives.com
May 8 2017 | 9:03pm ET
More than half of family offices now have at least two employees dedicated to sourcing and vetting private equity investments, according to a new survey from Family Office Exchange, and four out of five have at least one.
The data was published in the organization’s 2017 FOX Global Investment Survey, which polled 118 family offices on a number of issues including asset allocation, performance, passive versus active investing in long-only equity, investment trends, current economic outlook, and financial challenges.
Other highlights from the survey:
What do you do when someone lets you down?
Hey, stuff happens and people (associate, employee, supplier, customer, family or friend) can fail to deliver. When they miss a deadline, it's not always their fault. Could be their associate let them down, illness, or just mother nature/the universe messing with you. But did you get a call or email saying there was a problem?
Is it consistent, do they let you down over and over again? Is it something different each time? Maybe they don't care about you or are they driving you away consciously or subconciously?
I'd like to suggest a question to ask yourself. Do your plans for the future of your company include selling while at a peak in value?
Some companies we meet with at WarrenBDC, show neither top or bottom line growth. Owners have instead, resorted to stalling growth and squeezing whatever cash they can from the business. Some Owners are tired and lack the energy or incentive to continue growing their business, let alone sell it. They think they'll have enough to live on in retirement but continue to come into work more out of habit than to make a real difference. Often working is the result of not having an alternative way to spend their time.
Sound familiar to you or is it someone you know?
"The distance between insanity and genius is measured only by success."
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 firstname.lastname@example.org
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.
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.
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.
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.
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.
How do I figure out what my business could sell for?
Thanks, Wondering How Much
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.
Whether you're exiting a business or just living your life!
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."
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.
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?
The most important interview I've ever done.
What is EBITDA?
Thank you, Not an Accountant
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.
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.