Does your business still excite you?

by | Nov 25, 2019 | Business

No not me.

This was the delighted shout down the phone whilst in the middle of a call with one of my private clients Denise.  We were discussing progress with the plan I had been crafting for her to enable her to exit from the business in a planned and tax efficient way when suddenly, she spotted an email telling her she had won a business award.

Naturally, Denise was delighted, hence the sudden unexpected outburst.

Sadly, as she read the supporting detail, it began to look more like a “strings attached” effort to encourage her to take advertising space with the organisation giving her the award.  Still, it certainly got her attention.

So it got me thinking about two key messages for this blog entry:

Is your business “award winning”?

Sometimes we can get too wrapped up in examining the facts and figures of a target business that either my Business Buyers Club members or myself are looking at for a possible acquisition.

We’ll naturally look at the P&L and the Balance Sheet.  We’ll study the tangible assets to see what value is there too.

But actually, things like awards won for businesses are real, “intangible” assets.  Not just in the goodwill generated but actually in the good feelings that they can generate with owners and staff in those businesses.

After all, we want to buy not only profitable commercial enterprises that work well without the owner but we want to acquire happy and motivated staff in the process as well.

So the number of awards the business has may well be a good measure of just how good a target it might be.

What gets you excited about your business?

And then I found myself also thinking about how excited Denise was at the prospect of the award coming her way (even after she noticed the advertising glitch!).

As business owners, it’s easy to become tired, jaded, worn down by the everyday effort of driving a company.  Worrying about staff, customers, suppliers, the bottom line, taxes, the word economy….the list goes on.

Sometimes, just one of those factors can be the straw that tips the camel on its back…to mix metaphors!

It’s those kind of vendors who we most want to help to exit their company and it’s those kind of vendors who often have no real plan in place either.  So the techniques I teach in The Business Buyers Club home in on those sorts of issues and create win-win acquisitions of otherwise good, profitable companies with a motivated seller.

So ask yourself….

“If I could learn the skills to understand how to acquire businesses, in most cases without needing any of my own capital, how might that transform my life?”

And…

“Is what I’m doing now going to get me where I want to be in a year or two or three even”?

If not, then you might want to check this out – click HERE.

Go on…you know you want to!