SOLD! Fabricator and Manufacturer of Stone Products
In December this long established fabricator of all type of natural stones and manufacturer of veneer stone products was successfully transferred to a new owner. This business was on the market for nine months and had over fifty interested buyers.
Some of the highlights of this business:
- a very experienced and skilled professional staff of key employees
- the seller only worked 10 hours per week
- in a good location and building is owned by the business
- many long-time commercial and residential customers
Congratulations to the seller and new owner of this long established business!
If you are looking to sell your business, NOW is the time. As you read from this transaction, there are many buyers looking to own an established business.
2018 – Right Time to Sell your Business?
Optimism for small & medium business owners is strong. According to a National Federation of Independent Business survey released last week, business optimism is reaching an all time high. This is the highest since 1983; small business optimism has not been this high since the Reagan economy.
Because of the strong business climate, 2018 may be the right time to sell your business. When you do plan to sell, here are some ways you can help in the process:
- Be Friendly and cooperative: When the buyer asks for information, provide it to them in a timely manner. This helps with building trust and gives the impression that you have nothing to hide.
- Communicate openly and honestly: Most transactions are closed in a timely manner when trust and good chemistry exist between the Buyer and Seller. This is built through honest, open communication.
- Avoid being defensive: Buyers may ask personal questions, but rarely are they intended to serve any purpose other than gathering needed information for a Buyer to make a decision.
- Help the Buyer see himself/herself as the new Owner: Let the Buyer know they are capable of successfully managing this business.
- Make your Business a Showplace: First impressions count! A Buyer may draw conclusions about product quality and the organization of the business based on the appearance of the facility.
- Be candid and optimistic about growth opportunity: A Buyer will look at the business from the perspective of managing and improving it. Help the buyer understand the opportunities and allow them to see the upside potential.
- Make Yourself available: Once a buyer has been identified and qualified, plan meetings when you will be available and not have a threat of having to cancel or being interrupted. This is critical as the due diligence process begins.
- Keep Financial Records Current: When a Buyer has to wait weeks for the Seller’s accountant to prepare financial statements, the enthusiasm to move forward is usually lost. When you decide to sell is the time you should notify your advisers of your intentions and explain that you will require their services in a timely manner.
- Understand the Emotional Roller Coaster: There is no way to avoid the emotions you will experience as you go through the due diligence and sale process. You have poured yourself into this business the past number of years and you need to keep reminding yourself the reason for selling. The Buyer will also experience emotions as he/she goes through the process.
- Create a team of professional advisers: Have a team of qualified transaction-oriented professionals who understand that your goal is to sell the business in a timely manner. Bring them into confidence early in the process so there are no surprises.
- Continue to focus on your business: It is easy to let the enthusiasm about the sale distract you from running your business. It’s important that you continue to focus on “business as usual” so that the business remains healthy and vibrant during this critical time. A Buyer wants a business that has been well managed right up to the sale. Do not postpone or ignore critical decisions.
These points are taken from an article written by Adam Petricoff from the VR Office in Charlotte, NC.
Holiday Office Party at Lakes Business Group
Our office is having our annual holiday office party next week. Although, we haven’t really ‘decked the halls’ in our office, we do enjoy planning a party with good food, since our team appreciates good food. The holiday party is a time for our team to get together in a more casual setting where we have a gift exchange planned. Finding the right gift takes time, so we’ve had our party on the calendar over a month ago. Our gift exchange is not quite a white elephant, although we use the ‘rules’ for white elephant. Everyone gets a number and start with number 1. When your number is up, you can pick a wrapped gift or steal a gift that’s already been opened, and the person who has their gift stolen, gets to open a new gift. This continues until we get to the last number and the gift you are left with is yours.
Our December holiday party also has a brief time of looking back at the year to see what we have achieved and also to look at our failures and see what changes to make for a better year in 2018. We give accolades to those who have had a good sales year and encourage all to have goals for the coming year.
Whatever your office or work place does for this time of year, we hope you have time to relax and to reflect on the past year and look forward to 2018. Happy Holidays!
Doing Business in 2018
Knowing the trends helps us to prepare as we continue to grow our business so that when it’s time to sell, the business is still relevant. What are some of the trends for the coming year? Following are a couple of 2018 business trends that have been coming up in articles the past year.
1- the Experience economy: With the Millennials having more say in our economy with their spending dollars, businesses are catering to them. They want to experience an emotional connection. They are looking for organizations that speak to their reason and their emotions. They are looking for organizations with shared values. One of the examples is the State Street’s Fearless Girl statue. State Street Corporation, the $2.6 trillion asset manager, installed the Fearless Girl statue on Wall Street, agreed to settle US allegations that it discriminated against hundreds of female executives by paying them less than their male colleagues. “State Street is committed to equal pay practices and evaluates on an ongoing basis our internal processes to be sure our compensation, hiring and promotions programs are nondiscriminatory,” the company told Bloomberg.com.
As you look for goals for 2018, your business must find ways to be honest and transparent. Find ways to speak to the emotions and reason in your marketing – tell a story. One example of a 2017 television ad is the Audi commercial titled ‘Daughter‘ and the NFL commercial titled ‘Inside These Lines‘. Both of these ads tell a story through the images and the narrator that connect on an emotional level
2- Creating Shared Value. This is a trend that has been talked about the past few years. Creating shared value is the practice of creating economic value in a way that creates value for society by addressing its needs. An article written in October 2016 referred to this new era as Shared Values Economy. One of the examples is how businesses are partnering with non-profits; In 2015, the Starbucks Foundation assisted at least 5,000 smallholder Tanzanian coffee farmers and their families. In 2016 Whirlpool company partnered with Habitat for Humanity to provide washer and dryers for the homes built.
This article has highlighted just a couple of the trends that have changed in the past few years. There are many articles written on 2018 business trends. Below are links to three of them.