A summary of things you should know about Sell Your Business for More Than it’s Worth according to Michelle Seiler-Tucker: Introduction In this episode Michelle Seiler-Tucker takes a deep diveRead More
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]]>In this episode Michelle Seiler-Tucker takes a deep dive into her book, Sell Your Business for More Than it’s Worth, where she shows you how to get a twenty to forty percent higher selling price for a business.
In her book Seiler-Tucker provides valuable advice on the commercial real estate industry, reveals the issues that add value to your business, and many more inside tricks that selling advisors use to maximize the value of a business. The goal of the book is to help you increase your market share, make your business more profitable, develop a solid exit plan, and take advantage of a dying industry.
This book is perfect for entrepreneurs who plan on selling their business in the future, want to discover if their industry in thriving or dying, or simply want to increase the value of their business.
What makes my book unique is that I am an actual business broker and considered a leading authority in buying, selling, and approving businesses. Plus I have owned and operated several successful businesses so I am writing from that perspective.
The book is a step by step process of how to get your business ready to sell and how to sell your business.
I think the most important thing is to plan your exit and build your business to sale.
Chapter one is titled What Will Make My Business Sell For Maximum Value In The Quickest Amount Of Time. In this chapter I walk my readers through everything a buyer looks for and at the end of the day buyers want to know what type of industry you are in. Is it in an industry that is on its way up or on its way out? The first thing we do is talk about industries that are on their way out and industries that are on their way up.
In chapter three we talk about the more years in business the greater the return. If the business owner has only been in business for less than five years the chances are is that they are not going to get a very high multiple for their company.
In chapter four we really dive into the business and we talk about how customers are the fill in your business and without them you run out of gas. We work with our clients and readers in how to expand and improve their client base.
In chapter five we ask the question – is your business based on brown loyalty or location loyalty? Brown loyalty means that consumers go out of their way to purchase your products and services because you have a great brand. Location loyalty means that consumers are coming to your business because you have a convenient location but if you were to lose that location or lease for whatever reason it would be detrimental for your business.
In chapter six we talk about whether you are selling your business or selling a job. This is crucial because many business owners think they have a business but they really have is just a job in which they go to work every day. So we work with our readers and our clients to create a business that works for them rather than them working for it.
Chapter seven is Report All Your Income or Lose Huge Profits in the Sale of Your Business. This is a very difficult process where I come in and help my clients determine what they are really making and help them do financial house cleaning.
Chapter eight is the key elements to determine what a business is really worth and selling it for more.
NOTE: That was just a summary. To get the full deep dive, play the audio clip at 08:03
“No rearview mirrors.” -Michelle Seiler-Tucker
I have always wanted to write even since I was a little girl and I was not your typical little girl. At the age of 10 most girls are playing with dolls but I was walking around with a notebook and pen asking everyone a hundred questions and write short stories based upon what they would say. I have sold hundreds of franchises and businesses for years and many of my clients inspired me to write this book because the sale of a business is very confidential.
Eight out of ten businesses do not sell because the business owners have not planned their exit strategy and the best time to sell is when the business is doing well. The main purpose of the book was to help entrepreneurs plan their exit strategy and know their end game.
The Millionaire Mindset by Thomas J. Stanley
Rich Dad Poor Dad by Robert Kiyosaki
The Art of the Deal by Donald Trump
Buy Sell Your Business for More Than it’s Worth by Michelle Seiler-Tucker on Amazon today
Visit MichellTuckerInternational.com to learn more about Michelle and her book
Visit BetterBusinessBrokers.com to learn more about Michelle’s company and services
Follow Michelle Seiler-Tucker on Twitter and Facebook
Download the full transcript here (coming soon)
Listen on iTunes, Stitcher , and SoundCloud
Related books:
The Exit Strategy Handbook by Jerry Mills
Sell Your Business for an Outrageous Price by Kevin Short
Final Act of Ownership by Jerry Baltus
Relevant advice and tips:
7 Important Things You Need To Know When Selling Your Business
What did you like and not like about this episode? Fill out this one minute survey here.
The post A Preview of Sell Your Business For More Than It’s Worth with Michelle Seiler-Tucker appeared first on The Entrepreneurs Library.
]]>A summary of things you should know about The Exit Strategy Handbook according to Jerry Mills: Introduction In this episode Jerry Mills shares all his insights on his book, TheRead More
The post A Preview of The Exit Strategy Handbook with Jerry Mills appeared first on The Entrepreneurs Library.
]]>In this episode Jerry Mills shares all his insights on his book, The Exit Strategy Handbook, where he reveals the best way business owners can prepare themselves for selling a business.
In his book Mills walks you through a step-by-step preparation process and a host of extensive check lists that can be used as a guide for holding your financial advisor accountable when it comes to exiting your business. The goal of the book is to help you get the most value for your business and work the system when it comes to a competitive buyers market.
This book is perfect for entrepreneurs and small business owners who have little to no experience in exit strategy planning and want to be prepared when the time comes to sell.
This book is the only one of its kind that actually takes the business owner through the process. It’s also a living, breathing book, and there is software that is associated with it.
You can jump in and out based on the information you need.
Typically a company who is prepared for a transaction is going to be much better than one who is not prepared and sometimes it takes years for the preparation. So the preparation is the key component and that’s typically where business owners cut corners.
We did a proprietary survey of business owners at the Inc 500/5000 conference and award ceremony in Washington DC in 2013 and published the results in the introduction of this book.
In chapter one of the book we talk about who needs this book and that’s typically owners of private account businesses that want to someday do something with their business. This book is not driven by who might buy this book but rather by the needs of the business owners.
We talk about the future and what the next 20 years is going to look like. Is it going to be a buyers’ market or a sellers’ market? We take in to account a lot of the statistics and analysis of baby boomers.
In chapter three we talk about the importance of building a team which is the kickoff of the success of a process. Most business owners don’t know who should even be on their team and our process helps the business owner with those decisions.
Chapter four is an issue that 99% of business owners will have happen to them if they ever engaged a merger and acquisition or investment banker to help them. That is calculating the realistic value of the company. Almost every business owner has a generic feel of what their company is worth and that generic feel is not always scientific and it also doesn’t reflects the market in terms of what a potential buyer considers the company is worth. We take you through the process of how a business owner can know what a potential buyer might think about the value of their company.
Typically when the business owner knows the value of their company often they want to know how they can grow the value. In this next chapter we explain the process of how to build value in the interim period to sell a business. We also talk about the role that the business owners should or should not be doing during this period of time.
Chapter six is titled Preparing for the Last Customer and we go through the philosophy that business owners are incredible at knowing what their client wants in term of what they do on a day to day basis. We want to use that same logic to prepare for the last customer which is the buyer. So we talk about what the buyer is looking for, what they want, what are the negative spots, and some of the things that we can do to cater that to the buyer.
Chapters 8 through 25 are series of checklists that we recommend that business owners consider doing on topics such as documenting their product and service lines, documenting the competition, and key customer information. Other things we go through in the book are the dos and don’ts of contracts and leases, litigation and claims, and taxes.
The last chapter is about how to track all of this complexity and there is a very simple way that we have developed for the business owner to be in charge of the entire process at all times.
NOTE: That was just a summary. To get the full deep dive, play the audio clip at 03:53
“A well prepared business gets more offers and usually better offers than a less prepared one.” -Jerry Mills
I went to Arizona State University, spent a good deal of my career with Arthur Anderson & Co., and started to be CFO in 1987. I’m also proud to be the father of four children and almost six grandchildren.
All through my career I have been on the side of helping business owners sell their companies and through quite a few transactions. In one particular I saw the frustration business owners go through; it’s very stressful and a difficult process. I also went on Amazon and ordered and read the top 25 books on this subject and found that nobody was covering it.
As A Man Thinketh by James Allen
Buy The Exit Strategy Handbook by Jerry Mills on Amazon today
Visit B2BCFO.com to learn more about the book and Jerry’s company
Download the full transcript here (coming soon)
Listen on iTunes, Stitcher , and SoundCloud
Related books:
Sell Your Business For An Outrageous Price by Kevin Short
Final Act of Ownership by Jerry Baltus
Walk Away Wealthy by Mark Tepper
Relevant advice and tips:
7 Important Things You Need To Know When Selling Your Business
What did you like and not like about this episode? Fill out this one minute survey here.
The post A Preview of The Exit Strategy Handbook with Jerry Mills appeared first on The Entrepreneurs Library.
]]>A summary of things you should know about Sell Your Business for an Outrageous Price according to Kevin Short: Introduction In this episode Kevin Short shares his book, Sell YourRead More
The post A Preview of Sell Your Business For An Outrageous Price with Kevin Short appeared first on The Entrepreneurs Library.
]]>In this episode Kevin Short shares his book, Sell Your Business For An Outrageous Price. In his book, Short unveils over 5 years of research in selling businesses combined with over 25 years of experience in mergers and acquisitions. Unlike other books that teach you how to sell your business, this book takes you one step further to prepare business owners like you in getting more than twice what your business is worth. Sell Your Business For An Outrageous Price is the perfect book for business owners looking to sell their organization that are making between 10 and 100 million dollars in revenue.
Nobody to our knowledge has written a book about how to get an outrageous price for your business. There are a lot of books out there about how to sell your company but nothing out there with the recipe of how to prepare yourself to see if you can get more than twice the average.
I would recommend reading it from start to finish because it builds as you read along.
Making sure that the seller always has their antenna up when looking for the right buyer.
There are four pillars to this whole concept in the book. In the first pillar Kevin starts with Michael Porters theory of competitive advantage and competitive theory. You must figure out if there is something that you’re doing that would be attractive to a large buyer.
The second pillar talks about having a very well qualified large buyer. You will not be able to get an outrageous price from a private equity group or a financial buyer. At the end of the day paying 10 or 20 million is not a big deal to a multi-billion dollar corporation. You must do your homework and research as to properly identify these qualified buyers. It is also important to develop a good strategy that will get the attention of these buyers. Ideally you want to entice the buyer to approach you about buying your company.
The third pillar is the seller. The seller must be prepared to in a way play poker with the professional buyer. When messing with this amount of money, it’s not going to be easy and the seller must be prepared for the competitive fight.
The fourth pillar is about having the right professional team to make this happen. If you don’t have the right investment banker and attorney you will have a hard time making this happen. Make sure that your attorney trusts the investment banker and is ok with going along with this. If everyone is not on the same page the buyer will realize that.
“Don’t get sucked in by the buyers’ speech.” – Kevin Short
I am the Managing Partner and CEO of Clayton Capital Partners. I have been in investment banking, specializing in mergers and acquisitions, for 25 years. I’m married and a father of four girls who keep me busy all of the time.
I’ve done hundreds of deals in my M&A career and about 10 years ago I began to see this phenomenon of taking a company to market, expecting to get a 5 multiple of earnings and someone bids a 10 multiple. This made me wonder why one computer would be able to rationalize paying twice as much than the average multiple. About five years ago I started researching this information and started writing this book.
The E-Myth by Michael Gerber
Competitive Advantage by Michael Porter
Negotiauctions by Guhan Subramanian
Buy Sell Your Business for an Outrageous Price by Kevin Short on Amazon today
Visit ThinkOutrageous.com to learn more about Kevin and his book
Follow Kevin Short on Twitter
For questions contact Kevin by phone at 314-725-9939
Download the full transcript here
Listen on iTunes, Stitcher , and SoundCloud
Related books: Walk Away Wealthy by Mark Tepper | The Final Act of Ownership by Jerry Baltus | Show Me The Money by Alan Barrell
Relevant advice and tips: 7 Important Things You Need To Know When Selling Your Business
What did you like and not like about this episode? Fill out this one minute survey here.
The post A Preview of Sell Your Business For An Outrageous Price with Kevin Short appeared first on The Entrepreneurs Library.
]]>Latest Books for Entrepreneurs in September 2014 The Entrepreneurs Library presents the latest books for entrepreneurs in September 2014. These books are brand new to the market and the authorsRead More
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]]>Latest Books for Entrepreneurs in September 2014
The Entrepreneurs Library presents the latest books for entrepreneurs in September 2014. These books are brand new to the market and the authors are in line to share their insights with me. Stay tuned this month for the release of the interviews with these great books and the authors.
The Seven Levels of Communication by Michael J Maher
The Seven Levels of Communication tells the entertaining and educational story of Rick Masters, who is suffering from a down economy when he meets a mortgage professional who has built a successful business without advertising or personal promotion. Skeptical, he agrees to accompany her to a conference to learn more about her mysterious methods.
Rick soon learns that the rewards for implementing these strategies are far greater than he had ever imagined. In seeking success, he finds significance. This heartwarming tale of Rick’s trials and triumphs describes the exact strategies that helped him evolve from the Ego Era to the Generosity Generation.
This book is about so much more than referrals. This is about building a business that not only feeds your family, but also feeds your soul.
Learn more about Michael J Maher | Buy The Seven Levels of Communication on Amazon
Invent, Reinvent, Thrive by Lloyd Shefsky
Invent Reinvent Thrive offers all the answers you need to get your business where you want it to be. You’ll learn exactly where new and multi-generational business owners fall short and miss incredible opportunities, why they fail to take the plunge or innovate–and how you can rework, revitalize, and reinvent your business not just to avoid the most common perils but to lead your business to the apex of your industry.
In Invent Reinvent Thrive Kellogg School of Management Professor Lloyd Shefsky provides the inspiration and insight any entrepreneur or family business needs for long-term success–and he backs it all up with proven models of what works and what doesn’t.
Shefsky reveals the common thread of all business success stories: reinvention. He explains not just how to reinvent concepts and ideas from the start, but ways to continuously innovate and reinvent your business to meet today’s constantly changing marketplace conditions. In addition to his own expert insight, Shefsky provides firsthand advice through case studies derived from dozens of original interviews with entrepreneurs and family business giants, consisting of the leaders of some of today’s most successful companies, including:
“If you think business books are boring, this is your chance to prove yourself wrong. Storytelling is an art, and Shefsky brings that art to business. Invent Reinvent Thrive is a treasure trove of valuable lessons.” – Stan Kasten, President and CEO, Los Angeles Dodgers
Learn more about Lloyd Shefsky | Buy Invent, Reinvent, Thrive on Amazon
Overfished Ocean Strategy by Nadya Zhexembayeva
Overfished Ocean Strategy offers five essential principles for innovating in this new reality. Zhexembayeva shows how businesses can find new opportunities in what were once considered useless by-products, discover resource-conserving efficiencies up and down their value chain, transfer their expertise from physical products to services, and develop ways to rapidly try out and refine these new business models.
She fills the book with examples of companies that are already successfully navigating the overfished ocean, from established corporations such as BMW, Microsoft, and Puma to newcomers such as Lush, FLOOW2, and Sourcemap.
The linear, throwaway economy of today—in which we extract resources at one end, create products, and throw them away at the other—is rapidly coming to an end. In every industry, creative minds are learning how to make money by taking this line and turning it into a circle. Nadya Zhexembayeva shows how you can join them and avoid being left high and dry.
Learn more about Nadya Zhexembayeva | Buy Overfished Ocean Strategy on Amazon
Sell Your Business for an Outrageous Price by Kevin M Short
In Sell Your Business for an Outrageous Price, investment banker Kevin M. Short — who for over twenty years has advised parties on both sides of the closing table — presents a structured playbook for sellers to win big. You’ll find out why some businesses sell for “outrageous” amounts — at least twice the EBITDA (earnings before interest, taxes, depreciation, and amortization) multiple of an average company in their industry — as well as how to minimize your risk going to market.
The book introduces you to the author’s Proactive Sale Strategy, a rigorous process for positioning your company to sell to a well-financed buyer at the best possible price. You’ll find out how to prepare yourself and your company for sale, understand your asset and how it benefits prospective buyers, and identify and remediate any issues that could prevent a sale or drive down sale price.
The book then helps you go to market. It guides you step-by-step through the Outrageous Price Process, designed to:
Learn more about Kevin Short | Buy Sell Your Business for an Outrageous Price on Amazon
Hello, My Name Is Awesome by Alexandra Watkins
Every year, 6 million companies and more than 100,000 products are launched. They all need an awesome name, but many (such as Xobni, Svbtle, and Doostang) look like the results of a drunken Scrabble game.
In this entertaining and engaging book, ace naming consultant Alexandra Watkins explains how anyone—even non-creative types—can create memorable and buzz-worthy brand names. No degree in linguistics required. The heart of the book is Watkins’s proven SMILE and SCRATCH Test—two acronyms for what makes or breaks a name.
She also provides up-to-date advice, like how to make sure that Siri spells your name correctly and how to nab an available domain name. And you’ll see dozens of examples—the good, the bad, and the “so bad she gave them an award.” Alexandra Watkins is not afraid to name names.
Naming a business or product has always been challenging—and sometimes costly— for entrepreneurs and inventors, but it’s one of the most important decisions they have to make. Alexandra Watkins presents a foolproof model that anyone can use to create and evaluate brand names like a pro.
“Zappos.com originally started out as ShoeSite.com, but that limited our potential future growth. A company’s name can be vital to its success. Reading the tips in this book can help anyone avoid the pitfalls.” —Tony Hsieh, New York Times bestselling author of Delivering Happiness and CEO, Zappos.com, Inc.
Learn more about Alexandra Watkins | Buy Hello, My Name Is Awesome on Amazon
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