How to Not Pitch your Business Idea to a Venture Capital Firm
November 30, 2005
If you're new here, you may want to subscribe to my RSS feed. Yes, this is the new home of Business Performance Coaching of sbishere.com Thanks for visiting!
What do VC’s want? It’s been a mystery discussed among entrepreneurs. These are the days of the Internet, you can research people and companies easier than ever before. With a guy like David Beisel all you need to do is read his blog. His latest post is one of a series of ’sevens’ or observations David is writing about.
Over at Genuine VC, David Biesel speaks of seven tactical mistakes entrepreneurs make when doing their initial pitch.
- Not clearly stating in the beginning WHO the customers are, WHAT problem is being solved, and HOW the company’s product/service accomplishes it.
- Not controlling the timing and pace of the meeting.
- Worrying about the demo/pres that doesn’t work.
- Not knowing who you are talking to ahead of time.
- Not following up.
- Attempting to force feedback immediately.
- Inauthenticity.
As he says the goal of the first meeting is to get to the second meeting. You would not try to make a large sale in one meeting, working with a VC is no different. In the first meeting tell them what they need to know to decide if they want to meet with you again. Best to read David’s post than for me to try and intepret and filter it for you. 
What Jones Soda Can Teach You About Marketing to Generation Y
November 28, 2005
My son loves to buy Jones sodas. We were first exposed to the quality soda at Starbucks. In an article titled Keep Up with the Jones, Dude!
the Business Week article talks about how Peter van Stolk targeted Generation Y market for his line of soda drinks in New Age beverage industry. He created a word-of-mouth buzz by allowing the market to send in their photos for the bottle labels.
He is widely thought to be one of the savviest Generation Y marketers around. The fastgrowing category of consumers, aged 12 to 24, currently numbers over 50 million in the U.S. Using the company’s website as a primary marketing focus, van Stolk’s engaged that elusive consumer segment at a grassroots level, creating a kind of brand loyalty that bigger competitors spend millions for and don’t achieve.
Lesson? Study your market, innovate, and with or without a marketing budget you can tap into this young, savvy, and loyal market too.
Young People See Entrepreneurship as Legitimate Career Choice
November 27, 2005
Over at MSNBC there is an informative article about how young people see entrepreneurship as a legitimate career choice. The article ends with pointing out the success of Sir Richard Branson.
Being an entrepreneur means making your own opportunities, and there’s no telling where a good idea can lead you. After all, Virgin Group got its start when 15-year-old Richard Branson dreamed up a magazine called Student in his native London. Virgin Group is now an $8 billion global empire comprising some 200 companies in 30 countries, and in 1999, the celebrated founder became Sir Richard Branson when Queen Elizabeth II knighted him — for “services to entrepreneurship.”
How do I find a business to buy?
November 24, 2005
Finding a business to buy is easy. Just open up your local newspaper or search for buying a business directories on the Internet. For every business that is advertised for sale there is one business owner who would sell if he/she found the right buyer.
The Best Businesses Do Not Advertise They Are Sold or Given Away
This is not to say that buying a business via a broker or from an ad in a newspaper is a bad idea - in my experience they only represent 50% of all the businesses for sale in a specific market. As I say in my book there are over 20,000 different types of businesses you can buy. In my own research I esitimate that about 750,000 businesses are sold each year and 250,000 of those are sold privately (without being advertised for sale) or simply given away to children or employees.
The Cost of Employee Fraud in Small Businesses
November 23, 2005
Did you know that the average loss due to fraud in a small business is $98,000? That is a lot of profit down the drain. This BusinessWeekOnline article tells a shocking and sad tale of one entrepreneurs woes after discovering that his bookkeeper stole $69,486.74.
Unfortunately, small companies like Bitz’s get hit much harder by employee fraud than larger ones. A company with fewer than 100 employees that experiences employee fraud suffers a median loss of $98,000, according to a 2004 study from the Association of Certified Fraud Examiners…. Fraud at small companies is more likely to involve cash skimming, payroll scams, expense reimbursement schemes, and check tampering than that at larger companies.
When was the last time you asked your accountant to check up on your bookkeepers work?
Make sure someone takes a critical eye to your financial statements. Yes it will cost money but you will feel better knowing yout affairs are in order. Without a good plan and a little effort on your part you could be more vulnerable than you think. Better safe than sorry.
How to buy a business and not loose your shirt
November 23, 2005
Got a hankering for your own business? How many times have you thought you could operate a business better than the guy you work for?
I had the same thoughts, a lot. In the days of my youth owning a business was not considered a profession let alone a ‘real’ job.
Perhaps it was that my parent’s attempt at operating their trucking company was a bust. I was born a number of years following the closing and bankruptcy of the business. My father never spoke to me about his experience and his untimely death in 1974 (age 52) locked those secrets away forever.
My mother is 82, healthy and vibrant. She understands the life of the entrepreneur and shared with me what she remembers. My father provided oil field hauling services to drilling companies in the Alberta oil patch.
Our winters are cold and long. During the spring thaw road bans are commonplace and the year the business failed was no different. In an effort to protect his employees he kept them on payroll during the road bans despite the common practice of temporary layoffs throughout the spring thaw.
Hoping that the road bans would be lifted his business sank deeper and deeper because as my mother said “Your Father said that the ‘drivers have families they had to feed to’.”
Now more than 50 years later I find myself researching and writing about the cause of business failure as I write my next book, Tips and Traps When Writing a Business Plan. You can read more about the findings and my observations by visiting Stupid Human Tricks by Business Owners or the External Events subsection.
You can buy a business, start a business, and expand your business but nothing will prevent you from having to deal with external events that are beyond your control.
Planning is under your control and with all the severe weather events, reality of terrorism no business plan is complete with a Contingency Plan.
Planning cannot provide 100% protection but one thing is sure, you will be better prepared than you are today.
Power in Word of Mouth via Consumer Generated Media
November 19, 2005
I was reading about the Power of Word of Mouth from a study sponsored by Intelliseek. The study found that “Consumers are 50 percent more likely to be influenced by word-of-mouth recommendations from their peers than by radio/TV ads ??? a slightly higher level of influence/trust than found in the 2004 study co-authored by Intelliseek and Forrester.”
What the report hints at is that consumer-generated-media (CGM) is impacting consumer trust whereas trust in traditional advertising is being challenged. CGM are things like blogs, podcasts, and videoblogs. So either companies either work with CGM or they will be dealing with the consequences. You can pay me now or pay me later.
Questions? I answer all inquiries…
Buying a business? Take your time.
November 18, 2005
To get to that point you need to ask a lot of questions of the seller to determine if there are any skeletons in the closet. Are the taxes current? Are there any outstanding lawsuits? Is the lease transferable? Ask a bunch of questions about the things that would concern you if you bought the business and then found out something you did not know. Bottom line, take your time you will be glad you did.
Questions? I answer all inquiries…
Venture Capitalists Worry that Web 2.0 is about to become Bubble 2.0
November 18, 2005
You know that venture capital scene is hot when the Venture Capitalists are expressing concern if the amount of startup activity around web 2.0 is about to become bubble 2.0. I started reading a new VentureBlog, which has interesting content. I also was connected to a new podcast called VentureWeek, I will post my impression and review once I have had a chance to listen to it.
Questions? I answer all inquiries…
Angel Employees
November 17, 2005
I was reading The Entrepreneurial Mind today and a post that mentioned a Red Herring article titled Help Wanted: Angel Employees.
What is an Angel Employee? Angel Investors make a cash investment in a start up venture. According to the article, “They’re angel employees, willing to invest their labor in exchange for an equity stake in much the same way an angel investor would invest cash.” You save spending precious start up cash but give up a piece of your company.” As Cornwall points out in his post, be careful with this strategy. Too many cooks can spoil the soup.
Questions? I answer all inquiries…
Do I need a business broker and a commercial lawyer when buying a business?
November 17, 2005
There is definitely a difference between a business broker and a commercial lawyer. A business broker is like a real estate agent with a focus on selling businesses and gets paid a commission by the seller. A business lawyer works for you. They will guide you through the legal framework of putting a deal together.
Depending on your business experience, how much information you like to have when making a major decision like buying a business will determine if you feel you need a broker and a lawyer. You absolutely need a lawyer.
I wrote my book, Tips and Traps When Buying a Business as a guide for entrepreneurs as a guide and self-help manual regardless of their background. In fact, in my book I share strategies and insights so that you can bypass the business broker if you wish. As long as you remember who is paying the broker and take everything with a grain of salt, they will guide you through the process. But you still will need an attorney and should never buy a business without one.
NOW Shipping
My book is selling at amazon.com for $12.89 and ships with 24 hours. It contains 300 pages.
Eclipse Your Competition - Buying a Business Podcast
November 13, 2005
So much about how we do business has changed while the timeless principles of adding value never change. It is how you add value that changes over time.
Eclipse Your Competition 43 Minutes, 39.67 MB
Click to Stream | Right Click to Download
You can also listen and subscribe on
podcasts.yahoo.com
I also have my own ODEO channel, you can visit
My Odeo Channel (odeo/a9164f98a21aae28)
Buying a Business, Legal Forms for Seller Financing
November 9, 2005
I had a question today that I get a lot and feel it is time for me to put an answer up on the blog. Here is the question: “Are there any forms to follow to write up a seller financing agreement? What about land contracts would this be the same?”
I am not aware of any such forms as I do not recommend using standard forms. Using standard forms for any legal agreement of any kind is always a bad idea. If you are buying a business using seller financing, the entire deal needs to be reviewed by an attorney. There is just way too much at stake.
Here is the problem. Standard forms are always very general in nature and the problem it creates is that you could end up with much more exposure from a legal viewpoint than if you had none at all. I cannot stress enough how damaging those “fill in the blanks” forms can be.
Do not use them. If you want to know your legal rights, what you are committing to signing an agreement, get an attorney. Attorney’s have saved me more money than I can count.
Questions? I answer all inquiries…
What are some ways to reward hard-working employees?
November 8, 2005
Employers often think that they have to reward employees with money.
Answering this question depends upon what type of staff member it is and your motivation, personal style and values:
1) Do you just want to say thank you?
If so, something simple can have a great impact. For example, think about this persons interests — then select a gift within that area of interest you know they would appreciate. If you do not know much about the area of interest ask someone who knows it well or do some research online. Purchase the gift, wrap it nicely and present it with your thanks.
Another tactic is to purchase a gift certificate at a fine dining restaurant. This can be a really nice gift for an employee with a large family on a limited income.
The key is to think and reward them appropriately and thoughtfully.
2) Do you want the reward to provide additional motivation?
Depending upon the individual — offering an incentive to reach some sort of milestone can be very effective. Just make sure that the reward is not out of proportion because it could have the opposite effect.
I remember a client of mine decided to increase the commission rate to the sales staff by 50%. After the sales meeting all the staff were excited at the raise in pay — only one problem. The incentive actually had the opposite effect! Only one salesperson exceeded expectations — all the others sales decreased but their income remained almost the same. It was a fatal error — because just when the company needed to increase in sales — sales dropped. The sales people could make the same amount of money by doing less work and selling less product!
Be cautious that your generosity doesn’t back fire. As they say “Measure twice — cut once.”
3) Do you want to reward them for an outstanding job?
If you really want to bless someone and are rewarding them for a long term project that they have really provided outstanding service try this. Do a little bit of research with the family or friends — ask them to keep it confidential and then inquire what this person would really appreciate the most? Would it be a gift for the whole family or just for them? I saw someone get a luxurious lamb skin leather jacket and they were just thrilled — it was something they always wanted and would never have purchased themselves.
Look for something that the employee might never purchase for themselves because it would be too extravagant. For example, if it was an employee with strong family values who had worked many long hours keeping him/her away from the family then a trip for the entire family would be a great reward!
While money is important — there could be many different ways that you could reward the same employee that would be valuable and helpful to the employee.
Key thought: Make it personal and keep it appropriate!
A good time to buy a business?
November 7, 2005
It really is a good time to buy a business and Business Week agrees with me.
In a recent (Nov 2, 2005) article on BusinessWeek.com headline stated that “A good time to buy and sell a business:. From the article… “Unemployment is indeed one of the great incentives for buying or starting a business; people who are downsized with severance packages often invest the money in their own enterprises. Historically, they’ve done so when the economy was considered less than ideal, simply because that’s when companies have tended to lay workers off.”
Finding a Location for a Retail Business
November 6, 2005
Do Your Own Investigation
Generally major malls, power centers or prime downtown locations will demand higher rent per square foot. Your real estate agent or mall management should be able to provide you with a wide variety of statistics. These could range from the average number of cars during peak hours to average daily or monthly foot traffic.
Get their stats, study them and speak to other tenants in the mall. Find out how things are going and the track record of mall management. Make sure to speak with a wide enough cross section to get a good feel from smaller stores, larger tenants and especially retailers similar to your planned operation.
Ask them “How do you feel about your location? What would you do different next time?” Their answer to these two questions might uncover some very important considerations you had not previously considered.
Get to Know The Facility
If your location in the mall happens to have a lot of turnover you can bet that there is a good reason for it. Visit the mall during peak periods and observe the traffic patterns to see what you can discover.
Think about your retail business and the type of products or services you will sell. Are they typically an impulse purchase? If so then an inside corner location would be a very good choice.
For example, opening a Dollar Store next door to a bank or major grocery store might work well unless they decide to get into that same line of business.
Drawing Traffic by Locating Close to Other Tenants
I remember a friend of mine who opened a bulk food and produce store next to a major grocery chain. It was a stroke of genius because his superior (low margin) produce drew customers in from the grocery store. He made his profit on the bulk food sales that people would pick up while coming in for the produce.
It worked very well for them until, the big grocery store chain took action to shore up their wilting produce sales and decided to open a bulk food section and cut prices. Ultimately, he had to close the doors because people were not willing to shop into a second store when they could get everything he had and get it cheaper.
All he ended up doing was building the market for the big grocery chain who had deeper pockets and a wider range of products.
TRAP: Be careful of the assumptions you make based upon drawing traffic from a bigger, brand name neighbor. It could work and it could also backfire.
Understand Customer Shopping Patterns and Preferences
Some services like portrait photography are sought after by the consumer. They have a special event, a wedding, anniversary of job promotion and they they want to get a professional portrait or onsite photography.
Shoppers will seek out a professional photographer if they know their work or you are close to their location. The best photographers run based on reputation and garner higher fees (and profit margins) than many retailers.
There are exceptions to everything. Some portrait studios run a high volume, low price operation and depend on child and family portraits. You will often see them located inside a major retailer and are accessible right from within the store.
Another trend is for two fast food franchises to share a building, operating costs in a power mall or big box center. Yet from the outside they have separate signs and appear to be separate. Their menus differ greatly and in some cases each get a portion of the family budget.
Contributing to the Advertising Pool
In most major malls the management company will charge you a specific amount to contribute to the advertising and marketing pool. This can range from a percentage of your retail sales.
The concept of paying a percentage of your revenues into a pool works because the more you sell the more you pay into the advertising pool. The assumption is that when you are selling more you get more benefit from the advertising and marketing pool expenditures made on your behalf.
Franchises’ have similar arrangements whereby they pool contributions into one overall coordinated branding, marketing and advertising strategy that benefits everyone.
Hours of Operation
If you are not prepared to work evenings and weekends stay away from major malls as most fine tenants when they are not open during the ‘mall hours’.
You should not be considering a retail business if you are not prepared to work some evenings and weekends. If a staff member does not show up for work then it will fall to you or the manager to fill in if you are unable to find another employee to step in at short notice.
Staff Recruiting and Training
The other challenge of operating a retail business is that recruiting younger workers is becoming increasingly difficult due to their small numbers and a growing preference to self-employment coming out of college or university.
To enjoy the fruits of business ownership as a retailer will require a solid recruiting and training system. Plus being open to employing baby boomers who are semi retired and still need to supplement their income or like to keep busy. They make good employees because they can think, add, subtract and have a life full of experience to draw upon.
Part-time Baby Boomers will in time become the labor force for a fast food and retail industry desperately seeking quality employees.
Wrestle for the Reno(vation)
As more and more entrepreneurs need commercial real estate increasingly creative arrangements are being made to fill space. I have seen everything from six-months free rent, renovations and equipment paid for by the landlord (included in the lease) to some landlords taking equity positions.
If you want freedom and flexibility do not do one of these deals as they will lock you into a long term lease with severe penalties for default.
Best option is to finance renovations from your start up capital and negotiate a short term lease especially if you expect to grow quickly and need flexibility.
Should I start or buy a business that I do not know much about?
November 2, 2005
The answer to this question depends upon a number of factors:
- The amount of risk verses the reward.
- The ability of the business owner to learn and adapt quickly.
- The ability to recruit, hire key personnel to operate and run the business.
Business Survival = Managing Risk
There is probably no other more important factor in the probability of business success — than the knowledge, experience and ability of the business owner. Why is this is so important? Because of the inherent risk.
Let’s talk about risk. What creates risk? I believe in business it is a lack of balance that creates unwarranted and unmanageable risk. So the next question is what creates imbalance? Lack of planning, knowledge, experience and a lack of perspective.
In new business there are many factors and decisions that need to be made with little information. In the case of the experienced business owner decisions are made often based on a gut feel our experience. Often these intuitive feeling or decisions turn out to be quite accurate.
For a business owner who lacks experience in the business — what does he or she have to fall back on? Without direct experience or access to someone with experience making a quality decision can quickly be reduced to a guess.
Adapt and Learn Quickly
Starting new business is going to force a the business owner to learn and grow. There are many issues, details and decisions that will need to be made. They each take time, energy and often money.
Therefore the ability to quickly learn and adapt to changing circumstances is critically important. Once again, a lack of direct business experience could cause a business owner to have to slow down to make certain decisions at the exact time when the business needs to speed up. Or worse yet make the wrong decision.
Reduce Your Risk Recruit And Hire Key Staff & Advisors
Without the ability to recruit or hire experienced personnel the business will struggle to perform at level acceptable for customers. There is nothing more frustrating for a customer than dealing with an employee who just does not have the experience. Remember, do not get caught in the trap of having reinvent the wheel. Hiring inexperienced staff and then training them is very expensive. Not to mention the cost of lost opportunities or lost customers.
If you still plan to start a business that you do not have direct experience or knowledge of — I would suggest the following course of action:
- Look for a business partner who does have the experience.
- Recruit a general manager or operations manager with direct industry experience.
- Apply for a job with a competitor — it will give you the opportunity to learn the business directly.
- Hire a business coach with direct experience in your business or with a proven ability to plan, launch and develop a business from scratch.
- Direct your energies and efforts towards a venture that more directly suits your skills, experience and interests. In the long run you’ll be much better off, happy and more successful.
- Buy a Business: what if I told you that it was cheaper, less risky, and make you more money to buy a business vs. starting from scratch? Read More.
State of the Podcast Buying a Business Podcast
November 2, 2005
This is my first ‘State of the Podcast’ address. I also cover some case studiesw of clients I have worled with.
If you start listening to this podcast please listen all the way through because I plan to make an announcement and reveal some of my business plan… towards the end. It will be with your time.
MP3
Click to Stream | Right Click to Download
You can also listen and subscribe on
podcasts.yahoo.com
I also have my own ODEO channel, you can visit
My Odeo Channel (odeo/a9164f98a21aae28)
Podcast Transcript
I have been silent for a long time and I apologize for that. A whole lot has been going on. Plus I felt that I was at a crossroads with the pod cast and my business.
So what does this mean? I am not 1005 sure but let me tell you what I am thinking.
Before I go too far I want to let you know what is going on right now. I am writing another book for McGraw-Hill called Tips and Traps When Writing a Business Plan. It is due December 1st so any free time I have is being invested in finishing the book. I am quite excited about the book and it is forcing me to grow and tap into my experience working with business owners in the area of business planning.
My goal with this book is to make it the most practical book of it’s kind. Many books offer business plan templates. If you know me, you will know that I do not believe in using templates for writing a business plan because it creates brain atrophy. People seem to stop thinking for themselves.
This weekend I attended the funeral of wife’s Uncle and it got me thinking about life, the price I have paid being self-employed, and what I want my life to be about. The proverbial ‘tombstone’ reality check - what do I want people to say about me when I am dead and gone.
I do not want this to become a morbid pod cast, not at all. If anything I hope to share with you a great lesson that I have learned as a business coach and in the process help you in some way.
Admittedly, I do not know most of you. So it might seem pretty presumptious of me to assume that I accomplish that, but I have learned to trust my intuition. My gut, senses whatever you want to call it.
My struggle in putting together a buying a business pod cast was not that I had lost interest in the topic or media. Rather, I have become even more committed to it.
My challenge throughout my entire career has been to narrow my scope of services. I love to discover and learn new things. Perhaps I have a touch of ADD but I actually think it has more to do with my behavior profile. Without turning this into an analytical discourse or teaching session I will just give you the big picture.
Changes are not easy for me to accept. I love details, am thorough, peaceful, steady, impatient, kind, modest, exact, adjustable, seeks instruction, considerate, shy, logical, determined, quiet, sometimes short-spoken, security-seeking.
I prefer to work in a specialized organization. I have learned to watch myself during those shy, quiet times that I do not go off on a tangent.
I have been searching for a specialty of business coaching that I could specialize in. A tough decision for a guy with such broad experience and who likes to decode and figure things out.
Here is the concept I want to discuss in this pod cast. To choose an area of specialty as a business coach that I can be congruent, in agreement, and in harmony, with myself and my clients. I think I have discovered the specialty.
Can you guess? A business coach that focuses on coaching business owners on the art and discipline of buying and selling a business. Surprise!
Well not really a surprise perhaps but it was not always apparent to me. All I knew is that it would have something to do with my books plus my involvement as a founding member of the Professional Business Coaches Alliance.
I have a new coaching tool that allows me to do a behavioral assessment for business owners. What is cool about this tool is that it was designed for business people to help them understand their own and employees behavior. I have taken a lot of personality profiles over the years but what makes this one really unique is that not only does it show you your core behavioral profile but also an adaptive profile which illustrates how you feel you are having to adapt in your current environment.
Seeing those two profiles together I suddenly saw my conundrum all these years. Being analytical and detail oriented I am a lousy lier (which is a good thing) but the most important take away was that it is crucial for me to be ‘congruent’ with my values. I have to believe in something before I can get enthusiastic and be congruent.
Not being congruent can be costly in business. because you are operating outside of who you are or at least what you believe. The problem is that if you are in-congruent it telegraphs like a bad cold. People catch it (the in-congruency) and suddenly deals will die on the vine, staff will quit, problems arise.
It gives you pause because somehow you know there is something amiss but be damned if you can figure it out!
So when this happens it is time to slow down and examine your values, beliefs, and behaviors. Look for those areas where you are in-congruent. You feel uncomfortable, restless. There is a message in there somewhere.
For me the message I needed to decode and understand was “specialize and use the book Tips and Traps When Buying a Business to launch the specialty business coaching practice.
So there it is, I said it. You have all heard it. Now I need your help. Back to my tombstone talk.
I want it to be said that I was able to cut through challenging and complicated topics and simplify them into practical, effective tools. Using a combination of coaching, tools and books to help you buy a business or get ready to sell your business.
I need you to help me launch this new business coaching practice.
Here is my plan:
- Promote my book.
- Promote my Buying a Business and Selling a Business Action Group Coaching programs. These programs will include a detailed guide to take you through the more than 450 areas it takes to make a business effective so that you can enjoy watching the business make you money.
- I had thought of doing a ‘Do-it-Yourself’ version of the seminar but without coaching I have come to conclusion that you could not hope to possibly achieve the same level of effectiveness.
Therefore, I will only offer the ‘System’ which includes the Behavioral Assessment and the full System to those who participate in the Action Group Coaching programs. - I will of course continue to write in my blog but to get the system, training and coaching to actually buy a business or prepare your business for sale you must become a coaching client.
If you would like a taste of what I do, call me and I will arrange for you to take my Business Effectiveness Evaluation’ which I sell for $195 free of charge to the first four who call me at 1-866-281-8281.
After I do your report and coaching you can decide based upon an actual coaching experience what your next step should be.
So call me at 1-866-281-8281, ask the telephone attendant to find me and we can chat about it and get you started on buying a business or preparing to sell your business.
Remember, I will not pressure you. If you decide not to follow through thats OK.
State of the Podcast Address
November 1, 2005
This is my first ‘State of the Podcast’ address.
If you start listening to this pod cast please listen all the way through because I plan to make an announcement and reveal some of my business plan… towards the end. It will be with your time.
I have been silent for a long time and I apologize for that. A whole lot has been going on. Plus I felt that I was at a crossroads with the pod cast and my business.
So what does this mean? I am not 1005 sure but let me tell you what I am thinking.
Before I go too far I want to let you know what is going on right now. I am writing another book for McGraw-Hill called Tips and Traps When Writing a Business Plan. It is due December 1st so any free time I have is being invested in finishing the book. I am quite excited about the book and it is forcing me to grow and tap into my experience working with business owners in the area of business planning.
My goal with this book is to make it the most practical book of it’s kind. Many books offer business plan templates. If you know me, you will know that I do not believe in using templates for writing a business plan because it creates brain atrophy. People seem to stop thinking for themselves.
This weekend I attended the funeral of wife’s Uncle and it got me thinking about life, the price I have paid being self-employed, and what I want my life to be about. The proverbial ‘tombstone’ reality check - what do I want people to say about me when I am dead and gone.
I do not want this to become a morbid pod cast, not at all. If anything I hope to share with you a great lesson that I have learned as a business coach and in the process help you in some way.
Admittedly, I do not know most of you. So it might seem pretty presumptious of me to assume that I accomplish that, but I have learned to trust my intuition. My gut, senses whatever you want to call it.
My struggle in putting together a buying a business pod cast was not that I had lost interest in the topic or media. Rather, I have become even more committed to it.
My challenge throughout my entire career has been to narrow my scope of services. I love to discover and learn new things. Perhaps I have a touch of ADD but I actually think it has more to do with my behavior profile. Without turning this into an analytical discourse or teaching session I will just give you the big picture.
Changes are not easy for me to accept. I love details, am thorough, peaceful, steady, impatient, kind, modest, exact, adjustable, seeks instruction, considerate, shy, logical, determined, quiet, sometimes short-spoken, security-seeking.
I prefer to work in a specialized organization. I have learned to watch myself during those shy, quiet times that I do not go off on a tangent.
I have been searching for a specialty of business coaching that I could specialize in. A tough decision for a guy with such broad experience and who likes to decode and figure things out.
Here is the concept I want to discuss in this pod cast. To choose an area of specialty as a business coach that I can be congruent, in agreement, and in harmony, with myself and my clients. I think I have discovered the specialty.
Can you guess? A business coach that focuses on coaching business owners on the art and discipline of buying and selling a business. Surprise!
Well not really a surprise perhaps but it was not always apparent to me. All I knew is that it would have something to do with my books plus my involvement as a founding member of the Professional Business Coaches Alliance.
I have a new coaching tool that allows me to do a behavioral assessment for business owners. What is cool about this tool is that it was designed for business people to help them understand their own and employees behavior. I have taken a lot of personality profiles over the years but what makes this one really unique is that not only does it show you your core behavioral profile but also an adaptive profile which illustrates how you feel you are having to adapt in your current environment.
Seeing those two profiles together I suddenly saw my conundrum all these years. Being analytical and detail oriented I am a lousy lier (which is a good thing) but the most important take away was that it is crucial for me to be ‘congruent’ with my values. I have to believe in something before I can get enthusiastic and be congruent.
Not being congruent can be costly in business. because you are operating outside of who you are or at least what you believe. The problem is that if you are in-congruent it telegraphs like a bad cold. People catch it (the in-congruency) and suddenly deals will die on the vine, staff will quit, problems arise.
It gives you pause because somehow you know there is something amiss but be damned if you can figure it out!
So when this happens it is time to slow down and examine your values, beliefs, and behaviors. Look for those areas where you are in-congruent. You feel uncomfortable, restless. There is a message in there somewhere.
For me the message I needed to decode and understand was “specialize and use the book Tips and Traps When Buying a Business to launch the specialty business coaching practice.
So there it is, I said it. You have all heard it. Now I need your help. Back to my tombstone talk.
I want it to be said that I was able to cut through challenging and complicated topics and simplify them into practical, effective tools. Using a combination of coaching, tools and books to help you buy a business or get ready to sell your business.
I need you to help me launch this new business coaching practice. Here is my plan:
Promote my book.
Promote my Buying a Business and Selling a Business Action Group Coaching programs. These programs will include a detailed guide to take you through the more than 450 areas it takes to make a business effective so that you can enjoy watching the business make you money.
I had thought of doing a ‘Do-it-Yourself’ version of the seminar but without coaching I have come to conclusion that you could not hope to possibly achieve the same level of effectiveness.
Therefore, I will only offer the ‘System’ which includes the Behavioral Assessment and the full System to those who participate in the Action Group Coaching programs.
I will of course continue to write in my blog but to get the system, training and coaching to actually buy a business or prepare your business for sale you must become a coaching client.
You can do that in two ways.
1) Participate in the next Action Group Coaching program. Right now it is just $595 which normally goes for $750. I want to let you know that this program will be going up to $995 in the new year. So if you have been thinking about getting my help, getting in on the next group which will start in the next week or so will save you some cash and set you up to start 2006 off with a bang.
2) Become a monthly coaching client that depending on the business and amount of work involved range between $1,000 - $3,500 month and up. The higher end is when I am working in a business with multiple partners because it just takes more time.
If you would like a taste of what I do, call me and I will arrange for you to take my Business Effectiveness Evaluation’ which I sell for $195 free of charge to the first four who call me at 1-866-281-8281.
After I do your report and coaching you can decide based upon an actual coaching experience what your next step should be.
So call me at 1-866-281-8281, ask the telephone attendant to find me and we can chat about it and get you started on buying a business or preparing to sell your business.
Remember, I will not pressure you. If you decide not to follow through thats OK.
Talk to you soon and thanks for listening.
-
Getting the Price Right
-
My Books on Amazon
