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Selling your business

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Selling your business

  1. 1. “If you’re selling a service, you’re selling a relationship.” Harry Beckwith How about selling your Business?
  2. 2. Put yourself in the buyers shoes • Be prepared to answer the questions in their head. • VFM… • Ease of running… • ROI.. • Emotional buy in… • Team and Systems… • Market potential… • Vision…
  3. 3. Franchise Model 12 points of culture • Commitment • Ownership • Integrity • Excellence • Communication • Success • Education • Team work • Balance • Fun • Systems • Consistency
  4. 4. Do the figures stack up? It’s time to talk about Accountants and Financial Advisors…
  5. 5. Does your Accountant help you to be a race winner or a lap timer?
  6. 6. Let’s take Formula One as an example… • Like Business it’s highly competitive • It stirs passion and commitment • Its as exciting to watch as it is to participate. • Constant feedback is both measured and acted on immediately • Being on the cutting edge is the only option. • It’s a team effort
  7. 7. So what has your Accountant got to do with a winning F1 team?
  8. 8. Most accountants give business owners historical data. • Is this important? Yes • In Formula One the team must know the lap times to know how they are doing • When your back at HQ, data comparisons help you to build a better car for the next time you race • You can also know how you are doing against the competition with the right figures
  9. 9. But what about the race itself? • Today’s formula One cars are crammed with sensors to measure every aspect of the car as it speeds around the track • Often the technicians at the race track or even in HQ miles away can make vital changes in real time to the car to sharpen its performance. • Radio contact from the team to the driver can give minute to minute feedback which maintains his competitive edge. • And let’s not forget weather conditions and tyre choices?
  10. 10. How does a top accountant make a difference to your performance? In addition to the lap times (historical figures). He can help you in real time with your business. Setting KPI’s Management accounts Acting like a non exec director Opening up his network of contacts Going the extra lap to ensure your business wins against the competition
  11. 11. So next time you see an accountant with a stopwatch…. Ask him how he is going to help you to Win!
  12. 12. “A winning F1 team is the same as a winning business, its all about how quickly you can turn data to your advantage” Swami Guy-Clarke
  13. 13. How to ensure the maximum return for your investment when selling your business. It’s all about ensuring your company runs as a well oiled machine even when you are not there personally driving it. “This is where the greatest value lies for a prospective purchaser.”
  14. 14. Lets examine the four pillars of a high value business. • Mastery • Team • Systems • Marketing
  15. 15. Mastery- control is the key foundation to any business. • This applies to monetary control with excellent budgeting and reporting, time control with the most efficient utilisation of resources, and delivery control with absolute consistency being the key to excellence. • Mastery in these three areas is fundamental to any business.
  16. 16. Your Team could be both in house or outsourced, either way their task is to serve your customers • who in turn support and grow the business. The 80-20 rule applies in that 80% of the activities of the business should be carried out by your team, leaving the business owner to concentrate on being the Ideas maker, Innovator, Leader, Director and Marketer.
  17. 17. Systems- here’s another 80-20 rule… • 80% of the business should be systemised. Put another way, systemize the routine and humanize the exception. • If your business is run like a franchised operation it will be easy for a purchaser to see the real value of your business.
  18. 18. Marketing- a high value business will have built a tangible value in its niche. • As the entrepreneur the business owner would have had a clear ultimate objective - start with the end in mind. The aim should always be to create a better more valuable, more results certain item or service for your customer. This means giving your greatest talents and service to your market.
  19. 19. High value businesses are run by passionate people who are always customer centred, their primary function is to serve and deliver exceptional results.
  20. 20. How to turn your dreams into reality… Vision for the buyer Maximum value achieved for the business Exit Strategy for the owner