... continued from Page 4
estate care example, can you answer the question as to why older adults need estate plans, regardless of their wealth? (Answer: Because it protects their families and legacy.) Or, can you answer the top questions people have about estate planning? (Is it difficult? Is it expensive? Will I have to update it?) To convince customers of your value, you have to convince them of your expertise! Tie It Together: Diversification Finding new leads, nurturing those leads, and educating them — it all boils down to a multipronged approach. You cannot rely on social media to find and develop your leads alone. You need to communicate with your consumers on multiple levels, hitting on the key ways people consume media. Some potential customers may grow into loyal fans via your podcasts or weekly email messages. Others prefer the intimacy and nurture of a direct mail campaign and special offers provided via text. However you choose to do it, diversify the formula across several communication channels. When you introduce new potential customers to a diverse range of nurture and education campaigns, you create a winning equation that cannot be beat. It doesn’t take a math genius to work out just how powerful this formula can be.
campaigns, and other marketing endeavors that let them know you haven’t forgotten about their needs. They may not be ready to buy, and they may keep you on the line for a long time. But persistence will almost always pay off in the end — especially when you pair it with the last element of the formula. Educate Leads
It’s one thing to make your leads feel special, but you also have to remind them why your product or service has value. In the above
Family Matters in Business
PREPARING A SUCCESSION PLAN
Do you have family members in your business? Do you own the business with a brother or sister or both? Do you or your siblings have children in the business with you? If you answered yes to any of these questions, there is a good chance you will be facing the issue of business succession. Business succession is something very few want to talk about, but everyone knows it has to be addressed sooner or later. Most people prefer to not address it until it becomes so serious that they have to. It’s not always an issue between the siblings who are running the business. It could be the spouse of one of the siblings wanting to change how things are run or who is going to be in charge when one person retires or dies. Worse yet, it could be family members who own part of the business but are not involved and like to tell their siblings how to run the business. Fortunately, many of these issues can be avoided if addressed early and with sufficient knowledge. I have experienced nearly every type of situation you can imagine. If you don’t plan for succession, the end is not going to be pretty. Besides dealing with the egos and the dysfunctional part of the situation, I have found it always comes down to money. Someone thinks someone else is either getting more or going to be getting more. In order to address
this issue, I have helped people by performing a market valuation of the business. Most people don’t know what they are fighting over in the first place, and they need the appropriate information to make an intelligent decision. By understanding the numbers and being realistic about the situation, I have been able to help many business owners make peace among their families so they can stay in business and prosper. To learn more about succession planning and the issues involved, I recommend you go to Page 26 of my book, “Hidden Wealth: The Secret to Getting Top Dollar for Your Business.” To get a FREE copy of my book, send me an email at Terry@terrymonroe.com and mention “Family Matters in Business.” Be sure to include your mailing address. It is always better to learn from the mistakes and experiences of others rather than make them yourself.
2
WWW.TERRYMONROE.COM
800.805.9575
Made with FlippingBook Ebook Creator