... CONTINUED FROM COVER The reason was that Mike didn’t do what I should have done years before, which was to “stay in my lane.” Staying in your lane means doing what you do best, letting others do what they do best, and using the strengths and knowledge of others at what they are good at. Mike had the right idea with the pizza and sandwich additions to his convenience stores, but he neglected to bring in someone who had worked in a profitable restaurant and could implement those skills into the food business. Instead, Mike tried to do it himself. Being an entrepreneur and owning and operating your own business is not for the faint of heart, and it is easy to acquire the “dealitus” disease and become delusional about your capabilities. As a business owner, you will have some great ideas, and some of them will be ideas you will want to implement. But make sure you don’t get involved in something out of your expertise. Instead, find someone in the industry you are thinking about getting into, and pay them to educate you before you leap into the new business with both feet. Otherwise, you will also end up with a case of “dealitus,” and it will be an expensive lesson to learn, as Mike learned the hard way. –Terry Monroe
(HINT: IT’S MORE THAN YOU THINK) WHAT’S YOUR BUSINESS REALLY WORTH?
Let me be blunt: Most business owners die broke.
Here’s what REALLY happens:
more about the industry I work in. When I saw his book being advertised, I couldn’t wait to get my hands on it and read from cover to cover.
1. They get lowballed by buyers who know how to play the game better. 2. They discover their business isn’t nearly as valuable as they thought it was. 3. Then many of them end up accepting deals that leave them shortchanged or with no deal at all. So, how do you avoid this trap? You start building your business to sell now . Not when you’re ready to retire. Not when the market changes. Right. Now. What you just read was written by Dan Kennedy, a marketing guru who is a multimillionaire, a provocative, truth-telling author of the popular “No B.S.” book series and trusted advisor to hundreds of entrepreneurs, and he was advertising his latest book, “The No B.S. Guide to Selling Your Company for Top Dollar,” available on Amazon.com .
Not because they didn’t build something valuable. Not because they weren’t smart, hardworking, or dedicated. They die broke because they never figured out how to sell their business for top dollar. And if you think the sale of your business is automatically going to be your big payday — wake up . It won’t happen by accident.
The book has a lot of information in it, such as:
• How to make your business irresistible to buyers • Inside Secrets to overcome deal-killing obstacles • How to blow traditional valuation formulas out of the water • Identify who the buyers really are (it’s not who you think) • Structure your business so buyers will see future potential — beyond assets • Ditch the traditional valuation formulas that leave money on the table • Survive the “deal-killers” that sabotage most sales The biggest payday of your life won’t come from running your business. It’ll come from selling it.
Too many business owners think selling their business will be simple.
They assume buyers will be lining up at the door.
They think the numbers will speak for themselves.
They believe their “sweat equity” will somehow translate into a massive payday.
Since I work in the Mergers & Acquisitions industry, I am always interested in learning
Wrong.
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