Smart People Make Dumb Decisions When It Comes Time to Sell Their Business

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Selling on the Blackboard

When it comes to making decisions about their own business, some of the smartest leaders and best business people make the dumbest decisions, especially when it comes to selling.

Today’s post is by Terry Monroe, author of Selling With Certainty (CLICK HERE to get your copy).

I am shocked by how many successful entrepreneurs—smart folks who’ve devoted years to building their businesses—can be so casual and sometimes downright dumb when it comes time to sell their businesses. Regardless how successful someone may be, and I am talking about business owners who are making $5MM, $10MM, $15MM a year in net income, they are undermining and underselling when putting their businesses on the market.

I believe part of the reason people behave in this manner is they think because they have sold things in the past such as vehicles, buildings, houses, or maybe even one time a business, they can sell what may be the largest financial asset they own, which is their business, by themselves. And armed with this uneducated self-confidence they proceed in attempting to sell what is basically their retirement account, themselves, and wonder why things didn’t work out. Either they are not finding the right buyer or are getting so frustrated they end up abandoning the sales process and continue to run the business.

My goal is to help educate as many business owners as I can on how to determine if you are ready to sell your business and, if so, what steps need to be taken and how the process works.

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How often do you try to meet new people when you travel?

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EKG Pulse Graph with Glowing Blue Line

Our reader poll today asks: How often do you try to meet new people when you travel?

  • Very: planes, lounges and hotels are great places to meet new people: 18.0%
  • Sometimes: I’ll occasionally make an effort to meet new people: 40.1%
  • Not very: I’d rather keep to myself most of the time: 32.3%
  • Not at all: leave me alone: 9.6%

Networking opportunities abound. Look around you when you travel for work. You’ll notice many people who look like you. They’re business travelers too. Meeting them could create great new opportunities for you in the form of customers, partners, employees or future employers. But you have to make the effort to meet them. There are many examples of great connections to be made while traveling. All it takes to get started is a polite “hello” or a simple offer of assistance. The vast majority of you report that you don’t take these steps to expand your network. You could be missing out on your next big opportunity. Next time you travel, offer a kind greeting and introduce yourself to someone new. At the very worst, it will make the world a friendlier place.

Do you agree with these poll results? Let us know in the comments below!

– Mike Figliuolo at thoughtLEADERS, LLC

Did you enjoy this post?  If so, I highly encourage you to take about 30 seconds to become a regular subscriber to this blog.  It’s free, fun, practical, and only a few emails a week (I promise!).  SIGN UP HERE to get the thoughtLEADERS blog conveniently delivered right to your inbox!

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How well do you handle an unexpected personal crisis at work?

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EKG Pulse Graph with Glowing Blue Line

Our reader poll today asks: How well do you handle an unexpected personal crisis at work?

  • Very well. I deal with the issue productively and can resume work effectively: 33.3%
  • Well. I deal with the issue but it has some negative work effects: 51.9%
  • Not well. Personal crises tend to throw my work off substantially: 12.3%
  • Poorly. A personal crisis totally derails me at work: 2.5%

Moving through the crisis. It’s inevitable that a personal crisis will interfere with work at some point. Illnesses, car accidents, thefts and other challenging issues are bound to crop up and always at the worst time. Some keys to dealing with crisis involve keeping things in perspective, getting your priorities straight and getting assistance. Don’t be afraid to ask colleagues for help. We’ve all been there, and, by and large, people are understanding and supportive. There’s no need for you to shoulder the entire burden yourself. And when you see a colleague in crisis, don’t wait for them to ask for help. They may be too overwhelmed or feel like they’re imposing on others. Offer your help proactively instead.

Do you agree with these poll results? Let us know in the comments below!

– Mike Figliuolo at thoughtLEADERS, LLC

Did you enjoy this post?  If so, I highly encourage you to take about 30 seconds to become a regular subscriber to this blog.  It’s free, fun, practical, and only a few emails a week (I promise!).  SIGN UP HERE to get the thoughtLEADERS blog conveniently delivered right to your inbox!

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Have you ever considered running your own consulting firm?

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EKG Pulse Graph with Glowing Blue Line

Our reader poll today asks: Have you ever considered running your own consulting firm?

  • Yes, but I haven’t done it yet. 46.5%
  • No, I’ve never considered it. 30.2%
  • Yes, and I’m currently doing so. 13.6%
  • Yes, I once ran a consulting firm but don’t anymore. 9.8%

Get the revenue model right. Many of you have considered hanging out your own shingle and running your own consulting firm. One of the most important questions you have to answer is: what’s your revenue model going to be? If you don’t get the revenue model right, you’ll be spending too much time working and not getting paid enough for it. You might also miss out on lucrative alternate sources of revenue if you’re not thoughtful about what assets you have to sell. You must understand the different types of consulting revenue models and choose yours deliberately. It can be the difference between working like a dog and retiring early.

Do you agree with these poll results? Let us know in the comments below!

– Mike Figliuolo at thoughtLEADERS, LLC

Did you enjoy this post?  If so, I highly encourage you to take about 30 seconds to become a regular subscriber to this blog.  It’s free, fun, practical, and only a few emails a week (I promise!).  SIGN UP HERE to get the thoughtLEADERS blog conveniently delivered right to your inbox!

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A Simple Sales Tip for Maintaining Great Relationships

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Two Men Shaking Hands

How effective are you at maintaining client relationships? Do you stay in touch with them or do you lose the relationship over time? Do your clients and prospects respond to your messages or do your emails end up in a black hole? Here’s a simple tip for maintaining contact with your clients and prospects.

Client relationships are the lifeblood of any business. Be deliberate about maintaining them. Regular contact will keep you top of mind.

Find meaningful “excuses” to reach out to them. Some of my favorites include “Hey I read an article and I thought of you” or “I heard about a cool new technology and I thought you might be interested in it.” Send these notes and leave it at that. Don’t try and sell during those interactions. They know you eventually want to sell them something. Beware of excessive contact, they’re going to ignore you or block you if you’re in their inbox too much. Focus on being helpful and good things are going to come.

I have one client who I’ve had a great relationship with over the years. Every once in awhile I’ll see something that I think would be interesting to him and I drop him a note and I said “I read this and I thought of you.” He always writes back and says “Thanks for the information. Interesting. I appreciate it… not that you’re trying to sell me something.” This has become a running joke with us that at the end of every interaction one of us says “not that you’re trying to sell me something.” He understands the nature of the relationship because he is a great salesman too. He and I both know the deal but he doesn’t mind my outreach. He actually welcomes it because he knows I’m trying to be helpful. These interactions help me stay top of mind, so anytime he has a need that my firm can fill, he’s going to call me first.

Some reasons you might wanna reach out to connect with your clients and prospects include things like:

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Have you ever had a salesperson ask you to tell them a story so they can get to know you?

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EKG Pulse Graph with Glowing Blue Line

Our reader poll today asks: Have you ever had a salesperson ask you to tell them a story so they can get to know you?

  • Yes, it happens frequently: 20.6%
  • No, I’ve never been asked to tell a story: 79.4%

Stories tell more than the story. If you’re in sales – and let’s be clear, we’re all in sales since we’re always selling ideas – getting your buyer to tell you a story will give you insight into their challenges, their preferences, and their decision making approach. Asking buyers to tell stories also helps build a relationship and build trust. The more you know about the other person and their experiences, the easier it is to connect with them and understand their perspective. There are a few critical yet simple techniques to get your buyer to tell you stories like asking for specific events or prompting their story by asking about a specific problem. Who knows – the next story you hear might help you close that sale or get your idea approved!

Do you agree with these poll results? Let us know in the comments below!

– Mike Figliuolo at thoughtLEADERS, LLC

Did you enjoy this post?  If so, I highly encourage you to take about 30 seconds to become a regular subscriber to this blog.  It’s free, fun, practical, and only a few emails a week (I promise!).  SIGN UP HERE to get the thoughtLEADERS blog conveniently delivered right to your inbox!

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