Find an adviser for whom you will be neither their largest nor their smallest client. Make sure they know your industry.Avoid an adviser who offers to broker a discussion with a single client. You want to ensure there is competition for your business and avoid being used as a pawn for your adviser to curry favor with his or her best client.

About finding an advisor

“To sell your business, you need to demonstrate to a buyer that you have a sales engine that will produce predictable, recurring revenue."

If you want to be a sellable, product-oriented business, you need to use the language of one. Change words like “clients” to “customers” and “firm” to “business.” Rid your website and customer-facing communications of any references that reveal you used to be a generic service business.

Using the right language

Relying too heavily on one client is risky and will turn off potential buyers. Make sure that no one client makes up more than 15 percent of your revenue.

Don't rely too much on just one client

If you focus on doing one thing well and hire specialists in that area, the quality of your work will improve and you will stand out among your competitors.

Don’t generalize. Specialize

<ul><li>They are “teachable” to employees (like the Stapleton Agency’s Five-Step Logo Design Process) or can be delivered through technology;</li><li>They are “valuable” to your customers, which allows you to avoid commoditization;</li><li>They are “repeatable,” meaning customers need to return again and again to buy (e.g., think razor blades, not razors).</li></ul>

Scalable things meet three criteria

<ul><li>Owning a process makes it easier to pitch and puts you in control. Be clear about what you’re selling, and potential customers will be more likely to buy your product.</li><li>Don’t become synonymous with your company. If buyers aren’t confident that your business can run without you in charge, they won’t make their best offer.</li></ul>

Owning a process puts you in control

<ul><li>Take some time to figure out how many pipeline prospects will likely lead to sales. This number will become essential when you go to sell because it allows the buyer to estimate the size of the market opportunity.</li><li>Two sales reps are always better than one. Often competitive types, sales reps will try to outdo each other. And having two on staff will prove to a buyer that you have a scalable sales model, not just one good sales rep.</li><li>Hire people who are good at selling products, not services. These people will be better able to figure out how your product can meet a client’s needs.</li></ul>

Sales and sales reps

“Don’t be afraid to say no to projects. Prove that you’re serious about specialization by turning down work that falls outside your area of expertise. The more people you say no to, the more referrals you’ll get to people who need your product or service.”

Run your company. Don’t let it run you. Most business owners started their company because they wanted more freedom—to work on their own schedules, make the kind of money they deserve, and eventually retire on the fruits of their labor. Unfortunately, according to John Warrillow, most owners find that stepping out of the picture is extremely difficult because their business relies too heavily on their personal involvement. Without them, their company—no matter how big or profitable—is essentially worthless. But the good news is that entrepreneurs can take specific steps—no matter what stage a business is in—to create a valuable, sellable company. Warrillow shows exactly what it takes to create a solid business that can thrive long into the future.

marketingandsales

Marketing & Sales

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Money & Investments

entrepreneurship

Entrepreneurship

business

Business

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Books

Run your company. Don’t let it run you. Most business owners started their company because they wanted more freedom—to work on their own schedules, make the kind of money they deserve, and eventually retire on the fruits of their labor. Unfortunately, according to John Warrillow, most owners find that stepping out of the picture is extremely difficult because their business relies too heavily on their personal involvement. Without them, their company—no matter how big or profitable—is essentially worthless. But the good news is that entrepreneurs can take specific steps—no matter what stage a business is in—to create a valuable, sellable company. Warrillow shows exactly what it takes to create a solid business that can thrive long into the future.