​1. Know Your Target Audience. 
Understand members of your target group thoroughly, including their attitudes toward the services you offer (e.g., is the purchase of your product or service important, fun, or a necessary evil?). What motivates them, excites them, and makes them want to come back? Be honest and clear about your target group. It is not all adults or all females or all females with blue eyes. Get as close as possible to the core of your target audience and know who is really buying your product or service. Create a mental picture of your customers. See them clearly and make sure that anyone involved with your business has the same picture. 

2. Be Up-To-Date On Your Competition. 
Be completely up-to date on your competition. How are your competitors marketing? Are they spending more on marketing than you are? Are they spending less? What kind of results are they getting? Know what your competition is going to do before they do it and prepare yourself. Learn from their mistakes and their successes. 

3. Set Clear Objectives. 
Determine where you want your marketing efforts to take you. Is it your objective to maintain the business you have with minimal growth, just enough to make up for any customers who leave? Or do you want to grow your business? Do you want to develop a highly successful system that could be franchised? Or do you have a short-term plan to develop your business rapidly in order to sell it quickly and profitably? It’

4. 20% Of The Effort Equals 80% Of The Results.
Review past sales figures and understand the 80/20 rule. Typically, 20% of your customers will represent 80% of your sales; likewise, 20% of your effort will deliver 80% of the results. Check your accounting records now!

5. Create A Marketing Plan.
Have a written marketing plan. The old expression ‘‘If you don’t know where you’re going, any road will take you there.’’, has never been more true. Every day you are faced with new challenges and opportunities. If you don’t have a road map it is very easy to drift for a long time never quite succeeding.

6. Develop A Sales Plan.
Develop a realistic sales plan. Know what you want to achieve and where the sales will come from. Adhere to a defined sales process and follow up at each stage of the process. There are many books and courses that outline well-defined sales and marketing processes. Find a process you believe in and follow it loyally. Consider what you need to do in sales versus what you want to do.

7. Be Up-To-Date On Your Industry.
Be as up-to-date as you can on your industry and on your customers’ industry. Vertical industry publications will help keep you informed of trends and opportunities. They usually do an annual year-end wrap-up and make predictions for the future. If you want to know where your industry is going, this is a great place to start. (This is a really valuable tip as these publications do the research for you.) Talk to suppliers, customers, and even your competitors.

8. Identify New Technologies.
Identify new technologies that will enhance your marketing efforts. All kinds of software, online apps, email, cost-effective low-run four-colour printing, and the internet make competing with larger companies much easier.

9. Put The Customer First.
Put your client/customer needs before your own. If you put your customers first, they will notice and remember it at decision making time. It helps if you love what you do. Customers want to be with winners, and loving what you do will get you through the tough times.

10. Have A Point Of Difference.
Be clear and concise about what product or service you offer and how yours is different from your competitors’. Make sure your marketing efforts consistently reinforce these differentials.

11. Re-Evaluate Your Business.
Constantly re-evaluate your business. Every meeting, presentation, and discussion you have about your business is an opportunity to re-think what you are doing. Challenge every aspect of your business and make it better every day.

​“You’re not in this alone. Make sure to have others handling day to day marketing tasks.” EG

Are you running out of runway?
Feeling tired and not prepared to do any more work on the business? Maybe you waited too long to sell and the end is still not in sight. The kids are now older and not interested in running the company. Employees are not prepared to buy or run the business. You may have had an inquiry to purchase in the past, but that's long gone.

You're being advised to run things differently so you can attract buyers. It's apparent to you and everyone else you can't or don't want to run your company differently than you have been for the last 30 years.

It really is time to sell and you don't have 5 years to do it. Now what? Can you sell it sooner? That remains to be seen. Even if you could, you won't get nearly what you want or need. 

Pressured and no idea who to turn to? Giving it away or just closing down won't pay for your retirement. Like many other boomer age business owners, you never saw this coming and don't know what to do.

If you're running out of runway, then perhaps we should talk about the alternatives.

For some it's going to be a tough go selling and retiring comfortably. For others you and your family may be covered for now but what if (insert worst fear)? 

Perhaps we can help with our WarrenBDC Process. Take the first step in a journey that could take up to 5 years or possibly much less. It's in your hands now. Contact us now.

When it comes to your future, you can hope for the best and plan for the worst or ... you can spend some time looking into your options. 

As a boomer aged business owner, you may be feeling like time is starting to get away from you. The weeks and months are flying by and believe it or not, you're not getting any younger. Retirement planning is top of mind. How you'll spend your time and finances are both key considerations.

It's inevitable you will be participating in a transition, of one kind or another, out of your business. But will it be financially responsible? Will you walk away with the funds you need to enjoy the balance of your life? What will you do with your time if you're not working 'in your business'. Who will you be? What will others think?

I will not sugar coat it. There is work to be done. You will have many conversations with your spouse, partners, senior management, board, staff, family, business associates, friends and advisers. 

Decisions will need to be made and followed through on. In the end, if it's done right, this will be the sweet end of an era for you and the beginning of a great new adventure.

To help with your initial fact finding and planning, how about scheduling a 'clarity call' with me? We can talk about your current status and readiness for selling the business. 

I can answer questions and hopefully bring you a little closer to making some hard choices about transitioning. At the very least we'll move you along the path.

So sleep on it and if the mood strikes please give me a call tomorrow.

Call 416-270-2466 or email eric@warrenbdc.com
​

We didn't start out to become family therapists. It just happened. If you're the Owner of a family business perhaps you can relate to this week's message.

Working with family business owners is fun, challenging and very rewarding for us. Their business and personal lives are intertwined. More interesting is when you add in partners (and their families) who also own and run the company. Another layer of complication. Blood family or work family they typically interact very much the same. They are family and that means holidays and special occasions together, personal conversations and typically some fighting. Sometimes resolved and sometimes not.
 
If they are fortunate, respectful of each other and work hard at it the experience can be quite wonderful. If not it can get messy. As with any family dynamic everyone has their role and typically home actions are seldom different from work actions.

To keep the peace, you've learned to accept and deal with their peculiarities, their specific needs and the lack of change - no matter how hard you try to accommodate them. People don't change and hoping they will is a common theme in family businesses. Sometimes it only affects the family. Often the behaviour can reach into the success of the company and have a very real negative impact on non family/owner staff.

At some point you will determine that it's time to deal with the idea of transition. This is where we come in. If you think what I've written so far is even close to the truth wait until you start the transition process. The opportunity for challenges multiplies exponentially. Issues and ideas that have been tabled in the past, now need to be dealt with. Ambitions come out and the jockeying for position heightens.

Family therapy is only one part of the process, but it can be as key to your success as cash flow, sales & marketing, human resources and production. You will be riding two sides of the same sword, family and business.

You may think you have the family side handled until the serious conversation starts  about the business. Who will run what, who gets what and about a thousand other things you never thought you would be dealing with. This is why we take on the role of a 'family therapist' as well as a Transition Advisor. 

To address the many family and business issues that can come up, we make sure our Growth Strategists have family business experience to complement their business building background. In our process, both sides are covered and one without the other is not advised.  Remember it's a 'family business'.

As the Owner, you know all the wonderful things about your company. But that doesn't mean a Buyer automatically does. You will have to tell them. Making someone work for it isn't the smartest strategy. It's not just numbers Buyers need to consider purchasing your business.

​You know who your best technical staff are, the ones who are the most loyal and the small circle you can count on any time. The folks I like to describe as 'in a crunch it's always the same bunch'. The staff with huge potential who are consistently growing and assuming more responsibility. The key people you've been grooming to take over management. The loyal, hard working day to day heartbeat of your organisation. 

This is the knowledge gained over years of working together week after week. Experienced Buyers can acquire some of the information via staff interviews, but not near what you can provide. If you think you can hide the dirt, think again. Maybe you can for a while, but the truth always seems to surface. The Buyer of today is typically seasoned and short on a capacity for BS.

You know how great your relationships are with specific large key and smaller long-term customers, but the Buyer doesn't until you show them. You know the ideas and opportunities that have been on the back burner and are ready for moving forward.

You need to dig out all the great things about your business, the obvious and the not so obvious. The things you take for granted and the stuff you just do because, well you've been doing it forever. The new innovations and the upcoming industry trends you spotted years ago and have prepared for. The relationships with friendly competitors and the strategic alliances.

And don't forget the numbers. They will be requested in every configuration and scrutinised with a magnifying glass. Knowing how to present them is key. If you can't anticipate the requests and respond quickly the momentum can get lost pretty easily.

Yes, after the NDA.

It's not about bragging or blowing your own horn. More like sharing the many accomplishments you and your staff have achieved over likely, give or take, 30 years of blood, sweat and tears. Sales, well run processes, reputation, innovations and industry standing are all important. The successes you've attained need to be recognised and you need to be compensated for them.

You can't expect a potential Buyer to just uncover the information or glean it all from your conversations and retain it on their own. The data has to be packaged, wrapped in a bow and presented like it was the greatest gift they will ever receive. 

As with many large purchases the decision will be made by more than one person. The Buyer may make the final decision, but they will consult with others. 

Your company story needs to be told with as much impact and backup detail as your most important sale ever. But more so, it needs to be transportable to other offices and the many conversations that will go on while a Buyer is considering the purchase of your business. And frankly, you or your representatives will not be in all those meetings and conversations.

So remember, as you move down the path of transition, you can't keep the wonderful things about your business, both the obvious and the hidden value a secret. If you expect to sell for top dollar and on your terms you need to clearly tell the complete story in an interesting, informative and exciting way.

The trick is to dig it all out and communicate all of your company greatness in an easy to digest format. Present it so anyone can get your story quickly and easily. You don't always know who is being told about you and under what circumstances. What you do know is, they will be influencing the purchase decision. Or the potential Buyer wouldn't be talking to them in the first place. 

Subtle or heavy influencer, they can only comment on what they've been told. You can control the story more or less. Shouldn't you make it more than less.

To help tell your story or to discuss the many services we have available to increase your odds for a successful transition please contact me today. 

Call 416-270-2466 or email eric@warrenbdc.com

​Cheers, Eric

It's easy to get caught up in the day-to-day only to miss the big picture. Consequently, opportunities can disappear as quickly as they came.

As a business Owner, this can be an easy trap to fall into. We all do it. I'm not suggesting you ignore the small stuff, just don't get personally involved in every decision. Have someone else take care of it. 

Why would you hand off important and not so important decisions? Because if you and your staff continue to run the business as if you're the only one who can make the right choices or solve the problems, you will live to regret it. If you don't already.
Eventually the reality will hit you, you're not running the company, it's really running you. Instead, you should be thinking about the bigger, more important issues. Like how exactly you're going to get out. 

One of the best ways to exit is to increase the value of your business. Then you can sell or transition for the most money and on your terms. All you have to do is make it desirable to Buyers and allow it to run without you. 
Somewhere down the road the company will be sold or transitioned. It may be while you're still around to enjoy it or after you're gone.  Either way if you're like far too many Owners, who are the epicentre of the business, it will be problematic. Your people will struggle and or a new prospective Buyer will see immediately, in the very early stages of due diligence, that without you the company cannot operate optimally. 

And that my friends, is where you lose the leverage you thought you had. Value goes down and terms end up in favour of the Buyer. If you don't currently have internal resources to accept the responsibilities then grow them or hire/contract from outside.

If you run a family business and have not yet let the next generation step up completely, (you know who you are) I guarantee family dinners are about to get more heated and a lot more exciting. BTW if you are the next generation, do yourself a favour and forward this email to you know who. At the very least, you can use it to get the conversation going on a far more serious level. i.e. Look what Eric wrote this week. Sounds like our family. Pass the green beans please.

When the company is running successfully on its own you don't even have to sell. You could conceivably have the business carry-on and continue to provide income and stability to your family and employees for an indefinite period of time. It just needs to run without you. You want options.

That's right, it's your cue to move on. Not sure what you'd do with your time? Call me and we'll talk. 
For the past little while I've been taking a part of my day, no not every day but many days, where I just stop for a few hours and think about the business. I'm not involved in solving small problems or day-to-day details. I'm just quietly evaluating the company, thinking about the future and the next steps required to get where we need to be and then working back from there. I'm enjoying myself more and our company continues to grow.
So slow down, hand off and enjoy more. It could make a huge difference in your future and the lives of those around you.

As always, I am available for a telephone conversation, a coffee or to guide you out of the jungle.

​Eric

As Mike Tyson so eloquently stated "everybody has a plan until they get punched in the face".

Extended Version: Many boomer age business owners have been putting off transitioning their company for so long, it's now the accepted status. Or they promised their spouse, the team, advisers and most importantly themselves, five more years and I'm out.
 
But suddenly circumstances change and you're faced with an unsettling feeling in the pit of your stomach. You want out, but you're trapped, for at least a period of time. And it's always longer than you want it to be. 
 
Could be changes in the business environment are making it too much work.  New competition is coming out of nowhere. They're well funded, younger or seasoned owners getting back in the game, more aggressive and kicking your butt.  Higher interest rates, cross border restrictions and you get the picture.
 
Personal reasons rank equally high as business or higher. Grandchildren are at that age where you can't afford to miss a minute of the fun. A dollar store purchase of a whoopee cushion can be the greatest gift and provide kids with hours of fun. Seriously, do you want to miss that?
 
It's a family business and the patriarch and matriarch pass on. After an appropriate grieving time, everyone in the family wants their share. Active in the business and non active family members all want what's theirs and to make their own decisions. And rightly so. Now you find out who holds a grudge. Who thinks they should have been active in the business but were overlooked.
 
The original thought, (not plan), was 5 years and you would be out. The new reality is 5 years now needs to be 1 or 2 years. Regardless of how unrealistic that is, it's the cards you've been dealt. You can get out in a short time frame but not likely for real money or the amount you need and on your terms. If you had prepared the business for sale or transition you could have absorbed the fallout of a condensed timetable.
 
This is when the 'now what do I do' kicks in. You haven't planned ahead and certainly not for a much shorter time frame. Reality steps in and punches you in the face. Making decisions when you're dazed, confused, and pressured typically never ends well. 
 
Regardless of the reason for a change of heart, when it's time to sell, the clock starts ticking. You can't stop it or change it back, time continues moving forward and eventually you will run out.
 
The point is, start getting ready today. Because even if you know the punch is coming, likely you won't see it until it's too late.
 
If it does happen this way, you need a first class team in your corner  to help you through the transition. More than likely your current legal and accounting advisers for the business don't have experience selling a company. It's like asking your running buddy to help you get ready for a boxing match. No good will come of it. They may have the best of intentions, but not the experience. There will be blood or at least bruising. Remember keep your left up.

As always I am available for a telephone call or coffee.

Cheers, Eric

MEDIA RELEASE

Selling Businesses and Buying Businesses

An email I recently received. 
I am expecting an offer from my partner to possibly buy me out. If this falls through I will contact you.

​My response. 
Thanks for the update. Food for thought. I recently had a conversation with another Owner we have been talking with over the last couple of years. His plan was to buy out his partner of 30 years or have the partner buy him out. The partner chose to be the Seller.

The Buyer, our contact, chose to do the deal on his own. We offered our services but he declined as he knew his partner well and they have had a 30 year relationship. After literally a couple of years of discussion the deal was supposed to finally close on January 2, 2017. 

It has so far not ended well. They are no longer friends, the Seller continues to go back on his word and change the deal and the whole sale may never happen. The result will potentially be metaphorically like 'a divorced couple living in the same house'. You don't really know someone until you negotiate with them from opposite sides of the table.
Sadly, as of Jan. 22, 2017, it still has not closed yet. The Buyer and Seller no longer trust each other and a 30 year friendship is ruined.

In another case the Owner was planning on his key person buying the business, although he never actually asked him if he was capable or interested. When the question was finally posed the answer was no he was not interested in buying within the Owners timeline and no he did not have anywhere near the funds. Unfortunately that was the Owners only play.

Isaac (my partner) and I would like to offer our services to help you and your partner engage in a harmonious and mutually satisfying transaction. 

Not trying to be heavy handed or negative but the examples above represent only two recent attempted Sales By Owner. 

Please let me know if you would like to discuss. 

We wish you all the best in a positive and successful sale.

​Cheers, Eric
__________________________________________________________________________

Readers

In case you believe one of the examples is you, know that it's likely not. This happens far more often than you think.

The current buzz in the business transaction world is that 2017 will be an incredible year for selling a business. Are you ready?

As always, I am available for a telephone conversation or a coffee.

Cheers, Eric

​My son and I got into a conversation about Trump the other day. And of course the inevitable what do we do here in Canada about our own leadership. 

As we talked I realized that our discussion was less about the specifics and more about our own generational concerns and how the implications would affect us personally. 

So with that clarity I understood we likely would never agree on everything and we both need to work hard to appreciate the impact the upcoming changes will have on each other.

There is a parallel between this conversation and a generational or transitional discussion about a business, regardless of it being family based or not. Most, if not all companies are being run by 2 or possibly 3 generations.

The thought I offer to you is this.

Get The Best Out Of Everyone 
Excerpt from 'Moving Forward'.

​When you sell or transition you need to make sure your successor understands the value of getting the best from everyone and you need to help them. They might be a family member, a long time employee or an outside acquirer. In any case you want the new Owners to have as much success as possible. Particularly if part of your compensation is tied into the future financial achievement of the company.
 
The new management may have been groomed to run the family business, in some cases, for their entire adult lives. Or you may decide to offer a loyal employee or management team member that opportunity. The originators of the business often try for years to educate, share their experiences, impart their wisdom, and mould their successors. Some succeed others don't. Family isn't always the best choice. In fact it's more rare than you might think.
 
Share what made you successful and make sure that goes for everyone involved with the company as well. Give the new Owners complete and unfettered access to you and the senior management team. An immediate and never ending inside edge to the key goings on of the organization.
 
Some of the same benefits (experience, familiarity, and loyalty) can be gained from non-family, non-management employees and business associates who offer expertise and experiences that are different from yours. They may not be an Owner but what they offer is invaluable. Make sure you pass this insight and access on to the new management.
 
In some cases the new generation will continue to operate the business as it had been run in the past, a safe short-term measure.
 
This strategy may have worked for the previous generation, but circumstances are changing at a dramatic pace. We are living in a time of new technology, new needs, and new ways of approaching problems. E-commerce, database marketing, social media, big box and online stores, branding, and many other new terms have not only entered our small business vocabulary, they have taken business over.
 
As part of the older management you may be set in your ways, a little tired, and perhaps a little too comfortable with a particular style of conducting business that has provided you with years of triumph (usually tempered by a few bumps in the road).
 
The younger management may be full of energy and have new ideas for reinventing the business. But working together, you both need to blend the best of both generations. Preserve the successes from the past, incorporate the new opportunities, and build for the future.
 
A reminder to the older generation: not everything old is good nor is everything new bad.
 
To the younger generation remember: not everything old is bad nor is everything new good.
 
​As always, I am available for a telephone conversation or a coffee.

Cheers, Eric
​

I'd like to suggest a question to ask yourself over the holidays. Do your plans for the future of your company include selling while at a peak in value? 

​Many companies we meet with, show neither top or bottom line growth. Owners have instead, resorted to stalling growth and squeezing whatever cash they can from the business. Some Owners are tired and lack the energy or incentive to continue growing their business, let alone sell it. They think they'll have enough to live on in retirement but continue to come into work more out of habit than to make a real difference. Often working is the result of not having an alternative way to spend their time. 

Sound familiar?

A lack of hunger permeates the company and over time the business stalls or worse fails because no new ideas or re-investment are made. We ask Boomer Owners to consider this. Even if money is not the incentive, why would you let your lifetime of work just peter out and end with a failed or deflated legacy? 

It's a big question.

Some Owners step back, taking extended time off or even retiring and leave their trusted, loyal employees to run the company. Sure your employees know their jobs but does that qualify them to run the whole show? In our experience, the answer is no. 

Often it does not end well.

There's always a 'peak value time' to sell a company and Owners who miss this selling sweet spot could be letting over 50% or more of their potential enterprise value just slip away. 

What a waste.

Every day we speak with Boomer Owners who are thinking about retirement and selling their business. Some are sitting very close to the peak time and don't even realize it. A little effort and the increased value could translate into $ millions.

Too many believe they can get there themselves while continuing to run the business as usual. The truth is they can't. By the time they realize this, the opportunity to sell at a premium is lost. 

It doesn't have to be this way.

Maximizing enterprise value and negotiating a successful business sale to achieve that 'peak value' requires years of experience and many different skills. It cannot be treated just like another sale or left to your employees and trusted advisers. You have to ask yourself, what if any experience do you or do they have in selling businesses? 

The answer is likely none.

When it comes to outside help, we say to Boomer Owners, you have everything to gain and nothing to lose by bringing in a 'fresh set of experienced eyes' to help maximize corporate value? Do you want to be operating at peak levels when Buyers come knocking and sell at a premium price or not? This assumes you are a desirable company and can attract Buyers. Big assumption, not always realistic.

Some Owners get it, others do not. 

The ones who don't, politely defer the decision to bring in outside help for another day, another week and another month. Their one moment in time gone forever and all that is left is regret. It becomes too late and they run out of time. Either the doors close, no one is interested or they are offered a fraction of what the company is worth. Did you really spend decades building to just give the business away? 

Not likely.

On the other hand, some Owners light up and say you're right, when can we start? Followed by - if you can help me solve the problem we discussed in our first meeting like you did, can you also tackle this and this and ....

It's up to you. We are simply saying, allow us to help get your company back in peak condition by seizing the untapped potential and realizing a much greater selling price. Together we can help you finish on a high. Leaving a wonderful legacy of success doesn't hurt either.

Finish right.

We asked current Clients why they agreed to work with us. The answer was simple. "Once we met with you, we began to see the value WarrenBDC could bring to the table."

The holidays are always a good time to sit back and contemplate your options while peering into the future.
If you'd like to discuss how 2017 might look, please contact me directly.

Cheers, Eric

PS It's ok to forward this email to your Boomer Aged Business Owner clients, family and friends.

In reflecting on the conversations, with Owners, I've had over the past year, I'd like to suggest a question to ask yourself. Do your plans for the future of your company include 'Striking while the iron is hot'? 
In his first term, Obama, had control of both houses and could easily have passed any progressive legislation but chose not to. He wanted to 'try and engage the other side to accept his ideas', which they never did. Some saw it as a noble gesture, others just saw naivety, inexperience and an unwillingness to listen to more seasoned politicians. He had the power, the momentum and the right time, but chose not to act. 

Now it looks like this may be one of the key reasons his legacy will be lost. He should have acted when the iron was hot because, as we now know, he never found another opportunity in the following 8 years to get much done, that one moment in time was lost forever.

Many companies we meet with, show neither top or bottom line growth. Owners have instead, resorted to stalling growth and squeezing whatever cash they can from the business. Some Owners are tired and lack the energy or incentive to continue growing their business. They think they will have enough to live on in retirement but continue to come into work more out of habit than to make a real difference. Often working is the result of not having an alternative way to spend their time. Sound familiar?

Lack of hunger permeates the company and over time the business fails because no new ideas, technology or re-investment is made. We often remind Boomer Owners that even if money is not the incentive, why would you want to see your lifetime of work peter out and end with a failed or deflated legacy?

Some Owners step back, taking extended time off or even retiring and leave their trusted, loyal employees to run the company. It's one thing to have a crew sail your boat. But without a leader who knows where to catch the wind, anticipate the storms, and more importantly take action and do something about it, you can end up lost at sea or not even finishing the race. Sure your employees know the business but does that qualify them to run the whole show? In our experience, the answer is not likely.

There's always a 'peak time' to sell a company and Owners who miss this selling sweet spot could be letting over 50% or more of their potential enterprise value just slip away. What a waste.

Every day we speak with Boomer Owners who are thinking about retirement and selling their business. For some Owners they're currently sitting at the peak time and place for a premium sale opportunity and don't even realize it. Too many believe they can do it themselves while continuing to run their business as usual. The truth is they can't. By the time they realize this the opportunity to sell at a premium or 'strike while the iron is hot' is lost. It doesn't have to be this way.

Maximizing enterprise value and negotiating a successful business sale to achieve that 'peak' value requires years of experience and much skill. It cannot be treated just like another widget sale or left to your employees and trusted advisers. You have to ask yourself, what if any experience do you or do they have in selling businesses? What we typically hear is not much.

When it comes to outside help, we say to Boomer Owners, you have everything to gain and nothing to lose by bringing in a 'fresh set of experienced eyes' to help maximize corporate value? Do you want to get back to operating at peak levels again and then sell at a premium price? Some Owners get it and others do not. 

The ones who don't, politely defer the decision to bring in outside help for another day, and then another week and yet another month. Their one moment in time gone forever and all that is left is regret. I should've, I could've, if only etc. The doors just close or they get pennies on the dollar.

On the other hand, some Owners light up and say you're right, when can we start? Followed by can you help me with this and this and ....

It's up to you. We are simply saying, allow us to help get your company back in peak condition by seizing the untapped potential and realizing a much greater selling price. Together we can stoke the fire and help you to strike while the iron is hot. And finishing on a high, leaving a wonderful legacy of success doesn't hurt either.

We asked current Clients why they continue to work with us and what they would say to other Owners. The answer was simple. Once we started working together they understood the value WarrenBDC brings to the table. 

So to make this an easy, low risk decision for any Owner (with annual sales of $3 million +) we are offering a 'one on one' in depth review specifically about your company. To make this meaningful, you will need to send us your 5 year financials under a strict NDA and allow us one full day to talk to you and your top three employees. We will then share our findings with you and demonstrate how we can make a substantial difference to your company and your future.

The cost to you is $6,500 for this initial step. The value is significantly higher. 

The holidays are always a good time to sit back and contemplate your options. We hope this message and offer adds a positive option for you to consider and an opportunity to heat up the iron before you strike it.
To discuss your future, please contact me directly.

Cheers, Eric
eric@warrenbdc.com

Excerpt from Eric's new book 'Moving Forward'.

Many have tried to simultaneously run their business and sell it at the same time. It usually ends in failure or at the very least an exhausting and confusing experience.

Look at it this way. For most owners, running their business is a full time job. A job you know well, one that you pretty much do on instinct fuelled by loads of experience. Your team has worked with you and each other for a reasonably long period of time. So decisions are made quickly. They are important and key to keeping the machine running smoothly. But they tend to revolve around you.

Selling a business is filled with unknowns. A process you're unfamiliar with. Add in new team members who you may not be comfortable with yet. There will be a requirement for decisions that you either don't have the experience with or the time to learn.

The questions, requests for documentation and meetings never end. Sleepless nights and a strain on your family life will add to the frustration.

It's like taking on a new job or project for a customer. One you are currently very unqualified for. You will need to go through a learning curve that you likely have no time for.

So why add this additional and very difficult job to your usual busy schedule? It's a recipe for disaster, or at the very least failure. It will almost certainly adversely impact your company. Do you really want to do this as a second job?
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You and your business need to be in a place where the company runs without you. This is a good thing. If you want the best shot at selling, a Buyer wants to see that the company can run smoothly without you anyway. One day you will no longer be in the picture. The Buyer needs to believe this is realistic.

Excerpt from Eric's new book 'Moving Forward'

You can deny it all you want. But if you're a Boomer Aged Business Owner, you know it's time to transition. More than likely you're already taking some of the steps needed to move on with the next exciting stage in your life. It's not ok to wait any longer.

I've been speaking with dozens of boomer Owners about selling or transitioning their company and the same story is told to me over and over again. 'I can't do anything just yet. The time isn't right. I know I have to do something.'

The family members, and the many trusted advisers, Owners tend to surround themselves with tell me this story. 'I don't know what to tell my Dad/Mom or Client. We talk about selling or transitioning the business but he/she/they keep putting it off. I wish I knew what to say or do.'

Yes we all know you have a deep emotional attachment to the company you built. And yes 2008 was an unexpected blow. You've had at least 8 years to recover or not. It is unlikely the world will suddenly drop a 'selling gift' into your lap. So you have to reconcile dealing with the company and its' future now.

If you don't, the decision will be made for you. Health, the economy, competition or industry changes will dictate what happens next. At that point all bets are off. You've lost control and you didn't get into business just so you could give up control.

The first thing you need to know is you likely have an inflated opinion on the value of your company. Sorry, but that's the cold hard truth.

In addition, at least 80% of your wealth is likely tied up in your single largest asset - the business. The biggest sale you will ever make will be the business itself. Tell the truth, are you really prepared?

Your future, and the well being of many other people, depends on the steps you take over the next few years. You know you need to do something now or it might be too late. After all, it will likely take 3-5 years from start to finish to be fully out of the business.

Right now you may not know exactly what you'll do after the business is sold. That's part of the journey. How about we agree that time with family, good health and a little extended holiday is a great place to start.

When you started or took over the company did you really have all the answers? I didn't think so.

The clock is ticking, whether you're ready or not. Take the first step into your future now. I feel strongly about this because I know if you wait too long, we may end up with more closed businesses than our economy can absorb.