During the sales process there are two documents;

a) The Teaser - a short (1 page) doc, that gives highlights and is intended to solicit a prospect into asking for more information. This document is shared publicly so is written in a non-identifiable way.

Someone will then express interest and request more information. At that time they will enter into an NDA between our Client and themselves. Once that is signed we would share with them the CIM document.

b) The Confidential Information Memorandum (CIM) is a document into which we gather all the relevant information about the business, including its products, services, financials and markets.
The CIM is ONLY SHARED WITH Prospects that have signed the NDA, and that you have no other objection to sharing information with.

Typically the CIM would contain sections about the business to include;
1) Business Overview and Key Investment Highlights
2) Products and Services
3) Market Potentials and Variables
4) Sales & Marketing Efforts
5) Management Team BIOs
6) Financial Results and Projections
7) Risk Factors (Sometimes omitted) and Successes & Awards
8) Investment Thesis (why this is an attractive opportunity)
9) Anything else that might make this business unique and desirable.

The CIM is NOT a legally binding contract or offer for sale, rather it is a marketing document intended to make your business look attractive to potential investors.

An Investor or Buyer would use the CIM to determine whether they wanted to take the study further and to start compiling their valuation etc. They would likely start engaging and either meeting or asking more questions and from there make some sort of offer subject to diligence and legally acceptable terms to you. 

Included in the WarrenBDC fee is the necessary consultation and document preparation efforts to create these documents, and then to share and solicit this information with prospective buyers.

The final say in the document is ultimately our Clients to make, so at each stage once we have created the documents they are run by you for approval, before being distributed.

Cheers, Colin Ruskin
WarrenBDC

​Excerpt from 'Just Tell Me More - Marketing Tips in 10 Minute Chunks'

​Fanone International is a successful hairdressing salon owned by two brothers. For the past few years, they have talked about marketing. The brothers haven’t developed any specific marketing tools yet, but they meet regularly and plan to do some ‘‘real marketing’’ soon.

The fact that they have not yet created the standard marketing tools, such as brochures and ads, does not mean that they have not been developing and executing a marketing program. The Fanone brothers have been thinking about their business from a marketing perspective and have recognized that marketing is necessary to the success of their business. Their marketing is under way.

A few years ago, they moved the location of their salon and took full advantage of the opportunity to create a new and exciting environment for their customers. The new salon was so interesting they were featured in an industry magazine. They also participate regularly in hairdressing shows, as featured presenters, to increase recognition of their company name. They have reached a level in their profession that many competitors would do anything for. They have accepted offers from manufacturers to represent certain lines of products. And have their own line of products, sold worldwide.

The Fanone brothers were very specific about the type of employees they hired, seeking people with a good attitude toward the business and customers. The brothers want to make sure that they are building the best possible team in order to take full advantage of future, more traditional and new media marketing efforts.

A continuing discussion revolves around the demographical and psychological profile of the customers they want to attract. The atmosphere they have created in their salon is of utmost importance. 

The Fanone brothers regularly review the history of the salon and its past sales. Where did they make money and where did they give it back? What aspects of the business provide the most satisfaction? Are there cycles to the business with up and down times? Can they create promotional opportunities to smooth out the business over the year?

Are they taking advantage of the latest technologies? (Setting appointments on-line through the Internet is an interesting possibility.) Where do they want to take their salon in the future? What lessons can they learn from other salons (anywhere in the world) that are a few steps ahead of them? Can they identify and model themselves after a successful salon (or chain of salons) that is in a position in the marketplace that they want to be in?

The brothers continually review competitors’ literature to assess their position in the marketplace, promotional offers, target group identification, and product endorsements. These small business entrepreneurs want to know all they can about their immediate competition in their neighbourhood and around the world.

They participate in various hairdressing shows, making sure that they are featured onstage demonstrating the latest in hairdressing techniques in order to consistently reinforce their position as a leading edge hairdressing salon. Despite all of these activities, when they are asked whether they are conducting a marketing program, they answer that they are still preparing one.

These two hardworking, thinking entrepreneurs have recognized the importance of marketing and are determined to take full advantage of it. In fact, they are already marketing their business. Every day and through interactions with customers, suppliers, and staff, they are marketing their business because they are aware that every day and every interaction is another opportunity to fine tune their marketing efforts. When they decide to start a more traditional marketing program, they will be well prepared for it. Although these days who is to say what is traditional and what is new?

Many businesses have a best before date to transition.

​It may be best to sell before:

1. Your industry changes too much to keep up with.
2. You're too old to have a choice about transition anymore.
3. Your competitors decide to attack and drive your value down.
4. Your competitors make the move to sell first which can negatively affect your value.
5. You realize your kids have their own lives and are not taking over.
6. You finally see that your staff are never going to buy your business.
7. You are forced to accept the fact that it will take years to get ready, sell and fully transition out of the company and you haven't even started.

Or when the Owner has the realization that they don't actually have an open ended time frame to sell. Your trusted advisors have been asking you to think about selling. So has your spouse or partner. But you steadfastly held them off. Oops maybe they were right. Tic toc.

But like 80% of seasoned business owners, you've been putting it off. As you hit your 60's and 70's you slowly realize you've joined the 70% of owners who don't have a transition plan.

After having spent decades building a successful business, you've walked up to the edge of the cliff with no option to go back. It's a one way trip. You need to cross and time is running out quickly.

The likely outcome from waiting too long is that you may not be able to sell for as much as you could today or you have to sell for less than you need. If something unfortunate happens to you what have you done to your family and their future?

And yes I'm talking to you.

If you're confused, frustrated or just unsure about Moving Forward with selling your business, give me 15 minutes on the phone. I can me help bridge the gap and get you started along the transition path. No obligation other than a short conversation. You have everything to gain including a glimpse into the other side of the gap while learning about how to get there. And nothing to lose.

I really like meeting my readers. Eric Gilboord [email protected]

Excerpt from 'Just Tell Me More - Marketing Tips in 10 Minute Chunks'

​Tom and Joe are brothers who grew up working in the family business. Tom is conservative and, in his own words, not very creative. He chose to stay with the older, established company and continue in his parents’ footsteps, running the business as his father did for the past forty years.

He had no desire to change anything and felt that if he continued to run the company the way his parents did, he would have a nice lifestyle and hopefully be able to pass the business on to his children. Tom was not a marketing-oriented businessman. 

Every year, he followed the same marketing program, conducted seasonal sales, developed the same brochure (substituting a few new products), and worked with the same sales reps his father had employed for many years. Tom felt that if you built a good product, the customers would find you.

Joe, on the other hand, knew that there was more they could do with the business. He wasn’t sure what needed to be done, but he realized that marketing would play a large part in the future success of their business. Joe spent a lot of time out on the road, talking to customers, finding out what competitors were up to, and looking for new opportunities.

Joe often returned from sales trips and trade shows brimming with ideas. He told Tom that they needed to expand their marketing efforts to include new media and a social media program. But Tom insisted that they were doing enough marketing and had no reason to change. Sometimes when a business has been successful, the thought of new activities seems to be an unnecessary expense.

Unfortunately a business owner can wait too long, until the market requirements and competitors catch up to them and it’s then too late.

As time passed, the conflict with Tom became unbearable for Joe. He recognized the opportunities for the family business but knew that his brother would not change. Joe decided to start his own business. He knew that marketing was more than a brochure and the occasional sale. Over the years, he had learned that there are two key components to marketing:

1. Creating and using the various tools available.

2. Managing the marketing program from original strategy and design to the finished marketing materials.

Joe planned to stay in the same kind of business as his family. His first major commitment was to ensure that his business would be marketing oriented. 

He researched opportunities, became familiar with new marketing techniques, and established a long-term relationship with a marketing professional, who helped guide him and establish a team of suppliers to cover traditional, new media and social media marketing. Joe's strategy included using the best of the established methods and continually testing new marketing methods. 

Eventually, Tom’s business stagnated, sales barely kept up with expenses, and profits became a thing of the past. While Tom was suffering, Joe became more successful than even he had dreamed he could be.

Joe hired a marketing consultant. Together, they developed a solid sales and marketing strategy, embraced new technology by establishing a strong database, and conducted ongoing focused communication with staff, suppliers, customers, and prospects. They developed and updated sales tools on an ongoing basis to keep their sales force and customer service staff equipped with the latest in marketing weapons.

In time, Joe absorbed the family business into his own. Tom stayed on but acquired a new appreciation for marketing. Joe continued to manage the marketing efforts and his company grew large enough to create their own internal marketing team. Joe creates the company vision and the entire company carries out that vision.

These cases demonstrate how marketing plays a key role in the success of any small business. Ignoring the advantages that a structured, well thought-out marketing program offers could put your business in jeopardy. Make use of experts, try to benefit from their years of experience and keep up with the newest techniques.

​“Success or failure doesn’t randomly happen to you. You have a large say in when and how much.” EG

Exclusively for Owners only, to explore their transition options in a confidential safe space. This is not a networking event. Attendees will be vetted.
​
If you have questions about growing and or transitioning from your company and would like to get answers in a safe and confidential environment. Take a first step now with WarrenBDC and join us.

Attend a private by invitation only, limited seating event. Get on the list for our upcoming dates now. Our events are typically co-hosted with local trusted Advisors like Wealth Management, Financial Planners, Accountants, Insurance, Lawyers, Family Offices etc.

To learn more about hosting or attending email [email protected].

COMMENTS ON ROUNDTABLE
​
Thank you Eric. Your warm and candid stories obviously come from your genuine desire to connect with your clients and your years of taking the time to care for their businesses and their families. You discussed complex issues with ease by making them relatable from the point of view of someone who may be unsure of how to go about transitioning their business either to family or to a third party. Thank you for taking the time to educate us in a warm and humorous way. You made a potentially anxiety-ridden experience an actual pleasure.

Regards, Anthony (Financial Planner Co-Host)

This is just a note to follow-up on yesterday’s lunch and dinner events. You engaged the audience so well with personal allegories that resonated with each of them. And thank you for showing such nice solidarity with Maricel, Anthony and me. Much appreciated.

I thought the “Safe Room” setting for our guests was particularly effective: we’ll set up another one soon.

Regards, Jody (Financial Planners Co-Hosts)

Not ready to leave your company just yet? There is an alternative. A way to take some chips off the table, stay involved and make a really nice bonus contribution to your retirement fund. Ease your way out while assisting the new Owners to drive the company to greater success.

A business model being used more often these days is for the Buyer to purchase 70%. The Seller retains 30% and stays on in whatever capacity they are most comfortable. Where required they provide a smooth transition to industry and customer relationships, while sharing their vision and insights for the potential of the business.

As the company increases in value the Seller will enjoy the benefits the new Owner brings to the table. At a predetermined time the remaining 30% is then sold to the new Owners or both parties together sell to another Buyer. Ideally at a much improved value. It's a win win.

There are many ways to transition a business. This is just one. It is in your best interest as the Seller to explore multiple sales opportunities available to you.

As usual, we are a phone call or email away and ready to help. Good luck.

Eric Gilboord [email protected] or 416-270-2466

​As boomer age Canadians we've had the good fortune to grow up in what I like to think was a special place. Opportunities for education, jobs, freedom of religion and the list goes on.

Add the fact that many of us have made a good living as business owners and we have a lot to be grateful for. Whether or not you have routinely given to charities, religious organizations and those in need over the years is not important. What you do from here on is.

If you are reading this email then you either will be selling your business or you know someone who will be. After the sale an owner will likely have more time and money to contribute to organizations and individuals to make the lives of many better. Could be here in Canada or in other parts of the world. Giving back should be part of everyone's plan.

In the spirit of giving back and in order to do more and help more I would like to suggest a couple of things:

1. I've said this before and I'm saying it again. If you don't need any more money and are satisfied with what you think a sale will deliver to you in cash that's great. But it's not a good reason to just stay the course until a sale without trying to increase bottom line results.

Consider this for a moment. If you only need $2 million for your postsale life that's great, more power to you and I hope it all works out. However you built your business to make profit. If you could generate an additional $500 thousand or $1 million think about how much more good you could do with it. How many more people you could help.

2. Prepare in advance for the financial rewards you will be receiving from the sale of your company. Plan, investigate who to give to and make sure you are not surprised by unexpected tax issues that could drain your funds and negatively impact your ability to share the wealth. Plan so you can do more good.

On Wednesday July 31, 2019 in the evening, I will be attending an event, 'Charitable Giving' an Exclusive Educational Seminar. Discover more tax efficient ways to give to the charities that matter to you. It would be great to share my table with you.

Charitable giving and tax implications are not my business. Helping owners transition well and enjoy their postsale lives is.

Please consider coming, you'll do others and yourself a lot of good. Bring your spouse.

Details and registration here.

​If you have any questions please contact Maricel Ramos @: (647) 862-5280 or [email protected]

Hope to see you there.
​Eric Gilboord

The 4 P's of success in life or business are:

1. Patience - Often times it takes years to launch a new idea and still more time to be successful at it. You have little real control over the thinking of others. Be it the world, family, friends or business associates. Some will come around to your way of thinking others will not. You know it's a great idea but 'they' may not be ready for it. The world is not on your clock.

2. Persistence - If you really believe in what you're doing you will not give up. Changing your thinking, adjusting the measurements, and revising your plan are all part of the process. Giving up is not.

3. Perspiration - If you don't do the work nobody else will. You can try paying someone else or coercing them. Unless they see the passion and real commitment from you, likely their effort will not be enough to help you be successful.
​
4. Passion - You can't be taught passion, buy it or be given it as a gift. It is so strong others can see it, hear it and almost taste and touch it in the way you present yourself and your ideas. It can't be faked or forged, true passion is very real. Genuine passion bubbles up from within. You can't contain or control it and without it your chances for success are slim.  Find something you are passionate about and start pursuing it now! It could take a while to get there. Don't forget to enjoy the journey.

Eric Gilboord, A2E
CEO WarrenBDC  
416-270-2466 

The IBBA and M&A Source Market Pulse Survey Report for the fourth quarter of 2018 has a range of interesting insights.  The survey’s purpose is to provide an “accurate understanding of market conditions for businesses being sold in Main Street (values $0-$2MM) and the Lower Middle Market (values $2MM-$50MM).  This national survey was designed as a tool for business owners and their advisors and has the support of both the Pepperdine Private Capital Markets Projects and the Pepperdine Graziadio Business School.

One of the most striking facts to leap out of the report is the fact that a full one-third of advisors fully expect the strong market to end this year.  Overall, advisors are not optimistic that the current climate will continue through 2020.  In fact, advisors are encouraging sellers to consider placing their businesses on the market now, while the market is still strong.  This is according to Craig Everett, PhD and Assistant Professor of Finance and Director of the Pepperdine Private Capital Markets Project.

One fact from the report that could be overlooked is that only a mere 8% of advisors expect the current climate to last for 48 months or more.  Additionally, only 9% believe that the current climate will last between 24 to 48 months.  Perhaps most striking of all is the fact that 60% of advisors feel that the current climate will end within the next two years.

Business owners who are considering selling should be advised that almost two-thirds of advisors now feel that there will be a significant shift in the next two years.  Considering that it can take a year or more to sell a business, business owners would be wise to consider this important fact.

The report sites Neal Isaacs, Owner of VR Business Brokers of the Triangle who states, “Deals are taking longer in due diligence as buyers work hard to validate their investment and make sure that what they’re buying is worth the premium price today’s sellers are commanding.”

So, is now the time to sell?  Many experts feel that it is possible to lose a sizable amount of value if one waits too long to sell.  Even just a few months can make a huge difference in terms of perceived value and the ultimate sales price.  Working with a professional is a key way to ensure that you are selling at the right time and secure the best possible price.
​
Copyright: Business Brokerage Press, Inc.

Some food for thought before handing your business over to a next generation family member.
​
I remember meeting the Owners of a small business. He had worked hard and the company had provided his family with a comfortable life.

There were 3 sons. One worked occasionally in the business, wasn't suited to take over and never really did much with his life. A second son had other ambitions and enjoyed a very successful career in law. As for the third son, unlike his brothers, he worked in the business full time, made a living and started his own family.

So when it came time to think about transitioning and rather than selling the company to an outsider, the Owner along with his spouse made a decision based on emotion and blood. 

The third son thought it was his right to take over the company. Although under qualified and not yet possessing the maturity to succeed, the Owner turned the company over to him. With no cash investment, only sweat equity, winning by default and having day to day experience working in the business he was charged with preserving the family golden goose.

Thinking far more of his own capabilities, having no real transition plan or safeguards put in place by the Owner (his Father) and now being in charge the third son made the decisions his way. As the Owner had an ailing parent, some health issues of his own and other distractions he was not always available for counsel or oversight.

The immature third son saw this as an opportunity to put his own mark on the company and in the process promptly drove the business into the ground along with the Owners' life savings and retirement funds. Fortunately the successful son, the lawyer, had the means to take care of the parents as the other two did not.

Why did the parents turn the business over to the ultimately unsuccessful son? As I wasn't present at the family Sunday night dinners, I'll never really know. What I do know is that people make poor decisions and do stupid things for blood.

I also know that it's in my power to repeat this story as often as possible. So it doesn't happen to your family. I'm sure everyone had the best of intentions. But that only takes you so far.

Three key questions to ask before you even consider handing your company over to the next generation.

1. Do they want the business?

2. Are they qualified to run the business successfully?

3. Can they afford to buy the business from you?

And one more key question you need to ask yourself. How will this decision affect the rest of the family?

At WarrenBDC, we have developed a special group exercise to quickly gain insight into what the future of your company might look like if you make this kind of choice.
​
To discuss the options and our services available to increase your odds for success please contact me today. 
Call 416-270-2466 or email [email protected]

Cheers, Eric
​

Stats on the state of the boomer business owner world, from the 'State of Owner Readiness' survey 2016.

1.   Boomers own 63% of private businesses.
2.   80-90% of their wealth is tied up in their business.
3.   76% plan to transition over the next 10 years. 48% in the next 5 years.
4.   12 months after selling 75% of owners 'profoundly regretted' the decision.
       (Want to know how to avoid the whole regret part?)

Have I got your interest?
 
5.   70-80% of businesses put on the market don't sell.
6.   Less than 30% of family-owned businesses survive into the second generation.
7.   67% of boomer owners are between 50 and 69 years old.

Stop for a minute and take it in. Now continue.
 
8.   75% have an annual revenue of under $5 million.
9.   85% of family owned businesses are first generation.
10. 24% say you're familiar with transition options. 44% aren't and 32% are not sure.
11. 88% have NOT established a formal transition team.

Sounding familiar?
 
12. 86% have no formal education related to transitioning your business.
13. 67% have no provisions in place if key personnel get ill or die.
14. 50% have no thoughts about your post transition life after the business.

Wow that was a mouthful. Take another minute and let it sink in.
I will guarantee you one thing. You don't know what you don't know. And that will absolutely lead to a whole lot of trouble. The challenge is who do you talk to?

Here is just one example of the misguided thinking many boomers are doing.

You think if you keep the company for a few years longer and take as much as you can out it will more than make up for what you think you could sell for today. Then, in a few years, you'll sell for whatever you can get or just close down. 

Nice plan, unfortunately, putting off selling or even just getting the company ready for transition or 'dying with your boots on' are not really exit strategies, now are they? 

What if, in the meantime, you get ill or worse? The mess you'll leave behind for family, partners, management, employees, customers and vendors will ensure they talk about you for a long time to come.

It's not all doom and gloom. There is a silver lining.

What if you could delay selling, keep taking money out, increase the value of the company and sell for more later. More than you think you could get now. 

Have your cake and eat it too. Hmm, that is worth looking into.

As a successful business owner, you're smart enough to at least consider all the other options available to you. But where do you go to find out about them? 

Excerpt from 'Moving Forward' Eric's book.

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At WarrenBDC, we may have some of the answers you're looking for.

If you want to speak with me right now, that's great. If you need to know more about us first, simply take a few minutes to look at our website www.warrenbdc.com. Get to know us a bit better and then call or email. Whatever works best for you.

Do it on your own schedule and if anything twigs for you ... feel free to give me a call at 416-270-2466 or email [email protected].

Thank you for opening and reading my emails. I work hard at providing information and insights I believe are of value to you.

Cheers, Eric

Whether you want to accept it or not, change is coming. The average age of a seasoned business owner is 68. Of all established businesses in Canada and the United States, 65% are owned by these same seasoned owners. That means most founders of family businesses are facing the inevitable decisions they have put off for the last few years.

You can't wait it out or drive it away. Likely your kids will not be taking over. You may or may not require the funds from the sale of your business to finance your retirement today.  But who knows what the future has in store for you.

As I've said many times to my readers and audiences, you need to start now, making the decisions necessary for a great transition. If you don't, it may be made for you. Health issues, yours or someone close to you, can pop up unexpectedly. The marketplace may dictate what happens to your business. Competition to sell may be greater than you anticipated. The appeal of or desire to purchase your company may be less than you thought. 

And finally, statistically, selling successfully is not in your favour. Four out of five businesses that go to market DO NOT SELL. So it appears it may be time to take this whole transition thing seriously. 

Eric Gilboord
​CEO, WarrenBDC

As I get older, the thought of what happens after an Owner transitions out of the family business seems to occupy more of my thinking. I question what kind of statement they might leave to future generations by the actions taken while building the company and toward the end of their time running the family business. I've written two very different scenarios from the perspective of how a Family Business Owner might be perceived by future generations of family.

Legacy A - Something to be proud of.
Our parent/grandparent (your name here) was a successful business owner. They grew a tremendous business from nothing. All the while making sure family, staff, customers and suppliers were always well taken care of. 

We all have fond memories of many experiences enjoyed with our parents/grandparents from holiday dinners to weekends at the cottage and incredible vacations to exotic destinations. They always made sure to be with us and to participate. Work was second to family.

Charity and good deeds were part of the fabric of the company and his/her life. Integrity was a basis for all negotiations, encounters and relationships. Working their way with internal and external resources are still referred to as the benchmark for how it is done best.

They planned ahead and when it was time to transition the company, all was in order. People and processes were in place. Accounting was thorough and up to date. Contracts in place. Strategies for the future growth of the business were established and being executed. 

Regardless of who the company transitioned to, family (with or without their direct involvement), outside buyer or staff, the ship was well equipped and moving in the right direction. By the time the transition began, key management were trained and already excelling at their new responsibilities. It was a smooth and mostly stress free experience. In a business transition there will always be something to upset someone.

As descendants, we are lucky to have the choices we do today. We are financially set and equipped to follow in his/her footsteps in business and in life. To live life to its fullest, give generously and appreciate our good fortune every day. We are the proud stewards of his/her legacy, and continue to live by their example.

Legacy B - Not sure you'd be proud of this.
Our parent/grandparent (your name here) was a successful business Owner. Loving what they did and 'dying with their boots on'. They couldn't see themselves living any other way and never took the steps necessary to transition the company properly. We talked to him/her about it all the time and nothing ever happened. Everything would be taken care of tomorrow.

As for memories, he/she was always working. Never had the time to take holidays. Family time was had grudgingly. Excuses were made by us as they loved what they did. Real memories of time spent with him/her are few and far between. They could have easily spent a week here and there with us but didn't. Now it's too late.

While we admire the passion, the series of events that happened after his/her sudden and unprepared for passing have devastated our family. Legal and financial frustrations tore our family apart.

The company revolved around him/her and no one was really trained to take over. Not family or other. The business started to falter the minute word got out that he/she was no longer running things. Customers got nervous, Vendors demanded quicker payments and staff began to panic. No leader, or at least no capable, prepared true leader could step up. The dream that the children would take over was a non starter as some of us were not interested and the others not qualified.

Competitors and Buyers began to circle the company like sharks smelling blood. Our surviving parent/grandparent didn't know what to do and chose to take the first offer that came along. Some of our family, who worked in the business and a few long time employees were immediately let go. 

The cash received was nowhere near what our parent/grandparent had assured the surviving spouse would have to live on. Fortunately our family rallied and are taking care of him/her as family should. But it has been an unbelievable strain on everyone. It could have been avoided.

As for future generations sharing in the success of our family business, we have all recognized that while it would have been nice to have some financial assistance for our lives and to leave for future generations as part of our own legacy we do not always get what we expect.

We will succeed on our own and ensure we don't make the same mistakes as our parent/grandparent.

Remember, as the Owner of a Family Business, it's up to you to write the story.

You've been reading my emails for a few years now. Perhaps it's time we talked.

Free Transition Strategy Session, For You and the Business 
www.warrenbdc.com

A favour if you would.

I've created a new keynote address and am considering the various ways I can present it. Would you please fill in the 4 question survey. Event Info

Click Here for Event Survey

Cheers, Eric
7 Figure Businesses Deserve 
8 Figure Exit Strategies

​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 [email protected]
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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'.