Exit Strategy

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Thousands of businesses will come on the market. Do you have a transition plan for your business? We have the resources to assess all your options.

Transition

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Thousands of businesses will come on the market. Do you have a transition plan for your business? We have the resources to assess all your options.











Frequently Asked Questions - FAQs:

Q

What are some of the basic considerations when it comes to selling a business?


A: State of the economy.
    Shrinking industry.
    Value of the building.
    Liquidation value of the equipment.
    Family member want the business.
    Need to sell now.
    Strong feelings about current employees - would owner move business to another state.
    Sell to foreign owner.
Q

What are some of main issues involved?


A: Lots of businesses for sale
    It is hard to sell a business with less than $5 million in sales.
    With baby boomer retirement, a lot more businesses will be for sale.
Q

What considerations factor into straight sale?


A: Needs money now.
    Business is highly profitable
    Over $5 million in sales
    Doesn't care what happens to the business or the people involved.
Q

What are some key considerations in transitioning the business?


A: Sales less than $5 million
    Owner can accept payments over time
    Desire to keep the business where it is.
    Concerned for the future of current employees.
Q

How can SunCoast help in selling my business?


A: Prepare the business for sale
    Determine fair value for the business
    Develop a transition plan.
    Help to sell or transition the business.
Q

How can SunCoast help me in my current business?


A: We focus on the three I's - vitally critical areas:

  • Increase Sales

  • Increase Assets

  • Increase Free Time

Q

ON PAPER, I KNOW I AM MAKING MONEY, BUT AT THE END OF EVERY MONTH I HARDLY HAVE ANY CASH, WHAT AM I DOING WRONG?


A: "Cash is King", you have heard that before we are sure! Do you know what amount of money you have available to spend with each sales rep that calls on you for re-order? How do you decide which suppliers to pay and how much they should be paid each period? Who pays the suppliers? These are a few questions we ask when we audit a cash flow crisis with our customers. The answer to your question is "Most everything you do with respect to cash flow management can be done better if you have the tools." We have the tools to help almost any business improve cash flow!

Q

I HAVE BEEN IN BUSINESS FOR 2 YEARS AND WORRY ABOUT MAKING IT PAST 5 YEARS. ARE THERE ANY SECRETS YOU CAN SHARE?


A: The most important personality trait required for running a successful business is perseverance. If you have made it two years so far you must have already demonstrated this trait whether you realize it or not! There are a few other things that you need to keep close at hand: know yourself, know your best customers - i.e. profile them, then look for those traits in potential customers; know your value proposition and constantly aspire to bring it to your long term and new customers; build alliances that allow you to harness your passion and make it strategic; always look for ways to out service your competition; align your marketing strategy and your sales goals; and, last but not least HAVE FUN.

Q

MY SMALL SALES TEAM SEEMS TO GET STUCK SELLING ON PRICE ALMOST ALL THE TIME, WHAT CAN I DO TO GET THEM SELLING ON MY VALUE PROPOSITION?


A: In your approach to educating them on value based selling it is OK to realize that price is part of every buying decision. However, there are a whole host of other motivations that your team should be looking for in communicating and building a USP for each customer. How about assessing the severity of their Problem or Pain? You can also share your company expertise in solving problems in their industry with testimonials and with stories about your helping other business owners, offering a referral may be helpful in building trust. Another thought to explore is how specialized is your solution? The more specialized the solution the higher perceived value. Train your team to ask qualifying and open ended questions to get the customer to define clearly what they are looking for - and by all means remind your team to listen and confirm what they heard with the customer. Finally have your team get a sense of urgency from the customer. If their need is urgent and you can offer a compatible solution along with valuable customer service this is a greater value to most customers than the lowest price! For information on SunCoast Advisory Sales Team training contact us at info@suncoastadvisory.com.