What Your Birth Certificate Says About Your Transition Strategy Plan

In our experience, your age has a big effect on your attitude towards your business and how you feel about one day getting out. Here’s what we have found about transition strategy plan and age:

Business owners between 25 and 46 years old

Twenty- and thirty-something business owners grew up in an age where job security did not exist. They watched as their parents got downsized or packaged off into early retirement, and that caused a somewhat jaded attitude towards the role of a business in society. Business owners in their 20’s and 30’s generally see their companies as means to an end and most expect to sell in the next five to ten years. Similar to their employed classmates who have a new job every three to five years; business owners in this age group often expect to start a few companies in their lifetime.

Business owners between 47 and 65 years old

Baby Boomers came of age in a time where the social contract between company and employee was sacrosanct. An employee agreed to be loyal to the company, and in return, the company agreed to provide a decent living and a pension for a few golden years.

Many of the business owners we speak to within this generation think of their company as more than a profit center. They see their business as part of a community and, by extension, themselves as a community leader. To many boomers, the idea of selling their company feels like selling out their employees and their community, which is why so many CEO’s in their fifties and sixties are torn. They know they need to sell to fund their retirement, but they agonize over where that will leave their loyal employees.

Business owners who are 65+

Older business owners grew up in a time when hobbies were impractical or discouraged. You went to work while your wife tended to the kids (today, more than half of businesses are started by women, but those were different times), you ate dinner, you watched the news and you went to bed.

With few hobbies and nothing other than work to define them, business owners in their late sixties, seventies and eighties feel lost without their business, which is why so many refuse to sell or experience depression after they do.

Of course, there will always be exceptions to general rules of thumb but we have found that – more than your industry, nationality, marital status or educational background – your birth certificate defines your transition strategy plan.

If you’d like some help to manage these ratios and figure out the next steps in a business transition strategy, contact Value Growth Partners to see how we can assist you in knowing and growing your business value before the transition - (312) 525-8382.

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The Factors that Shape Your Succession and Exit Transition Plan

Preparing your exit transition plan from your business takes a great deal of forethought, analysis, and often outside expert counsel. Business owners often underestimate the time involved in the succession planning process, and because of that, the intention to ‘retire in a few years’ gets passed by. What’s needed is a clear business exit strategy, with defined goals at specific junctures. 

Preparing your business exit transition plan is essentially creating the plan for finalizing your official status with the business, and wrapping up your full involvement in the company.

Once you fully commit to this strategy, you will see yourself starting to make different decisions around the company’s operation. 

You may start to delegate more of the nuts and bolts of operational aspects to others in the company. You may step back from hand-holding certain clients. You may inspire others to create new products to carry the company forward after you leave the firm. You may start to consider the aspects of selling your business at a high valuation. 

It is 2021. Over 50% of baby boomer business owners are 64 or older, and three-quarters or more of their wealth is tied to their businesses. According to the Exit Planning Institute, about half of these business owners are looking to exit from their businesses in the next five years.  

If you are over 65 and thinking of your transition into retirement in five years, the time is now to start planning a transition exit plan. It will take this amount of time to analyze all the different aspects of a successful transition. 

The Key Factors in a Succession and Exit Transition Plan

Some of the key factors involved in a successful business exit transition plan involve knowing the answers to a set of personal and business questions. 

First, there are personal questions that should be thought through and answered:

• Where are you in your life plan? What’s Next? In 5 yrs? and 10 yrs? 
• Do you have the right people in place to continue the legacy of your business? 

• What retirement wealth plans need to be fulfilled in a transition?

There are business transition questions, like:

• What are my options for transitioning the business? Who is the right next leader?

• What is the business worth today? How does this fulfill your retirement plans?

• How does one prepare a business for an exit transition plan? 

Your age may be another consideration. You’ve heard baby boomers say “Age is just a way of keeping score” and similar phrases. And it’s true. Your energy, ideas, vitality, and enthusiasm for your business count for a lot more than the number on your driver’s license. It’s crucial to determine the answers to these questions when determining your next steps. 

The Timing Advantage

The stock market is strong. Your business revenues are up. You ask yourself, “Can it last forever?” To those of us who aren’t Jeff Bezos, the answer is no, it can’t. That’s why keep abreast of market conditions for a potential transition or sale should be top of mind for business owners.

A 2018 UBS Bank report on business ownership found that more than 40% of business owners expected to leave their business in the following five years. The pandemic of 2020 may have hastened the plans for some of them. But as these business owners are getting close to retirement age, they are feeling the pulse for a new chapter in their life.  

But selling the business in the right market with strong financial headwinds is important to them too. The report found that among the business owners who were considering an exit, more than half of them planned to sell their businesses, and another 20% hoped to leave the business to family members. Less than 20% planned to close the business and another 10% were unsure of their plans. 

If you have been building growing value and revenues in your business, and you’re looking ahead to that next phase in your life, then it’s time to look at succession planning. Succession planning is a good business strategy for always being ready for what’s next! 

Financial Targets

You may have certain stock option plans that kick in at a certain age. Your revenue targets may be on track for a successful windfall. These are the factors that can shape your exit strategy and determine your next steps in moving away from the business and handing it off to your management team. 

Freedom for the Future

Many business owners, when in their later ages, on the back nine, start to feel the tug of a more restful lifestyle, warmer climates, or perhaps a full change of life into retirement. To those, this is a certain type of freedom.  Age plays a large part in these feelings. Your body may be slowing down, and you find you are a little less tolerant of the stresses or the daily fires of a business.  

Planning for Success 

A successful transition means preparing the person and the business for a transition in leadership and/or ownership. If a sale is part of the transition plan, a well-organized business transition strategy becomes an asset, often adding higher value to the selling price and greatly reducing risk for the buyer. This increase in value adds greater wealth to retirement accounts reduces the time to transition a business to the right buyer, and creates more sustainable businesses to carry on the legacies of the founders.   

If you are a CEO or founder of a successful business and are beginning to think about your personal and business exit transition plan, then call us at Value Growth Partners.  We would be happy to share best practices to assist you in developing your unique personal and business transition strategy. Call us at (312) 525-8382 or learn more on our website.

Around the World of SAF and Biojet Fuel Companies

The market for sustainable aviation fuel is still young and growing, but is gaining momentum by the day, with new projects, new funding, and new partnerships moving it forward. Here are a few news stories that are glowing proof of the growth of renewable biofuels, biojet fuel companies, sustainable aviation fuels. 

U.S. Department of Energy Announces $61 Million for Biofuels Research to Reduce Transportation Emissions – Big news from the US Dept. of Energy announcement of allocating more than $61 million for technologies and processes that produce low-cost, low-carbon biofuels. This is important news in the run-up to bring America up to net-zero emissions by 2050. Biofuels are made up of renewable resources that can power heavy-duty jets and trucks used to decarbonize the transportation sector as a whole. Biofuels are produced by converting biomass from waste resources into sustainable aviation fuel and other liquid fuels to use in place of fossil fuels. 

In biojet fuel companies news:

Total starts producing SAF for French airlines – In Europe, oil producer Total has begun producing sustainable aviation fuel (SAF) at its La Mède biorefinery in southern France and its Oudalle facility near Le Havre. The biojet fuel, made from used cooking oil, will be delivered to French airports starting in April 2021. These sustainable aviation fuels will be made from animal fat, used cooking oil and other waste and residue sourced from the circular economy. Total will not use vegetable oils as feedstock.

Northwest Advanced Bio-Fuels LLC is moving ahead with plans to develop 2nd-generation cellulosic renewable bio-jet fuel refineries, with the first project being developed in the Pacific Northwest. NWABF has assembled a world-class team of expert engineering companies, bio-fuels experts and 2nd generation technology companies to handle front-end gasification, syngas cleaning and treatment, back-end Fischer-Tropsch fuel conversion, and lastly, fuel upgrading to premium renewable SAF. Investments have been announced and NWABF is excited about the future. 

SAF to be used between Frankfurt and Shanghai for Lufthansa cargo flights – Lufthansa Cargo will now operate a weekly cargo flight from Frankfurt to Shanghai using SAF to run completely carbon neutral and with zero carbon dioxide tailpipe emissions. DB Schenker and Lufthansa Cargo launched the carbon-neutral in early April. The use of SAF will save approximately 174 metric tons of conventional fuel each week.

These are some of the stories from biojet fuel companies that caught our eye in recent weeks. Hope they are of interest to you. To learn more about the NWABF SAF Project, which will produce and supply 60+ million gallons of SAF annually for Delta Air Lines. We are a committed team that’s excited for the future of sustainable aviation fuel. 

CEO Exit Strategy Tips From One Of The Top 40 Under 40

Wind Mobile founder Anthony Lacavera has started 12 businesses, six of which he has exited. His exits have ranged in value from the $6 million he got for one of his recent start-ups to $1.3 billion when he sold Wind Mobile. He did it by following two key CEO Exit Strategy tips.

•           Understand what kind of company you are running

Lacavera has owned hyper-growth unicorns and lifestyle businesses and urges entrepreneurs to be clear about their long-term prospects. Lacavera started a business supplying hotels with internet access and understood the company would be a good cash generator, but would never sell for a mint. He ran the business for almost two decades and used the cash it generated to fund various other ventures. Recently, he finally sold the business, which was generating $1.5 million in pre-tax profit, for $8 million—a relatively modest 5 times earnings, which was fine by Lacavera, because it had served its purpose of funding other companies along the way.

•           The role of CEO and owner are not the same

Lacavera encourages entrepreneurs to separate the role of CEO and business owner. Even though they may be the same person, they have different functions and, at some point, your business may be better served by separating the two roles. Entrepreneurs who are comfortable handing the reins to a professional manager may do better in the long run than those who need to control everything.

Lacavera had great success, which is visible in the fact that he has won just about every business award there is, including 2010 CEO of the Year, Top 40 Under 40, Deloitte Technology Fast 50, and Canada’s Fastest-Growing Company. One of the top secrets to Lacavera’s success — knowing when to bring in a CEO to replace himself in any of his ventures.

For more information on the Value Growth Partners ceo exit strategy, contact us today at (312) 525-8382 or visit our CEO Exit Strategy page.

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Bio Jet Fuel Initiative Under Development for Major Airline

The next step in the race to find renewable energy sources to power our global economy is sustainable aviation fuel, and one company has taken a big first leap toward that goal: Northwest Advanced Bio-Fuels, LLC (NWABF). In a recently announced $2 million partnership with a major airline, NWABF is currently working on Phase 1 of a feasibility study to create that bio jet fuel from wood residue deposits and wood slash on forest floors known as woody biomass.

Providing Solutions for Air Lines with West Coast Operations

With the Phase 1 “Advanced Planning Study” of a bio jet fuel production facility underway, NWABF is already planning for a Phase 2 Front-end Engineering and Design Study that will allow the Project’s world-class Engineering and Construction Partner to design and construct the renewable bio jet fuel facility in Washington State. First deliveries are planned for the end of 2023 for use of the renewable jet fuel in this airline’s operations up and down the West Coast.

This single project will help with the goal of reducing this airline’s carbon footprint and positively impact the environment by reducing wood residuals in forests that cause fire hazards and prevent the growth of future trees.

A Growing Trend

Airlines today are interested in sustainable aviation fuels.  Beginning in 2021, airlines will be required to track their carbon footprints on international flights in advance of meeting certain obligations of a global mandate. Failure to achieve reductions in airline carbon emissions through the use of renewable fuels may result in fines and penalties from a multitude of countries.

Dave Smoot, Head of Northwest Advanced Bio-Fuels, LLC said, “All of the woody biomass we utilize in our operations will be traceable, creating the pathways of a qualified renewal feedstock.  With qualified feedstock, supported by a recently completed $40 million 5-year study from NARA (Northwest Advanced Renewables Alliance), the Project can meet the Federal Government’s sustainable aviation fuel standards and ASTM’s International fuel standards.  This will enable airlines flying internationally to meet new carbon reduction standards worldwide.”

The need for renewable fuel sources for airlines certainly won’t be resolved in the near future, but a project like Northwest Advanced Bio-Fuels LLC is developing will certainly go a long way to meet that need for the airline industry now and well into the future.

To learn more about Northwest Advanced Bio-Fuels, LLC visit our website today.

NWABF Selects Black and Veatch as its EPC of Record For Aviation BioFuel Initiatives

Northwest Advanced Bio-Fuels (NWABF), known for its expertise to produce sustainable jet fuel capacity for the financial marketplace and lender communities, announced that it has selected Black & Veatch, the global engineering, procurement and construction (EPC) firm as its EPC of record for its sustainable aviation fuel project. Black & Veatch is also being hired to complete the FEL2 and Front-end Engineering and Design Study, (“FEED”), for the Project, prior to the Construction phase. During the FEED, B&V will assemble the Technologies to process up to 3,000 dry tons per day of woody biomass into approximately sixty million, (60,000,000) gallons of Sustainable Aviation Fuel annually.

“We are excited to move forward with Black & Veatch as we progress on our sustainable aviation fuel project,” says Dave Smoot, Manager of Northwest Advanced Bio-Fuels. “Black & Veatch is a well-respected company with great experience for these types of projects, and we look forward to combining our expertise with theirs on our sustainable aviation fuel project.”

Black & Veatch will be an integral part of the project, working as the technology and engineering quarterback to vet and validate all milestones and benchmarks for productivity, efficiency and scalability in the aviation biofuel project.

“We are excited to work with Northwest Advanced Bio-Fuels throughout the entire project,” said Gary Martin, Associate Vice President, Black & Veatch. “As one of the most diversified contractors in the industry, Black & Veatch offers seamless integration of its project engineering, design, procurement, and construction teams, Black & Veatch is uniquely positioned to offer NWABF a thorough and comprehensive project approach on the sustainable aviation fuel project.”

Project Background

NWABF will be the primary provider of sustainable aviation fuel to help Delta Air Lines become carbon neutral in the years ahead. The sustainable aviation fuel Offtake Agreement and partnership with Delta Air Lines involved the airline investing into NWABF’s Project in 2019 to develop sustainable aviation fuel, (SAF), as well as making carbon offsets.

For more information on the NWABF aviation biofuel project, please contact us at Chris Whitworth, Project General Manager Northwest Advanced Bio-Fuels, LLC at www.nwabiofuels.com

The most effective Cellphone For Information Use

< p design =" box-sizing: border-box; color: rgb (88, 88, 88); font-family: Poppins, sans-serif; letter-spacing: 1px;" > Samsung Galaxy A12 is the current design from Samsung cellphones. It features some impressive functions. With it, you can delight in a smooth trip to function and also dynamic entertainment in the amusement facility. To aid you out, let us look at the functions of the Samsung Galaxy A12.< p style=" box-sizing: border-box

; color: rgb (88, 88, 88 ); font-family: Poppins, sans-serif; letter-spacing: 1px;" > As Samsung Galaxy A12 includes an AMOLED screen, it is better doing than the LCD phones that sustain MHL. No Corning Gorilla Glass behind the glass. Instead, Samsung Galaxy A12 makes use of hd perforated LCD screen, which allows clear watching of the components in the phone screen. However, the phone LCD display has poor checking out settings as a result of reduced power usage.< p design=" box-sizing: border-box; color: rgb( 88, 88, 88); font-family: Poppins, sans-serif; letter-spacing: 1px;" > < p design=" box-sizing: border-box; shade: rgb( 88, 88, 88); font-family: Poppins, sans-serif; letter-spacing: 1px;" > As the Samsung Galaxy A12 features a 16 mega-pin adapter, it is superior contrasted to others that have a double mega-pin connector. This is the main factor that gives better efficiency. Besides, the Samsung Galaxy A12 supports the color improvement technique. This feature assists to boost the shade representation also in low-light scenarios.

< p design=" box-sizing: border-box; color: rgb( 88, 88, 88); font-family: Poppins, sans-serif; letter-spacing: 1px;" > The touch screen innovation of the Samsung Galaxy A12 is much better than apple iphone and HTC phones. It has been made possible by applying a QWERTY key-board on the touch display. The touch screen on the Samsung Galaxy A12 does not feel slippery as apple iphone and also HTC phones. You can use the phone with one hand easily.

Also, the device runs faster than the iPhone and also HTC phones. It additionally has a ruggedized body and also touch screen modern technology that offer you a comfy experience. An additional terrific thing about the Samsung Galaxy A12 is that it has total support for the android os. The Samsung Galaxy A12 additionally comes with total sets of Samsung apps.

With all these features, you can say that this tool amounts a mobile phone in regards to processing power. Consequently, you can download any of the Samsung applications such as radio, message, e-mail, video games, gallery, browser, and so forth to appreciate the benefits of having these useful devices. Samsung Galaxy S4 is known for its huge memory and the capability to

maintain data from your phone. This is the major reason individuals choose to get this device. This device has the capability to store plenty of data. You can easily transfer images from your old cellphone to the Samsung Galaxy A12 phone. Additionally, you can transfer videos from your PC to the Samsung Galaxy A12 phone without much of a problem. < p style=" box-sizing: border-box; shade: rgb( 88, 88

, 88 ); font-family: Poppins, sans-serif; letter-spacing: 1px;" > There are many various other functions of the Samsung galaxy a12 that make it different from other smart phones. One of the special attributes of this gadget is the interactive voice feedback attribute. It responds to the phone calls via a fun personality, which sounds amusing and also humorous. This will make the Samsung Galaxy A12 an all-time favorite of individuals.< p style =" box-sizing: border-box; color: rgb (88, 88, 88); font-family: Poppins, sans-serif; letter-spacing: 1px;" >< p design=" box-sizing: border-box; shade: rgb( 88, 88, 88); font-family: Poppins, sans-serif; letter-spacing: 1px; "> In order to use this interactive feature, you need to shut off the screen. When you have shut off the display, you require to touch the house key on your smart phone and then long-press on the home secret. After that you require to touch the setups alternative and then long-press on it as well as select the interactive voice feedback choice. You need to do this if you intend to allow dark mode in the Samsung Galaxy A12.< p design =" box-sizing: border-box; shade: rgb( 88, 88, 88); font-family: Poppins, sans-serif; letter-spacing: 1px; "> If you have lots of applications filled in your Samsung Galaxy A12, you must be asking yourself why you ought to lose battery power for inspecting Twitter or facebook. If you really look at it, the battery power consumed for performing these functions is more than adequate. In addition, if you load a lot of apps, you will certainly take in more power. This indicates that if you want to make the Samsung Galaxy A12 the very best cellphone for information use, you must see to it that you get rid of all the apps which are not required by you. You should additionally search for applications that allow you to raise the memory of your gizmo to ensure that you can save lots of information.< p design=" box-sizing: border-box; shade: rgb( 88, 88, 88); font-family: Poppins, sans-serif; letter-spacing: 1px;" >< p style= "box-sizing: border-box; color: rgb( 88, 88, 88 ); font-family: Poppins, sans-serif; letter-spacing: 1px;" > It is important to have more details regarding Samsung phones as they are fairly prominent with people nowadays. People like to acquire such sophisticated gadgets. Nevertheless, they do not like to place them under anxiety for a very long time period. They always intend to have a device that can give them a fantastic experience while using it. The battery life of such phones has enhanced in time and they are able to maintain themselves under pressure for longer time periods.

< p style="box-sizing: border-box; color: rgb (88, 88, 88); font-family: Poppins, sans-serif; letter-spacing: 1px;" >< p style="box-sizing: border-box; shade: rgb (88, 88, 88); font-family: Poppins, sans-serif; letter-spacing: 1px;" > Even though Samsung has actually introduced phones with appealing designs, they have additionally offered functions that are just as outstanding. For instance, the SGH-iReader software application in the Samsung Galaxy A12 assists the users to read digital books and also publications. Even though it is only a little function, it still proves helpful. These functions together with a battery life of their very own have boosted the charm of these phones.

Watch Samsung Galaxy A12 - How to Activate Dark Mode on Youtube

The CORSIA Timeline

CORSIA, the Carbon Offsetting and Reduction Scheme for International Aviation, addresses the increase in total CO2 emissions from international aviation above 2020 levels.

The CORSIA timeline outlines the mandate which was adopted at the 39th session of the ICAO Assembly in 2016.

CORSIA’s obligations have already started. As of January 1, 2019, all carriers must report their CO2 emissions on an annual basis.

The aviation industry is committed to technology, operational, and infrastructure advances to continue to reduce the sector’s carbon emissions. Offsetting is not intended to replace these efforts. Nor would the CORSIA make fuel efficiency any less of a day-to-day priority.

It is forecast that CORSIA will mitigate around 2.5 billion tonnes of CO2 and generate over USD 40 billion in climate finance between 2021 and 2035. Learn more about the corsia timeline today.

https://www.iata.org/policy/environment/Pages/corsia.aspx

Contact Northwest Advanced Bio-Fuels, LLC to learn more about our sustainable, cellulosic, commercial scale, ASTM compliant designer aviation biofuel in Washington State, using a voluminous supply of woody biomass from local feedstock suppliers.

4 Marketing Concepts To Promote Your Dentist Workplace

When most people think about a dental practitioner, it's not always an organization that exhibits wellness, and even smiles, at every turn! However oral practices, like any other small company, require to work more difficult to keep their clients happy. When we look at a business such as a dental professional, it is not necessarily something that may appear marketable since they supply a service to individuals that are experiencing some sort of ailment. Nevertheless, similar to any other organization, you've got to find the ideal methods to approach this strategy. Promoting your dental professional's workplace is like promoting any other small business; what are the manner ins which are specific to oral companies that can grow a client base? 

A Welcoming Environment

The first port of call when it comes to promoting your dental practitioner is to ensure that you ensure repeat customers by concentrating on the atmosphere of the space you populate. Because a dental expert's workplace screams medical and sterile, this doesn't put people in the right state of mind before they enter the dentist's chair. 

It is important to keep in mind the value of the best colors that motivate peace. You can do this by integrating wall murals in your waiting space. But naturally, the very best promo is always a pleased customer. You need to believe beyond the treatments and consider the total experience the client is going through as soon as they enter the office.

 

Building Your Online Existence

Any company understands having a digital existence is essential to growing. The primary sin lots of oral practices make is that they believe that they will grow consumers simply based on the number of individuals that need some kind of service. However the reality is that you can engage with individuals through a wide variety of online practices. 

You can incorporate seo and social media profiles, but the holy grail is everything about developing appealing material. Lots of oral practices now supply insights into the treatments they offer and assist patients with their health. As a service, you offer the services, such as examinations, root canals, and so forth, but when you use content, the concept is to inspire people to get a check-up, which is where you will build a strong consumer base. 

 

Get Involved in the Local Neighborhood

Among the most basic methods to promote your practice is to return to the neighborhood. Every service can considerably focus on the online element, however this implies they begin neglecting the real life. But this is where ad agency can help any dental practice to push their name further out. 

Using regional events such as charity events, local volunteer work, or a community referral program makes trust and respect in the community. When you return, it goes beyond what a standard dental service offers, ensuring your practice is at the top of the list when they need to get aid. This is such a crucial element because offering any form of medical assistance relies on one simple concept, the notion of trust. We just place our rely on oral care companies who have a great reputation. This suggests that we require to get to know them on an individual level. The more you emerge in the regional neighborhood, the more direct exposure you get, resulting in more clients.

 

The Gentle Reminder

One of the most crucial methods to construct trust in between consumers and businesses is to give them a mild nudge. When it pertains to the field of dentistry, check-ups are the foundation for whatever. And you can do this in a number of ways, through text message pointers, email pointers, however you might also wish to go one step even more and include nifty pointer postcards. 

Reminders are a terrific way to keep clients returning since if you have a customer who does not need the dental professional, this little reminder is the ideal way to bring them back for a fast check-up, so you don't need to see them for a while. However when you begin bringing them in, you can promote your practice through other techniques such as items like toothbrushes and specialized tooth paste. The gentle pointer always works because it's most likely they actually forgot to schedule a check-up! After all, we are all hectic these days, and scheduling a dental check-up might not be the greatest concern. 

Promoting your oral office has to do with utilizing a mix of methods. Any organization, whether medical or not, offers a service. It is crucial not to underestimate the value of marketing your dental company. Whether it's an easy reminder on a service card or blanket e-mail campaign, these concepts can work wonders.

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Are You Planning to Sell a Business? Avoid These Traps

It has been said that some business owners have been known to refer to due diligence as “the entrepreneur’s proctology exam.” While this is a crude analogy, it is a good representation of what it feels like when a stranger pokes, prods, and looks inside every inch of your business. 

Most professional acquirers will have a checklist of questions they need to be answered if they’re considering buying your company. They’ll want answers to questions like:

• Do you have consistent, signed, up-to-date contracts with your customers and employees?
• Are your ideas, products and processes protected by patent or trademark?
• What are the loan covenants on your credit agreements?
• How are your receivables? Do you have any late payers or deadbeat customers?
• Do you have any litigation pending?

In addition to these objective questions, they’ll also try to get a subjective sense of your business. In particular, they will try to determine just how integral you are personally to the success of your business. 

Subjectively assessing how dependent the business is on you requires the buyer to do some investigative work. It’s more art than science and often requires a potential buyer to use a number of tricks of the trade, such as:

#1: Juggling calendars

By asking to make a last-minute change to your meeting time, an acquirer gets clues as to how involved you are personally in serving customers. If you can’t accommodate the change request, the acquirer may probe to find out why and try to determine what part of the business is so dependent on you that you have to be there.

#2: Checking to see if your business is vision impaired

An acquirer may ask you to explain your vision for the business, which is a question you should be well prepared to answer. However, he or she may ask the same question of your employees and key managers. If your staff members offer inconsistent answers, the acquirer may take it as a sign that the future of the business is in your head.

#3: Asking your customers why they do business with you

A potential acquirer may ask to talk to some of your customers. They will expect you to select your most passionate and loyal customers and, therefore, will expect to hear good things. However, the customers may be asked a question like ‘Why do you do business with these guys?’ The acquirer is trying to figure out where your customers’ loyalties lie. If your customers answer by describing the benefits of your product, service or company in general, that’s good. If they respond by explaining how much they like you personally, that’s bad.

#4: Mystery shopping

Acquirers often conduct their first bit of research behind your back before you even know they are interested in buying your business. They may pose as a customer, visit your website, or come into your company to understand what it feels like to be one of your customers. Make sure the experience your company offers a stranger is tight and consistent, and try to avoid personally being involved in finding or serving brand-new customers. If any potential acquirers see you personally as the key to wooing new customers, they’ll be concerned business will dry up when you leave.

If you are thinking it is about time to sell a business chicago, then it’s time to contact Value Growth Partners. We can help you build your business value before you sell a business. Call us for a no-fee initial consultation at 312-525-8382.

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Do You Want to Learn CEO Succession Planning Best Practices?

Did you know the ideal timeline for succession planning is 5 years? It is possible though for the unexpected to happen and if/when it does, a ceo succession planning best practices is to have a game plan i.e. a succession plan all lined up and ready to go to ensure continued success with your business.

Take a look at the CEO Succession Planning timeline here:

THE SUSTAINING PHASE

Begin this phase 2-3 years in advance. The executives are preparing to thrive under the new leadership; Right Mindset, Future Outlook, Organization's Sustainability, Updated Strategic Plan, Executive Team Assessment, and Internal Team Candidates.

THE TRANSITIONING PHASE

Begin this phase 6-12 months before the leadership transition and consider overlapping with the Sustaining Phase. The organization embarks on the executive search process for the successors that may include board members, management team, and executives. Extensive work is done with transition planning.

THE ONBOARDING & SUPPORT PHASE

The heavy lifting is completed within the first 3-4 months of this phase but the hand-off process continues over a 6-12 month period. The board and senior management team access and adjust to the new leader’s management style and leadership role.

CONTINUED SUCCESS PHASE

The succession preparation and planning process should begin as early as possible. However, there are cases when you do not have the luxury of 4-5 years to plan. In these cases, it is best to have a contingent succession plan in place in the event that an emergency arises.

Value Growth Partners is here to assist with all of your succession planning needs. Request a 15-minute consultation with Value Growth Partners now to set up your CEO Succession Planning.

Where Does Success Or Failure Begin?

Let me demonstrate just how powerful the right mindset is when you are monetizing your business. The wrong sort of thinking could even make you broke and hungry. These examples will show you how a shift in thinking can make the difference between success and failure.

The Customers Dream

Do you have any idea how long customers normally have to wait to get their furniture delivered? The standard wait time in the industry is three to six weeks for in-stock merchandise. That’s just crazy!

Then along comes AMAZON! When you can shop at night and sometimes have it on your porch the very next day! In many industries before Amazon– that was UNHEARD OF!

When Amazon began, not a single store in town was delivering furniture to a customer’s home within a couple of days let alone overnight. That was just not the way things were done. Amazon wanted to deliver in three days or less. Do you think the business owners were scorned and warned by ALL the other furniture retailers who they asked for advice? Do you think manufacturers, vendor reps, and delivery companies scoffed and swore that it couldn’t be done? Of course!

Collectively, all those furniture stores in the area had the same mindset. Even though they had the same challenges as every other furniture store, Amazon believed that they could do it better and faster… and they DID! They had the mindset that something could be done – and they believed that they could profit from their platform of shopping! Those owners had the resolve of a bear looking for honey. They were not dissuaded from their plan by what the naysayers with a negative mindset advised.

NOW LET’S TALK RESULTS

We have personally experienced that their schedule was so booked, that we had to wait two to four weeks before they could take our order for “next day delivery”! Can you imagine how much of a competitive advantage this furniture company has over every other competitor in the marketplace? It’s huge!

Their positive mindset allowed them to grow beyond belief — and during a recession! However, this would have never happened if they didn’t change their mindset BEFORE they changed their business. This is exactly what you will have to do in order to grow your business to the next level.

Now, let’s take a look at the opposite side of that coin, when people continue to do business as usual, even though business as usual is slowly bringing one to the poorhouse! Purely by habit, some businesses cling to a stubborn or poor mindset – and it limits their business’s success.

Several years ago, there were several super-high end furniture stores within miles of each other in New England. These retailers were priced so high that only two percent of the population in the entire nation could afford their furniture. As the economy turned, those retailers simply refused to change their business model to reflect the change in the economy, because that’s the way they had always done business.

As a result, within six short months, ALL but one of those retailers went out of business.

But the furniture stores were not the only ones to suffer. Unfortunately, a poor mindset has also affected many other businesses and industries that could have easily weathered the storm of this economic shift with just a few simple changes to their businesses. However, they chose to ignore the changing marketplace and, consequently, went out of business.

What is needed to survive and even thrive in the New Economy? It starts with developing the right mindset.

Four Monetizing Mind Shift Pillars of Success:

1. Believe

There is still money in your local marketplace. Don’t buy into the negative mindset that people in your area of the world aren’t buying what you’re selling. Yes, they are! There are dozens of businesses right now in your industry or neck of the woods that are making unbelievable profits during tough times. The real questions are, “Will yours be one of these businesses? Do you believe that you can make changes in your business in order to cash in on your market during any economic condition – good or bad?”

2. Seek

Take advantage of the opportunities, no matter what is going on in the economy. Don’t hide your head in the sand. Every recession creates profit opportunities. In our furniture store example, the successful company recognized that consumers wanted furniture that could be delivered quickly. They wanted a good price, speed, and convenience. Ultimately, the key to your success will be determined by your ability to listen to your market. Then all you have to do is create a product or service to meet that need and you’ll instantly have increased profits.

3. Decide

Make decisions based on facts, not on news headlines. If you’re listening to talk radio, news reports, or another media source that’s pumping fear, doom, and gloom into your head, then turn it off right now! The majority of the media is in the business of selling fear, not hope. Fear paralyzes, it stops progress! Your focus should be on finding what your target market wants and then providing it to them, giving them great value. That’s it. Don’t let them drive you out of business by slowly breaking down your confidence and draining your will to fight.

4. Adjust

Change your business or go out of business. We’ll even go one step further to say, “Change your thinking, and change your business.” Every day we meet struggling business owners who simply refuse to do things differently. What they are currently doing is not working – they know this and yet they expect different results. According to Albert Einstein, this is the definition of insanity! You must be willing to change your staff, advertising, marketing, product and/or management, and anything and everything else that no longer works in order to survive during this new economy. That is the truth, plain and simple.

Ready to Monetize?

By the way, if you are ready to monetize your business more effectively and accelerate your business results, let’s connect. I know we can help.

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Get Naked in Business- Exploits of A Teenage Drug Dealer with Erik Frank

It’s Time to Get Naked, Get Real & Get Raw with David & Erik! Erik is a failed drugdealer who turned his life around. He’s now a successful entrepreneur, a Petra Coach & President of EO New Orleans. Erik’s burning desire for health & wellness started at a young age. This passion inspired him to start Your Nutrition Delivered. YND grew massively providing 25,000 healthy meals to entrepreneurs around the United States. Erik was named Entrepreneur of the Year in New Orleans in 2015 & led Your Nutrition Delivered to a successful exit in 2016. Be sure to listen to the end to hear Erik’s advice for CEO’s. IN THIS EPISODE, YOU WILL LEARN: [00:01:17] Erik’s First Realization of Entrepreneurship [00:03:45] What Did Businesses Think of the Health Care Reform? [00:04:28] Psychology of Success [00:07:37] What Company Did Erik Start? [00:11:21] Advice for CEO’s Connect with Guest Name: 1. Follow Erik on Facebook, LinkedIn & Twitter 2. Check out Erik’s website & schedule your FREE Introductory Coaching Call! Connect with David Asarnow Find David on his website Find David on his Instagram, Twitter, LinkedIn & Facebook About Get Naked Podcast Welcome to the Get Naked In Business video podcast. So the big question is… how do entrepreneurs like us, who built our businesses from the ground up, who spend our own capital, who want to make a huge impact on this world, how do we do all that and create a great income? My mission for this podcast is to interview amazing entrepreneurs who are willing to get naked in front of the mirror, jump up and down, and let the real, raw insights all hang out. Insights to help accelerate your business growth. My name is David Asarnow and welcome to Get Naked In Business. I’m glad you're here… now it's time to get naked! GetNakedInBusiness.com

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Dave Woodward - "A New Revelation "

From selling candy in the 5th grade to becoming the CEO of a company, today’s guest helped ClickFunnels go to 100 million dollars in revenue in less than 5 years! Sounds crazy, doesn’t it?! When you hear the saying, “anything is possible.” Believe it! Listeners, it’s time to Get Naked with David & his guest, Dave Woodward. Dave is a devoted husband, father & a successful entrepreneur. He is a ClickFunnels partner & host of Clickfunnels Radio. David & Dave share stories of how their journey with ClickFunnels began & how much fun they’ve had helping others create success. Be sure to listen to the end to find out who David & Dave’s biggest supporters are. IN THIS EPISODE, YOU WILL LEARN: [00:01:59] First Thing Dave Did to Make Money [00:08:47] How Did Dave Meet Russell Brunson? [00:19:33] How to Add the Most Impact with a Smaller Budget [00:22:47] Biggest Lessons Learned in Scaling a Company Effectively [00:30:55] Final Thoughts from Dave Connect with Dave Woodward: 1. Follow Dave on Facebook, Instagram, LinkedIn, Twitter 2. Find Dave on his website 3. Listen to Click Funnels Radio here Connect with David Asarnow Find David on his website Find David on his Instagram, Twitter, LinkedIn & Facebook About Get Naked Podcast Welcome to the Get Naked In Business video podcast. So the big question is… how do entrepreneurs like us, who built our businesses from the ground up, who spend our own capital, who want to make a huge impact on this world, how do we do all that and create a great income? My mission for this podcast is to interview amazing entrepreneurs who are willing to get naked in front of the mirror, jump up and down, and let the real, raw insights all hang out. Insights to help accelerate your business growth. My name is David Asarnow and welcome to Get Naked In Business. I’m glad you're here… now it's time to get naked! GetNakedInBusiness.com

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GrooveKart Review | An Honest Review On The Pros And Cons Of Using GrooveKart For Your Online Store

Looking to set up an online store but not sure what platform to use? In this video I talk about the pros and cons of GrooveKart. GrooveKart is a new and innovative ecommerce platform. You can sign up for a free account and enjoy the benefits of a full featured online store! The platform has advanced features that enable you to sell physical products online without any worries. GrooveKart is easy to use whether you are just starting out or are moving from another platform. I've been using GrooveKart for a few months now and I'm excited to share my honest thoughts on the pros and cons of using this platform. What is GrooveKart? GrooveKart is just one of the apps you get access to when you sign up for your free Groove.cm account. It has been designed by leading ecommerce experts to include more powerful standard features than the leading platforms. You don't have to invest in additional plugins or apps to get the functionality and features you need to increase sales and average cart value. Here are just some of the benefits GrooveKart has to offer - * Free sign-up * Drag and drop page builder with pre-built blocks * Integration with popular Print On Demand platforms * Unlimited stores * Quickly set up cross sells, order bumps, and upsells * Built in abandon cart sequences * No coding or technical experience required Get your free Groove account today and take groovekart for a test drive!

How to create an ebook to sell easily

E-books (electronic books) are books in a digital format, to be continued reading a computer system, tablet, phone or a specialized reader device. With the contemporary innovation today, you can quickly choose which reading platform is best for your needs. E-books, just like printed books, have their own advantages; they're simpler to purchase, due to the fact that you can do it online, no trees were sacrificed for it to be produced, e-books use up less area compared to printed books that you require a huge space to keep them and, of course, they are very portable. This makes them extremely hassle-free specifically when you are away from home.

E-books have really ended up being actually popular over the years. There are 20% of American bibliophiles that stated they have actually found out more e-books than paper copy books. The e-book unit sales in 2017 in the U.S. alone reached 266 million. Not surprising that individuals are continually producing e-books-- it has high demand.

Whether you just wish to read or desire to make your own e-book, there is currently an existing platform for you. And what is even much better? You can use it to make some extra cash.

Sqribble is for you if you are just starting your online business or you have started online marketing and can't get it right to bring in traffic.

Or, if you own (or work for) an established organization that needs to publish ebooks (like handbooks and other printables), Sqribble is also best for you.

What is Sqribble simply put?

Sqribble is an online software that assists you produce incredible e-books and reports in just minutes without even typing a word! This will assist you produce and get leads traffic. You can become an author or make info items quickly and quickly. You don't even require previous experience on design or be any excellent in writing to utilize this software application.

You can truly create an expert e-book with immediate content in simply a couple of clicks.

How Does Sqribble Work?

Sqribble makes everything much easier for you with just 3 easy actions:

Step 1-- Pick a Template. You can choose from 50 distinctive styles that convert readers into purchasers.

Step 2-- Add Instant Content. If you do not have time to create content you can enter a URL and watch Sqribble automatically fill your pages with fresh, ready-made content for you. There is likewise a choice of 1,000 immediate niche posts from their integrated material engine offered with simply a click! Or if you are feeling imaginative, you can use your own content and upload your own word file. Sqribble will draw out the word file into your new e-book promptly.

Action 3-- Customize and Publish. Choose a color theme and personalize to your liking. You can likewise delete and edit pages and include images.

After the 3 simple actions, just struck produce and within 60 seconds your captivating e-book is developed.

Benefits:

1. Sqribble has attractive and expert design templates produced by leading designers.

2. It is truly easy and fun to utilize with its drag and drop style, unlike other software application that are not reliable.

3. You can have automatic tabulation, automated headers and footers, automatic material if you want and automated pagination.

4. Dozens of powerful advanced modifying features and full personalization. You can put your own media and it has 300 plus offered typefaces.

5. It can provide you huge cost savings as much as $1,000 on design templates, graphics and digital assets.

6. It includes practical bonuses like FREE business license, customer management control panel, feedback engine and FREE company website.

7. Your purchase is secured by a 30-day refund Guarantee.

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We have a HUGE BONUS PACK prepared for you, take a look.

E-books (electronic books) are books in a digital format, to be checked out on a computer, tablet, phone or a specialized reader gadget. E-books, just like printed books, have their own advantages; they're easier to purchase, due to the fact that you can do it online, no trees were sacrificed for it to be produced, e-books take up less area compared to printed books that you require a substantial area to keep them and, of course, they are extremely portable. Whether you just desire to read or want to make your own e-book, there is already an existing platform for you. Sqribble is an online software application that helps you produce remarkable e-books and reports in just minutes without even typing a word! Sqribble will extract the word file into your new e-book promptly.

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Founder of Value Growth Partners Now a Certified Exit Planning Advisor

Mark O’Brien, MBA, CMAA®, CEPA®, Managing Director of Value Growth Partners, a successful business growth, succession, and transition advisory firm, has added another high-level accreditation to his name and business. Mark has successfully completed the rigorous course requirements to become a certified exit planning advisor (CEPA®), as certified by the renowned Exit Planning Institute.  

Being a CEPA®, Mr. O'Brien is now certified to lead business owners in the strategic process of successful business succession, transition, and exit planning. 

“I have been blessed to know such wonderful mentors like Peter Christman, Richard Jackim, and Chris Snyder in the field of exit (succession and transition) planning,” said Mark O’Brien. “These experts have been very supportive in my goal to become a Certified Exit Planning Advisor. I am thrilled to have learned and worked with them to be certified and I look forward to continuing to assist business owners with executing successful succession and transition strategies.”

The CEPA® process emphasizes that a good exit strategy is a good business strategy. It is about building, harvesting, and preserving family wealth for generations to come and integrating best-in-class business practices into daily operations.

In order to qualify initially for the CEPA® program, an exit planning advisor must have already finished a bachelor’s degree from a college or university, and have worked 5+ years working full-time directly with business owners as a business consultant,  valuation advisor, financial advisor,  CPA, attorney, business broker, investment banker, estate planner, insurance professional, or similar professional capacity.

Learn more about Mark O'Brien and Value Growth Partners today at https://vgpltd.com/

Do You Have a Business Transition Plan?

Is your business one of the 80% of businesses that do NOT have any type of written Transition Plan? 75% of Baby Boomers plan to sell their business within the next 10 years. Only 20% will leave it to a family member because 4 out of 5 do not want it. No matter what your reasons for wanting to exit your business are you need to have a sustainable growth and transition plan in place.

If you are ready to get a solid business transition plan in place for your business, contact us at Value Growth Partners today.

Free book offer The Iceberg Effect - The Untold Secret of Affiliate Marketing Success by Dean Holland

It is possible to create the life of your dreams with affiliate marketing. Yet few succeed and most are left frustrated, overwhelmed and out of pocket – why?

 

The Iceberg Effect book uncovers the grim reality of affiliate marketing today and reveals what multi-millionaire affiliate marketer Dean Holland calls the next generation of affiliate marketing.

 

Based on his own huge success as an affiliate marketer, in his book, The Iceberg Effect, Holland outlines his highly successful and revolutionary approach to building a sustainable and highly profitable internet business as an affiliate marketer in today’s economy. Armed with this new found knowledge you will become an unstoppable force in creating your dream life as an affiliate online.

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It Stops Now! - Book Launched by HR Expert to Help Managers Deal with Harassment and Bullying at Work

Learn how to create a safe and supportive workplace environment for your employees with this HR expert's new book on the subject!

 

UK author Josie Hastings has launched a new book called ‘It Stops Now!’ to tackle workplace bullying and harassment. With over 25 years of industry experience, this harassment, bullying and discrimination specialist is well placed to help businesses, managers and employees.

 

Her book is available to download on Kindle and in audio. It is ideal for managers like yourself as it provides a practical toolkit, proven strategies, and advice to help you support your employees.

 

Josie identifies how bullying has evolved from obvious overt behaviours to more subtle actions such as micro-aggressions. Both forms are damaging to employees’ self-esteem and confidence and could have serious implications for your organisation.

 

If you are equipped to recognise and deal effectively with harassment and bullying, you can protect your business from time-consuming grievances or legal action taken by disgruntled employees.

 

Hostile and disrespectful cultures in the workplace have gained negative press in recent years as they cause workplace stress, mental health issues and a reduction in productivity.

 

‘It Stops Now!’ teaches you all the strategies required to overcome subtle, passive-aggressive bullying behaviours. These include microaggressions, put downs, sarcasm and exclusion which managers and employees find hardest to recognise, raise or address.  

 

In addition, you will learn how to carry out informal investigations into inappropriate behaviour and facilitate meetings between the parties involved. It also explains exactly how you should carry out formal investigations in serious cases.

 

Josie has launched an online course on harassment and bullying for managers and staff to accompany her book. The course is interactive and uses professional actors-coaches to illustrate how to address different forms of harassment or bullying. 

 

Josie aims to help you create a collaborative work environment that is respectful and comfortable for all. This approach can help your employees to feel valued and reduce your staff turnover.

 

‘It Stops Now!’ is available to purchase in several formats, including paperback and audiobook, which can be accessed through Audible.

 

A five-star reviewer wrote: “If you are a manager who is dealing with bullying and harassment, Josie’s book has been written for you. This book is an excellent guide - Josie draws on her extensive experience of working with managers to address bullying and harassment.”

Harassment and Bullying at Work

6 Social Media Mistakes

Ouch!

The 6 Mistakes You Are Making On Social Media That Are Hurting Your Business (and how to correct them)

Let’s face it, Social Media marketing has become compulsory to those looking to gain business and expand their brand.  The common misconception businesses have when it comes to social media it that all you have to do is create a fan page on Facebook or send out a few tweets. Unfortunately, it is not that easy and we are seeing businesses make the same social media mistakes over and over. Here are the mistakes your business could be making on social media sites:

Social Media Mistake #1. Getting The Wrong Fans

This is the classic case when you want quality over quantity. Perhaps the most common of social media mistakes is the thought that having more likes or fans than your competitor means you’re a better marketer, this could not be further from the truth. Marketing on social media platforms is NOT the same as mass marketing campaigns and ads, and should not be treated as such. Social media marketing is most effective when business marketers can laser-target their consumers, hence quality over quantity. The number of fans that liked your page is completely irrelevant if these fans are not discussing and sharing your product or service.

Social Media Mistake #2.  Available vs. Excessive

Once you have established your social media footprint on one platform there is often a strong urge to do the same on ALL social media sites. A common error made by businesses is the belief that they need to be present on Facebook, Twitter, Pinterest, Instagram, Flickr, LinkedIn, and all other social media platforms they encounter. While social presence is of utmost important in business today, choosing the platforms best for you and your business is key. Here are some tips to help you discern where you should be putting your time and energy: Be where your customers are. Focus on what is working currently. Utilize those sites for which you have the man-power.

Social Media Mistake #3. Too Much You

Social Media is just that, social. Much of the same interpersonal and social rules apply when marketing on these sites. No one likes that guy in the room that refuses to stop talking about himself, so do not let your business be “that guy.” While it is important to expand your brand and expose your product, going overboard on this will cause fans to ignore and potentially remove you from their social network. Just like in life, give these online consumers information about your business while including value. For example, a doctor’s office may post information regarding new services they are offering followed by a post with a link to an article that their patients would fine helpful. Posts like this will add value and help develop a conversation with your social media based customers.

4. Social Media Standing Alone

It is in our nature to categorize and segment our business in order to create efficiency and order; however, doing this with Social Media is a huge mistake. Most businesses treat Social Media as its own department, just as we would with Human Resources, Sales, or Management. Social Media marketing is truly a culmination of many facets of a business. It is important to understand that different department’s initiatives can be met through social media marketing.

Social Media Mistake #5. No Creativity

There is a massive difference between being consistent and being predictable. Varying the type of posts, time of posts, ways in which you interact, and overall look and feel can be extremely powerful in social media. Social media users have pretty much seen it all as far as marketing and advertising, so do not try and reinvent the wheel, just be creative with your posts. Use different mediums to get your message across and catch the attention of your customers by posting videos instead of plain written posts. Try using different images and adding links to resources you believe your customers will find valuable. KEEP IT INTERESTING!

Social Media Mistake #6. Refrain From Personal Attacks

We live in an instant communication society, and with this we have many advantages, with some drawbacks.   While the internet affords full transparency and I highly encourage exchanges of information and debate, I unfortunately see far too many people taking this too far with personal attacks on Internet boards and on Social Media Sites such as Facebook.  While this could be a very long section, the best answer is DON’T’!  I get it, we all get upset at times,  but take the high road, engage in direct and personal communication.

If you become the target of a social media smear campaign; remain calm.  While the natural tenancy may be to snap back, rise above the other person conducting the attack as they obviously are trying to bring you down to their level.

Respond Quickly & Publicly.  We live in a viral society so it is best to respond publicly but in a positive and controlled manner.  If you respond via text message or email, that screenshot can easily go viral… So put it out where others can see, and frame it in the positive light that you want to be seen for.

Say It Once.  While sharing your side of the story is important, there is no need to go back and forth. If you are reading this, you are most likely a business professional, so be the professional.

So there you have 6 Social Media Mistakes To Avoid.  What other mistakes do you see being made in social media?

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The Unexpected Lessons from Gaining and Losing 75 lbs on Purpose

Going from Corporate America to the world of entrepreneurship, Drew Manning knew he had to stand out from the rest. After becoming a personal trainer in 2009, Drew had a lightbulb moment to understand his client’s situations at a new level! Drew decided to give up his healthy lifestyle & commit to becoming overweight to understand the mental position of his clients. By gaining 75 pounds, Drew then began his journey of losing it! Not only did this help Drew with his clientele, but it also opened his mind up to bigger possibilities. With this new mindset, Drew shares his thoughts on why connecting with one’s audience is key to maintaining consistency. IN THIS EPISODE, YOU WILL LEARN: [00:00:47] Drew’s Business Success Story [00:04:08] Corporate America to Personal Trainer [00:08:06] When Did Drew Discover ClickFunnels? [00:12:34] Drew’s New Book: Complete Keto [00:19:17] Advice from Drew Connect with Guest Name: 1. Follow Drew on Instagram, Twitter, LinkedIn & Facebook 2. Find Drew on his website 3. Get your copy of Drew’s new book here 4. Check out Drew’s programs Connect with David Asarnow Find David on his website Find David on his Instagram, Twitter, LinkedIn & Facebook

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4 Simple Steps To Protect Your Online Reputation

Protect Your Online Reputation

Online Reputation nowadays is crucial to many companies worldwide. In the advent of fast-paced information gathering brought by advances in technology, people are now actively checking facts about businesses.

Unfortunately, there is a lot of misleading information and untruths on the Internet. When these falsehoods involve your small business, your reputation can suffer. Moreover, websites like Rip-Off Report do not spend time vetting the information fed by people. This fact makes it easy for competitors and rivals to leave misleading information that can ruin your company’s online reputation.

What is worse than a ruined online reputation? Well, many of these websites will charge you money to defend yourself. That is right! It is free to leave a negative review, and yet sites will charge you to reply. This fact makes it very simple for frustrated former employees or crooked business competitors to ruin your company in mere minutes.

What Does Research Show?

Research conducted by Bright Local indicate that up to 79% of customers state that they trust online reviews. The results suggests that having no reviews or having only negative reviews, means your potential customers might choose your competitors. To ensure that your brand sustains a favorable standing online, here are four simple steps to protect it.

4 Helpful Steps to Maintain and Protect Your Online Reputation

To build a lasting, positive online reputation, as well as to protect the reputation that you built, just do the following four step.

Set Up Profiles on Social Media

Be sure to create profiles on all of the major social media platforms. Make sure to be active and maintain all your profiles. Facebook, Google +, Instagram, LinkedIn, Pinterest, Snapchat, and Twitter are some of the best social media platforms. After taking the time to create a profile, make sure to update your social media profiles frequently. Having an idle online activity on these social media sites can be as detrimental as having no presence at all.

Update your social media pages and profiles at least once every week. Reply to comments, feedback, inquiries, and questions that you receive regarding your business daily. If you get negative remarks, do not delete or disregard it. Instead, use these criticisms as an opportunity to provide extraordinary customer service.

Build and Setup Links

Do guest postings on different reputable pages and sites. Include a link to one or more of your social media pages and profiles. Building and setting up links is a brand marketing tactic that virtually costs nothing but a small amount of time. This fact makes link building the ideal solution for small businesses and startup entrepreneurs without much extra money to invest. Assigning the task of writing guest posts to one of your employees is also a viable option too. Writing guest posts not only help attract digital foot traffic towards your business, but it also limits negative reviews.

Monitor Online Reviews

Research and studies have shown that customers are prone to provide a negative feedback when they encounter bad experience. Only a small number of customers and patrons leave a positive review for any good experience they had. Give customers some form of incentive or motivation to give positive feedback. Moreover, make giving a positive feedback easy and user-friendly for customers too.

Studies also show that by voluntarily asking for feedback from customers, business owners receive it. Offering discounts as an incentive is also a great option to entice customers to leave positive reviews.

Avoid letting the public see only negative feedback when they try searching for your brand or business online. Be vigilant in combating negative feedback. As pro-activity and vigilance are the only way that to ensure a brand or company retain a positive online reputation.

Utilize The “Google My Business” Feature

Google My Business allows a business owner total control of their business listing over all of Google’s features from a single platform. This platform effectively simplifies the means of managing your brand and your online reputation. One of the best uses a business owner have of Google My Business is posting images, videos, and virtual tours. Let potential patrons see what the brand has to offer, even without setting foot within the physical store.

Google My Business also enable small business owners to connect and engage their target audience. Business owners can both manage business listings and respond to reviews that your patrons and potential customers leave online. However, before sitting down to answer to any negative criticism or feedback, first determine how you will do so.

Any acknowledgment that you make in response to any criticism or feedback should be nothing less than positive. Please bear in mind, no one can satisfy all of the people, all of the time, every time. It is a real cliché, but it is proven a fact. Expect to receive negative reviews. How one handles those negative reviews will speak volumes about a brand or business to others.

Bonus: A Few Facts About Online Reviews

On average, a typical consumer consults around 11 online reviews in advance prior making a final purchasing decision.
Believe it or not, having negative reviews can help your business. About 68% of consumers are more trusting of companies with a mixture of both negative and positive reviews. Factual negative reviews provide learning opportunities for both the business owner and their employees.
Acknowledging and responding to customer reviews shows potential patrons that you care about outstanding customer service.

Doing It Right – Handling Negative Reviews and Protecting Your Reputation

As a small business owner, your online reputation means everything. One must first understand that you need to manage online reviews properly. However, how does one do so? Here are four easy-to-follow pointers to successfully handle negative reviews. These simple tips will leave one’s brand and online reputation shining in the minds of your potential customers.

1. Always Be Professional! Show both loyal patrons and potential customers that you care. Ensure customers that you are prepared to solve any of their concerns.

2. Actions ALWAYS Speak Louder Than Words! Show your customer that you are ready and willing to solve their issue and concerns. A certified letter, emails, phone calls, or ultimately personal meeting up in person in response to the review speaks volumes.

3. Personally Handle Things Yourself! Make sure not to delegate the task of handling and managing negative reviews to an employee. Such tasks must be carefully managed to ensure connecting to customers and resolving any issues or concerns are appropriately done.

4. Document Everything! When responding to negative feedback or reviews, avoid just explaining your side of the story in a professional way. Moreover, make sure to detail the steps taken while trying to resolve the issue. Provide them some insight, customers appreciate transparency.

A small business owner’s goal online should be building a reliable and well-established online reputation. Following the advice outlined above, entrepreneurs will not only build-up their online reputation, but they will also learn how to securely protect it. After all, online reputation is the lifeblood of many of today’s small business.

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