Selling your business....

[ruff]

I just love those remarks of people saying: "Why buy a business, I'll just put 25,000.00 dollars in marketing and it's smooth sailing from there."

If this was true, we'll have a lot of millionaires here!
Seems like we already have quite a few Polishes here tough.

• Dumping money on advertising does not guarantee success.
  A good quality, income producing, business will save practically everybody quite a few years of trial and error (most don't make it in the first 5 years) and may be a great time saver and money maker.
  Somehow in the formula people forget that all we do is sell our time.

It seems like many disrespect all the effort they've put into building their own business.

 

[Steve Toburen]

That is provided the company has a good reputation in the comunity and has a book of business worthy of purchase.

I know I give Richard a hard time. But the man has "hidden depths". When people ask me about buying a business all they want to focus on the gross and net profit. But I always ask first, "Are their clients the market you want?" If the answer is yes and the business is along-established one then almost always it will be a good deal.

Steve Toburen
www.SFS.JonDon.com

PS I'm going to ignore Ofer's "song and dance" crack about me and wholeheartedly concur with his statement: "Somehow in the formula people forget that all we do is sell our time." Or as I say: "Time is the only resource you can't buy more of." Amy saved herself years of struggle and it was worth it to her. (Looking forward to seeing you next month in Dallas, Amy!)

 

[ruff]

[quote="Jay Hawk":10kc1tv9] PS I'm going to ignore Ofer's "song and dance" crack about me

[/quote:10kc1tv9]


Damn it!
For years I've been trying to get Steve even a little bit mad.
Angry.
Disrespectful.
Annoyed.
Vengeful.

Anything will do.

I give up. The man is a rock.
As far as I am concerned, he's as the closest I'd ever get to a saint, unless I start hanging out with Saint R.C of Topeka.

My hat is off.

P.S. Steve, you'd be doubly complemented when you find out that the "song and dance man" is referenced from one of Bob Dylan's funniest interviews with the BBC. That is how he referred to himself, with the driest sense of humor, in response to a real dumb question that he answered about a million times before.

 

[Steve Toburen]

[quote="Steve Toburen":2o2ve2it][quote="Jay Hawk":2o2ve2it] PS I'm going to ignore Ofer's "song and dance" crack about me

[/quote:2o2ve2it]As far as I am concerned, he's as the closest I'd ever get to a saint... [/quote:2o2ve2it]
Not remotely a saint, Ofer. If you doubt me just check with Sioux.

Steve

PS Seriously? I'm just a rug-sucker who blundered along early in his career, then said there has to be a better way, then made some money and found "freedom" at a young enough age to enjoy it. I wake up every day grateful for finding this industry. As my friend Jeff Cutshall says about himself, "I'm not worthy". And I really mean this.

 

[Brian R]

If you buy a company you buy both the good and the bad


good employees, bad employees
equipment
reputation
income
expense
The list can go on...and usually you won't see it until you purchase the business and then run it.

Amy had a great opportunity to work with the company and KNOW it was a great company before she purchased. Congrats Amy!

That won't always be the case.

This is why some companies Franchised....You jump in at the bottom level but you've got a "great" name to start....Hopefully.

But in return there are strict rules..Why? Because they need that reputation to stay in tact.


I would consider buying an established business... But I would take a month and do my homework the best I could...Maybe even work with the company if possible.


BUT...What Ofer said about advertising? If you have $25,000 to drop on marketing......That should be more than enough....But it has to be dropped in the right place/s


I'm a control freak and I want things done my way....If I bought an existing business I would probably change everything anyway. lol.....Just hope it has a loyal customer base.


If I had to pick between the 2?


Hands down.... I would start my own company..... I like the adventure way too much.

 

[ruff]

I just love those remarks of people saying: "Why buy a business, I'll just put 25,000.00 dollars in marketing and it's smooth sailing from there."

If this was true, we'll have a lot of millionaires here!
Seems like we already have quite a few Polishes here tough.

• Dumping money on advertising does not guarantee success.
  A good quality, income producing, business will save practically everybody quite a few years of trial and error (most don't make it in the first 5 years) and may be a great time saver and money maker.
  Somehow in the formula people forget that all we do is sell our time.

It seems like many disrespect all the effort they've put into building their own business.

BUT...What Ofer said about advertising? If you have $25,000 to drop on marketing......That should be more than enough....But it has to be dropped in the right place/s

And that is precisely why you're already a millionaire Brian!

Otherwise, I'd have to conclude that you are, after all the years in business (god knows how many MLM's), still trying to scrape those, oh, so never materializing $25,000.00.
How else otherwise could we justify the lack of your presence by the Donald's side?

 

[Vivers]

A well established company with a great ruputation for customer service and quality cleanings and a full schedule everyday booked weeks out is a no brainer in regards to starting from scratch. My best friend with plenty of capital, great equipment, strong work ethic, etc.. Is still struggling in now his 2nd year. If he had a solid customer base in the thousands he would be busy everyday.
He is not in the best place to run our type of business but still should be busier then he is now.

 

[Brian R]

[quote="Ofer Kolton":sphlv5vg]

[quote="Brian R":sphlv5vg] BUT...What Ofer said about advertising? If you have $25,000 to drop on marketing......That should be more than enough....But it has to be dropped in the right place/s

And that is precisely why you're already a millionaire Brian!

Otherwise, I'd have to conclude that you are, after all the years in business (god knows how many MLM's), still trying to scrape those, oh, so never materializing $25,000.00.
How else otherwise could we justify the lack of your presence by the Donald's side? [/quote:sphlv5vg][/quote:sphlv5vg]

There is more to being a millionaire than just dropping $25,000 advertising...That's for sure.

It would take more than a thread to demonstrate.


I've done 2 MLMs ... Visalus and ACN. I still do both.... I still make money from both...More from one than the other. I do one for health more than anything.

My main source of income is still carpet cleaning and online marketing etc.

I like to have more than one income stream.

No, I won't let you see my bank account. !gotcha!

 

[B&BGaryC]

Listen to my DAD Steve Toburen.

He will tell you how to build equity in a company. Go to SFS. Even if you don't put a single thing into place at least you will know why your business is failing to meet your expectations. Well worth the money.

(He accidentally signed off an email to me thinking he was still writing one to his son so I have to give him grief.)

 

[JeffC]

Those senior moments are becoming more and more frequent. He’s still a pretty sharp old dude though.

“I’m not worthy Cutshall”

 

[Desk Jockey]

(He accidentally signed off an email to me thinking he was still writing one to his son so I have to give him grief.)

Better than when he accidentally cut his hand off.

 

[randy]

Paper? What's that? lol


Amy, you've got a great thing going there is sounds like.

I second that ! When you are in that type of area a good customer list can be pure gold.

I have "bought out" , assumed and even been given carpet cleaning businesses over the years over a 1/2 dozen times now. Normally it's for almost nothing and I'm not interested in the equipment at all. If I really want the phone numbers and customer list I will do the deal regardless and dump the equipment. Once I was pleasantly surprised and the liquidation of the equipment paid for the business. Over the next year it brought in over $67,000 in business and it cost me nothing (other than the time doing the deal and selling the equipment) to get that business.

I also would advise any cleaner to be invested in other businesses that are less labor intensive. Having a second or even third income source is wonderful. When you hit 55-70 years old (depending on how fat you are ) you probably won't be able to or interested in cleaning carpet. Use some of the cash generated in your carpet cleaning business to launch or buy other enterprises. Carpet cleaning is a great business but not for old, grey haired men. On the flip side VLM is a lot easier and I could see doing that a bit latter in life if required, but why aim for that ?

The whole build, sell and retire on the proceeds model hardly ever happens in this industry. That's why we have an abundance of trainers, gurus and seminar peddlers that are over the hill and telling you how to build up, sell and retire someday. Unfortunately they are selling a dream that they themselves missed. Then again is 100% retirement even a good idea ?

 

[Brian R]

Great post Randy.

Even and O/O should work to grow into having an employee at some point just for the physical part.

When I hurt my back years ago, it jump started me into thinking of "something else". Income from other areas. Working my business differently.

Setting up Systems to keep the momentum going.

S.Y.S.T.E.M

Saving Your Self Time Energy & Money...... Love that one. !gotcha!

Setting up Systems is the best thing anyone can do for their business and themselves.


More than one income stream.

 

[bob vawter]

the MOST important part of sellin' yor bidness IS:
finding some poor dumb sap......
ta BUY it..........