Tag: Business Development

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Supercharge Your Networking

Erica McCurdy for GA 95

We’re into the holiday season, which means you’ll be attending year-end parties and networking events.  Now is a good time to discuss how to make those events more productive.  As you would expect, I spend a lot of time networking, in groups and one-on-one.  Over time, I’ve become more selective about the invitations I accept.  I place a high value on my time, so I attend events offering the best outcomes.  A little research goes a long way.  I want to know who’s attending and whom to meet.  That is one way to generate a better result.  Knowing the host is an important factor in these decisions.  Some attract high-quality participants, but others don’t.  This week I attended two very successful events that were distinctively different.

Monday evening, I attended an “An Evening of Introductions” hosted by Susan Knox of Corporate Connections.  I have known Susan for many years.  Her events are excellent.  This meeting was held in Marietta, Georgia at the offices of a prominent Law firm.  This venue is well equipped with a large private meeting room that opens into a common area with a kitchenette.  “An Evening of Introductions,” began with a closed-door meeting of twenty-five, high-profile business leaders and executives for emerging brands. These are people I should know.

Susan opened the meeting with a warm welcome and an overview of the agenda.  That was followed by personal introductions from the attendees.  This is the standard way to begin most meetings, however, Susan gave each of us three minutes to pitch our businesses.  She added a bit of color as she introduced each participant, providing an interesting personal comment.  It was a nice touch.  Excellent communication skills were on display.  Note pads were provided to jot down key points from each.  I seldom recommend a three-minute elevator pitch, but it was effective for this format.  It helped me determine who to talk with and interesting ways to start each conversation.  As I was one of the last to speak, I had time to make my story most interesting.  I was pleased with my performance.

When the formal meeting ended, the networking began.  The doors were opened to the remainder of the guests, and cocktails and hors d’oeuvres were served.  I found it to be very productive.  These folks know how to network!  Whenever possible, I will attend Susan’s events.

 

Ten Keys to Better Networking

  • Be selective about the events you attend.
  • Be professional.
  • Know who’s on the guest list.
  • Ask the host in advance “who do I need to meet?”
  • Stay long enough to make connections then follow up quickly.
  • Enjoy the cocktails and snacks in moderation.
  • Dress for the occasion – You cannot be overdressed.
  • Find common ground to initiate a conversation.
  • Don’t be bashful – people want to meet you!
  • Bring Business cards, but don’t offer them until asked.

Two days later, I attended my first-ever political event.  This was for an ITB Member recruited to run for state office.  I didn’t know what to expect, but I was confident that I would be with friends, and friends of friends.  I was not disappointed.  Most of these folks are active in the political arena, including a few that are running for state and federal office.  They are networking pros!  I didn’t meet anyone who wasn’t interesting and friendly.   In many ways, it was like hanging out with neighbors. The first question was usually about our connection to the candidate.  That is a great, non-threatening way to begin a conversation!  I made several good connections; one is a direct bullseye that should lead to new business.

I was happy to have attended this event.  The venue was perfect.  The side room of a local bistro, it was cozy but large enough to accommodate the guests.  The importance of the right venue cannot be overstated. Based on my relationship with the candidate, I expect to attend more events and support her campaign. I don’t expect to jump into the political arena, but I can add value at the periphery.

If you are interested in becoming a more effective networker, use the season to practice the suggestions presented here.  I think they will be helpful.

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber – Managing Partner, ITB Partners

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

North Fulton Business RadioX Interview, September  26, 2019

Author of: Fighting Alligators, Job Search Strategy For The New Normal

 

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The Free Pocket Square

Pocket Square

I had arrived a little early for my luncheon meeting with an alumni friend. We get together about once a quarter to catch up, to discuss relevant issues about our university and the local alumni chapter.   It was a workday, so I was dressed in business casual attire; a navy-blue blazer, a white shirt, gray wool trousers, and black shoes.   My typical uniform.  As I had some time to kill, I decided to visit a nearby menswear store that I patronize from time to time.

 

I received a warm welcome from one of the staff members who gave me a general overview of the merchandise they recently stocked. He was helpful, in an unobtrusive way, giving me the opportunity to become familiar with their merchandise. As the season is changing, there are a few items I want to add to my wardrobe, so I wasn’t killing time entirely.

 

While wandering around the store another employee approached me and slipped a white pocket square into my jacket pocket. He complimented me on my appearance and said that the pocket square completed my look. I was pleasantly surprised by his action, thinking that he presented me with a gift. Well, maybe I was a bit confused as I didn’t take it as an overt attempt to make a sale.  His action created an opportunity for us to interact further as I continued to review their merchandise.

 

When it was time to go to the restaurant, I made my move toward the door, thanking the sales associates and promising to return. The associate who presented me with the pocket square, still in my pocket, asked if I would like to pay for the item. I had totally forgotten about it, especially since I had processed it as a gift. When I realized my mistake, I had to laugh.  It was a funny situation, although somewhat embarrassing. He got me! How could I refuse to pay for the pocket square?  I paid for the item, thanked them again, and went off to lunch. I’m a big fan of pocket squares so I am happy with the purchase.

 

Driving to my office after lunch, I thought back to the situation at the men’s store.  I had to laugh at myself again for missing the obvious point of his gesture. But something was nagging at me. I admit that it was a clever sales technique, however, it felt deceptive.

 

I may have been confused because no one has ever put an item in my pocket that wasn’t meant to be a gift. Typically, a sales associate will bring me an item, often a tie, to show me how it complements my jacket or suit coat. He wouldn’t tie it around my neck, but maybe drape it over my sleeve. If I showed interest, he might take me over to a mirror to see how the tie would look in relation to my shirt and jacket.  In those situations, I would hold the tie, folding it in a way that would allow me to bring it to my shirt collar to resemble my appearance if I were wearing the tie. I would manage this process, not the sales associate. During this time, he might talk about the item, speaking to the quality, the price, and how well it complements my attire.  You know, selling.

 

In my recent interaction, the sales associate didn’t tell me anything about the item or the price which failed to reinforce the act of selling the pocket square. OK, call me naïve, but I am confident that you would’ve reacted in a similar way if only for a moment.

 

I admit it was a clever technique if not a hit-and-run tactic. He made a small sale, and I do like the pocket square. However, I am not motivated to return to that location or to work with that associate. I hold no animosity toward him, but he didn’t create mutual trust and respect that would motivate me to return.

 

Often, it’s the little things that make the biggest impact. When working to build a relationship we should be mindful of our behavior.  We want to ensure that we don’t send any conflicting messages. Hit-and-run tactics will limit you to a low-level sales rut, with few return engagements. A lack of clarity or candor will inhibit the formation of relationships.  In that event, you may never have an opportunity to work with many prospects.  I may have returned to that store if the pocket square had been given as a gift, or if the sales associate had presented the item differently. I guess we will never know.

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber – Managing Partner, ITB Partners

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

North Fulton Business RadioX Interview, September  26, 2019

Author of: Fighting Alligators, Job Search Strategy For The New Normal

 

 

 

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Reciprocity and Business Development

The Events Registry

A lagniappe (/ˈlænjæp/ LAN-yap, /lænˈjæp/ lan-YAP) is “a small gift given to a customer by a merchant at the time of a purchase” (such as a 13th doughnut on purchase of a dozen), or more broadly, “something given or obtained gratuitously or by way of good measure.”[2]  The word entered English from the Louisiana French adapting a Quechua word brought in to New Orleans by the Spanish Creoles. From Wikipedia

 

Last week’s article mentioned the value of gift-giving to build relationships and generate new business.  This week I was on the receiving end of several offers that reinforced the value of gifting.  The most memorable situation occurred while talking with a prospective new consultant, Linda.  Linda recently left a corporate career to strike out on her own, as a licensee of a National Brand that markets productivity enhancing solutions.  We talked about her program’s benefits and I told her about our business model.  At the end of our conversation, she invited me to complete a complimentary on-line diagnostic to determine how I might benefit from her services. It was gift of a free service. I was intrigued and gladly completed her survey.  Her diagnostic is an excellent way to qualify new clients and since she captured my name and email address, she has what she needs to build a long-term relationship.  Naturally, I did the same.

 

Early in my career, I spent five years working for Hickory Farms of Ohio.  Hickory Farms built its business by offering gifts of free samples.  Employees would greet shoppers passing in front of their store with the offer of a free slice of Beefstick Summer Sausage.  While the shopper was enjoying their sample, the employee would tell them about the product and ask if they liked the taste of the item.  A positive response from the shopper (commitment) began a conversation often leading to a sale.  Today, sampling is a common practice used in restaurants and grocery stores.

 

Gift giving is a practice deeply embedded human culture. We know that throughout history, especially in the political realm, it was customary for visitors to present their host with a gift. The more important the host, the greater the gift.  Gift giving is still a common practice, especially between people with established relationships. However, most larger companies have established rules for accepting gifts to ensure ethical behavior. In my experience these rules usually govern the acceptable value of the gift and full disclosure.  Giving gifts is an excellent way to say thank you and to demonstrate appreciation, however, gifts can also be an effective way to establish a relationship.

 

Reasons for offering a gift:

  • To build and reinforce relationships/loyalty
  • To show love, devotion, and respect
  • Symbolic communication
  • To help others (altruism)
  • To find a mate

 

There is an entire industry segment (Promotional Products) devoted to gift-giving as a marketing tactic. I am confident that you have received items from companies that want your business. Typically, these are small items with a low monetary cost, but high utility value, which includes the giver’s logo, a tagline, and even a telephone number or email address.  Items like coffee mugs, writing utensils, and key fobs come to mind. Every time you use the item you recognize the logo and think of the gift giver.

 

Linda’s technique is a classic way to generate new clients.  Other similar offers include White Papers, Research Reports, Directories, and Training, among others.  These offers are seldom 100% current or complete so they provide limited value but are useful ways to whet one’s appetite for more.  Another effective technique is to offer a limited engagement at a modest price that adds value at minimum risk.  I am not a fan of conducting this work for free as doing so tends to diminish one’s brand value. These entry-level projects are typically diagnostics that help the client validate the nature and scope of a perceived problem.  It is a useful way to solidify a working relationship with a goal to stimulate further engagements.

 

If building relationships is an optimal way to generate new business, giving gifts is an effective way to establish a relationship.  Offering gifts is aligned with established cultural norms that convey respect and appreciation.  Giving a gift invokes the concept of reciprocity, another cultural norm which creates a perceived obligation for the recipient to respond in kind.  Hopefully, the recipient will feel obligated to give you a fair opportunity to pitch your business, if not actually contracting your services.  Whereas gifts of intellectual property may provide immediate value, smaller physical items with your company logo and contact information will serve as a constant reminder to the prospect.  Limited engagements at a lower cost, while not necessarily considered a gift, is an effective way to solidify a relationship.  These engagements can serve as a foundation for larger, more profitable contracts.  In conclusion, while you are attempting to establish a relationship consider the viability of tangible and intangible gifts to facilitate the process.

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber – Managing Partner, ITB Partners

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

North Fulton Business RadioX Interview, September  26, 2019

Author of: Fighting Alligators, Job Search Strategy For The New Normal

 

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Building Relationships to Land Consulting Engagements – You Are The Product!

Building Relationships

It’s been a while since I thought much about the process I employ to generate new business.   Even though I’ve been managing my business for over twenty years, I don’t think about the processes I use to generate more business. I have an effective system in place which I execute diligently.  Building relationships with prospective clients has become second nature, almost intuitive.  Recently, I have been thinking a lot about my business development systems and processes, however.  Since making a commitment to deliver a presentation on selling consulting services, I’ve been compelled to reconsider the matter. As you would expect, the subject has been on my mind quite a bit lately.

Friday, I discussed my progress on the presentation with my friend Faith.  During our discussion, I mentioned that I hadn’t chosen a topic for this week’s blog post.  I said that I would like to continue the theme of the last few weeks, building relationships.  She suggested that I write about building professional relationships that generate new business.  I liked her idea and I’m pleased to continue exploring this subject.

As I think about it, my work is all about building and strengthening relationships. People come to me seeking new jobs and career advice. I like to do what I can for them. Although I may not be able to help them immediately, I believe it’s important to understand their needs and aspirations.  At some point, I will learn of an opportunity to provide assistance.  By doing so, I am creating a foundation for a long-term relationship.

Mary’s situation is a good example. Mary is in the process of closing the family business and moving her residence to Atlanta.   She came to me looking for help transitioning from her position as COO for an industrial company to become an employee for another company.  Currently, she is not able to devote 100% of her time to job search, so starting the process has been prolonged.  I immediately connected her with two networking groups to begin her transition.

Two weeks ago, we scheduled a call to discuss her situation. I had promised to review her resume and owed her my feedback. After providing my thoughts, she asked if I would take her on as a coaching client. I agreed, of course, and we scheduled a follow-on, face-to-face meeting.  Reflecting on our interaction, we developed a relationship that resulted in new business for me.  She came to trust me because I demonstrated a sincere interest in her career aspirations.  I connected her with others who could be helpful and provided suggestions to improve her resume.  Stated another way, I showed a genuine interest in helping her and demonstrated my capabilities.  Interestingly, I never pitched her on the idea of becoming a client.

Selling consulting services is about selling an intangible product.  One cannot touch, hold, see, smell, or hear the product.  It is something that can only be imagined.  Those buying consulting services are taking a leap of faith.  In many ways, the process is the same as completing a successful series of job interviews.  The candidate’s primary objective is to establish rapport with the hiring manager.  After all, we want to work with people we like and who like us.  To achieve a successful outcome, one must establish a personal connection.  So, building rapport requires effective interpersonal skills.  Those skills include the following:

  • Empathy – needs assessment
  • A Positive Mental Attitude
  • Appreciation/Gratitude
  • Mutual Respect
  • Accountability
  • Offer something of value – a gift.
  • Professionalism
  • Honesty and forthrightness

As with any job interview, you are being evaluated on every step of the selection process including an offer of employment.  As you work to gain the prospect’s confidence, your working style and ethics are on display.  The prospect is becoming comfortable, or not, with the idea of working with you. A well-executed process is critical! I cannot overemphasize the importance of this phase of the sales cycle.

Selling consulting services is a process governed by the fact that you are selling an intangible product, the prospect’s desired outcome.  As a consultant, your job is to make the product tangible and mitigate the prospect’s doubt.  You are the product!  The attributes of the product you’re selling are your attributes: competence, professionalism, empathy, and ethics among others.  You will demonstrate these attributes by developing a working relationship with the prospect.  By developing solid relationships, you will ensure the success of your business.

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber – Managing Partner, ITB Partners

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

North Fulton Business RadioX Interview, September  26, 2019

Author of: Fighting Alligators, Job Search Strategy For The New Normal

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Selling Consulting Services:  Are you asking the right questions?

As you would expect, I spend a lot of my time promoting ITB Partners to prospective clients who may need our consulting services. Additionally, I talk with many people who want to affiliate with our company to leverage their resources and create a sustainable independent consulting practice. This week was typical in that respect.

 

Of course, all my meetings are interesting.  I learn a lot from these conversations. One conversation stood apart this week. I received a phone call from a lady I have known for many years.  A millennial, she’s been developing a sideline business. She started by purchasing unclaimed freight and reselling that merchandise through Facebook.  As she learned about her customers and her skill set, her business became focused on selling women’s clothing. She has positioned herself as a fashion consultant.  Her unique selling proposition is helping women purchase clothing that best suits their body type and personal style.  As her business model requires consultative selling, I was very interested to learn how she connects with her clients and the process she uses to generate business.  She was very gracious as she answered all my questions.

 

Consulting services are categorized as intangible sales.  The product we sell is an improved future ‘state of being’ compared to the current situation.  The desired ‘state of being’ cannot be experienced physically.   One cannot see the outcome with their eyes; they cannot touch or taste the product as it currently doesn’t exist.  The product may be a significant increase in revenue, lower operating costs, greater profitability, or reduced risk.  These states can be measured only after they have occurred.  Those of us selling consulting services must conduct ourselves like a physician.  We want to make our clients feel better.

 

Last week I wrote about the value of listening which I believe to be an essential skill.  I am convinced that it is the most important tool required to be a good consultant.  I have been faithfully working to improve this skill. Toward that end, I remind myself to concentrate on what the other person is saying and to squelch thoughts about my response.  As with most sales processes, my meetings are about gathering information to qualify prospective clients, not to debate.  I endeavor to listen carefully and ask questions that yield useful information.  Asking the right questions is required to keep the conversation flowing.

 

I am fond of using the physician as an analogy for the consultant.  Before the physician can convince the patient on a  course of action (to resolve a problem) she must gain the patient’s trust and confidence.  The patient must be assured that the physician is prescribing a treatment that is in their best interest and that the physician is competent.  It is the same process for an independent consultant.  The first step is to gain the trust of the prospect and then to establish confidence.  To begin the process of creating trust, the consultant must establish rapport.  We do that by asking questions and listening thoughtfully to the prospect’s response.  Questions that reveal the prospect’s situation, concerns, and fears help the consultant understand the nature of the problem to be solved.  It also demonstrates empathy which establishes rapport.  Like a physician, we want to know ‘where it hurts,’ and to understand the prospect’s ideal situation.  Asking follow-up questions shows the prospect that you have a sincere interest to help them resolve their problems.  Sincerity on your part will establish trust.

 

When you’ve established trust, you can work to gain confidence.  Establishing confidence is based on quantifiable results.  In other words, how many times have you completed the prescribed work and what is your success rate?  If you are a surgeon prescribing a heart transplant, the patient will want to know how many heart transplants you’ve completed and if you lost any patients. This is a good time to have references available to ‘sing your praises.’

 

To be successful selling an intangible product like consulting services requires that you create a bond with the prospect.  Creating a bond, or establishing rapport is accomplished by listening carefully to understand the prospect’s pain.  Asking follow-up questions to completely understand the extent of the prospect’s situation helps ensure that you will close the deal.  So, take time to ask good questions, listen carefully, and close more deals.

 

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber – Managing Partner, ITB Partners

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

North Fulton Business RadioX Interview, September  26, 2019

Author of: Fighting Alligators, Job Search Strategy For The New Normal

 

 

 

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Are You Listening To Me?

Last night, we enjoyed a lovely October evening in the Atlanta area.  The temperature had cooled to the low 70’s making it very comfortable for al-fresco dining with friends.  As it would have been somewhat tragic to miss this blissful weather opportunity, my wife, Jill, and I enjoyed an evening out with another couple. The other couple, David and Dana are my wife’s business partners for her residential remodeling and construction business. We agreed to meet at Avalon around 6:00 p.m. Avalon is a trendy new mixed-use venue in the northern suburbs of Atlanta.  Most Friday evenings during the Summer and early Fall, people congregate there to listen to a live band, enjoy a casual dinner and drinks, and participate in lively conversation.

 

David arrived a little later as he had to attend an event with his son.  That gave us time for a few drinks and conversation with Dana. At some point during the conversation, Dana mentioned how interesting it is to watch Jill and David work together, especially the way they work through the creative process. As Dana explained it, she facilitates their work by helping Jill and David communicate.  She said they spend a lot of time talking past each other, not actually hearing what the other has said. That’s not a surprise, as they’re both strong-willed, creative types, successful in their own right.  Dana is their interpreter.  Our conversation reminded me of the awesome power of listening.

 

Reflecting on this past week, I spent a lot of time listening.  I listened to several job seekers talk about their career interests.  One was much more interesting than the other, as his experience was broader and deeper.  I made a presentation to The Business Executives Networking Group (The BENG) which I designed to be interactive.  I was successful as my presentation generated a lively discussion. As a result, I received a lot of input from the group.   While editing the presentation video I recorded, I became aware of opportunities to improve my delivery.  While careful listening facilitated the editing process, it also revealed some cringe-worthy speaking habits.   I had the same experience listening to the webinar I delivered on Thursday.  Listening to my presentations as if I was a member of the audience, became a self-improvement exercise.  Wednesday, I conducted my monthly Executive Leadership Meeting which was an opportunity to hear from my advisors.  As these people represent the leadership counsel for my company, it is important to hear from them and to ask questions for clarity.  As that meeting was conducted via ZOOM, I have a video recording to refer to as I prepare the meeting recap.  Hopefully, I will hear something interesting that I missed during our meeting.

 

Friday morning, I had a meeting with another colleague.  We discussed many opportunities, including the possibility of collaborating on a seminar about professionalism.  During that meeting, I observed that my favorite way to close a deal was by listening to the prospective client talk about their issues and thoughts for corrective action.  In those situations, I listen carefully and ask questions for clarification and insight.  I listen without judgment or offering an opinion, asking questions to understand the prospect’s desired outcome.  I believe that conducting myself in this manner demonstrates a sincere interest in understanding their situation.  By showing interest in learning about the prospect’s problem, I demonstrate my respect for her and empathy for her situation.  This process helps build rapport, the foundation for all relationships.  It also shows the prospect  what to expect from me if hired to help her resolve an issue.  This discussion brought the power of listening to full focus.

 

It was a late evening, Friday.  However, it was most enjoyable and a great bonding opportunity for all of us.  Best of all, listening to Dana talk about her role as a facilitator reminded me how important listening is to one’s success.

Thank you for visiting our blog.

Jim Weber – Managing Partner, ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

 

 

 

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

North Fulton Business RadioX Interview, September  26, 2019

Author of: Fighting Alligators, Job Search Strategy For The New Normal
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Jim Weber, Managing Partner – ITB Partners North Fulton Business RadioX interviews

John Ray of North Fulton Business RadioX interviews Jim Weber, Managing Partner – ITB Partners  September 26, 2019

“North Fulton Business Radio,” Episode 167:  Jim Weber, ITB Partners

On this edition of “North Fulton Business Radio,” Jim Weber, Managing Partner of ITB Partners joins host John Ray to talk about his consortium of independent management consultants which serves start-ups to midcap companies and beyond. “North Fulton Business Radio” is broadcast from inside Renasant Bank in Alpharetta.

Jim Weber, ITB Partners

Jim Weber

Jim Weber is Managing Partner of ITB Partners, a consortium of independent management consultants providing high value-added solutions to your problems. ITB Partners helps business managers solve their problems by connecting them with high-quality independent management consultants. ITB’s consultants are experienced leaders, discipline experts, and project managers. Clients are publicly and privately owned mid-caps; private equity groups and their portfolio companies, start-ups, acquisitions, and turnarounds. The firm’s industry expertise ranges from consumer packaged goods and manufacturing to supply/chain, logistics, and the service sector. Additionally, they have depth in consumer services franchising, specifically restaurant, hospitality, and retail. The core of the firm’s business is the belief that client success is paramount. This belief ensures that the focus is fixed on delivering a high-quality product. This client-focused approach is simple: Listen to understand the client’s needs analysis to provide insight; foster trust to forge a true business partnership; plan, implement and follow-through; and be accountable for results. ITB has a solid track record of success and long-term relationships with high repeat business. The firm’s referenced client list shows high client satisfaction. In addition, the consortium’s depth and breadth of skills, abilities, and experience include more than 25 years in multi-industry environments, leadership positions in large multi-national organizations, as well as experience in building and leading successful businesses.

For more information visit itbpartners.com, or email Jim directly.

Thank you for visiting our blog.

Jim Weber – Managing Partner, ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

 

 

 

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

Author of: Fighting Alligators, Job Search Strategy For The New Normal
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Webinar – Three Pillars For Success – October 10 at 2:00 p.m. Eastern

“Three Pillars For Success” Webinar

 

Join Us, October 10 at 2:00 p.m. Eastern  To Hear Jim Weber Present

The Three Pillars To Success

Description

Get Serious about creating an effective business development plan!
 
Jim Weber – Managing Partner, ITB Partners

Jim Weber is President of New Century Dynamics Executive Search, and Managing Partner of ITB Partners, Management Consultants. He will be presenting “The Three Pillars for Success.”

This webinar is designed to help you if you are trying to attract new clients/customers, looking for a new full-time job, or considering a career as a Freelancer.
ITB Partners is a Consortium of independent management consultants providing high value-added solutions to your problems. For more information, please visit our website at www.ITBPartners.com
For more information about ITB Partners, please visit our website;  https://itbpartners.com
Thank You!
| Jim Weber | Managing Partner | ITB Partners |
| 770-649-7051 | Jim.Weber@itbpartners.com |
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The Three Pillars of Success

Jim Weber Presents “The Three Pillars of Success “to the August Atlanta BENG Chapter Meeting 

Jim Weber – Managing Partner, ITB Partners

Jim Weber, Managing Partner ITB Partners, founder of New Century Dynamics Executive Search and the author of “Fighting Alligators: Job Search Strategy For The New Normal”  presented “The Three Pillars For Success”  to The BENG Atlanta Chapter in August.

This discussion is meant for career-minded professionals who are gainfully employed, or between situations, and independent business owners looking to become more successful.

To view this presentation, Click Here!

Thank you for interest in ITB Partners.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

Author of: Fighting Alligators, Job Search Strategy For The New Normal

 

 

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My Business is Worth HOW MUCH?!?!

The Problem

We recently spent 2 hours explaining to two business partners what their business was worth and why. They were disappointed but excited to understand the value and how they would manage the business going forward.

 

Buying or selling a business is not easy, even for professionals who spend all their time evaluating deals. Granted, professionals have a far better understanding of the market, the supply and demand for businesses.  If they specialize in a specific industry, as many do, they have an even better perspective on the market and the competitive dynamics for that sector. They understand the challenges of that line of business, including the anticipated cost of innovation required to remain competitive.

 

Even so, the professional must deal with challenges unique to each individual deal. Depending on the strategies employed by competing buyers, whether they’re strategic or financial buyers, the professional may be at a competitive disadvantage for the same acquisition target.  In other words, buyers seldom have the same cost of capital.  For any given transaction this dynamic will work in the favor of one or the other buyer.  There are no guarantees as to an outcome.

 

For someone looking to sell their business, the challenge becomes monumentally greater.  It is likely that these owners have been completely focused on their day-to-day operations, probably paying little attention to the details of merger and acquisition activity in their industry.  As a result, they are not savvy sellers. They must learn as much as they can as quickly as possible to realize the most value from the sale of their company.

 

When we present a valuation to our clients, they are usually horrified. The value is most often nowhere near their expectations or needs. The disbelief and devastation are apparent. Why is this?  Business owners do not have a full understanding of what drives business value.

 

Ultimately, the value of a company depends on internal and external factors to the enterprise. Clearly, internal factors are more straightforward. Most people understand that sustained revenue generation is a key driving force, along with the margins generated on that revenue, and non-cash expenses, i.e. depreciation and amortization.

 

External factors in play include the overall state of the economy and the attractiveness of other businesses for sale in the same industry segment.  This will provide an indication as to the interest level for the business and other potential sellers.  Whereas buyers may be active in a depressed economy when prices may be lower, sellers are less motivated.  On the other hand, the least competitive companies may be forced to sell during a recession.

Research says that 4 million businesses will be sold over the next 5 – 10 years. If that’s even close, you know that most will be selling for well under what their value could have been…IF THEY SELL AT ALL.

 

When is the Best Time to Get on The Value Track?

The ideal time to begin building value is the moment you start your business. But most of us are scrambling to get going – and then get so busy with growth – that we delay focusing on building value and exit planning. We are caught up in putting out fires, it remains a lifestyle business, value suffers.

 

The Value Track – 7 Steps in the Process

The Value Track is a proven, 7-step process of improving profitability and building the transferable value – the real value – of your business. Embracing the Value Track approach will help you exit ownership on your own terms, create your best possible future and improve your quality of life.

Whatever stage you are at in your business’ lifecycle, this process gets you beyond all of that and onto a serious Value-Building track for your company. Click here for 3 client stories at three stages.

 

  1. Get Everyone on the Same Page
  2. Understand Current Business Value
  3. Build Your Advisory Team
  4. Exit-Readiness Assessment
  5. Build Value
  6. Determine Exit Structure
  7. Execute the Transaction

 

Are You on The Value Track? Learn More About the 7 Steps here: The Value Track

 

David Shavzin

David Shavzin, CMC
Founder & President, The Value Track

770-329-5224
david@GetOnTheValueTrack.com

Succession Planning / Exit Planning, Building Transferable Value for Sale
Our BLOG  // LinkedIn // www.GetOnTheValueTrack.com

Tags: exit plan, Exit Planning, exit strategy, transferable value, value, Value track

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