Growth

Would you buy your business, if you didn’t own it now?

New owners breathe a Breath of Fresh Air into a Business

Buy Your Own Businesstm again

  • What about it would cause you concern?
  • Would you find it alive, exciting and full of potential?
  • Would you see a company maximizing its growth?
  • How would you find the employee morale?
  • Is there a positive culture that leads to above average profits?
  • What would you pay for it?

“Thank you for helping Bob buy this business. He’s been a breath of fresh air.”
Sales manager at a recently acquired firm

Business buyers create a breath of fresh air in the company. Are you a Breath of Fresh Air to your business?

Would your firm pass the strategy test in this example?

Tim Gibbons, co-founder and president of PharmacyOneSource, spoke at my Rotary Club about the evolution of the company and its sale to a large, multi-national firm. I noted three key points regarding his successful strategy and they are:

  • Have a good team of advisors from the beginning. Yes, it costs money but it comes back to you.
  • It is very valuable to have an outside pair of eyes look at your company, regularly.
  • Are you prepared for a buyer to delve deeply into all aspects of the company? Don’t be surprised or shocked at the detail they may want to get into.

John’s 7 steps to be the Breath of Fresh Air that will energize your firm and increase profits

  1. Perform due diligence as a buyer would—see the business as a buyer sees it.
  2. Identify and eliminate dependencies that decrease value—uncover those common dependencies that decrease value and eliminate them now.
  3. Reenergize your team—be a Breath of Fresh Air to your firm by acting like a new buyer.
  4. Exploit growth opportunities—buyers buy companies because they see growth potential that has not been maximized; find that potential and grow.
  5. Marketability assessment—who is the logical buyer, how do you best attract them, how do you position the business for them (exit planning).
  6. Market assessment of value—what range of value does the business have post Great Recession?
  7. Take Action—CEOs and owners agree that having the strategy is easier than implementing it correctly. When you (pretend to) buy your business you will immediately take action like a buyer would.

Value you receive when you “Buy Your Own Business”

  • Faster growth and higher profits
  • Greater confidence
  • A more loyal team
  • Increased productivity
  • Sustainable, annualized improvements
  • Improved strategy and tactics
  • Less stress and worry
  • Successful transitions