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Do You Know Your Customers?

June 26, 2012/in Selling a Business /by bbpadmin

It’s always nice, when eating at a nice restaurant, for the owner to come up and ask how everything was. That personal contact goes a long way in keeping customers […]

What Do Buyers Want to Know?

June 26, 2012/in Selling a Business /by bbpadmin

What is the required capital investment? What is the annual net increase in sales? What is in inventory? What is the debt? What is the prospect of the owner staying […]

Do You Know Your Customers?

June 26, 2012/in Selling a Business /by bbpadmin

It’s always nice, when eating at a nice restaurant, for the owner to come up and ask how everything was. That personal contact goes a long way in keeping customers […]

What Do Buyers Want to Know?

June 26, 2012/in Selling a Business /by bbpadmin

What is the required capital investment? What is the annual net increase in sales? What is in inventory? What is the debt? What is the prospect of the owner staying […]

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Do You Know Your Customers?

June 26, 2012/in Selling a Business /by bbpadmin

It’s always nice, when eating at a nice restaurant, for the owner to come up and ask how everything was. That personal contact goes a long way in keeping customers happy – and returning. It seems that customer service is now handled by making a potential customer or client wait on a telephone for what seems forever, listening to a recording saying that the call will be handled in 10 minutes. Small businesses are usually built around personal customer service. When is the last time you “worked the floor” or handled the phone, or had lunch with a good customer? Customers and clients like to do business with the owner. Even a friendly “hello” or “nice to see you again” goes a long way in customer relations and service.

The importance of knowing your customers and/or clients could actually be extended to suppliers, vendors, and others connected with your business. When is the last time you visited with your banker, accountant, or legal advisor? A friendly call to your biggest supplier(s) can go a long way in building relationships. A call to one of these people thanking them for prompt delivery can pay big dividends if and when a problem really develops.

Owning and operating your own business is not a “backroom” or “hide behind the business plan” business. It is a “front-room” business. Go out and meet the customers – and anyone else who has an interest in your business.

What Do Buyers Want to Know?

June 26, 2012/in Selling a Business /by bbpadmin

What is the required capital investment?

What is the annual net increase in sales?

What is in inventory?

What is the debt?

What is the prospect of the owner staying on?

What makes this company different/special/unique?

What further defines the product or service? Bid work? Repeat business?

What can be done to grow the business?

What can the buyer do to add value?

What is the profit picture in bad times as well as good?