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John Weisenberger
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Creating Massive Customer Loyalty and Profit Using Customer Experience Management
Creating Massive Customer Loyalty and Profit Using Customer Experience Management

901 followers
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Why Are You [Still] In Business?

Your real wealth isn't in starting your business. It's in how you exit!
I recently had lunch with a business owner who at age 65 is just now starting to think about selling his business. He said his sales are down, his chief engineer just resigned... so "it's probably time to begin to think about selling the business and retiring."

Unfortunately this is a situation I'm hearing all too often today. If only he had made this decision five (or more) years earlier there would have been time to adequately prepare for a planned exit having a business well positioned for delivering a maximum valuation; as well as having his personal "reinvention" goals prepared for his next phase of his life. At age 65, and with a business in decline, it may be too late to sell his business at a price that will provide him with the retirement lifestyle he worked so hard over the past 25 years to achieve.

Here's some startling statistics about the preparedness of small business ownership transference today.

* The average business owner spends 80 hours preparing their initial business plan but only 6 hours preparing for their eventual exit.

* According to one study, only about 10% of all attempted small business sales actually get done. The rest don't move forward because the seller is not prepared or the seller waits until it's too late when there's little value left for the buyer.

* Of the deals that do get done, most sellers end up receiving only 50-70% of the real value of their businesses due to a lack of preparedness.

The reality is... in the case of selling a business... good things don't come to those who wait to prepare!

Here's some other statistics you may find interesting.

A survey by PricewaterhouseCoopers finds that 50% of small business owners plan to sell their business within the next 10 years

* A typical seller today is more likely to be in their 40s or 50s rather than their 60s or 70s as was the case 10 years ago. Generation X is getting ready to cash-in and chill-out too.

* 33% of all businesses are owned by people 55 or older.

So let me ask you this: Why are you still in business? Are you in business to produce an income to pay yourself a salary, or are you in business to generate long-term wealth for you and your family so you can live the lifestyle you've always envisioned for yourself?

If your answer is the latter, you need to know that there is a current window of opportunity for sellers before the supply of available businesses exceeds demand.

This is because the quickly increasing supply of small businesses available due to baby-boomer retirements will drive down valuations and give new leverage to buyers if you wait too long to prepare your business for your personal exit and its eventual sale.

In fact, according to David Fields of IBG Capital Markets, "The intersection of private equity money and baby-boomer demographics means that we can conservatively assume a 300% increase in transaction activity for companies with employees as boomers move into retirement."

The good news is, there's a lot of private equity money out there looking to buy good businesses right now. And you can benefit from this situation too, but only if you're prepared to show investors how the value of your business will continue to increase even without you as the owner.

As a small business coach helping owners maximize the value of their businesses, the best advice I can give you today is, dig your well before your thirsty and start planning for your eventual exit now.

Whether it's due to health reasons, advanced age or just plain burnout, most business owners exit their business with less than six month of advanced planning and consequently receive only 50% to 70% of their businesses' potential valuation.

But that won't happen to you because you now know it's time to start building your exit plan today so you be well prepared when you're ready to begin your exit-funded "reinvention" too.

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If you found this post valuable… leave a comment… like it, tweet it out and share it with someone you know... and thanks in advance for passing it on! _____________________________________________________

About the Author

John Weisenberger CCP, is an author, speaker and certified business coach who “walks the talk” when it comes to planing. He is the creator of the Chain Reactions Marketing System™ that transforms average, commoditized, businesses into preeminent market leaders that attract and retain more customers so they can make more money!

To learn how you can grow your business faster using Chain Reactions Marketing, you can find out more at http://www.ChainReactionsMarketing.com
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How to Sell Your Business and Retire Happy: 3 Tips

Selling your business is typically a one-time opportunity. Get it right and you’re set for life. Get it wrong and it can cost you the retirement lifestyle you deserve. Here’s three tips to make sure you can retire happy!

https://www.linkedin.com/pulse/how-sell-your-business-retire-happy-3-tips-john-weisenberger?trk=prof-post
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Should a coach have coach too?

Doctors have their Doctors so should a Business Coach have a Business Coach too? What do you think?

http://entm.ag/1QCiClZ
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Tis The Season for Customer reactivation

It amazes me how often I speak to groups of business owners who express complete surprise when I mention customer reactivation as part of my Chain Reactions Marketing System™. They somehow never seem to think of including past clients or patients in any of their lead generation or customer retention marketing strategies.

For many it seems that a past customer - one who has become dissatisfied or dormant - is not a viable prospect for future sales… when the fact is, nothing could be farther from reality.

And why wouldn’t you want to at least try to re-engage and reactivate a past customer, client or patient? After all, getting a new customer is five or six times more expensive than reactivating an old one… so re-engaging and rekindling a previous customer relationship is certainly one of the lowest cost marketing strategies you can use to increase revenues and profits.

For example, suppose you’re a personal fitness coach who helped a client lose 30 pounds 18 months ago. Wouldn’t it make sense to contact that past client to see if they’ve regained the weight and could use your help losing it again?

It amazes me the number of businesses (especially coaches and consultants) that seem to think that once they’ve completed an engagement there’s no further opportunity to be found with that client. They seem to believe that they’ve taught the client everything they need to know… or solved the problem the client was looking to solve so there’s no need to stay in further contact. But isn’t there always another problem that could be solved for the same client?

Or what about the B2B client who stopped doing business with you because the decision maker decided your product or customer service wasn’t meeting their needs? Isn’t it possible that over time things have changed? Is it possible the decision maker has moved on to another company or discovered they aren’t satisfied with their new supplier either?

How would you know if you haven’t stayed in contact?

Making the First Move.

Instead of trying to really understand why a prior customer is no longer responding, many businesses assume that the customer is the problem in the relationship. The dynamics are similar to that of a person who refuses to talk to another person unless the other person reaches out first. You need to be looking at your past customers and committing to making the first move in re-establishing a relationship that is valuable to both sides.

So what’s the best way to put life back into a stale or strained customer relationship?

I for one believe reaching out by telephone during the year-end holiday season is one of the best ways to rekindle relationships.
Just calling up to say hello and wishing your past customers well during any special time of year is a great way to stay personally connected… and the year-end holidays with the beginning of a new year is certainly one of the best times to do so.

Even if you only make contact with the client’s voice-mail, making that first move will show them you’re thinking about them and that you cared enough about them to make the personal call.

So pick up the telephone and let your past customers know that you still remember them. A little bit of personal attention and care can go a long way towards bringing past customers back to life.

_____________________________________________________

If you found this post valuable… leave a comment… like it, tweet it out and share it with someone you know... and thanks in advance for passing on the referral! _____________________________________________________

 About the Author 

John Weisenberger CCP, is an author, speaker and certified business coach who “walks the talk” when it comes to lead generation. He is the creator of the Chain Reactions Marketing System™ that transforms average, commoditized, businesses into preeminent market leaders that attract and retain more customers so they can make more money!

 To learn how you can grow your business faster using Chain Reactions Marketing, you can find out more at http://www.ChainReactionsMarketing.com
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If you'd like to improve your networking effectiveness, check out my latest Linkedin post.

https://www.linkedin.com/pulse/3-reasons-your-networking-isnt-working-how-fix-john-weisenberger
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Do you make growing your business harder than it needs to be?

http://onforb.es/1OfZc4w
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The Four Types of Mentors Every Entrepreneur Needs

Some very good advice from Kim Kaupe... especially mentor type #3 she describes at 1:03 in the video.  What do you think? Leave your comments below.
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Does Asking For Referrals Embarrass You Too?

If you're a coach, lawyer, speaker, graphic artist... or anyone who provides a service... chances are one or more of your existing clients was referred to you by someone else. 


Unfortunately, many business owners fail to include an aggressive referral marketing program as a part of their lead generation strategy!

Typically because they're just not comfortable personally asking for referrals... an affliction I call "referral performance anxiety."

So how can you tell if you have referral performance anxiety?

If any of the three warning signs below are TRUE… then you’re probably suffering from this all-too-common problem.

Sign #1: You don’t ask for referrals on a regular basis (T/F)

Sign #2: You don’t have a referral rewards program (T/F)

Sign #3: You never ask for testimonials either! (T/F)

Fortunately there is a “cure” for this affliction and each of the three symptoms above. 

It’s called the Chain Reactions Referral Success System™ and I’d like to invite you to learn all about it during a FREE Referral Chain Reactions Webinar.

During this webinar I'll show you how to...

1. Become Absolutely Confident in Your New Ability to Generate Referrals Without Feeling Pushy or Embarrassed!

2. Discover Where To Find The Best Referral Sources and How To Make Them Want To Recommend YOU!

3. Learn How To Create a Viral Chain Reaction of New Referrals That Continually Provides Highly Qualified Prospects Who Will Buy What You Offer!

Look… I know asking for referrals can be uncomfortable… but it can… and does… get easier with the right asking techniques and practice.
 
So if you... or someone else you know... (notice how I just asked you for a referral ;-) is embarrassed to ask for referrals…

and you’re missing out on the massive amounts of new leads, revenues and profits you could be getting through referrals… 

Join me for a FREE Referral Chain Reactions Webinar.

Just click on the link below to register now!

<< Yes, Reserve My Spot for The Webinar (it’s FREE) >>

http://bit.ly/1XxEtvl

Committed to your referral marketing success and prosperity.

-JW
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