This book is for the growing, exiting and legacy building entrepreneur. It includes thousands of dollars worth of practical entrepreneurial advice for less than the cost of a dinner out.
2nd Book from the "Make the Leap...." book series
Make the Leap: From Mom & Pop to Good Enough to Sell
About the book:
Author - Genevia Gee Fulbright, CPA
Genre - Trade book, under 150 pages in length
Release date: January 2005
Foreword - Walter Turek / Editor - Donald Jay Korn
Author plus 6 chapter contributors (including valuations expert, finance executive, professor, marketing pros)
Practical guide for the growing, exiting and legacy building entrepreneur. It includes thousands of dollars worth of practical entrepreneurial advice for less than the cost of a dinner out. If you are at a crossroads with your business, desiring to grow from a small operator to a larder enterprise, you are certain to find some new tools that will help you continue on your path to success. Includes useful website links as well as additional resource books.
Successful entrepreneurs understand that building a vibrant company requires that they identify a business focus (a guiding passion), preferred clients, and a brand for the companyís products or services. In addition, internal or external professionals must be available to help create formal processes and strategies.
Over the years Iíve seen successful businesses, big and small. Theyíve all had common traits: leaders with vision, networking savvy, and the ability to attract the right group of professionals to help guide the company.
How can you transform your business into something good enough to sell? That is the question we intend to answer in this book, Make the Leap: From Mom & Pop to Good Enough to Sell.
MAKING THE GRADE
As Kenny Lattimore says in one of his popular pieces, ďIf you could see you through my eyes.Ē If you desire to grow your business into a successful enterprise, you must constantly assess your efforts with a ďbusiness report card.Ē Included on this report card should be the answers to such questions as:
* How do others perceive us?
* How are we compared with our peer group?
* Are we making adequate, consistent profits?
* Where do we project sales volume to be in five years?
* Do we have a strategic plan that we use as a guide?
* Do we have a succession plan? An emergency plan?
Always keep in mind that the prospective buyer for your business should be viewed as your companyís ultimate customer.
For those of you who are currently in business, say ďyesĒ out loud (donít worry about whoís looking) when you can relate to any of the following comments:
* Sometimes I feel I have to lean on clients to collect my receivables.
* Tomorrow I have a light day so Iíll work the 10 hours I need to reduce the number of hours Iím required to put in tomorrow.
* I would like to be in the Top 10 percentile in my peer group but I donít know how to get there.
* Iím not sure my revenues are sufficient to justify a salary increase for myself.
* I have great contract proposals but I need more capital so the business can purchase supplies.
* Iím not sure I can borrow all the money I need to expand my business.
* I have a strategic plan, in my head.
* If someone wanted to buy my business today Iím not sure Iíll get what I want.
* I donít know what my business is worth on the open market.
* Iím past the bootstrap stage in my business so Iím ready to grow.
* If I offer more employee benefits I might attract some stronger staff members.
* While I know my target market, attracting more of those customers is my current project.
* I understand my brand and Iím starting to attract stronger clients/customers
* Iím the right leader for my company but I donít have anyone to groom to take over when I am ready to retire.
* I understand that strong internal controls are necessary if I want my company to be successful.
* I have a vision for growth but have not found the time to implement it.