Monthly Archives: May, 2016

7 Memorial Day Inspired Links

May 29th, 2016 Posted by Behavior, Employment, Entrepreneur, Inspiration, Leadership 4 thoughts on “7 Memorial Day Inspired Links”

U.S. FlagMemorial Day – Each week I identify a different theme of the week and provide you with content, some original and some from external sources, around that theme.

A Word on This Week’s Theme

Memorial Day is a day we set aside to remember those members of the U.S. armed forces who died in combat or in service. This week in my personal blog #Significance, I discussed the true meaning behind the holiday.

But as important as it is to remember the sacrifice of the dead, and that of their families and loved ones, it’s also important to remember the living who are currently serving or who have served.

So often, former military personnel are passed over for employment opportunities or have a hard time adjusting to private life. Business can be a key to helping these heroes out and they can be a key to business success.

This week’s theme is inspired by Memorial Day remembrances but focuses on how the world of business can be a place for former military members to thrive once their military career ends.

This Week’s Links

Inc. – This article at Inc. pays tribute to 5 veterans who became successful entrepreneurs post-service. An entrepreneurial path is often how veterans can find meaning in their professions.

Inc. – Some pretty interesting statistics are included in this Inc. article and accompanying infographic. Veteran-owned franchises have generated 815,000 jobs in the U.S. and veteran owned businesses generate $41 billion to the U.S. GDP. No doubt, veterans are a critical component to the economy and U.S. business in general.

Entrepreneur – Check out this inspirational piece on a former Navy SEAL who teaches us a lesson on how to turn failure into success. A key – focus on one thing.

Entrepreneur – One secret to “luck” is to listen for and be open to inspiration from wherever it may come. See here how this veteran found inspiration from tragedy. If he can overcome his experience, you can overcome yours.

Entrepreneur – Sometimes, veterans have a hard time adjusting to private life. This includes communication. Both the military and business worlds have their own languages and forms of communication. What works well in one environment can mean utter failure in the other. Sometimes, all it takes is learning to bridge the communication gap.

Entrepreneur – Smart business owners and companies know that veterans make a tremendous resource pool. This article at Entrepreneur discusses businesses that are looking to hire veterans.

Entrepreneur – And this company is creating incentives for veterans to become franchise owners. We owe our veterans so much. It’s nice to see so may U.S. companies recognizing the opportunity for payback.

When Should My Business be Profitable?

May 26th, 2016 Posted by Business is ART, Business Plan, Entrepreneur, Goal 9 thoughts on “When Should My Business be Profitable?”

Perplexed

Profitable businesses are so last decade, right?

After all, Twitter doesn’t make a profit. Salesforce has lost over half a billion dollars the past few years. Amazon went about 20 years without ever showing a profit.

The truth is, there’s a lot more to these companies’ business models than simple profits and losses, and for Salesforce and Amazon in particular, their revenues are rapidly growing every year. Explosive revenues can change the game on how a business needs to make money.

For your business, unless you have people investing hundreds of millions (if not billions) of dollars, you’re probably going to need to make a profit sooner rather than later.

But when does that happen?

The answer depends on a number of different factors. Before you can even define any sort of ‘when’, you need to figure out what profitability means for your business.

What Profitability Means for You

Technically speaking, your business is “profitable” as soon as its revenues exceed its expenses. But let’s say you left a good paying salary job to start up a business. In that instance, you might not consider yourself profitable until you personally are making as much if not more than you were at your previous job.

Or maybe you have investors, and you don’t consider yourself profitable until they’ve seen some return on their investments.

If you don’t have investors, and you’re fine with just reaching that base-level, “ramen profitability”, that’s not a bad starting goal, but you may want to build from there.

Whatever your benchmark is (and it’s very important to have benchmarks in place), you’ll want that in mind before you start down the road to profitability. And make no mistake….

Profitability is Important

There’s probably a number of different reasons why you started your business. It could have been because you wanted to be your own boss or because you realized a certain product was lacking from a specific industry. Perhaps you started a business out of necessity when you found yourself unemployed. Perhaps you hoped you could make the world a better place. Quite probably it is a combination of these and other things.

It’s fair to say you also probably hoped to make some money in the long run. Even if money is the last thing on your mind, at the end of the day, to keep your business operating at its best, you need to generate profits.

Entrepreneur Magazine once published an article that said “profits aren’t everything, they’re the only thing”. They go on to detail that you should have a plan, and that plan should revolve exclusively around you making money until you turn a profit. I tend toward the “profit isn’t everything and there are many ways to define success” school of thought, however, your business can’t last forever without it.

For anyone who has watched Shark Tank, you know that time and again, the first questions asked by the investors are:

  • What’s your profit model?
  • How much revenue do you have?
  • What are your sales?

And they ask this because they know a business that’s not making money is not going to be around for that long.

So how long do you have?

When Should My Business Be Profitable?

Getting back to the original question, it’s something that in many ways, you’ll have to decide. For some businesses, people will say you can expect to lose money in the first year, squeak by in the second, and start building up some profit in the third. Of course, if you’re taking loans or investments, that adds a lot more to manage.

The answer to the question might actually be another question:

How long can you go without making a profit?

Think about it. What’s the longest your business can stay afloat without bringing in some real revenue? If you can answer that, then you at least have a starting point to work from.

And from there, there’s some serious planning to do. I can help with that part. Check out my book Business is ART, download a free business plan template, or contact me directly.

5 Links on Economic Development

May 23rd, 2016 Posted by Business is ART, Employment, Entrepreneur, Leadership, Uncategorized 14 thoughts on “5 Links on Economic Development”

DevelopmentEconomic Development – Each week I identify a different theme of the week and provide you with content, some original and some from external sources, around that theme.

This week’s theme is “economic development.” I’m excited about the topic because my guest this week on the Business is ART podcast at the TrueChat Network is Steve Odland of the Committee for Economic Development in Washington DC. More to come on that.

The topic is also fresh on my mind because I just spent the better part of the last week and a half producing some on-line training videos that, if I did it right, will help entrepreneurs and organizational leaders to be more successful in business and to feel less over-whelmed and alone. More to come on that as well.

A Word On This Week’s Theme

I first became interested in economic development in the early 2000’s when it appeared to me our small town community was dying. So, I read books, I talked to people, I got involved. Thanks to many, many others who caught the same bug, things are looking up. New businesses are popping up here and there. Old businesses and historic buildings have a little bit of new life being breathed back in to them.

There is a long way to go but it is an exciting thing to watch and an honor to be part of the process in whatever small way I can be.

Sometimes I think government gets it right and sometimes wrong when it comes to economic development. I think the key is that we, the members of the public, have to make it work while the government supports and readies the environment. We can and should take advantage of any government programs out there that can stimulate economic development…but only if we the people actually make it work.

In the end, it comes down to a will to make it happen, good old fashioned hard work, great ideas, products and services, and a little bit of luck.

This Week’s Links

Entrepreneur – From Entrepreneur’s Small Business Encyclopedia comes this information on the Economic Development Agency. There are a lot of resources out there, many for free. Don’t feel like you have to go it alone when it comes to starting a business. Do your homework and utilize the help that is available to you.

Entrepreneur – I’ve quoted articles featuring former Small Business Administration Chief Karen Mills before. This piece, also from Entrepreneur, is a bit dated (2013) but is still relevant. In it, Mills discusses 3 keys to a better U.S. entrepreneur economy. One of the common threads – don’t go it alone.

Inc. – Just prior to writing this post, I wrote a post on my personal blog (entitled #Significance) that discusses graduation season and the millennials wearing caps and gowns this as we speak. So this article discussing millennials as the economic future seemed timely and appropriate. Millennials. They aren’t just for marketing any more.

Committee for Economic Development – Check out this report from the CED with respect to tackling economic inequality and boosting opportunity. I love this quote, “All suggested reforms – spanning health care to taxation to higher education – stem from our belief that the greatest potential to lessen inequality comes through creating equality of opportunity.”

TED – In his TED Talk, Timothy Bartik, th eauthor of Investing In Kids, makes the economic case for preschool and argues that the economic benefit of well educated kids goes beyond the altruistic. Seems elementary (pun intended).

3 Keys to Business Success

May 19th, 2016 Posted by Behavior, Business is ART, Inspiration, Leadership 18 thoughts on “3 Keys to Business Success”
korowotny.com

Julie White on BIA #32

Three keys to business success. On episode #32 of the Business is ART podcast on the TrueChat network, my guest was Julie (Korowotny) White. Julie is an entrepreneur and graphic artist (www.korowotny.com/) who has spent a number of years and specializes in the craft beer industry, and to our delight, she brought some samples for us to try out as we talked.

As someone who has worked for large employers and is currently a free-lancing, self-employed entrepreneur, Julie offered a lot of great advice for businesses, leaders and entrepreneurs, summarized here for your convenience.

Be Authentic

There is a lot to be said for authenticity – as an individual and a business. Don’t try to be something you are not, for several reasons. First, you probably aren’t fooling anyone. Second, if you do manage to fool someone, you won’t be able to keep it up for long. Three, when your lack of authenticity is discovered, it will be extremely difficult if not impossible to get the customer or prospect back.

How many of us have been pulled in by someone or a business that made us feel they were all about something that really resonated with us only to find out it was just a way to sucker us in and keep the cash flowing in their direction? With so many gurus and miracle products out there, it’s easier than ever for us to part ways with our hard earned cash and not receive a return on investment

Don’t become part of the problem. Be authentic.

Be Consistent

Inconsistency in the quality of your product or service is a killer. The last thing you want customers saying is “they are consistently bad.” But the next to last thing you want them saying is “they are hit or miss.”

Think in terms of your own experiences. Have you ever been to a restaurant that was so good you couldn’t wait to go back? But when you did, it was just so-so. How anxious were you to return and what did you say to others who asked what you thought of it?

Inconsistency is a killer. Be consistent.

Embrace Your Niche

It is risky to have a single source of revenue. “One product, one service, that’s all we do,” is generally not a winning strategy. However, neither is trying to be everything to everyone.

Some might see having a niche as being a limiting factor, but it isn’t if you are smart about it. As an example, Julie is a great graphic artist. She could widely diversify and try to be the best graphic artist in a number of industries, but as it happens, she has gained a great deal of knowledge in the craft beer industry, as well as contacts, so she chooses to focus there. She can and will do work elsewhere because those opportunities exist, but she specializes in craft beer.

Don’t try to be everything to everyone. Embrace your niche.

To listen to the podcast in it’s entirety, please follow this link: http://truechat.org/businessisart/

5 First Steps to Start Your Business

May 18th, 2016 Posted by Business is ART, Entrepreneur 8 thoughts on “5 First Steps to Start Your Business”
tricycle

Photo courtesy of gratisography.com

It’s official. After months (or years) of going back and forth, attempting to project the future, checking over your financials again and again, and talking to your family and friends, you’ve decided to take the leap and start your own business.

You’re excited. You feel re-energized about life. It’s like you’re a kid again. And then you’re hit with a thought that stops you dead in your tracks.

Okay, What Do I Do Now?

You know where you’re going and what you want your business to be. Soon, you’ll be executing your business plan, tracking results, and revising as needed. But how do you get there? After all, you can’t reach point B without crossing through point A.

So what are the very first steps to starting your business?

Some of this will depend on your business, your personal situation, and how you’re going about it. For example, are you pursuing this full-time? Are you doing it on the side initially? But there are many things that everyone will have to do.

Coming Up with a Name

You’re going to be putting your business name on everything, and you’ll be using it everywhere, so it’s one of the first things you’re going to have to finalize. Unfortunately, in a world saturated with start-ups, small businesses, side projects, and more, finding one that isn’t already established can prove to be difficult at times.

How to come up with a business name could honestly be a blog post in itself. We won’t get into it too much here. Just make sure it’s not taken (specifically in your industry), that it’s pronounceable, and that it’s something people will remember.

Decide on the Legal Identity

You’ll need to decide how your business is defined in the eyes of the law. If you’re starting it as just a side-project, you may consider a sole proprietorship, in which case you are your business. However, your business will most likely go past that sooner or later.

An LLC is a popular option for startups. This protects you and your personal assets, should your business go under or be sued. Other common startup choices are S corporations and cooperatives, though the latter is only applicable in certain situations.

Register for State and Local Taxes

With starting a business, you’re no longer just liable for your own taxes. You have to take care of the business’s taxes as well. This will factor into how you handle your income and accounting, so it’s best to get it sorted out right away. Speaking of accounting…

Get Familiar with Accounting

Chances are, you’re not going to have the luxury of bringing on a fulltime accountant when you start your business. That means it’ll be up to you to get the calculator, spreadsheets, and records together. If you haven’t checked into accounting software, now might be a good time.

You’ll want to start keeping a record of everything business related. Invoices, purchases, bills, etc.

Business Plans, Ping Charts, Check Points, and So Much More!

If you’re starting a business, you need a plan of attack to execute. You need a business plan. And you’ll need to be able to measure your success and track your progress, so you’ll need some goals and charts.

You want to be able to analyze, revise, and track. That is the ART of business.

To learn more about the art of business, check out my book Business is ART, available now. The more things you do correctly at the start of your business, the higher your chances of success will be.

7 Links on Mastermind Groups

May 16th, 2016 Posted by Behavior, Business is ART, CEO, Entrepreneur, Leadership 1 thought on “7 Links on Mastermind Groups”

MastermindMastermind – Each week I identify a different theme of the week and provide you with content, some original and some from external sources, around that theme.

This week’s theme is “mastermind.” I’ve become a big fan of the mastermind over the years. There are groups for pay and volunteer groups. There are industry specific and those that specifically do not allow more than 1 member from any particular industry.

Regardless, there are certain aspects and characteristics of masterminds that you want to look for when you consider joining or creating a mastermind group. Chief among them – accountability, confidentiality and a willingness to share.

A Word On This Week’s Theme

A few years ago, I became enamored with the idea of the mastermind (peer group). I first caught the bug through an association with a leading international company whose business model is dependent on the establishment and on-going facilitation of mastermind groups.

There are some wonderful, dedicated and talented people from this business but ultimately it wasn’t for me because of some fundamental differences on a couple of items. So after taking a break and re-thinking how would I run a mastermind group if I were defining it myself, I created my own version of one with a different target membership and some important distinctions between what I would provide as an individual, independent mastermind coach and what some of the leading national and international organizations offer.

The resulting reward has been high, not just for me, but for the members of the group – each of whom will tell you they save time and make better decisions as a result of their participation in the group. I leave our meetings feeling like something I am doing is truly making a difference in people’s lives.

Unfortunately, too many people have had too many bad experiences with mastermind groups, slick sales people trying to get them to join, and no to low value added in exchange for their time and money.

That’s really sad because there are affordable and effective groups out there, and I’d encourage everyone to give it one more shot…but do so armed with a little more information.

I am a firm believer in masterminds done effectively and affordably. The mastermind is this week’s theme. Below are links to several articles and videos you should take a look at before checking in to a mastermind group.

This Week’s Links

Inc. – 3 Essentials for a Successful Mastermind. So you are thinking about joining or starting a mastermind group? Make sure that it minimally includes the three essentials discussed in this article from Inc.

EntrepreneurA No-BS Framework for having an Effective Mastermind. A mastermind group does not have to regularly meet in person and can consist of members from a geographically disperse area. This article is geared more toward that type of mastermind.

Inc. – 8 Steps to Mastermind Effectively Inside Your Company. A common myth is that a mastermind group must be a group you join external to your company, but you can also effectively run masterminds within your company. But the dynamics are a little different.

Entrepreneur5 Secrets to Creating a Successful Mastermind Event. I’ll admit up front that I a not a fan of big events labeled as mastermind groups led by a guru on a particular matter. The bigger the group, the more likely you will spend time listening to speakers and worst of all, the less time you will spend working on each others issues. But if you must have a big event or are thinking about attending one make sure the event follows these rules of thumb.

EntrepreneurAre Masterminds a Scam? The previous piece from Entrepreneur is a perfect lead-in to this one discussing some of the elements that can make a mastermind a scam at worst and a waste of time and money at best. Do your homework and look for the characteristics of a successful mastermind.

EnergesseWhy the World Needs a Business Mastermind for Health Leaders. This piece is actually a marketing piece, and not a disguised one. But it raises some good points and inadvertently some bad. On the bad – it’s generally not a good idea to have a mastermind group of people from the same industry because there is too much room for group-think and there is risk of the perception of collusion. On the good side, it might be a good idea to have your HR/Benefits lead get in to a mastermind group with the same from other industries/non-competitors to help each other establish best practices.

TEDThe Future of Business is the “Mesh” – Entrepreneur Lisa Gansky discusses how business is increasingly enabled by sharing – which includes peer-to-peer sharing.

Perseverance – How to Just Keep Going

May 9th, 2016 Posted by Behavior, Business is ART 0 thoughts on “Perseverance – How to Just Keep Going”

PerseverancePerseverance – Each week I will identify a different theme of the week and provide you with content, some original and some from external sources, around that theme.

This week’s theme is “perseverance” which is so vital to success in anything we do. With regard to business, the following quote form one of the articles in this week’s links is especially appropriate.

“A business fails when the entrepreneur quits.”

A Word on This Week’s Theme

I’m a member of BNI and, as such, strive to meet 1-to-1 with at least 1 fellow member per week. Last week, I met with one such member who happens to be in the banking industry. I was looking forward to the 1-to-1 in general but was particularly anxious to hear this person’s opinion on an idea I’ve been working on for the past 18 months.

Some ideas can just be launched almost as quickly as you come up with them. For example, the decision to write a book was nearly instantaneous and took a few months to write. The decision to produce a weekly podcast was followed up a week later with the first Business is ART podcast segment and we have now done over 30 of them for a growing audience. It’s easy to follow through when completion and payoff are quick.

But this particular idea is different. It requires a large investment of time and money over an extended period. So, naturally, there are points along the way that I ask myself, “Is it worth it?” I was at one such point last week.

This 1-to-1 was exactly what I needed and the person I met with said exactly what I needed to hear – not because she was being nice, but because she truly meant it. From time-to-time we need that validation and it is wise to conduct regular checks, even if it is just a gut-check, to make sure we aren’t throwing good money after bad. It’s so easy for us to have an idea and start blindly pursuing it.

Sometimes we need to seek the expertise of an unbiased person to tell us it isn’t such a great idea, confirm that it is, or guide us back on track if we get a little off. Sometimes we need to ignore the critics and circumstances and go for it any way. Sometimes we need to ignore our own self-doubt and remind ourselves that we can do it. Sometimes, we need to rise up from failure and push forward with renewed energy and urgency.

But always, we need to persevere.

In the immortal words of Dory from the animated feature film Finding Nemo, “Just keep swimming.”

This Week’s Links

Entrepreneur – What do you do when tragedy strikes? This Indianapolis restaurateur learned how to keep going. After reading her story, you can too.

Entrepreneur – We often talk about how failing is necessary to learning and that it’s not how you fail, but how you get up. In Business is ART I tell a simple story of literally falling in front of my then 12-year old son. An article related to the first one at Entrepreneur goes further and discusses why rising from the ashes is vital for disruption and innovation.  I love this quote from the article, “…we use disaster as a clean slate to say, ‘Screw it; I’ve lost everything. I’ve got nothing left to lose.'”

Entrepreneur – And as a piece that appeared in Entrepreneur in 2014 says, businesses fail when entrepreneurs quit. The title of this one caught my eye and is very fitting to this week’s theme – Persevere, Laugh at the Absurd and Let Nothing Get on Your Nerves.

Inc. – Of course in honor of Mother’s Day we have to give a shout out to Moms. They are the symbol of perseverance.  Inc. saluted moms everywhere with these 101 mom quotes. Spoiler alert, #101 is “A good mother loves fiercely but ultimately brings up her children to thrive without her.” And that’s exactly what perseverance in business should result in – a business that can thrive after we depart from it.

Inc. – We are fascinated with Steve Jobs and are likely to be talking about him 100 years from now, just as we still talk about the likes of Henry Ford. This article discuses why the legend of Steve Jobs perseveres – and the Jobs philosophy is a key, “You can’t just ask customers what they want and then try to give that to them. By the time you get it built, they’ll want something new.”

Lifehacker – What is the importance of perseverance on your health, life and work? I’m sure you know it is huge. Here, Lifehacker gives a more detailed answer.

TED – The byline for this TED Talk says it all – What are your dreams? Better yet, what are your broken dreams? Dan Pallotta dreams of a time when we are as excited, curious and scientific about the development of our humanity as we are about the development of our technology. “What we fear most is that we will be denied the opportunity to fulfill our true potential.”

Creating Buzz for Your Business

May 4th, 2016 Posted by Business Plan, Engagement, Strategy 5 thoughts on “Creating Buzz for Your Business”

BuzzEven the best business idea won’t succeed if no one hears about it.  Alternatively, with enough buzz, even a mediocre concept can find legs.

That’s the power of hype.

We’re not saying you should put more effort into getting attention than you do creating a strong, healthy business model.  But sooner, rather than later, you’re going to need to get noticed.  The great thing about the internet and modern technology is that it makes it really easy to reach billions of people.

The downsides are:

A: everyone is doing it

B: a lot of the people out there don’t represent your target market

So how exactly do you stand out to the right people?

Get Education – Pre-Buzz

Before you begin the hype-train, you should make sure you have enough coal to keep the engine running.  By that we mean you need to know what you’re talking about.  Be a thought leader.  Get caught up on the most recent events and trends in your industry.  Study relevant information, subscribe to blogs, read books.

The more knowledge you get upfront, the more power you’ll have to wield down the track.

Gather Some Influencers

For better or worse, we live in a culture largely dictated by big name promotion.  When someone you respect or idolize tells you to check something out, you do it.  If you are not a well-known person in your industry, finding a few people who have some clout that are willing to drop your name is huge.

Even if you do carry some weight behind your name, external recommendations are great for creating some buzz.

Network, Especially on Social

For many industries, networking works a lot differently than it used to.  There’s still a place for tradeshows and meet-ups.  In fact, for your specific industry, that might be the best way to do it.  But for many, social networking is possibly the best way to create some noise and produce recognition.

Venues like Twitter and LinkedIn give you direct access to the biggest names in your industry.

At the very least, you can get your name and brand in front of people that matter to your market.

Create a Little Mystique

If you’re trying to build hype up for a specific launch or reveal, a little mystique can do wonders.  People love mysteries, and they’re driven by a desire to know what something is.  But you have to give them enough to hook them in.

How this looks depends on your business.  Some businesses create an invite only email list, or they’ll throw a launch event, only giving vague ideas of what it’s about.  In a world where mystery and surprise is steadily decreasing, the masses are craving it more than ever.

Share the Story

Storytelling in business and marketing is more popular than ever.  Even more so than mystery, people are drawn to stories.  Many businesses will create a professional video that tells the story of how their company came to be or an event that inspired them.

Audiences love to watch a good video.  They also love to share a good video.  Telling your story through a video is a great way to drum up some buzz.

Whatever You Do, Be Smart About It

The old saying “There’s no such thing as bad press” is not true for your business, especially if you’re just getting started.  Negative attention can create a lasting stigma, even for established brands.  In 2012, during Hurricane Sandy, clothing brand American Apparel offered 20% off their online store for people living in affected states in an attempt to ride the trending topic on social media.  They used the message “in case you’re bored during the storm”.

Needless to say, this didn’t go over well, and many consumers still haven’t forgotten about it years later.

When creating buzz, it’s good to be bold and exciting, but don’t be careless.  As with all things relating to your business, you need to plan ahead.  Learn more about planning and strategizing for your business with Business is ART, on sale now.

 

How to Do Acquisitions – Successfully

May 1st, 2016 Posted by Business is ART, Entrepreneur 2 thoughts on “How to Do Acquisitions – Successfully”

Acquisitions – Each week I will identify a different theme of the week and provide you with content, some original and some from external sources, around that theme.

Acquire

Theme of the Week – May 1, 2016

This week’s theme is “acquisitions.” There are all kinds of approaches to acquisitions and reasons for doing them, including:

  • Natural expansion of or complement to existing business
  • To start a new business of your own
  • To get your hands on certain technology, products, capability, markets, customers, etc.
  • To snuff out the competition
  • Because you see growth opportunity

A Word On This Week’s Theme

I’ve been involved in a number of acquisitions on both sides (the side doing the acquiring and the side doing the selling). I’ve seen them done in ways that build upon the value of the acquired business and I’ve seen them done in ways that destroy the value.

I’ve never understood the latter, believing that, unless you strictly bought the business to kill it as a competitor, you bought it because it had some perceived value…so why would you purposefully destroy it? Sometimes it is nothing more than hubris that gets in the way.

“We want the best of both worlds, but, we are the ones acquiring you so in this case the ‘best way’ is our way.”

In Business is ART I somewhat jokingly say that my next book will be entitled Acquisitions and the Assholes Involved (hint: one of them might be you). But there is a lot of truth in the sentiment. As the acquiring party, you want to be careful not to be the one to destroy the value in what it is you are acquiring.

On the flip side, if you are the one being acquired, you have to be willing to accept that things are about to change. If you were “the boss” you won’t be any more. Seek to understand the changes but don’t be too aggressive about changing the ways of the acquiring party nor about stubbornly trying to hold on to your own ways.

It’s a new reality after an acquisition so before the deal is struck, and shorty thereafter, ask yourself, “Can I live with it?”

This Week’s Links

Successful acquisitions take in to consideration several things, such as:

  • Why am I doing it?
  • What do I want things to look like after?
  • How do I properly valuate the acquisition?
  • Who is critical during and after the acquisition?
  • How do I maintain the customer base after the acquisition?

Included in the following list are several links to articles and videos that I found interesting on the subject of acquisitions, many of which address the aforementioned considerations of an acquisition. I love the quote from Rick Milenthal in the article from Smart Business – “Don’t let opportunity trump strategy.”

There are many more things to consider, but the bottom line is you have to have a vision and a plan for doing an acquisition successfully. Without them, you will just be throwing money away.

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