Harnessing LinkedIn to Share Your Story

/in /by

Harnessing LinkedIn to Share Your StoryLinkedIn is a tool that can help your business in many ways, including as a marketing arm and research tool. But how do you maximize the effectiveness of your usage to ensure that you build a following of loyal customers?

Marketing agencies can help with your outreach via other media, and the decision to use such an agency for targeted advertising and definition of your optimal customer base could pay dividends to your business’s growth. However, no one knows your business better than you do. The importance of telling potential customers the story of how your business came to be, and what it exists to do, is undeniable.

So how do we harness the power of connection through LinkedIn to raise awareness about our story and purpose?

Attention Grabbers

Part of telling your story is grabbing the interest of the audience in the first few seconds. In a world of scrolling FOMO drones, give the audience something to make them stop and pay attention. Visuals are typically the most responded to addition to any LinkedIn post, and that includes the visuals of your business and its people.

As a storyteller and representative for the business, make sure your profile photo is professional and sets the tone for what you represent. A head and shoulders photo of you looking directly into the camera is best, and make sure it currently represents your day-to-day appearance.

Additionally, you are going to want to make your profile photo stand out by enhancing it with the cover photo for your profile. A photo of the Grand Canyon is great, but it doesn’t exactly tell the viewer what your business is about unless you are selling donkey rides into the Grand Canyon. Aim for a photo that immediately conveys what your business does or where it does business. You can even forgo a photo and replace it with a graphic that supports your story with text, but minimize the number of words and utilize complementary colors that match the photo and format of your profile.

After your visuals are set, it’s time to use your keyboard as a paintbrush and illustrate the essence of what you do with words. A professional headline is what people will see first, so make sure you include two or three brief descriptions of what you do for the business, as well as two or three personal details that will help you be memorable and provide a talking point when first making contact.  Make sure to use “I” language in your About Me section as well, so that the reader feels that you are more personable and approachable.

Focus The Attention On Your Message

Once you have your audience’s attention, and you have helped them become familiar with yourself and your business, it is time to focus their attention on your message. You want to create an awareness of your story and your goals. You need to convey how you and your business can help serve their own goals and purpose. To do this, you must give the reader something that resonates with them. And nothing resonates with an audience like authenticity.

Sharing your story on LinkedIn allows you to become more than an enterprise fighting for the dollars of the public. There are many unique ways to spread your message, including short and impactful posts. Links to long-form content hosted either on LinkedIn or a business website or blog, allow for even more insight into who you are as a business. Video content, polls, and how-to posts also help in spreading your message through more attractive and interactive outreach. Providing value to a potential customer is the best pursuit strategy for gaining their business, and LinkedIn is a free resource that is invaluable in introducing yourself to those customers at minimal cost.

Quality of Connections

There are many approaches to take when trying to woo an audience into your network. Consistent content is a necessity, but consistency doesn’t connect if the message isn’t personable.

To connect with your audience you need to make them care. Customers who care are customers who spend.

People want to spend their money with people or businesses that they like and know. Using LinkedIn to let the customer know about you is effective, but connection is a two-way street. To build a relationship that grows into a partnership, you need to know about the other party as well. Today’s social media and scheduling apps are great at reminding you about birthdays or events in the life of a contact, but everyone knows that the generic greetings are done as a task and not a genuine act of appreciation or well wishes.

Taking the time to make your messages personal is key in letting the customer know that you recognize them as something more than just a business contact. That builds a stronger connection with the customer which can be impactful for years to come.

Looking to tell your business story? We can help with that. Give us a call.

Episode 101 – Selling a Business: The Three Things A Business Owner Must Align

/in /by

On this Apex Business Advisors Podcast episode, Andy and Doug discuss the importance of aligning Sellability between the Business, Owner, and Financial needs.

Interested in learning how the market would view your business? Take a free assessment of your business and get a custom sellability score.

You May Be Ready to Sell, But Is Your Business?

/in /by

You May Be Ready to Sell, But Is Your Business?Selling a business is a significant decision that demands careful consideration, meticulous planning, and pragmatism. At Apex, we’ve encountered numerous scenarios where eager sellers, ready to embark on a new chapter, faced the challenge of a business that simply wasn’t sale-ready.

As such, we want to explore the critical elements of a smooth business sale: timing, preparation, setting realistic expectations, and working with brokers who care about you and your business, not an eventual payday.

The Common Dilemma: Ready Seller, Unprepared Business

In recent months, our office manager uncovered a surprising trend — we had to turn down 24 leads because the businesses weren’t ready for sale. This realization prompted us to take a closer look at the core issue: sellers prepared to transition but businesses that aren’t aligned with market expectations.

Apex operates on the principle of confidence — confidence that we can sell a business, present it to buyers, and secure bank financing. Unlike a buyer walking in with a briefcase of cash, most of our clients seek SBA loans. This necessitates non-negotiables like comprehensive financial documentation including tax returns, P&L statements, and balance sheets.

And, when it comes to SBA loans, there’s no room for negotiation. Business sellers need to be well-versed in providing the necessary financial documents, ensuring their business is not just ready for sale but also ready for financing. This rigorous process sets the stage for an ultimately successful transaction.

This is why we advocate for planning well in advance. We market businesses three to five years before the seller even envisions putting up the “For Sale” sign. We once helped a seller prepare with well-thought-out strategic planning — the result was a business that, initially valued at $575,000, sold for a staggering $1,450,000 after several years of preparation. As you can see, planning ahead pays.

Navigating Expectations and Industry Realities

A significant challenge in the business sale process is misaligned expectations. Sellers often receive conflicting advice, leading to valuations that don’t reflect the market reality. This misalignment, mostly due to misinformation, can lead to a disappointing experience for both the seller and the broker. Clear communication and realistic valuation are crucial to ensure that expectations align with actual market conditions.

While we understand that not every business owner is ready to sell immediately, we always encourage continuous engagement. Some sellers repeatedly postpone the conversation only to find themselves ill-prepared when the time finally arrives. Planning, after all, is a gradual process, not a rushed decision. Consistent engagement and open communication contribute to better preparation and understanding, which facilitates a smoother transition when the time comes.

All industries face their share of challenges, and downward trends can significantly impact a business’s value. Selling during a downturn poses risks, as the market will assess the business based on recent performance. Consistent positive trends over several years remain a key factor in achieving a successful sale. This is why it’s so important for sellers to monitor industry trends, adapt proactively, and position their businesses for long-term success.

Working with Brokers Who Provide Value

Here at Apex, we aim to build relationships and provide value beyond the transaction. We understand that buying or selling a business involves more than just financial transactions. It’s essential to work with brokers who really care about building lasting relationships and delivering unparalleled value. Our dedication to this principle is evident in our multifaceted approach.

This is why we offer free consultations, blogs, podcasts, and white papers — to assist business owners in navigating the complex world of buying and selling businesses. Additionally, there are plenty of other resources available that we can direct you to, to make sure you’re well-prepared when the time comes to sell.

Our goal is to empower business owners with knowledge, guide them through the intricacies of the market, and ensure they make informed decisions. By providing a wealth of resources, we strive to demystify the complexities of buying and selling businesses. These resources are designed not only to educate but also to encourage a deeper understanding of all of the processes involved.

Moreover, our commitment to transparency and integrity is the bedrock of our client relationships. We believe that by delivering value at every step, we contribute to the success of our clients beyond the immediate transaction. Whether you’re contemplating a sale, acquisition, or simply seeking industry insights, our diverse range of resources will meet your needs.

The key takeaway here is clear — start the conversation early. Think of selling your business like keeping a boulder in place at the top of a mountain: the time to act is well before it starts rolling downhill. When both you and your business are prepared you’ll be one step closer to a successful business sale.

Whether you’re buying or selling, the journey begins with knowledge, understanding, and preparation. We can help you with that. Give us a call today.

Episode 100 – The Apex Team

/in /by

For our 100th episode, we wanted to bring in the team at Apex to hear what they’re grateful for, their favorite clients, and what they’re looking forward to in 2024.

Thank you for a great 100 episodes. We’re excited to bring the next 100!

Ready to start the conversation? Get in touch for a FREE consultation. The best way to learn about us is at our website, which includes connecting with Doug, Andy, or the rest of the Apex Team.

Case Study #82: Letting Go — and Finding Purpose

/in /by

Case Study #82: Letting Go — and Finding PurposeFor entrepreneur and former hotel magnate Chip Conley, the decision to sell the second-largest hotel chain (called Joie de Vivre) he built over 24 years marked a profound shift in his life. But, after a near-death experience, he realized he wanted out. He then went on to become Airbnb’s Head of Global Hospitality and Strategy, where he mentored the co-founder Brian Chesky. Today, he is the founder and CEO of the Modern Elder Academy (MEA), the world’s first school dedicated to career and life transitions.

Chip is an incredible entrepreneur and had an outstanding exit from Joie de Vivre. He has since gone on to reinvent himself after that sale. Chip has a lot of insight into selling, finding a new purpose, and the transformative power of owning wisdom.

The Exit

When Chip was 47 years old a broken ankle quickly deteriorated into a bad case of septic leg. He was taking antibiotics but they weren’t working well — he flatlined after giving a book talk and had to be rushed to a hospital. He says that this near-death experience caused him to question what he was doing with his life. Chip quickly came to the realization that he didn’t want to be in the hotel business anymore.

He knew he had to be strategic to make the most out of his exit, so he decided to sell the brand and management company but retain ownership of the real estate.

Although the market wasn’t at its peak during the sale, the proceeds were substantial enough to sustain him for a lifetime. The real game-changer was the appreciation in the value of the retained real estate over the following years.

The unique dual income streams, combining the upfront sale with an escalating buyout over time, sweetened the deal. Surprisingly, the 44% he retained eventually outpaced the 56% he initially sold. Additionally, owning a significant portion of the real estate, including nine of the 22 or 24 hotels, strengthened his financial portfolio even further.

The Next Steps

After selling, Chip found himself at a crossroads: what to do next?

A few years after the sale, he was approached by Brian Chesky, the 31-year-old CEO of a then-small tech startup called Airbnb. Brian’s reputation for humility and a deep desire to learn set him apart from the typical Silicon Valley tech CEOs, which interested Chip.

Despite his initial limited knowledge of Airbnb, a four-hour meeting with Brian left him intrigued. Brian’s proposition to “democratize hospitality” struck a chord with Chip, leading to a consultancy arrangement that soon evolved into a full-time commitment that was very lucrative.

For the next four years, Chip served as Airbnb’s in-house mentor, overseeing global hospitality and strategy. The founders affectionately called him the “modern elder,” a term he would go on to use when he created MEA.

As he navigated the unique world of tech startups, he realized that there was an enormous gap in the market: the need for midlife “wisdom” schools, a place where individuals in their 40s, 50s, and 60s could reimagine and repurpose their lives. And so MEA was born. At the time of writing, the academy has hosted over 4,000 participants from 44 countries, providing a platform for navigating life transitions.

Key Lessons

Chip’s story is full of valuable lessons for entrepreneurs who are navigating transitions and seeking purpose in their lives. Here are a few of note:

  • Timing matters, but it’s not everything: Chip sold the Joie de Vivre brand and management company during a challenging market. Although the sale wasn’t as lucrative as it could have been, he notes that the sale set him up for a lifetime. Sometimes, a well-timed exit provides enough, and waiting longer might bring more significant returns…or it might not.
  • Don’t be afraid to create empty space: Selling his hotel company allowed Chip the freedom and time to explore new opportunities like Airbnb. Recognizing when to step back and create room for unexpected possibilities can be a transformative strategy for entrepreneurs.
  • Mentorship can be very fulfilling: Chip never knew how much becoming a mentor would add purpose to his life. Not only was he able to help a budding entrepreneur create his dream business, but he was also able to learn from his mentee.

From selling his hotel business to the surprising success at Airbnb, Chip’s experiences are proof that success often comes from creating space, taking smart risks, and embracing unexpected opportunities.

If you’re ready to create more space in your life, we can help you sell. Give us a call today.

Episode 99 – Buying a Business: How Much Can I Afford?

/in /by

Andy and Doug discuss the amount of capital a buyer needs to bring to the table to make a deal work. They’ll discuss the criteria that mean a deal fits, including the Owner’s Salary needs, Debt Service, Operating Capital, and Taxes.

Ready to start the conversation? Get in touch for a FREE consultation. The best way to learn about us is at our website, which includes connecting with Doug, Andy, or the rest of the Apex Team.

Year-end 2023 Numbers Matter for a Sale in 2026

/in /by

Year-end 2023 Numbers Matter for a Sale in 2026As we embark on a new year, there’s more at stake than just holiday celebrations and wrapping up projects. For business owners with an eye on the future, it’s the best time to dive into your year-end numbers — which can hold the key to unlocking a successful sale in 2026. That’s right: you need to start looking ahead to potential future sales now.

Key Performance Indicators (KPI) Review

Understanding your KPIs is a fundamental aspect of effective business management. In sum, if you don’t know what’s going on inside your business, you can never expect to sell it. KPIs can offer insight into your business’ health, performance, and potential for growth.

As you wrap up 2023, go beyond just knowing your total revenue and analyze the trends within the sales growth compared to previous years. Is there a particular product or service that stood out? Understanding these nuances can help you replicate success and identify areas for improvement.

Strategically position yourself for the future and study your:

  • Financial health: Your profit margins will reveal the efficiency of your operations. Take a closer look at your operating expenses — are there areas where you can trim without compromising quality? Your cash flow also deserves a thorough examination. Consider how a healthy cash flow not only sustains daily operations but also positions you for strategic investments.
  • Customer acquisition and retention: Your customers’ experiences are invaluable. Go further than the acquisition metrics — what channels brought in the most engaged people? Use customer satisfaction feedback as a compass for improvements. Happy clients not only contribute to your bottom line but can become loyal advocates who may influence potential buyers when the time comes to sell.
  • Market trends and analysis: No matter what industry you’re in, chances are it has changed and will change. Delve deeper into industry-specific trends — what are the disruptive forces at play? Understanding these shifts is essential to moving through what can feel like uncharted waters. Conducting a meticulous analysis of your competition is more than just benchmarking. It will help you identify differentiators that make your business an attractive prospect to buyers.

Strategic Planning for 2024-2026

As you set your goals for the upcoming years, take a hard look at the narrative that your financial forecasts tell. Think about your budget not just as a set of numbers, but as a strategic tool. What investments align with your long-term goals? Create marketing and sales strategies that resonate not only with your current customer base, but also with potential buyers who want to acquire a business with a clear roadmap.

Consider these strategies in particular:

  • Operational efficiency: Streamlining your processes will inevitably optimize your business’s efficiency. Dig into the details so that you can identify and eliminate inefficiencies. Consider how adopting technology can enhance not only the speed but also the quality of your operations. Operational efficiency isn’t just a cost-saving measure — it’s an investment in future scalability.
  • Team development: Your employees are the backbone of your business. Invest in training programs that not only align with current needs but also anticipate the skills needed for the evolving landscape. A skilled and motivated team is a testament to your commitment to excellence, a quality that will resonate with potential buyers.
  • Risk management: All businesses require a bit of risk mitigation. Identifying potential risks is the first step, but developing strategies is where resilience is formed. Can your business adapt to sudden shifts? Stay on top of regulatory changes, not just to comply but to leverage emerging opportunities. Internal risks are often the most challenging. Address them head-on with strong contingency plans and a diversified approach to your revenue streams.

As you bid farewell to 2023, remember that your year-end numbers are a lot more than just figures on a spreadsheet — they’re the keys to unlocking your business’s future success. When you analyze, understand, and act on your year-end numbers you not only prepare yourself for the upcoming year, but you also set the stage for a strategic sale in 2026.

Do you need help understanding your year-end numbers so you can prepare your business for a future sale? That’s where we come in. Give us a call today.

Episode 98 – Succession Planning isn’t just when you need to sell the business

/in /by

Andy and Doug were recently part of a deal where the owner suddenly passed away, and the family and estate were left with quite a mess to deal with. Today, they discuss that while an exit may not be imminent, having a succession plan is something that is necessary and warranted at all lifecycles of a business.

Ready to start the conversation? Get in touch for a FREE consultation. The best way to learn about us is at our website, which includes connecting with Doug, Andy, or the rest of the Apex Team.