Take Control of your Online Business Reviews



By Guest Contributor Krystal F. Burroughs – www.reviewdriver.com

 

Young woman with five stars isolated on white background

 

The online landscape has changed the way most businesses build their brand, attract new customers and maintain the loyalty of their existing customers. According to Dimensional Research “90% of customers say buying decisions are influenced by online reviews”. Ten years ago we were not strategizing on SEO, Google Ad Words and social media campaigns. Today a new influencer has entered the scene, online reviews. A recent study by Pepperdine Business School shows that “80% of consumers will choose a 4 star business, but only 14% will choose a 3 star business.” Online reviews are playing a greater importance in your company being found and chosen.

 

Are you measuring your customer’s experience? Asking for feedback and requesting online reviews is a powerful tool for the future success of your business. Customer feedback gives you the ability to address issues and the opportunity to win back unhappy customers. Positive reviews on public review sites like Google and Yelp will help build your online presence, strengthen your SEO and attract new customers.

 

In the past online review management companies focused only on large corporations, today there are affordable options for every size business. Search your business on Google, Bing and Yahoo today.

 

linkedinreviewdriverFINAL
Krystal F. Burroughs
krystal@reviewdriver.com
Director of Client Happiness
(727) 218-9218

 

Michael Monnot

941.518.7138
Mike@infinitybusinessbrokers.com
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907

https://infinitybusinessbrokers.com


Keeping Family Out Of The Loop: Why Smart Business Sellers Need To Stay Quiet



We often talk about confidentiality as it relates to business sales – here on our blog, with our clients and with prospective clients. Whether you own a business you are thinking about selling or you own a business you aren’t planning to sell for the foreseeable future, thoughts about confidentiality should carry the same level of importance.

 

Keeping the fact that your business is for sale a closely guarded secret is critical – both to the success of your business sale and to your bottom line. Confidentiality breaches have caused key employees (or even an entire staff) to quit and take their regular clientele with them, have caused contract customers to cancel those contracts – the list goes on and the effects can be devastating.

 

A good business broker is going to work very hard to maintain confidentiality on their end, but many times it is the seller themselves who ends up disclosing the sale – without realizing at the time the consequences of their actions.

 

What follows is an example of one of these seller mistakes, with the hopes that by telling this story future sellers will know and avoid these unnecessary pitfalls.

 

Keeping Family Out Of The Loop

 

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The seller of a resort restaurant put the restaurant on the market, and followed the broker’s advice about keeping the staff in the dark. She did, however, tell the members of her extended family about the sale. One of these family members, a niece, had just taken the real estate license test and was eager to help her aunt with the sale. Unfortunately, the newly-minted real estate niece was too new to the industry to know the proper confidentiality protocols that are necessary when selling a business. She was frustrated by what she perceived was a lack of marketing on the business broker’s part because she wasn’t seeing her aunt’s business listed on places like Loopnet or the general MLS. Her inexperience told her that the broker should be treating the sale of the business just like you would the sale of a house, so she took it upon herself to post information about the business – including the name, address and pictures of the signage – on the general MLS, so anyone in the world with an internet connection could now find out that the business was for sale. She also told other real estate agents in her office, her clients and her friends about the for-sale status of the business.

 

Needless to say, it didn’t take very long for the staff of the restaurant to find out about a possible sale. Most of the staff didn’t return to the business during the busy season when the owner needed her veteran servers and kitchen staff most, opting instead to find more “stable” work at other establishments. The seller is now contending with high employee turnover and constantly training new staff at a time when her focus should be on growing and strengthening her business to attract buyers.

 

While it might seem odd at first to keep your family members in the dark about your business sale, avoiding the devastating effects of a breach in confidentiality will far outweigh any hurt feelings keeping them in the dark might cause.

 

Do you own a business but don’t think it would be possible to keep your family out of the loop? Do you have more questions about how to keep confidentiality in place? Ask us! Leave any questions or comments here and we would be happy to help.

 

 

Michael Monnot

941.518.7138
Mike@infinitybusinessbrokers.com
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907

https://infinitybusinessbrokers.com


Putting The Customer Before The Business: Why Smart Business Sellers Need To Stay Quiet



We often talk about confidentiality as it relates to business sales – here on our blog, with our clients and with prospective clients. Whether you own a business you are thinking about selling or you own a business you aren’t planning to sell for the foreseeable future, thoughts about confidentiality should carry the same level of importance.

 

Keeping the fact that your business is for sale a closely guarded secret is critical – both to the success of your business sale and to your bottom line. Confidentiality breaches have caused key employees (or even an entire staff) to quit and take their regular clientele with them, have caused contract customers to cancel those contracts – the list goes on and the effects can be devastating.

 

A good business broker is going to work very hard to maintain confidentiality on their end, but many times it is the seller themselves who ends up disclosing the sale – without realizing at the time the consequences of their actions.

 

What follows is an example of one of these seller mistakes, with the hopes that by telling this story future sellers will know and avoid these unnecessary pitfalls.

 

Putting The Customer Before The Business

 

cleaning equipment

 

The owner of a small home cleaning business was looking to sell, but felt he should remain loyal to the contract customers he’d had for many years. He accepted a great offer from a buyer, but as the time for closing approached the seller realized there were some major personality differences between himself and the prospective new owner. Not wanting to upset his customers, he went to each one in turn and told them that he was selling the business, and it was up to them if they wanted to continue with the new owner – but he didn’t like the guy very much. Needless to say, this caused a cascade of canceled contracts and demolished the customer base of the business. Closing day was still a few weeks out, so the buyer ultimately decided to pass on the business because it was now in free-fall. The seller was left to pick up the pieces of the mess he had caused, and now had the vast majority of his original customer base using the services of other cleaning companies – as he had suggested they do before his business ended up right back in his lap.

 

It might seem like your loyalty to your customers is what’s most important, but you won’t have a business if you put their perceived and unknowable future happiness before the health of the business itself. The seller in this case had no way of knowing what kind of job the future owner would do, and he should have held his tongue about his personal feelings in a business transaction, as the personality clash in this instance had nothing to do with the new owner’s abilities. The seller is now unable to retire and instead must spend the next few years trying to rebuild what he lost.

 

Don’t make this mistake and disclose the sale to your customer base before the deal is closed. You have to remember that selling your business means that they aren’t going to be your customers anymore, and it is in the best interest of the business itself to maintain confidentiality all the way to the end.

 

Are you thinking about selling your business and are worried about your customers with a new owner? Do you want to know more about how to keep confidentiality in place? Ask us! Please feel free to leave us questions or comments here.

 

 

Michael Monnot

941.518.7138
Mike@infinitybusinessbrokers.com
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907

https://infinitybusinessbrokers.com


Business Sellers – Have We Reached The Peak?



We all know that the economy has made an impressive turn for the better in recent years, but if you are trying to decide when the best time would be to sell your business, there are some indicators that we might be reaching (or already have reached) the peak.

 

Climbing a mountain

 

What are the indicators?

  •  The multiples in business sales are extremely high, sometimes three times earnings. The multiples are often so high that buyers are beginning to question the pricing of businesses for sale.
  •  The euro is close in value to the dollar, so foreign investors will be less likely to buy U.S. based businesses.
  •  The current seller’s market is poised to shift very heavily to a buyer’s market as a wave of baby-boomer business owners make the move to retirement.

 

What should you do about these indicators if you are considering selling your business? Sell while the selling is good! Waiting for a better market is probably a mistake, as the market is unlikely to grow any more than it already has. Contact us today to get your business sold while we’re at the peak!

 

 

Michael Monnot

941.518.7138
Mike@infinitybusinessbrokers.com
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907

https://infinitybusinessbrokers.com


Corporation Deadlock and Judicial Dissolution



By Guest Contributor Gregory A. May, Esq. – www.kieselandmay.com

 

Many times closely held corporations commence with a great idea and a trusting partnership. Over the years, shareholders may be replaced, partners alter their roles, and some businesses simply fail due to unforeseen circumstances. These situations can give rise arguments as to how the business affairs should be managed, and ultimately lead to a corporate deadlock amongst directors of the corporation. If this occurs, the directors are left with few options including but not limited to: 1) selling the business or 2) forcing a judicial dissolution of the corporation.

 

Florida Statutes provides that a shareholder may move the Court to judicially dissolve a corporation if the directors are deadlocked in the management of the corporate affairs, the shareholders are unable to break the deadlock, and irreparable injury to the corporation is being threatened or suffered. §607.1430, Florida Statutes. If the court finds that the judicial dissolution is necessary, then an Order is entered in the Court and the business is forced to liquidate its assets and wind down its affairs. Corporate dissolution are quite effective, however they often involve lengthy litigation and substantial expenses that can eat away at the equity in the business.

 

With that said, it’s easy to see that in most cases it would be beneficial if the shareholders could agree to terms of a buyout or simply place the business for sale on the open market. If you choose to sell your business, then the use of a business broker can be quite beneficial in obtaining a top market price. However, if you have questions concerning a corporate deadlock or judicial dissolution, then seek the advice of an experienced business attorney. Good luck with your business ventures!

 

This communication is for informational purposes only and shall not constitute legal advice and formal of attorney-client relationship.

 

greg may

Gregory A. May, Esq.

Kiesel and May, Attorneys at Law
2121 McGregor Boulevard
Fort Myers, Florida 33901
T:•(239) 334-1800
F:•(239) 332-3927
www.kieselandmay.com

 

Michael Monnot

941.518.7138
Mike@infinitybusinessbrokers.com
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907

https://infinitybusinessbrokers.com



Michael Monnot

941.518.7138
Mike@InfinityBusinessBrokers.com

5111-E Ocean Blvd
Siesta Key, FL 34242

Michael Monnot

941.518.7138
Mike@InfinityBusinessBrokers.com

5111-E Ocean Blvd
Siesta Key, FL 34242




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