Summary:
Noah and Jim walk through the preparation and launch of Noah’s home-brewing business, which went from concept to launch in 30 days. Noah shares his philosophy of business building and marketing with Jim in this interesting and engaging interview.
Main Questions Asked:
➢ Did you manufacture that launch, or did the idea just resonate with the Public?
➢ Were you thinking about an exit?
➢ How did you find a buyer and determine value?
➢ How long did it take you from the initial buyer meeting to the point of close?
➢ Do you have any advice for others about buying or selling a business? What did you do right and what do you tell people to not do?
➢ What advice do you give them to gain the advantage as they go through the selling process?
➢ Is there a point where you say that you have arrived or are you continuously striving?
Key Points made:
➢ We worked very hard to figure out who the influencers are in this business and we launched our products knowing everything we could. (4:55)
➢ Our marketing told a great story that resonated with people. (5:30)
➢ We went from zero to generating great revenue with this company in a short time. (5:40)
➢ Life happened and I had to pick and choose my focus. (6:50)
➢ We wanted to sell it for one years’ worth of revenue. (7:20)
➢ We didn’t want to dump it for less than it was worth but we didn’t care to go for the gusto. (7:55)
➢ We found the best marketplaces for selling a business and listed our company there. (8:30)
➢ We spent a lot of time drafting the sales material. (8:45)
➢ It is easy to find a broker to post your business for sale, but it important to capture the essence of your company. (9:00)
➢ You need to define who the ideal person is to run this company will be and then market to them. (9:20)
➢ The business always does well on the holiday season so we wanted the new buyer in the business before the holidays. (12:50)
➢ We brought the potential buyer in and showed her everything and the next morning she was gone. (10:40)
➢ We were honest about what our business was worth. We didn’t overvalue. (13:40)
➢ We felt that we had accomplished our goals with this company. (14:20)
➢ People overvalue their businesses because there is so much emotion and so much sweat equity. (15:00)
➢ Treat the sale as a marketing initiative. (15:30)
➢ Make sure the business is performing optimally to generate the most interest. (15:45)
➢ No one wants to buy a business that is not performing well. (16:00)
➢ You should still be engaged in client acquisition, and growing efforts while marketing your business. (16:30)
➢ It’s about building long-term sustainability. (17:55)
➢ You must continue to improve the marketing process, generate referrals, and tweak your business. (18:40)
Resources Mentioned:
www.noahfleming.com
Evergreen – Cultivate the enduring customer loyalty that keeps your business thriving.
Seth Godin – https://www.sethgodin.com/
Allen Weiss – http://www.alanweiss.com/
Etsy
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