20 Reasons You Shouldn’t Use A Broker When You Sell Your Business

Nearly 80% of all business owners, even highly successful ones, admit that they don’t have a plan for exiting their businesses.

Owners often fail to make succession plans because they have assumptions about the future which may or may not be true.

For example, a business owner may believe that his business will naturally pass to his spouse or other family member. What happens, though, if that designated family member is unwilling or unable to take the reins?

Another common assumption owners make that causes them to avoid succession planning is the idea that they will be able to run the business until they die. They don’t put a plan in place because they don’t like to think about the possibility of having to leave the business sooner than planned, perhaps due to ill health or family problems.

What happens in the absence of proper exit planning is that am owner can find him or herself in the unanticipated position of having to sell quickly, perhaps for less money than they need in retirement.

Frustrated, tired, stressed, and sometimes ill, business owners who need to sell make what they feel is a logical decision and turn the process over to their local business broker.

Over the years, my partners and I have reviewed over 300 selling deals and have come to the conclusion that using a business broker might be the worst decision any seller can make.

We began to question the entire sales process, wondering why most businesses in America never sell, and those that do sell often do so under extremely unfavorable terms for the sellers.

Looking for common threads in those deals, we eventually came to the conclusion that a major culprit hindering the business selling process is the typical business broker.

This came as a surprise as we initially assumed the logical fallacy that someone with the title “broker” is sctuslly experienced in facilitating deals.

The vast majority of business brokers we have run across, however, have disproved this assumption time and again.

Here are just a few of the reasons that I believe you should NOT engage the services of a business broker if you are trying to sell your successful business.

  1. Most business brokers have never owned a business themselves.
  2. They are often more motivated by commissions than they are by doing what’s right for both buyer and seller.
  3. In most states, brokers are not required to have any training, licensing, or continuing education, unlike real estate or insurance brokers.
  4. Many of them are super at selling their services, but poor at actually providing those services once you’ve paid.
  5. They could care less if they get referrals, so they don’t care if clients complain about them to others.
  6. A lot of times they are simply lazy and don’t do much of anything to help the seller.
  7. Many brokers lack basic financial literacy, business intelligence, and organization that is essential to a successful outcome.
  8. They don’t know how to plan and excute a successful sales strategy.
  9. They try and cover their lack of knowledge and training with slick self-serving rhetoric that makes them look better than they really are.
  10. Many brokers get into business because they’ve failed at other ventures.
  11. They often have no clue of how to properly valuate a business, thus potentially cheating the seller out of thousands of dollars or causing the sale to drag on longer than necessary.
  12. They don’t understand risk.
  13. Often business brokers let sellers think a business is worth whatever the seller wants, however unrealistic that figure may be, just to get the listing. They then pass the buck to the potential buyer, who is made out to be the bad guy for showing the seller the business isn’t worth anywhere near that much.
  14. Business brokers often ignore confidentiality agreements.
  15. Many are willing to lie, as long as it serves their purposes.
  16. Commission-hungry business brokers are obsessed with getting mass listings because they know that without a listing there is NO possibility of getting a commission.
  17. Focusing on mass listings means they don’t have the time to push the listings they get, causing listings fall through the cracks.
  18. Many business brokers don’t understand due diligence.
  19. Most brokers will never tell a seller the truth about their success rates: 87% of listings NEVER sell at all, and of those that do, 3 out of 4 FAIL to meet the sellers initial goals. Sellers have less than a 4% chance of a successful exit.
  20. Brokers have been known to lie about their personal track records. Many brokers are lucky to complete just 2 successful deals in a year, much less the 10-20 about which they will brag to you.

These are only a few of the reasons why I urge potential sellers of businesses to avoid using business brokers.

Instead, it is much better to seek out the advice of a business acquisition specialist; someone who has experience in the process of buying and selling businesses, who thoroughly understands valuation, and who is not focused on getting as many listings as possible but rather on the needs of the seller and buyer.

Having such a mentor can assist you in developing a viable business exit plan. This means that you will not be forced into making hasty decisions if you are forced by circumstances to sell.

A good business acquisition expert does not work on commissions, and has the best interests of both buyer and seller in mind. He or she also has a tried and true process for selling and a verifiable record of success, along with references and client testimonials.

My suggestion is that before you ever need to sell, you should contact a business acquisition expert first. Most selling specialists are more than wiling to give you a free telephone or in-person consultation.

Prior to this meeting, be sure to write down all your questions, your goals for the sale, even your fears and apprehensions about the process. This will help you make the most of this initial consultation and get a gut feeling for how this particular business solutions provider operates.

If your primary reason for meeting is to ask for business succession planning assistance, discuss fees and expectations and ask for some professional references.

This will help you determine if this is the kind of person you want partnering with you on one of the most important changes you will ever experience in your life.

If you’d like to learn more about the selling process and how to be successful with it, please download the free resources on the website listed below or email me at [email protected]

Forex Education Tips – 5 Steps to Successful Forex Trading

Close to 95% of all Forex traders will lose money. We’re not just talking about novices, either. Whether you trade Forex for a living, as a hobby or just for fun, odds are against your success. That’s a simply astonishing fact. However, the remaining 5% of Forex traders somehow manage to break even and there are those lucky few that actually make money in the currency market – consistently!Like the TV show says … “How’d they do that, anyway?”That’s the million dollar questions, isn’t it? Countless books, seminars and expos have been hosted to answer this very question. That sad fact is that thousands of books have been written and countless seminars and interviews have been conducted in an attempt to answer the magic questions. The reality of the situation is that there is no magic formula; no one single Holy Grail of Forex trading.So what do the successful traders do that the rest of us have simple not comprehended. They have mastered a process of winning where they combine and customize several factor to produce consistent results. They have mastered the Process of Trading.The Process of Trading is:Strategy > Money Management > Self-MasteryHere are some simple Forex Education tips to help you master the process of forex trading:Success Tip #1 – You’ve Got To Have a PlanYou must have a written business plan that will detail all aspects of your trading. When are you going to trade, how much to risk, strategies for entries and exits are just o name a few. To become a consistent (profitable) Forex trader you have to plan your trade sand trade your plan.

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Simplicity rules! Don’t make this plan too complicated. One sheet of paper for you mission statement and another for your trading plan should suffice. Anything more is probably too complicated.Success Tip #2 – Focus on Your Personal PsychologyKnowing yourself will allow you to master the discipline necessary to execute high quality trades with solid money management techniques. Lack of discipline is fatal in Forex trading. Go on a personal journey to identify you attitudes towards risk and money. Get intimate with your strengths and weaknesses as a trader and build in to your trading plan strategies to minimize those weaknesses and maximize your strengths.Different personalities lend to different trading styles. Get familiar with all the different styles and over time you will begin to gravitate towards one particular style. Don’t fight the urge like I did. I insisted I was a day trader, but had only limited results. I found my winning percentages were much higher when I entered swing trades. Guess what’s my bread and butter strategy now!Success Tip #3 – Be Realistic About Your ExpectationsThis is a hard one, I know! I am on the internet every day and the amount of advertising is staggering. Brokers are offering free education (fox in the hen house if you ask me), forums of all different trading styles and points of view. Gurus pushing their system as “the one” that will make you the big bucks. How do you get through all that noise?Let me tell you loud and clear right now – everyone is right and everyone is wrong. You have to make a personal commitment to become a successful trader, find a trading style that works for you and expect a slow and steady approach to wealth building through Forex.What works for me may not work for you. Expect to go through an exploratory period where you are learning and at the same time exploring yourself as a trader. Keep an open mind and don’t pay attention to all the noise out there.Success Tip #4 – Exercise PatienceRome was not built in a day and neither will your trading account. In fact, I tell all of my students that while they are studying to become successful Forex traders they should not look solely at their account balance as an indication of success or failure.By tracking and increasing your percentage of high quality trades you execute is a far better barometer of your progress than your account balance. Cause and effect rule here. Over time when you increase your probabilities through the execution of high quality trades your account balance will respond accordingly.Keep the focus on the process and with time your results will blow your mind.Success Tip #5 – Money Management Is Top PriorityI would rather have a shaky strategy and excellent money management techniques than the other way around. This topic warrants its own blog post to do it justice. Limited your exposure (read “risk”) allows for you to stay in the game and allow the laws of probability to work.

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Let’s take a casino for example. They need gamblers to frequent their slot machines to make money. Why? They have a game that has a greater than 50% chance of making money for the house. The more people that play the slots, the greater the casino’s profits.The casino controls risk by payout tables (always favoring the house!) and increases their probabilities by keeping gamblers at the slot machines (read “free drinks”). As a trader you must limit your risk by committing only 1% – 3% of available capital to a single trade. When you execute enough trades with a high probability strategy you too can clean up like the casinos – but only by staying in the game long term.In conclusion, Forex trading is not easy. It’s hard work and will test the limits of your patience and perseverance. If anyone tells you otherwise .., buyers beware! It can be a very rewarding and profitable venture if done correctly. In the end it is a profession that requires a learning curve and practical experience, no different than an airline pilot or engineer. Understanding how to approach and learn this game will allow you to reap all the benefits advertised. It is your Forex Education that you will master the Process of Forex Trading.

The Energy Healing Power of Natural Medicine

Natural medicine is a system that uses a variety of therapeutic or preventive health care practices such as homeopathy, naturopathy, chiropractic, and herbal medicine. Alternative medicine is also known as traditional, naturopathic, natural or holistic medicine. Proponents of alternative medicine are not refuting the validity of discoveries in and the practical uses of conventional medicine, but are merely trying to put some things into perspective. Due to the widespread interest in natural medicine along with the disappointment and disenchantment with Western medicine, many people, especially in the United States and Europe, where conventional medicine has taken a dominant foothold, are seeking the advice and treatment from naturopathic physicians. These practitioners include herbalists, acupuncturists, naturopaths, chiropractors, and others, who advocate preventative health measures as well as recommend wholesome foods and nutritional supplements for their patients and clients. Considering the growing popularity and effectiveness of alternative health treatments and products, certified and licensed professional practitioners of such medical practices should be given their rightful and respectful place in medical society. Natural medicine has been proven not only to be safe, but more effective than Western medicine in treating many chronic illnesses such as diabetes, hypertension, asthma and many other diseases as well

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The history of Natural Medicine and its roots can be traced back thousands of years to ancient cultures such as India and China. Ayurvedic (E. Indian) and Chinese medicine, along with their diagnostic and herbal systems, are still used in these countries extensively, as well as in the United States, especially in Europe, where alternative medicine is well respected. Chinese herbal medicine has a documented history of over 2500 years in China, and is now widely used by practitioners all over the world. It has been legally practiced in the United States. since the mid seventies by licensed acupuncturists. Homeopathy is also a well-known form of alternative medicine discovered in the 18th century by German physician Samuel Hahnemann, but was practically stamped out in the U.S. in the late nineteenth century by the American Medical Association. In 1938, though, the U.S. Food, Drug, and Cosmetic Act finally recognized homeopathic pharmacopoeia as the legal equivalent of allopathic medicine.Another more contemporary and popular form of herbal medicine, called Western herbalism, can be traced back about two hundred years in America. Samuel Thomson, born in 1769, is considered the father of Western herbalism. He discovered over sixty different medically effective native plants by clinical testing, and on the basis of these findings, devised a theory of disease and botanical drug action. Randy Kidu, D.V.M., Ph.D., writes in his articled entitled A Brief History of Alternative Medicine: “The history of herbal medicine is interesting because herbs have been a part of our diet and pharmacy since man began roaming the earth. Coprophytic evidence (seeds and other plant part(found in preserved fecal pellets) points to herbal use by cavemen. Early herbalists practiced their trade since before recorded history in all parts of the world including China, Egypt, Greece, Rome, Africa, England, the Americas, and Europe. Many herbs are also mentioned in the Bible. Today, based on sheer numbers of folks who use one form of herbal medicine or another, it remains the most-used medicine worldwide.”Twenty-five hundred years after the advent of allopathic medicine, modern medicine is still grappling with the idea that herbal medicine could be an effective treatment, and not just quackery, although thousands of years of recorded history has proved its efficacy. A new model of understanding in medicine needs to be incorporated into the existing allopathic model. Because of the growing popularity and effectiveness of natural medicine, practitioners may eventually be given their deserved place in medical society. The incorporation of natural medical practices into the existing model of conventional Western medicine, including the training of new medical doctors, is now called Complimentary Medicine. In order to solve our health problems, this modern paradigm for treatment in medicine must be promoted. This can only truly emerge when bias, self-interest, greed and discrimination is discarded and diverse medical knowledge is promoted and shared, not only between university trained scientists and medical doctors, but among Alternative Medicine practitioners, philosophers, metaphysicians, and other intelligentsia of society as well.

Skip The Lines – Bring The Amusement Park Right To Your Own Back Yard

There’s no shortage of things to do in Atlanta. From professional sports to amusement parks, there’s something for everyone. In fact, Atlanta is proud to house some of the nations largest amusement attractions, including the ever popular Six Flags Over Georgia. Children (and adults) love the thrill and adrenaline rush of the large roller coasters. However, one thing most people don’t like about amusement parks is the long lines. By the time it’s all said and done, you can spend several hundred dollars for your family to have an afternoon of fun, and only get a few rides in. This year, instead of spending the day waiting in long lines for short rides, why not bring the fun right to your back yard? With today’s technology, you can literally do just that! One of the advantages of living in a large city like Atlanta is that we have large rental companies that can make your special event feel just like a trip to Six Flags… complete with a train and an ice cream cart!

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If you’re trying to replicate the amusement park feel, there are definitely specific items that you’ll want to be on the lookout for. As mentioned previously, ice cream carts and trackless trains help make the special event feel more like a day at Six Flags.In order to make your next special event more special, try some of the following tips:

Head online to do some research on the party rental company that has the selection your looking for. If you want an ice cream cart to complete your theme park adventure, look around until you find what you’re looking for.

Don’t settle for the first website you see. There are literally hundreds of inflatable party rental companies in Atlanta. Keep looking for a website that offers a wide variety of rental items that you’re looking for.

It’s better to rent everything from one company. Renting in bulk can help you save money. Larger companies will offer discounts for larger purchases of multiple units and rental items.

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Having a day of amusement park fun is cheaper and easier than ever before. By bringing the amusement park to your front door by using a party rental industry, you can include more people at a lower price. So next time you’re planning a special day, instead of spending tons of money for just a few people and braving the long lines of amusement parks, invite the whole neighborhood and bring the amusement park right to your own back yard!