The Value of Your Business
Leonie’s item about Passionate Business owners reminded me of a day a few months back when a friend was over for a beer and a barbie. While I was cooking the barbie we chatted as blokes do. Family, friends and business were, as normal, the standard items of interest. It was when I asked him of his upcoming retirement and his plans regarding the possibility of selling the business, he shocked me by saying “I will just close the doors. The business is me, once I am gone it is finished”
I tried to reason with him, and will continue to do so because in reality, his business is much more than just him. It is a valuable asset. The logo, the name, the customer database and importantly the goodwill is all valuable. Anyone trying to start the same business from scratch will take years to obtain the top of mind position that good business branding and positioning can provide.
In complete contrast another of our customers has just retired. They were a couple who sold worms and worm farms. That’s right, worms, compost worms! When we met them they were doing very well with a distribution chain through various nurseries. Their passion for their business and the ecological benefits of their product drove them to involve schools, children, families and they were often seen at various trade shows and exhibitions. When we first met it was to discuss their idea for selling worms over the internet. We helped them transfer their existing branding identity to a friendly easy to use site that included a simple order form. The rest is history, their business grew in leaps and bounds and finally an associate involved in recycling asked if he could buy them out. Sure thing, and as a result of the sale they are now grey nomads with their camper funded by the sale , happily travelking Australia.
Approaching retirement I know which position I would prefer to be in.