OOPS, - One man show mistake, Sent you a new newsletter with the old title. Guess I should allow my team to edit this.

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This week on How2Exit:

E192: John Seiffer's Insights on Systemizing and Exiting Companies Without Selling - Watch Here

About the Guest(s):

John Seiffer is a business coach and author with extensive experience in helping business owners systemize their companies and improve their overall operations. He has been coaching business owners since the late 1990s and is known for his expertise in helping entrepreneurs exit their companies without selling them. John is the author of the book "Output Thinking" and is the founder of CEO Bootcamp.

Episode Summary:

In this episode, Ronald Skelton interviews John Seiffer, a business coach and author, about the concept of exiting a company without selling it. John shares his own experience of systemizing his company and reducing his involvement to just a few hours a month, which allowed him to focus on other interests and ultimately exit the company on his own terms. He explains the importance of defining outputs and creating systems within different areas of the business, such as production, sales, support, and growth. John also discusses the value of documenting standard operating procedures (SOPs) and utilizing technology to streamline processes. By implementing these strategies, business owners can increase the value of their companies and create more freedom for themselves.

Key Takeaways:

• Systemizing a company and reducing the owner's involvement can increase its value and create more freedom for the owner.

• Defining outputs and creating systems within different areas of the business is essential for scalability and efficiency.

• Documenting standard operating procedures (SOPs) and utilizing technology can streamline processes and improve productivity.

• Outsourcing or delegating tasks can free up the owner's time and allow them to focus on higher-level strategic activities.

• Exiting a company without selling it requires careful planning and the development of a strong management team.

Notable Quotes:

• "Brilliant process management is our strategy. We get brilliant results from average people managing brilliant processes." - John Seiffer

• "Every system that produces outputs has four parts: trigger, input, transformation, and output." - John Seiffer

• "Don't do stuff that somebody else is qualified to do. And you do the things that only you are qualified to do." - John Seiffer

Article:

Output Thinking: A Guide to Systemizing Your Business for Increased Value

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E191: Kevin Bibelhausen's Journey in Acquiring a Textile Company and Empowering Entrepreneurs - Watch Here

About the Guest(s):

Kevin Bibelhausen is an experienced entrepreneur and acquisition specialist. With a background in healthcare and technology, Kevin spent several years working in the corporate world before pursuing his passion for buying and owning businesses. He successfully acquired a textile company called Heritage Fabrics and has since been focused on growing and modernizing the business. Kevin is also the co-founder of Fruition Capital, a fund that aims to help entrepreneurs in the search and acquisition process by providing capital and resources.

Episode Summary:

In this episode, host Ronald Skelton interviews Kevin Bibelhausen, an acquisition specialist and entrepreneur. Kevin shares his journey from the corporate world to becoming a business owner and discusses his experience in acquiring a textile company. He highlights the importance of cash flow and longevity in businesses and explains how he found the right opportunity in the textile industry. Kevin also talks about the challenges he faced during his first search and the lessons he learned from that experience. He emphasizes the value of building a team and leveraging the expertise of professionals in the acquisition process. Additionally, Kevin discusses his role in Fruition Capital and how the fund aims to support entrepreneurs in raising capital for their deals.

Key Takeaways:

• Kevin's background in healthcare and technology led him to pursue his passion for buying and owning businesses.

• He emphasizes the value of cash flow and longevity in businesses and the certainty they offer compared to startups.

• Kevin learned valuable lessons from his first unsuccessful search, including the importance of building a team and leveraging professional expertise.

• The acquisition of Heritage Fabrics allowed Kevin to bring his technology and operations background to the textile industry.

• Kevin's long-term vision for Heritage Fabrics includes expanding services, such as offering finished products and exploring new markets.

• Fruition Capital aims to help entrepreneurs in the search and acquisition process by providing capital and resources.

• The fund focuses on businesses with $1-2 million in EBITDA and prefers B2B companies that have been in operation for at least 10 years.

Notable Quotes:

• "I care about cash flow and I care about longevity. And there's certainty in these businesses that have already been around and stewarded for 10 plus years." - Kevin Bibelhausen

• "Having a team around you and leveraging the expertise of professionals is crucial in the acquisition process." - Kevin Bibelhausen

• "What I bought is 20-year supplier relationships and a name in the industry. So that when I want to build a new brand, I can leverage the infrastructure that Heritage has built." - Kevin Bibelhausen

Article:

How to Successfully Acquire a Business and Raise Capital: Insights from Kevin Bibelhausen

Seeking contributors, if you are an advisor or willing to do deep research on a topic for some recognition, please email [email protected] with the subject: “I’d like to contribute to DEEPER”

FROM THE Editor:

Disclaimer: This newsletter is provided for informational & educational purposes only, and should not be relied upon as legal, business, investment, or tax advice. We are not attorneys, tax, or financial advisors and not qualified to give any such advice.  

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Deeper: Go Where The Business Owners Are. Unconventional Lead Generation Ideas.

In the ever-evolving landscape of business, one constant remains: the need for strategic exits. Whether due to retirement, health issues, partnership disputes, or simply a desire for change, business owners frequently find themselves at a crossroads, considering the sale of their life's work. However, connecting with these individuals requires more than traditional marketing; it demands a creative and empathetic approach to lead generation. This article delves into unconventional yet highly effective strategies to reach business owners where they are most receptive. From leveraging the power of trade associations and Chambers of Commerce to tapping into the digital realm of online marketplaces and social media groups, we explore 20 innovative ideas to identify and engage potential sellers. Each strategy is designed not just to generate leads, but to build meaningful relationships with business owners, providing them with the support and guidance needed as they navigate the complexities of selling their business.

Here are some interesting ways to generate leads:

Trade Associations: Dive deep into industry-specific trade associations where business owners frequently discuss market trends and challenges. A creative approach is to volunteer for speaking engagements or panel discussions at association meetings. This not only positions you as an authority but also opens direct lines of communication with business owners contemplating an exit due to market pressures or personal reasons. Become known as the buyer of businesses in this trade.

Chambers of Commerce: The local Chamber of Commerce is a hub for established business owners. Try securing a spot on a committee, especially the membership committee, which gives you the chance to meet business owners personally. These one-on-one interactions are golden opportunities to subtly assess their future business plans and gently introduce how you can help in their transition. If you can not get in these committees, have one on one sessions with members and simply ask, who talked about selling, or doing something else.

Business Networking Groups like BNI: Leverage the structured referral systems of groups like BNI by offering to conduct a workshop on business exit strategies. This positions you as a helpful resource and puts you in front of owners who might be silently considering their exit options.

Professional Conferences and Seminars: Attend or present at conferences and seminars focusing on business growth, succession planning, or retirement planning. Offer to host a breakout session on the intricacies of selling a business, providing a discreet avenue for potential sellers to engage with you.

Online Business Marketplaces: Regularly participate in forums and discussions on online business marketplaces. Offer free valuation advice or exit strategy consultations. This non-intrusive offer can attract business owners starting to think about selling.

Social Media Groups: Create and curate content for LinkedIn or Facebook groups dedicated to business selling. Hosting live Q&A sessions about the process can draw out owners considering a sale but unsure where to start.

Mastermind Groups: Join or form mastermind groups with a focus on business transition stages. Offer to facilitate discussions around the challenges of selling a business, creating a supportive environment for potential sellers.

Retirement Planning Workshops: Conduct workshops on incorporating business selling into retirement planning. Partner with financial advisors to reach a wider audience, providing a comprehensive look at how selling a business fits into their retirement landscape.

Real Estate Investment Groups: Present at real estate investment group meetings on the topic of diversifying assets, including the sale of a business as part of a real estate investor's portfolio strategy.

Business Expos and Trade Shows: Offer a free consultation booth at expos and trade shows for business owners considering a sale. This direct engagement is an effective way to gather leads in a high-traffic environment.

Local Business Meetups: Organize a local meetup for business owners to discuss various exit strategies. This peer-to-peer exchange can reveal owners who are closer to selling than they might publicly admit.

Alumni Events: At business school or university alumni events, facilitate roundtable discussions on transitioning from business ownership. Alumni settings foster trust, making these discussions fruitful for lead generation.

Industry-specific Online Forums and Message Boards: Become an active contributor to online forums, offering advice on exit planning and business valuation. This builds your reputation as a go-to expert for when owners decide to sell.

Professional Networking Sites: On platforms like Alignable, initiate discussions or polls about the biggest challenges in selling a business. Engage with respondents privately to offer personalized advice.

Business Coaches and Consultants: Partner with business coaches and consultants to offer joint webinars on preparing a business for sale. These partnerships can provide direct referrals from coaches familiar with their clients' situations.

Accountants and Financial Advisors: Host a seminar for accountants and financial advisors on the tax implications of selling a business. This not only educates advisors but also places you top of mind for referrals.

Legal Practices Specializing in Business: Offer to guest speak at law firm retreats or meetings on the legal intricacies of business transactions. Lawyers can then refer clients to you when the topic of selling arises.

Angel Investor and Venture Capital Meetings: Attend investor meetings with a focus on presenting the lifecycle of a business investment, including the exit. This can lead to discussions with investors looking for exit strategies for their portfolio companies.

E-commerce Platform Sellers: Host webinars targeted at e-commerce platform users on maximizing business value before a sale. Offer a free initial consultation to webinar attendees, tapping into a tech-savvy seller market.

Email Campaigns Targeted at Business Owners: Design an email campaign that offers exclusive content on business valuation and market readiness. Include a call-to-action for a free consultation, appealing directly to owners mulling over the decision to sell.

Each of these strategies requires a blend of creativity, empathy, and expertise. By implementing these ideas, you're not just casting a wider net for potential leads; you're also building relationships and establishing trust with business owners at a pivotal moment in their entrepreneurial journey.