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Contrarian Strategies: Selecting Small Capitalization Stocks
INTRODUCTION
Contrarian investors are often ridiculed by the rest of the investment community for their stubborn, illogical view on the stock market. When everyone else is running for the sidelines, contrarians are buying and when the rest of Wall...
How to Get Your Procedures Project Done
Wouldn't it be nice for business owners and executives to be finished with their policies and procedures project already? They know they need to get it done, but maybe it's taking too long. Or perhaps their people are staring at a blank piece of...
How to Keep PR Working for You
Managers in the non-profit, association and business worlds need to persuade outside audiences with the greatest impact on their operations to their way of thinking. And then move those external stakeholders to take actions that help their...
Small Business Health Check-Up
If your home business is not performing the way you hoped for, rather than stay away at night...use this simple list to check-up on possible reasons why your business is under performing. 1. You don't offer free original content. 2. You don't use...
The Care and Feeding of Your Small Business
While I was hard at work last week, an everyday drama was
playing out in a hospital room in the next town. My niece was
working on presenting me with a new great nephew. Tyler James
came into the world Thursday afternoon, mother and child...
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After I’m gone … Selling Your Small Business
If you’re considering selling your business, you have a vested interest in continuing the success of the business as your participation lessens. Many factors determine how your enterprise has succeeded until now. One particularly important factor is your own personality style. Employees and customers have come to expect a certain set of behaviors: how you exercise authority, how you relate to people, how you handle changing circumstances, how much you are - or are not - willing to improvise when standard operating procedures are in question. These aspects of your personality are a powerful binding force in your corporate culture and your customer relationships. If you want your business so continue to thrive after the sale, its wise to learn ahead of time whether any of these personality factors are going to change under new leadership.
Personality Profiling of yourself, key employees, and prospective buyers can be a very valuable step in preparing to sell your business and to work yourself out of day-to-day management. Having an objective measurement of how you connect with employees and clients can help you lay the most profitable foundation for change. Reputable personality profile tools like MRA, DISC and AVA can be obtained from a number of business consulting companies
Connecting With Customers:
If your own relationships with key customers are a vital factor in continuing to do business with them, then you’ll want to know how the new owner will connect with these customers. If the new owner has a personal style that is very different from yours, you’ll want to prepare your major customers for the change, or even look for a more compatible buyer.
Connecting with your People:
Your sales people each have an individual sales style. Knowing the personality styles of high
performing sales people will help prepare them for the coming change. If, for instance, consultative selling is working well for you, and if your sales staff spend lots of time talking and thinking together with the clients, you’ll want to preserve that. If sales are going well, then plainly the customers are pleased with the consultative approach. If a new owner says “cut back the talk and visits – that’s inefficient – just call ‘em once a week.”, the chances are high that you’ll lose customers and loose some good sales people too. Knowing the personality type of the new owner can help identify a winning combination.
Supporting Management:
In many small companies the owner and the employees hire each other. That is to say, the staff winds up being people who like the owner’s personality style and vice versa. The new management can make the transition much smoother with a clear picture of the personality styles of the key employees. If there are radical personality differences between the current ownership and the new owner, you should start planning a team building effort and put a lot of effort into preparing people for the change.
A significant part of the value of a small business lies in relationships. Don’t put that asset at risk when selling you business.
(c) John Loven, 2004. Reprint rights granted to all venues so long as the article and by-line are reprinted intact.
About the author:
John Loven provides personality profiling services to help businesses hire more accurately, manage careers better and secure higher employee retention. You can experience the accuracy and clear business language of MRA Team Spirit Profiling at http://www.MRATeamSpirit.com
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