The Beal Business Advisor

July 2016

Contact Number: 204-478-7266

In This Issue

Buying a Business - Patents and IP
Selling your Business - How Picking a Successor can Maximize Business Value
Question of the Month - How Can I Grow and Expand my Business?

Patents and IP

Last month we discussed personnel, this month we want to discuss patents and other intellectual property (IP).

Intellectual property can be any of the following: trade names, trademarks, logos, copyrights, industrial designs, software and patents. A list of these should be obtained, noting the period of time remaining before each expires.

As our economy evolves from a manufacturing economy to more of a service and IP economy, these elements of value are more and more important.

Next month we will discuss taxes.

In the meantime, if you would like more information on buying a business, contact us at 204-478-7266x110.

How Picking a Successor can Maximize Business Value

This month we will focus on how picking a successor can maximize business value.

Succession planning is all about two things: succeeding and successor. It is important to pick the right successor in order to ensure long-term success. The stats on family businesses are dismal - only 30% of businesses make it to the second generation, and only 10% survive to the third. The first question to ask is if your successor is going to be one of your children. Don't assume either that they want your business or that they can run it as well as you can. It is not an admission of failure to sell the business outside the family.

Key attributes to look for in a successor are: interest, competence, adaptability. Make sure your successor is interested in running the company. Your children may not be, but they never told you. Ensure they have the competence. (It may be tough to admit that they may not be able to do it.) And, perhaps most important, make sure they are adaptable. The world is changing at an incredible pace. Businesses must change to evolve. Examine the environment, and the environment the business will be evolving into. Eaton's was strong when department stores ruled the world, but failed to adapt as the face of retail changed. Don't just assume it will all work out for the best!

Current Businesses for Sale

Winnipeg Auto Body & Repair Shop (NEW)

Bathroom and Kitchen Retailer

Winnipeg Meat Shop

Specialized Property Management

Home Renovation Specialists

Transportation Company

Specialized Manufacturer

Rural Restaurant

Fire & Security Business (Conditionally Sold)

Metal Working Business

Indoor Tanning Salon

Winnipeg Auto Body Shop

Metal Manufacturing Facility

Cleaning Services Business

Winnipeg Electrical Contracting Business

BNI Manitoba Franchise - Conditionally Sold

Pizza and Chicken Restaurant

Transport and Event Planner

Home Improvement Business

Winnipeg Used Book Store

Seasonal Product Manufacturer/Contractor

Women's Clothing Store - Price Reduced

Franchised Fitness Centers

The UPS Store - Conditionally Sold

Rural Chicken Franchise Restaurant

Home Renovation Business

Profitable Resort

Winnipeg Auto Repair Shop

Farm Parts & Recycling Business

Auto Parts, Service and Recycling Business

Profitable Winnipeg Automotive Services Center - Conditionally Sold

Rural Automotive Repair Shop Location - Conditionally Sold

Carman Property

Franchise - Tanning Studio

Thompson Hotel and Restaurant

WOW 1 Day Painting Franchise

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To review any of these business profiles, please click here .

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We do not advertise all of our listings to the public.

If you have a specific type of business in mind,

please call 204-478-7266 x110 to inquire!

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Quick Links

Beal Consultants Website

Quote of the Month

"Whatever you can do, or dream you can, begin it.
Boldness has genius, power and magic in it"

Johann Wolfgang von Goethe

How Can I Grow and Expand my Business?

Once you have established a new small business, the next step is to look for ways to begin growing your company. There are several avenues you can take to grow your business, but choosing the appropriate strategy for your business will depend on the type of business, as well as the available resources and funds. Please note, it is important not to grow your business too quickly.

Here are some smart ways you can expand your reach in the marketplace as a small business owner:

Attract new customers - one of the easiest ways to do this is to ask your current customers for referrals, and actively seek referrals.
Innovate your product or service - discover and promote new uses for your products or services.

Diversify your product or service mix - offer your customers more variety by allowing customers to have more products or services to choose from. Focus on the related needs of your already established market or on market segments with similar needs and characteristics.

Open another location - extend your market reach by opening new locations or an online store. Taking your brick-and-mortar shop online is now easier than ever and can be an excellent stream for additional revenue.

Penetrate your existing market - focus on your existing customers, and entice them to purchase more from you. This is a very cost effective way to grow your business.

Target other markets - if you have been successful in your current market, explore other markets that you could potentially sell your product or service in. Think of new markets that would benefit from the services your small business provides.

Export - expand into international markets. This avenue can be both time consuming and expensive, but it can also be an excellent way to significantly increase sales.

Participate in trade shows - Trade shows can be a great way to grow your business as they draw in people that are already interested in the type of product or service you offer.

Control your costs - although controlling your costs will not increase your revenue, it will increase your bottom line, which is the area most business owners are concerned about.

Franchise your business - if you have a successful business and can develop a successful business model that can duplicate your success, franchising may be the fast track for growing your business. Franchising can lead to quick yet stable growth and help strengthen your company's brand.

Merge with another business or form a strategic alliance - merging or aligning your business with a strategic partner can be an excellent way to expand quickly as you can utilize their resources and expertise, as well as gain access to referrals and prospective clients.

You need the right approach to successfully grow your small business today. Try one or two of these ideas, just make sure that they are suitable to your business.

Call us at 204.478.7266 x110 if you would like us to help you write a business plan.

About Us...

Beal Business Growth Consultants, Inc. helps owners of small and medium-sized businesses to buy, sell, value, and grow their businesses. We also work with individuals who are looking to buy or start a business or franchise.

Call us at (204) 478-7266 x110 to book a free, initial 30-minute consultation to explore how we can help you buy, sell, value or improve your business.

Legal

Copyright 2016 by Steven Beal, Beal Business Growth Consultants, Inc. The information herein is not complete and is intended only to provide guidelines to supplement counsel the reader receives from a qualified professional. It is distributed with the understanding that the author is not rendering legal, accounting or tax advice or opinions on specific facts or matters, and accordingly, assumes no liability in connection with its use.

Published by Beal Business Growth Consultants, Inc.