Never, Never, Ever Give Up!

One of the true secrets of success is persistence. That's one of the things that characterizes all successful entrepreneurs; as the old cliché puts it, "Quitters never win, and winners never quit." That's become a cliché because it's a basic truth. People who are persistent, who don't give up when the going gets rough, are the ones who make it. You can knock them down a dozen times, and they'll get up thirteen times. Knock them down twenty times, and they'll get up twenty-one. They realize you can have a string of failures and still win in the end. They've learned this the hard way, and still continue to move forward.Why? Because one success, especially a major success, can wipe out all the previous failures. Many people give up after just one or two tries, and often the tries are half-hearted to begin with. They give up way too soon. They don't realize that the longer you stick with something, the easier it gets -- and the more you increase your odds of hitting it big.Seldom do you meet a man or a woman who is persistent and determined to make it in business who doesn't. Sure, some have success come early, and others have had to struggle for a while. But most of the real failures are people those who have tried one or two things that probably weren't the best things to start with in the first place. They lose some money, and then they go around telling everybody else, "Mail-order doesn't work. Multi-level marketing doesn't work. Direct response marketing doesn't work. Business isn't worth all the heartache." And that's absolute bull.


You may have to try lots of different things before you make it. You may experience many, many failures along the way. Nonetheless, you have to start out with your dreams solidly in place, and keep your eyes on the prize, whatever the prize is to you.Winston Churchill was once asked to give a speech to a group of college graduates. They wanted him to share all of his wisdom, and say something that could really inspire these kids. He got up to the podium, and saw that there were hundreds of students just sitting there, ready to listen to every word he had to say. The whole place went quiet. He looked out at them and said something along the lines of, "Never, never, ever give up." Then he sat down.That was his entire speech -- and it was the most inspiring thing that he could possibly have said. When asked long afterwards, "What made you think of this? We've never heard such a short message with such a powerful theme." He said, "World War II was raging, and the Nazis were bombing the hell out of London and other British cities. That was on my mind as I was dealing with them. It was a message for myself; and then, of course, I knew it would help the students in their lives." Ultimately, Churchill's determination helped overcome and obliterate Nazi Germany.This is a message you should take to heart today. Though the stakes may not be as high as they were with Churchill, never, never, ever give up. Keep trying hard enough, and eventually you will succeed.

Fictitious Business Names

A fictitious name (or an assumed name, trade name, or DBA name) is an assumed business name. Unlike a corporate entity, a DBA name is not separate from the person who owns the DBA (Doing Business As) name, so it offers no lawsuit or judgment protection for the owner.One of many judgment articles: I am a Judgment Broker, not a lawyer, and this article is my opinion based on my experience, please consult with a lawyer if you need legal advice.A fictitious name is not your own name, or your partner's name, or necessarily the official registered name of your corporation or LLC. The DBA name of your business is not as important as most people think.Bing, Yahoo, and Google were once names for different things, it took many years of hard work and lots of money and brilliance; that made those names now stand primarily for searching the internet. However, most people will want to choose a name related to their skills or business. Once you register a name, you will want to put all your business efforts consistently in that name.You can usually do business under your own name and will not necessarily need to register a fictitious business name. Not all states require the registration of fictitious business names or DBAs.After you name your business, you will need to register the name with the appropriate government authority as a fictitious business name, also called Doing Business As (DBA). Besides individuals, sole proprietors, partnerships, corporations, and LLCs (and other entities) might want to do business under a DBA name.Assumed business names must be registered with the appropriate government agency. Sometimes existing DBAs change names, and will need to register their new name. Unless one chooses a business name and registers it as a DBA or fictitious name, the legal name of the business defaults to the name of the person or entity owning the fictitious name.


For example, Mr. Frank Furter starts a computer consulting business. Rather than operate under his own name, Frank runs his business as "Frank Furter Consulting". This is an assumed name, and Frank will need to register his fictitious name with the appropriate government agency.Whatever name you choose, make sure it is not already being used by someone else. Is there a domain name already using your name on the web? One can also use the WHOIS database of domain names. It is a good idea to register your proposed DBA name early on social media sites. How will your name look on social media sites, the web, and as part of your logo?Registering your fictitious business name or DBA does not provide any trademark protection. Before you register your DBA name, use the US Patent and Trademark office's trademark search tool; to check if the name or a variation of it, is already trademarked. If so, pick a new name. It is relatively cheap to get a trademark, which protects words, names, symbols, and logos, which distinguishes goods and services.If you intend to incorporate your business, you will need to contact your state's filing office, to check whether your proposed business name has already been claimed. If you find a business operating under your proposed name, you may still be able to use it, if your business and the existing business offers different goods/services or are located in different states.The fictitious name/DBA name of your business will be required on all government forms and applications, including tax returns, employer tax IDs, permits, and licenses.

What Baby Boomers Must Know Before Hiring Someone to Help Them Sell Their Businesses

If you've been in business for any length of time, you've certainly earned your right to a healthy dose of skepticism. Most business owners have endured more than their fair share of eye-glazing, brain-numbing sales pitches and vendor-sponsored events. They've been pushed to try numerous products, procedures, and systems; many of which have failed to deliver anything but mediocre results.That's why, even though you might be near retirement and more than ready to start the process of selling your business, solutions presented to you that promise a better, more financially lucrative, and less stressful way of doing so might you on the immediate defensive."Too good to be true." "Heard it before." "If this works so well, then why doesn't everyone do it this way?" are a few of the familiar, yet understandable, responses that Baby Boomer business owners give when urged to look into alternative selling strategies.Business owners over 50 are looking to sell their businesses without encountering adverse tax consequences and without having to pay commissions and unnecessary fees. They also want to sell within a more reasonable time frame than is usual and they want the fairest price for the business.Perhaps most importantly, sellers fear outliving the proceeds from the sale of their businesses and seek a way they can create a lifetime income which they cannot outlive.These are concerns which, unfortunately, the old school method of selling a business is simply unable to address.Pre-retiree business owners are slowly coming to grips with the consequences of a huge demographic shift, not just in the United States, but in the entire world.For many years, there has been a dwindling supply of qualified business buyers. That lack has been exacerbated by the simple fact that the generations following the Baby Boom are getting smaller and smaller.Unfortunately, the shrinking pool of buyers, coupled with economic uncertainty and tighter credit, has created an untenable situation for boomer sellers.Increasingly, they are having to make tough choices when it comes to retiring.Boomer business owners who are not leaving the company to their heirs are often finding themselves:
Running the business for a lot longer time than they ever planned.
Selling the business in hurry at a bargain basement price, thus increasing the odds that they will not have enough money to retire comfortably.
Resorting to using a business broker and having their companies on the market for months, perhaps even years.
Closing down and walking away- even though the business is still profitable.
Within a few years, the number of business owners ages 55-75 who want to sell, or who must sell due to health or other adverse life circumstances, will double.For many of these owners, the successful sale of the business is the cornerstone of their retirement plan, comprising the bulk of income they expect to receive in their later years. Most of these pre-retiree entrepreneurs have just one shot at selling their companies. A small mistake could cause them to run out of money in retirement or have to drastically alter their lifestyles to accommodate limited income.Unless there is an actionable exit plan in place at least two years before they want to retire, boomer owners could face a truly painful situation when the time comes to leave.After all, the current "old school" sales process has a lackluster 3% success rate right now. It's not a stretch of the imagination to suggest that this rate could go even lower as the critical mass of pre-retirees wanting to sell builds.If you are a business owner over 55 who is planning on selling a business to fund your retirement, then you need to find a qualified mentor to help guide you through the complexities of the exit process.


Business brokers should always be the LAST resort if you are serious about selling your business for more money, with less stress, and with a view to creating a stream of income you can't outlive. Most brokers cannot do that for a seller, even if they want to. It's better instead to seek guidance from an experienced business owners who has been in the trenches and understands what selling a business is all about.If you do, however, decide to use a broker, or if you seek the advice of a business acquisitions mentor, you must exercise due diligence or risk an adverse outcome.Be certain you thoroughly check out the qualifications of these advisors.Always insist on someone who:1. Has a minimum of 10 years experience in the real business world. An MBA is nice, but ask your mentor about actual businesses he or she has bought and/or sold. Theorists and philosophers have zero value when the time comes to actually SELL a company. Look for solid, quantifiable experience.2.Can produce verifiable client testimonials. Any worthwhile mentor or broker ought to be able to produce real clients with whom you can speak. If the only thing he or she is willing or able to give you is some vague written testimonial from "Sam S." (who may or may not be a real person) then you should avoid that consultant.3. Asks you important questions about your desires and goals for the sale. Part ways with any so-called expert who doesn't want to hear your wishes, concerns, and ideas.4. Has the knowledge, tools, and business acumen that are essential to a successful business transition. This is no place for hobbyists or dabblers. Demand someone who specializes in buying and selling successful businesses. Don't be afraid to ask the question, "How many deals have you personally done?"5. Knows how to structure the sale proceeds so that you get a predictable, reliable stream of income for life. Ask potential mentors the question. "What can you do to help me ensure that I never outlive my retirement income?"There are several other important factors to consider when partnering with an expert, including some less tangible, but nevertheless important factors that should be present.For instance, is it easy for you to tell that this person actually enjoys what they do? Does he or she seem to radiate genuine enthusiasm for helping retiring business owners build a prosperous, successful life after business? Are they truly grateful for the opportunity to work with you? Does this person respect your achievements in building the business and seek to preserve its' legacy of success?Pairing a worn-out, frustrated seller with a mentor who is equally burned out, distracted, or just not that in to helping others, is a recipe for failure. You need a fresh pair of eyes focused on the most important transition of your life- not someone with a cynical, jaundiced view of things.Any expert you hire to help you transition out of your business must be capable of crafting a workable blueprint for selling success that is the direct result of their own experiences and passion for business. They must be able to translate this real life experience into a plan of action that does not frustrate or confuse you. They must also be 100% committed to your vision of success, whatever that vision may be.Remember, you probably only have one chance to sell your business the right way. It pays to plan, prepare, and partner with an expert on whom you can rely until the deal is done.. and after.

Stuck In The Middle? You're Doing Too Much

To maximize your profits, your company needs to be focused on one of three strategies. Any of them will result in a defendable position in the marketplace and you will outperform your competitors. Companies that fail to develop their strategy in at least one of these directions are in a poor strategic position. Companies that try to combine any of these strategies without a high degree of organization, though, find themselves stuck in the middle.Porter's Generic Strategies are:1) Overall Cost Leadership - as the name implies, your strategic theme is that you will become a low-cost company relative to your competitors. The central elements of this strategy are: efficient operations, aggressive cost reductions, the avoidance of marginal customers, and minimal spend on elements such as R&D, sales, service, and advertising. Despite the lack of commercial spend, market share and profits are strong because of aggressive pricing.2) Differentiation - when your strategy is to offer a product or service that is perceived industry-wide as being unique. Examples include: design or brand image, technology, exceptional customer service, or a strong distribution network. This strategy requires an investment in R&D or a focus on service. Costs are higher, but so are sell prices. Market share is strong due to exclusivity.3) Focus (aka Segmentation) - this strategy includes elements of both Overall Cost Leadership and Differentiation, BUT limiting your focus to a specific market segment (industry or geographical). The rationale for the Focus strategy is that it allows your company to serve a narrow target group more effectively and efficiently than your competitors. If you decide to pursue this strategy, you will apply both low costs and differentiation to a niche market. Your market share and profits in this niche are high because you have chosen to forego other markets.


All of this sounds simple enough - pick a strategy and enjoy strong profits. So why do so many companies struggle to find their identities? The most common answer is that they have chosen their strategy but they have not committed to every aspect of it. Unfortunately, many companies lack the focus to create either Differentiation or a Cost Leadership position. Others try to pursue multiple strategies, and while this has proven successful in some cases, it must be executed with a high degree of discipline and organizational alignment. Tensions within organizations often derail the combined strategy effort. For example, I've seen companies where the Production and Sales departments are so misaligned that you would think they were two different companies, seemingly competing with each other. It's a shame, but it's not difficult to correct.

Product Differentiation Types - Horizontal Vs Vertical

Economic theory tells us that companies who sell the same product to the market will ultimately end up in "perfect competition" and each make zero profits. Thankfully, this particular theory (like most others) offers us the starting point so that we can better understand the reality.Using two ice cream vendors on the beach as our example, and sticking to economic theory, the vendors would be physically located right next to each other in the middle of the beach and they would sell the same ice cream at the same price. Neither one dare try to sell his product at a higher price than his competitor, and a "gentleman's agreement" to both keep prices high but equal will be short-lived. Temptation for landing greater market share takes over and, sure enough, one of the vendors begins the race to the bottom by lowering his price just a little. We know how that ends!The reality, of course, is that companies DO make profits, and one of the ways they do it is through Product Differentiation.The assumptions that are set as a part of the theoretical scenario give way and the market opens up. For example, the vendors wouldn't sell the same ice cream because different consumers have different tastes. Also, imperfect market transparency exists, meaning that some consumers would only know the prices of one of the vendors. Other assumptions are removed as well, and each plays a role in how the market reacts.Product Differentiation is beneficial if consumer preferences are heterogeneous. Factors such as technical features (cell phones), durability (shoes), resale value (real estate), taste/image (cars), location (gasoline stations or ice cream vendors!), and time (flights) all help consumers decide which choice is best for them. Customers, after all, determine the value of YOUR products. Not sometime. All the time.Product can be differentiated along two lines:

Horizontal Differentiation - given equal prices, some consumers would choose product "A", whereas others would choose product "B"

Vertical Differentiation - given equal prices, EVERY consumer would choose product "A" over product "B"
Back on the beach (and who doesn't like the way THAT sounds!), we may find one ice cream vendor moving away from the middle. This allows him to increase his price because he is more conveniently located for people at one end. Seeing this, the second ice cream vendor follows suit and moves a little further away from the middle also, only in the opposite direction. This example of "Horizontal Differentiation" allows him to raise his prices as well. Each vendor, now selling their products at a higher price than before, is making more of a profit. The supporting factors that are positively influencing prices and profits in this Horizontal Differentiation example are:




the distance of the vendors from each other

the magnitude of the consumer's discomfort from having to walk a certain distance

the number of consumers on the beach
Applying a Vertical Differentiation element, let's assume that one vendor is selling a premium ice cream while the other is selling an inferior product. If the prices were the same, all consumers would choose the vendor with the premium brand. Knowing this, the vendor with the inferior ice cream lowers his price. Assuming his costs are also lower, he is still able to make a profit, even at lower prices. The first vendor can increase his prices, considering his target market will pay more for the superior product. And so it goes, the lower end can decrease their product quality (and costs) even further and the higher end can increase as much as their customer base will allow them to. The supporting factors that are positively influencing prices and profits in this Vertical Differentiation example are:

the difference in the quality of the products

the degree of heterogeneity in terms of the consumers' willingness to pay
The end result, and we see it all the time, is that companies offering lower quality products can realize strong profits, just as firms offering higher quality products.A healthy exercise is for manufacturers to understand if they can be more profitable through the implementation of Horizontal Product Differentiation or Vertical Product Differentiation. There is very real potential for even greater profits to be realized.If you would like to discuss this further to understand how this approach will benefit YOUR Company, please contact Brand Performance today!

The Risks of Business Growth

Most owners want their business to grow. In fact many defend their desire by quoting the "grow or die" myth; the belief that a business has to grow in order to stay relevant. It's not true. In fact, the opposite might be the case as the truth is, there are risks to business growth.If you have a successful company - one that is consistently profitable - an aggressive growth strategy can kill it. By stating this, I'm not denying the benefits of smart business growth including increased profits, greater stability, improved value and more opportunities for employees. I'm saying that without careful planning the pursuit of growth can hurt a business in four key areas.Customers: Can you still serve them as well as before?A growing company makes mistakes. In fact during periods of growth the overall quality of service and products goes down before it improves. And in the day of 99.9% internet reliability, your customers will notice. Recently I was engaged as the Interim-CEO of a large service business. In eighteen months we increased sales by 50% while maintaining our better-than-industry-average net profit margins. During this period we also stretched our production and customer service personnel.More customers meant more touches, more experiences, more opportunities to "shine or s _ _ _," as I told our managers. Since today the customer is no longer "king" (able to set the rules) but "tyrant" (able to swiftly punish those who fail to meet their expectations) we reviewed our service standards, created reporting systems and determined how to quickly follow-up when we "missed" our high standards before we committed to grow. As a result, the advances we experienced in the first year carried over to the second.Culture: Will you enjoy what your business will become?A large company is different than a small one. Not better. Not worse. Just different. And when a company grows, its culture can change.Several years ago I was engaged as the Chief Operating Officer (Interim) for a large independent financial firm. Despite its success, the practice had stopped growing, due largely to its structure and operations. During this period we re-assigned employees, developed new job descriptions, created new levels of accountability, improved performance standards; all the things you would expect. Because of our comprehensive approach we worked closely with the human resource director and found her to be both capable and caring.It was that latter quality that kept getting in her way. In her mind, the relaxed "family feel" was being sacrificed at the altar of performance. She was right. Sort of. Although we set higher standards we continued to support employees, have fun and give personal touches. Still, the culture changed and she soon found another job. At a smaller company.


That's a price - a risk - of growth. Fortunately, in this case, the cultural changes helped support a long, sustained period of growth.Cash: Can you afford to grow?It costs money to grow. In fact, before deciding whether or not your company is ready to grow you should first determine whether or not it can handle the financial strain growth can produce.At times, I will bring in an outside accounting manager (CFO) to take control of the finances during the growth engagement. Working together we can manage cash, project revenues and expenses, improve the balance sheet and create forecasting tools that support the initiative. The right person and systems can help create the discipline needed to improve equipment, property, wages; everything needed to initiate and continue a strategy for growth.With the right person in place as the CFO, we were able to move ahead with growth,Competition: Are you ready for more?When I was in high school (just after the one-room school houses) I played football. Since I lived in a small town, we played in a small town conference which meant that my small body was large enough to play offensive and defensive tackle. Back then I was skinny; enough so that in my uniform I looked a bit like Barney Fife (look him up... he was skinny) in pads. Had I been in college, I would have been a statistic.Competing at the next level required more skill, more speed, more desire, more talent and more weight. It's the same in business. As you grow the competition changes. Larger companies have more resources and if they see you as a threat they will use those resources against you. If you aren't ready, you'll get crushed.Should I go ahead and decide to grow? That's the question every owner should ask before committing to growing their company. It's possible that by staying the size you are now you will continue to enjoy the lifestyle you've created and the profits you've come to expect. But if you choose to move ahead, to expand your business or practice, then be mindful of the risks to business growth.Doing so can keep you from failing.

Starting a Distribution Business

To start with a distribution business one requires business sharpness and intricate planning. Besides sorting out the funds, the interested organizations also have to sort out the list of organizations that are prepared to promote the offered item. This article discusses a couple of things to be considered by the individuals who wish to begin their distribution business.1. Partnering or Collaborating with the ManufacturerThis could be attained just after the individual or entity has chosen the products and services that they want to distribute to the identified target market. Once the product or service or the organization is identified which could be both local or global, the distribution organization will then need to research about the target market they want to work with. The accessibility of the items that the organization wants to distribute will be managed by collaborating or partnering with the manufacturer.2. Always Remember the Power of Thorough ResearchWhen you want to start with a distribution business, you should know all the details of the product or service and the market you are going to cater. This includes researching about the available resources that you have, the competitors - as in other distributors in the industry, and product needs in the market. It also includes researching about other factors such as economy and government regulations.3. Always Prepare a Business Plan


Same as any other organization, the business plan for a distribution association should be made effectively which will serve as the spine of the organization. This plan should include the objectives, vision, and short term and long term goals of the business. These all will help in utilizing the accessible assets towards the corporate objectives. If the distribution organization obliges financing, this plan will be submitted for evaluation to a financial institute.4. Make the Distribution Organization officialOne of the most important things to do is to achieve the license and registration for the new distribution organization. The holders should additionally know about answers about the state's legislating laws relating to the taxation framework and commencement of new business.5. Company LocationThe size and space needed by a distribution organization will be depended on the stock required and the size of inventory. It is insightful not to invest a lot at the same time in getting a spacious place as the organization can be shifted anywhere once the business begins prospering and product demand increases.At last, like any other business, a distribution organization must evaluate the framework for financing their business. While numerous organizations have enough money available, others have a tendency to look for customary loans. So, you should decide how you will be funding money.

Eat the Elephant

There's an old saying that goes, "How do you eat an elephant? One bite at a time." Though it's meant as a joke, it's still a great metaphor for anyone trying to achieve huge goals. You've got to break those goals down into manageable chunks, and then work a little toward achieving them every single day.Then again, you don't necessarily have to do it this way. One of the best ways I've found to get work done is to let your deadlines just drive you. You let the pressure build, and it pushes you to get a lot done all at once. Though it's not much fun, it's often the way you achieve your best work. Making real money requires dedication and endurance.There's a time and a place for procrastinating. Sure, if you think logically, you can break all your goals down and just do a little bit every day, and you do make steady progress. But it always doesn't work that way. If other projects get in the way, you may have to deal with a pressure that builds and builds, because you can't always get that little bit done every day. As a result of that pressure, you figure things out at the last minute. That's not a bad thing, given the results -- but sometimes it feels horrible.Here are some things that can help you cope. First of all, you've got to think conceptually. You've got to be able to see the big picture all at once -- what I call seeing it bigger, and thinking it simpler. You've then got to be able to break it down into bite-sized pieces, before reassembling it like a jigsaw puzzle. Strive to get something done every day -- even if you're just thinking things through.That really is the logical way to handle it, and I do recommend it. It works well -- sometimes. But I've found that sometimes you have to procrastinate a little to let the pressure build. Sometimes the work is just difficult, no matter how little you do, and that piles on the pressure. But in the meantime, as you're eating the elephant, be kind to yourself. Don't beat yourself up for not making enough progress. That's the worst thing you can do. A better idea is to pace yourself, but push yourself. And sometimes, you need to take time off.If you're used to pushing yourself constantly in an effort to get each project done quickly, here's what I recommend: do sprints instead. Work your tail off for a short period of time, then take a little time off before you go back to working your tail off. That way you pace yourself, but still push myself. Try looking at all your projects as a series of sprints. Try to get as much done as fast as possible; but then pull back and rest a little.You've got to make a game out of it for this approach to really work. You can't take it too seriously -- you really can't. Sure, put everything you can into it; work as hard as you can, but also realize that good enough really is good enough. You can fix the gaps and errors on your next run-through. There's such a thing as paralysis of analysis -- or as I like to call it, vapor-lock. When you're trying to be too perfect, you may never get started. Don't do that. Do the best you can with what you have, like Theodore Roosevelt said, and that will be enough -- for now.When you're working on new marketing projects, work on the sales copy first -- while it's still fresh and new, and while you're still excited. That way, you'll transmit all your excitement directly to your prospects and customers. Most people do it the other way around: they work on the product development and the fulfillment while they're excited, and by the time they start the sales materials or websites, all their enthusiasm is gone. That's too bad, because ultimately, selling is the transference of emotion.The more excited you come across in your sales material, the more excited you'll be able to make other people. There's a magic involved when you're excited, when it's a brand-new project and the thrill is still there. That's the time to create your sales material. If that's all you learn from this article, then I've taught you something very valuable. Too many people think it's all about the product -- that they should spend all their emotion on that. And the product is important, no question about it; but if the thrill has worn off by the time you write your sales materials, you'll find it very hard to muster the emotion you need to sell it. Do the sales material first.That's another way to eat the elephant: try to stay excited. Do the best you can. Keep your eye on the prize. Be like a racecar driver, always focused on the road ahead. Later, as you're working on the development, expect obstacles. You also have to want it bad enough to push through all the challenges, which is yet another way to get the elephant eaten.There's a song called How Bad Do You Want It? by Don Henley, and as Henley points out, most people don't want it bad enough. The more you want to achieve your goals, the bigger the goal is, and the more excited you are about achieving it, the more you're going to be willing to put up with the challenges -- and the higher the price you'll be willing to pay. Even though it's going to be hard work at times, make it a labor of love. You'll be proud of yourself when you get it done... and by the way, hard work will not kill you. It makes you stronger. It's good for your soul. I believe that wholeheartedly.


Too many people don't realize that -- or don't want to. Making money is a skill you have to polish. The good news is, you can earn while you're learning; but it is a skill, and the way you develop skills is by working hard and doing everything I'm talking about doing in this article. As the saying goes, "Everything is difficult until it becomes easy."Most people are afraid of hard work, and shouldn't be. The secret is, the more you want to do something, the less you call it work. The more excited you are about a project, the more you're willing to endure. It's not always difficult; in fact, there are times when the money rolls in easily. But those times are the results of the hard work you've already done.Be sure to give yourself some time off, so you don't burn out. But don't take too much time off. People who take it easy all the time never accomplish anything substantial, and they never have that great feeling of pride and satisfaction that can only come when you really bust your tail for something -- when you're giving it all you've got. So remember, all you can do is all you can do -- but all you can do is enough. When you face vapor-lock, this paralysis of analysis, get over it. Plow through it. Stop striving for perfection; it'll never happen, no matter how much you try. You're only human. Do your very best, and move on.One of my best metaphors for this is Go as far as you can see, knowing that when you get there, you'll be able to see even farther. So many people want to figure it all out before they ever get started. They want it all to be clear in advance, so they can plan for everything. That's a good recipe for paralysis. You'll almost never know from the beginning how it's all going to come together. You're going to get blindsided anyway, no matter how well you try to prepare. Things will come out of nowhere to alter your whole entire plan. You're going to get newer and better ideas. You're going to see new problems you didn't see in the very beginning, so you're going to have to make adjustments along the way.Eat that elephant, one bite at a time. That's the way you get things done. As the saying goes, inch by inch, life's a cinch; yard by yard, life is hard. In business, especially small business, you really do have to push yourself. Don't worry about perfection; just know that your best is going to get better as you move forward. Realize that this is a skill that requires practice. Everything you want to accomplish you can have, but you do have to pay that price.Everybody knows that, but most don't stop and realize it. And maybe it's good that they don't, because the price for success is a lot of hard work, lot of pain, and a lot of suffering. Oh, not all the time, or even every day; you couldn't survive that. You've got to take it slower, but you do have to take it. You'll have to face some stress. This idea that stress is a killer is BS. Stress is not a killer; it's essential for life and growth. It's strain that's the killer. The difference between stress and strain is that strain occurs when you're not pacing yourself -- you're pushing yourself full blast all the time.So you've got to give yourself a break. You've got to see yourself through kind eyes. You've got to be good to yourself. Don't strive for perfection; just get something done every day. Try to move forward. Break your big goals into pieces, but realize that those pieces are going to change, and you're going to get better ideas as you move forward.What I've shared with you here has taken me many years to figure out, and I'm still on the path, just like you are. But I've already made millions of dollars, and if that's true, then I know that it's possible for anybody to make millions. If you haven't made your first millions yet, then you're just going to have to make that leap of faith that's absolutely essential to get out there, believe it bigger, and see it simpler.Eat the elephant one bite at a time. This life is a journey, and you can make as much money along the way as you want to make. It doesn't matter what your background is. If you're dead broke, so what? I was dead broke when I got started, and I've gone through many periods where I've struggled financially. But you get through it by going through it, by doing as much as you can every day, while still pacing yourself so you don't burn out. Success is waiting for you if you keep that in mind.

The Road to Being a Business Champion Is to Train Like an Olympian

Have you ever admired the strength, flexibility and endurance of an Olympic Athlete? It takes a lot of dedication to become a successful athlete. Olympians are at the apex of perfection. The fact that they get to go to the games is amazing, but to win makes them champions. There are secrets in training and preparations that Olympic Athletes have that increase their potential for success. As business leaders we can learn a lot from Olympic Athletes to help us become business champions.Here are a few tips from the best of the best:Have a Plan: It is amazing how many business leaders do not have a plan--they just wing it. The reality of being a top athlete is that you must have a plan. From diet, to workouts, to rest, there is a plan of focused intent. Know what it is you want to accomplish and why it is so important. Have a strategic road map for your business success.Create a Routine: A routine is everything. It is part of your plan. Routines require an emphasis on high value activities. Focus on those things that will make a difference to you and your business. Schedule them in and make sure you do them.Take Care of Yourself: Top performers usually have off-the-chart energy. How do they manage this? They take care of themselves through a healthy dose of proper eating and rest. Even the greatest boxer who ever lived, Mohammed Ali, ate well and rested. He took one day off a week to relax and ease his body and mind.Proper warm-up and recovery: If you are going to work hard then you need to ensure you have proper warm up and recovery. This includes creating a natural rhythm to your business, as well as building in agility and flexibility. This is something that should be part of any good business practice. You and your people need to ensure they take the time needed to remain limber and prepared.It's all in the Head: Mental preparation is all about psychologically preparing for the big events. It is easy to get psyched out and think you or your people are not good enough. You need to tell yourself and your team they are the best at what they do. Create mindful rehearsals, read inspirational books, or count your blessings daily. Whatever it takes to build the mindset of a champion.Consider a Trainer and Coach: Great athletes have coaches--we all know this. Business leaders who want to mix it up know they need help. From motivation to accountability, a coach can make a difference.


Be dynamic on your business: You can't just focus on one thing in your business. You need to consider all the moving parts and train yourself in those parts. Olympic Athletes switch things up using fixed to variable equipment; they run, jump, throw, row, and do a lot more. The key, they mix things up.Engage your People: Olympians have a team of engaged people who are rooting for them. It includes many key stakeholders including family and friends, sponsors and vendors, managers, coaches, trainers and peers. Engaging your team is important for your business as well. It is important you find a way to connect your people to what it is you want to accomplish. Engage the people that are in your corner.Prepare for Heavy Lifting: All champions need to build their strength and endurance. Find ways to build your ability to deal with the events that are the heavy lifting of your business success. Build core competencies in yourself and those around you. Part of an Olympic Athlete's heavy lifting ability is having a strong, engaged core. The same is true in business: businesses without a strong core tend to have more challenges.. Make sure you have engaged your core.Train Early in the Day: Common wisdom says to train early in the day. Most Olympic Athletes do. Create an early ritual of getting focused, reviewing your strategic plan and the work plans that you have laid out. Focus on building up skills that will take you to where you need to go.Build your Training Team: A dedicated team is everything for a Champion. You must have a team that will not only work with you, but also train with you. Olympic athletes are known to train together for years before they turn to competing against each other. Therefore, a training team can include your peers, your team and your competitors. Olympians train with their competition so they get better.In business we ultimately want to be the best at what we do-we want to become champions. One of the best places to look for inspiration is at our Olympic Champions and the hard work and dedication they put into being the best at what they do. Like them, the first step to becoming the best is to think and act like a champion.

Five Take-Aways to Help You Take Your Ideas A Ways Forward

What's the use in attending conferences if you don't have take-aways that bring you a return on your investment? To elicit a return on my investment my take-aways need to either benefit myself personally, or my clients and potential clients directly or indirectly by helping me to better serve you.So here are five take-aways I've garnered from my conference experiences that you can apply to your businesses and life right away.1. Hypergrowth through incremental steps. Apply laws of hypergrowth to your business or profession. The law of least effort is that hard doesn't make things better; only harder. Simple gets things going more quickly, and any improvement is better than none. The law I especially like is the law of compounding... that small changes to interrelate parts of your business multiply each other. Instead of looking at our ideas as all or nothing, when we make continual positive cumulative improvements we grow our results consistently. For example, a 15% growth in business can mean just going from six clients to seven clients. When we use this perspective, doing what it takes to gain one more client is "doable" and we can realize an encouraging growth factor that motivates us to keep going and growing.2. Societal pendulum - "me" and "we" cycles. Society experiences two cycles of public opinion and thinking - a "me" cycle and a "we" cycle. Based on the book "Pendulum" by Michael Drew and Roy Williams, we swing between these two cycles and reach the peak of each every 40 years. If we don't realize the cycle we're in and the cycle we're moving towards, our focus and our messaging will be out of sync. If we're heading - or are already in - to a "me" cycle, our messaging should focus on freedom, personal liberty, big dreams, a desire to be the best, individualism, elevating one person higher than "the rest", and to paraphrase from Star Trek(TM)... "The needs of the one outweighs the needs of the many". The most-recent "me" cycle is 1963-2003; think "Baby Boomer" and X generations. If we're heading - or are already in - to a "we" cycle, our messaging should focus on conformity for the common good, creating a better world, small actions leading to large results, teams, individual humility and thoughtful people, solving societal problems to strengthen the whole, and again from Star Trek(TM)... "Logic clearly dictates that the needs of the many outweigh the needs of the few". The most-recent "we" cycle is 2003-2043; think Millennials and Re-Gen/Homelander generations. Know the cycle you're experiencing and where along the pendulum swing in that cycle we're heading, then target your idea messaging and your business focus towards the prevalent values.3. Creative problem-solving process. When we work through problems and challenges and come up with ideas to solve them, we follow specific processes consistently. Many models exist - some with four steps, six steps, or seven steps - that define such problem-solving processes. The model to which I am acclimated is the FourSight(R) model. This model consists of four phases: clarify, ideate, develop, and implement. Each of us tends to be strong in one or two of these phases, yet every phase is essential if we are to move from situation to ideas to solution to action. If we work within a team, the ideally productive team has a collective set of members with varying strengths in each phase. Clarifiers are good at details and like to get a clear understanding of issues before leaping into ideas, solutions, or action. Ideators are "idea people" - great with generating a lot of ideas, developing concepts, and seeing possibilities. Developers like analyzing potential solutions, exploring strengths and weaknesses and examining alternatives to turn rough ideas into well-crafted implementation plans. Implementers get their energy from taking action on those implementation plans. They focus on getting things done, period. None of these phases - or strengths - are good or bad. We must realize that to solve problems and implement ideas, we need to travel through all four phases of the creative problem-solving process.


4. Unlock your brain. When you need to get your sluggish brain in gear to work through an idea, shake-up an old habit or alter a routine. Do things backwards. Try a different color pen or print font. Walk through a different door. Schedule an "off" time for a meeting. Take a different route home. Use your other hand (from your dominant one) to do things. Ask "silly questions". Engage in "serious play" with build-anything toys like Legos(TM) or Geomags(TM).5. Storytelling: "But I don't have a story to tell." Most of us know that effective messaging - whether in a presentation, on a stage of thousands, on our website, or in our marketing - must include stories of some type. Stories captivate, elicit emotions, and move us. We sell on emotion and support with facts. I experience people at times who say they don't have, or can't think of, stories to tell. So here's a tip... use other people's stories! Read or watch or listen to "how they got there" or "how they did it" stories of people you admire or who are prominent in your (or your client's) industry. Then relate their stories to your message, giving appropriate acknowledgment to the story originator of course. You will be perceived as a good storyteller and also as a researcher who knows her or his stuff!Use any or all of these take-aways and apply them within the next 30 days, and you will authenticate the return on my investment in the conferences and retreats I've attended. When you attend your own (you DO engage in personal and professional development, don't you?), strive to identify some of your own take-aways and share them with others to solidify your return on your investment in the experiences.

Falling Into The Capital Gap: Baby Boomer Owners and Buyers Face A Big Problem

When business owners (especially baby boomer owners) and potential buyers learn that they can rewrite the rules for business selling, sell their businesses more quickly, with fewer hassles, and create a lifetime stream of income...they are usually skeptical.After all, most of us have come to believe the old chestnut, "If it seems too good to be true, it probably is."The idea that one can formulate workable, proven solutions for all of the problems plaguing the sale of a business causes some buyers and sellers to become a bit skeptical.It's easy to understand this mindset. The old method of selling a business just isn't working and the horrible 3% success rate proves it.Many times, business brokers claim they can solve some or all of an owner's concerns when selling a business.But there also lots of problems for potential buyers. These issues ultimately become the seller's problem as well. How can old, outdated methods of selling possibly address issues that buyers have that often result in "sale fail?"Let me give you a snapshot of a few of the top issues facing those who want to buy successful businesses.The growth cycle for businesses mirrors the growth cycle for people. They're born, they grow quickly, hit adolescence (which is a pretty funky time), and then reach young adulthood where they can usually take care of themselves without someone watching them every second of the day. Young adulthood is followed by middle-age, where everything starts firing on all cylinders. Businesses have similar experiences in this "prime" period.Then, something strange happens. People experience a "mid-life crisis," a time when life seems to be an endless treadmill where one neither advances nor retreats and where longings are difficult to define and nearly impossible to satisfy. In business, this period of angst-filled transition is called "No Man's Land". It is a place where boulders can roll down on both sellers and buyers.Let's take a look at some of the more obvious barriers to a successful sale. These are barriers which end up being a major headache for anyone who wants to exit his or her business.1. Falling into the "Capital Gap"The capital markets are interesting, organic creatures. Capital likes what it likes, and hates what it hates, seemingly without rhyme or reason.Deals have to meet certain criteria to attract particular types of financing, and if they do, there are typically many sources. But the ones that don't meet all of these certain criteria usually can't attract a single source of capital. This makes financing for businesses (the life blood of a selling a business) in the "Capital Gap" a tricky proposition.There are three general categories of businesses: small, medium, and large. Small businesses get financed mainly by commercial banks that view business loans as individual loans and qualify the business owner based on personal criteria. These banks can make some loans, but only up to certain limits-no more than the borrower can personally repay. Those are critical words... "personally repay". For most banks, there is a limit of $500,000 for bank loans, and this constitutes the "floor" of the capital "gap"For large businesses, the opening financing amount for capital tends to be about $5 million (the "ceiling"). Institutions interested in financing these kinds of business deals are mainly commercial banks (the commercial division), venture capital companies, corporate financing arms, and private equity companies.The problem for such institutions is that loan acquisition and servicing costs combined with risk-adjusted returns to the investors prevent these institutions from profitably making loans at anything less than a 25% rate of return (interest rate). Obviously, this is a non-starter for businesses as these usurious costs of capital would put the enterprise into a chokehold."So what does this mean, to you as a seller or buyer?" you may be asking.The cold, hard truth for mature small and medium businesses who are stuck between the floor and the ceiling is that there is simply no capital for your deal. Zilch, zip, nada...It's a sobering reality, and it underscores the number one problem for business buyers.It is a big problem too, because the logical extension of this reality is that not having capital for buyers also means that there is no capital for sellers either.


Both buyer and seller are in a world of pain due to this fact. As a seller or buyer, you need to find a solution that addresses this lack of capital in a real way by eliminating the middlemen (banks, brokers, finance companies) who drain the capital well dry.2. It's impossible to structure a deal that makes senseEven with an "all cash" deal structure on a $1 MM cash flow acquisition (which NEVER happens by the way), a seller would get, say, $3 MM in cash up front and pay at least half of that to brokers, lawyers, accountants, lenders and tax authorities leaving them with about 1.5 MM (if they're lucky).Only if a seller is then also very good at investing and minimizing broker/transaction fees on the investment they then buy, they might be able to net $150 K per year (10%), which is then taxable and subject to inflation.Going from $1million in income a year to $150,000 is a big hit. Are you really willing to downsize that much?Even if a seller took back a 5-year seller note at a market rate of interest, they would get approximately $360 K for the first five years, but the tax authorities would take out taxes on the capital gains and income taxes on the interest, leaving a seller with "skin and bones". This is a 5-year note, remember. The checks stop coming at that point and the asset column becomes bone dry.Conversely, out of a buyer's 1 million in cash flow comes the $360 K in debt service to the seller and approximately $600K to the bank, leaving a paltry $40 K net for the first five years for a buyer to put in his pocket- no joy for any professional business buyer, particularly given the risks involved.In this instance only the broker, the banker and the taxman make any money on the deal. You simply must discover a way to avoid this situation by cutting out the middle men altogether. After all, why should the broker, the banker, and the tax man get all of the profit from your hard earned efforts?3. A buyer has to make personal guarantees to a bank or other lender.Another issue buyers must deal with is that they have to make personal guarantees to banks and other lenders.Such guarantees provide zero benefit to sellers. Any astute buyer will structure their finances in such a way that a deal going bad won't sink them.Bankruptcy protection ensures that sellers won't get paid out of a personal guarantee. Banks know this but use it as a limitation on loans, and will often only loan to wealthy people with exposed assets.This really puts the buyer at risk for 200% of the guarantee-100% from the business plus another 100% from additional assets at risk. A proper response to this untenable situation would be to collateralize its guarantee. Finding a trustworthy advocate to provide you with such a collaterlized guarantee won't be easy. However, if you want to ensure selling success, you need to commit yourself to doing exactly that.With such a collateralized guarantee in place, you are able to minimize the risk of default for the seller and ensure that the assets pledged aren't protected via the bankruptcy statutes, as they would be with a personal guarantee. This makes it real and ensures that it won't take lawyers to get recourse if a deal goes sideways.As you can see, if you are a small to mid-sized business owner who wants to sell, or someone who wants to buy such a company, you must fix the financing issues for both buyers and sellers. Otherwise, you wind up be forced into deals that are the opposite of what you want and need.Finding a method of selling where financing is built right into the deal will greatly improve your chances of success.Don't even bother looking for this kind of selling blueprint at your local business brokerage. The typical business broker, whose emphasis is on making the highest commission possible rather than solving problems, simply lacks the skills, tools, and training to set this situation up for you.Instead, look for seasoned business transition experts who understand every problem facing both buyers and sellers and have proven solutions in place for each and every one of those issues.

The Million-Dollar Lever

If you want to get rich, you absolutely must make use of some form of leverage to multiply your capabilities. Every single person who's ever gone from a humble beginning to major success has used some form of leverage to get there.Most people don't realize that the rich people in this world are just the rest of us, but it's true. The only difference is that these folks have developed certain strategies and formulas, and they've learned how to apply them effectively and persistently. They're risk-takers. They set out to make things happen, and they've accomplished great things as a result. Otherwise, they're just as human as me and you. When you realize that rich people are no different from you, that's when you begin developing the awareness that you're capable of making all the money you want.A lot of people just don't believe that's true -- and as long as you believe you can't do it, you won't. So you have to get that straight right now, by understanding that every single rich person in this world uses leverage in one way or another. Rich people put on their pants the same way we all do -- one leg at a time. They have no more hours in the day than you and I have. They're not physically stronger; what power they do have has all been granted to them by other people.Leverage comes in various forms, and there are many different ways to use it. No two ways are quite alike, because each individual puts their own unique perspective into whatever leverage they use. Nonetheless, the principle of leverage is the same for everyone, and here's how we define it: leverage is any method or strategy that allows you to do more than you would ever be able to do on your own. You can use leverage to do the work of one person or one hundred. It's a way of multiplying your efforts. Again, not only are there different methods and strategies for producing leverage, but there are also different levels for using those strategies, too. The same strategy that can be used to generate $1,000 can also be used to generate $10,000 or $1,000,000.Let's say you get involved in a distributorship that requires you to run ads in newspapers around the country. Some people will be content with running four or five ads at a time, bringing in an extra $100-$300 a week. They might work 30-45 minutes a day taking the messages off their machine, ending up with a very small, lucrative part-time business that makes consistent money. But distributors willing to leverage the same program in a big way, by posting dozens or hundreds of ads, can make millions using the very same formula. I've seen this happen more than once. These people think bigger and leverage the formula strenuously, pouring their time and energy into it, and make a helluva lot more than those who just want to make a comfortable living.So what do you want to accomplish? Getting rich means different things to different people. You need to determine what it means to you. How much money do you really want to make? Then, more importantly, why do you want to make that money? That's what gives you the energy that you need. That's what helps you maintain that level of commitment you must have to go out there and do big things. Without it, you can't hang in when things go bad, or when things aren't working perfectly. And in business, nothing ever works perfectly.Start looking for ways that rich people use leverage. You've heard the cliché that "you need money to make money." Well, that's one way of using leverage. If you had a million dollars in mutual funds, you could conceivably safely make 25% on your investment. Without ever touching the principal, you could be generating $250,000 every single year, year after year. Your money would be working for you so you don't have to work -- or at least not work as hard. That's one utilization of the principle of leverage.


Think about hydraulics, which is based upon the incompressibility of certain fluids, especially water. With a hydraulic system, one person can pick up thousands of pounds with the push of a button. That's what leverage is all about. It's what the military calls a "force multiplier." It's gaining the maximum results from the minimum amount of time, work, energy, and effort. It gives you so much power and so much ability.We're living in an age where average people have more power than ever before. Computer technology and the Internet allow you to reach millions of people very inexpensively. There are many more magazines you can advertise in now. Think of the offset revolution of the 1960s, where printing equipment kept getting cheaper and cheaper -- and the cost of printing in bulk started dropping, so printers could print small quantities of magazines profitably. Now there are hundreds of different magazines on the market, whereas 50 years ago there were dozens. This allows small entrepreneurs people to service narrow niche markets that would have been impossible before, or at least very expensive to reach. This gives the average person the chance to compete effectively in the marketplace.Here's another example that uses recent technological advances for leverage. I once read in Forbes Magazine about a small steel company that had 15 employees -- but was successfully competing with large steel mills that had hundreds. The only way it could happen was because of recent technological advances. This company didn't manufacture any of their own steel; they just brokered it. They didn't have all the high overhead costs, because technology allowed them to do it with distribution and communication methods that helped them get their steel from other countries in the world where it's much cheaper than here.A great way to use leverage is through direct mail. You can spend a week developing a sales promotion package, then send it out to thousands of addresses. Each of those pieces of mail goes to a prospect's house, knocks on the prospect's door, presents your sales message to that prospect, and does a good job of selling. All you have to do is call the printers and mailing house to be sure everything's created and they're all sent out properly. No actual salesmen are required.Learn the principle of leverage and put it to good use. Start by determining what you're best at. We all have certain talents and abilities, so find out yours and focus on that end of the business. When your energy isn't scattered, it also becomes a form of leverage. Delegate the rest of your responsibilities to other people, so your time isn't spent putting out brushfires all day long.Effectively using leverage starts with a certain level of awareness. First of all, be aware that the richest, most successful people in this world are just as human as you are. They have just as much time, and they're probably no smarter than you. They've simply learned how to use this principle of leverage, by finding some method or strategy that allows them to do more than they could normally ever do on their own. You can do the same.