How to Sell Your Business
BRAND EQUITY RULES!
The first question we ask our clients is “Why are you going into business?” Sounds simple, but it’s not. Some say “Because it’s my passion.” Some say “I’ve always wanted to be my own boss.” And some say, “I want to leave it to my kids.”...
Brand Failure Can Be Caused by “Selling Down”
“THEY USED TO BE THE BEST!”
We have seen brands work diligently to be the best in their category, only to then try to be all things to all people and exceed their “brand width” in the process. It takes years to get the reputation of being the best in your category…...
Without a Brand Promise, A Brand is Just a Label
WHAT DO YOU STAND FOR?
Brands go back to Roman times. They were used to identify the merchant who produced a product emblazoned with a particular mark. Today, brands represent not just the producer’s identity but also the brand’s promise. This brand promise covers not only product performance, but extends to...
Quality Control Cannot Be Outsourced – But Production Can
YOUR CUSTOMERS DESERVE THE BEST!
Folks used to ask us how we continued to get top awards for quality when we outsourced production, didn’t own a vineyard, and had no winery! We would reply “You can outsource everything but Sales, Accounting, and Quality Control.” Yes, you can even outsource Production, but...
Build a Brand, Not a Commodity for Someone Else
I DON’T CARE WHAT IT DOES, IT’S NOT AN iPHONE
Brand Vs Commodity The difference between a brand and a commodity is loyalty. There are folks who know that the Samsung may do more than the iPhone, but they are loyal to the iPhone. It’s their brand and no matter if it costs more or does...
Risking Brand Failure to Sell More Suds
I WANT MY BUD BACK
If you spent several decades building a brand name, would you change it for a 6-month perceived market advantage? And then go back to the name you tirelessly built over all those years? Well, that’s just what Anheuser-Busch is planning to do with their Budweiser brand....
Family Owned Businesses Require Special Relationships
IT’S ALL IN THE FAMILY
Family owned businesses come with their own special set challenges requiring a different set of rules to preserve the business relationship as well as the family relationship. The classic family business often starts out requiring “all hands on deck,” in many cases, just to survive. Most...
Your Acquirer’s Due Diligence Checklist Should Guide Your File Organization
BE READY FROM DAY ONE!
There’s much talk these days about the business plan, yet the sale-of-the-business plan seems to get little attention. Right now is the time to discuss the eventual transition and the due diligence checklist. Planning ahead for your potential acquirer’s required list of documents is an effective...
4 ways to Future Proof Your Brand
NOW WHAT?
When it comes to the longevity of your brand, the challenge is simply to remain relevant, no matter what happens in the market. Being future proof means standing the test of time. It’s the difference between retro and classic. It’s the difference between the flash in...
Quality Assurance is Essential to Your Brand Promise
“BUT YOU PROMISED!”
Quality assurance is exactly that. You are assuring your customer that the branded products she has come to expect are what she gets. We have seen that even though you have the trademark and are the producer, you don't own your brand, and you don't own...
Too Many Offerings Can Dilute Your Brand
DON’T EXCEED YOUR BRAND WIDTH
One of the hardest challenges you face as a startup is to be true to your concept, your message, and your real market. When you start your business the pressure is on daily to produce sales. You hear that if you just made this or that...
5 Steps to Becoming an Acquisition Target
PAYDAY!
Sooner or later every startup wants to get acquired. They may not realize it at first. When it becomes clear that the next level of growth requires more time, money, and effort than they bargained for, they look to an acquirer to take their company to...
Brands Are Built on Excellent Customer Service
THEY TOOK CARE OF ME!
Your brand is judged more by how you handle a customer's problem than by how you provide great products and services. Your handling of their concerns demonstrates your brand's principles, ethics, and values. Are your customers’ problems treated like a nuisance? Or are they welcomed like...
5 Attributes of Authenticity that Give Your Brand an Edge
THE REAL McCOY
When your brand is perceived to be authentic, your sales increase, your brand loyalty soars, and your competition pales. Authenticity is “truthfulness of origins, attributes, commitments, sincerity, devotion, and intention,” according to Wikipedia. In other words, the real thing! Authentic brands have the attributes of dependability...
Brands Can Suffer During the Delegation Process
DON’T FUMBLE THE HAND OFF!
At some point in the life of a brand, its management gets delegated to a new brand manager. This may be through an external acquisition, internal reassignment, or turnover. Whatever the reason, this puts the health of your brand at stake, and in many cases, challenges...
Successful Brand Building Must Get Through Long Periods of Little Progress
THE GRIND
We had a friend who was a very talented singer and songwriter. He was convinced that if he could just get discovered (like in the movies), he’d have it made. He used to tell us, “It’s like one, two three! I play, Mr. Big sees me,...
Recover from Bad Turns by Growing Your Business Slowly
CAUTION! CONDITIONS CHANGED AHEAD!
Don’t believe the entrepreneurial pundits who say startup success is as simple as launch, prove, and scale. It’s more like launch, prove, scale, prove, scale, prove, scale, and prove again! Most businesses fail not because they couldn’t prove their concept, but because they proved it, and...
Increase Sales with Positive Customer Experience
WORD OF MOUTH TRUMPS ADVERTISING
When a new company is just getting started or sales are down, the pressure is on for more advertising. But is that the best solution? Advertising is based on your long-term commitment to running expensive ads repeatedly before you can get any “traction.” But there is...