Delivering Marketing Joy is an award-winning interview show that helps marketers level up. Each week, Kirby Hasseman interviews the best and brightest minds in marketing to help you level up. This time on Lessons from DMJ, Kirby talks with Jonathan Baker about what entrepreneurs who want to sell their business need to know! Watch now!
Lessons from DMJ: Advice on Selling Your Business
This time on Lessons from DMJ, Jonathan Baker, the practice lead and M&A services for Punctuation, shares invaluable advice for entrepreneurs contemplating the sale of their business. The decision to sell a business is monumental and involves numerous factors that need careful consideration. This article will delve into the key aspects that entrepreneurs need to keep in mind, from determining the value of the business, the importance of the terms of the deal, the emotional toll of selling a business, to knowing when to sell or keep building.
Each of these aspects is critical and can significantly impact the outcome of the sale. They are not only about the financial implications but also about the emotional and lifestyle changes that come with it. So, let’s dive in and explore these aspects in detail to equip you with the knowledge you need to make an informed decision.
Determining the Value of Your Business
Understanding the value of your business is the first step in the selling process. Buyers determine the value of a business based on their goals and what they value in the business. This can vary significantly from one buyer to another, depending on their strategic objectives and the specific aspects they value in a business.
Several factors can influence the value of a business. These include the magnitude of profits, the positioning of the business in its market, client concentration, recurring revenue, location, and the extent of the business’s reliance on the founder. Each of these factors can either increase or decrease the perceived value of the business to potential buyers.
The Importance of Terms in the Deal
The terms of the deal can often be more important than the valuation itself. These terms can dictate the buyer’s continued employment, their ability to retain clients, and their post-sale lifestyle. The valuation is a point-in-time number, but the terms of the deal can have long-term implications on the buyer’s financial situation and lifestyle.
It’s crucial to negotiate terms that are favorable and align with your post-sale plans. This could involve clauses regarding your continued involvement in the business, guarantees about client retention, or stipulations about your lifestyle after the sale. Understanding and negotiating these terms can make a significant difference to the outcome of the sale.
The Emotional Toll of Selling a Business
Selling a business can be an emotional rollercoaster, akin to buying a house or dating. The process can be filled with excitement, despondency, and everything in between. It’s crucial to stay focused on running the business throughout the process, as getting too caught up in the sale can distract from the day-to-day operations.
Remember, the sale process can take time, and it’s essential to keep the business running smoothly during this period. This not only maintains the value of the business but also keeps you grounded and focused during the emotionally charged sale process.
Knowing When to Sell or Keep Building
The decision to sell or continue building your business is a significant one. It should be based on revisiting the reasons you started the business in the first place and considering the life-changing amount of money that a sale could bring. It’s essential to weigh these factors carefully and make a decision that aligns with your long-term goals and aspirations.
Remember, selling is not the only option. There may be other avenues to explore, such as partnerships, mergers, or even franchising. It’s crucial to consider all these options and choose the one that best suits your financial situation and future plans.
Conclusion
In conclusion, selling a business is a complex process that requires careful consideration of various factors. It’s not just about the financial implications but also about the emotional toll and lifestyle changes that come with it. Selling is not the only option, and sometimes it may be financially better to not sell the business.
To learn more about these aspects and get professional advice, consider reaching out to Jonathan Baker at Punctuation. With their expertise in M&A services, they can provide you with the guidance you need to navigate the sale process successfully.
Delivering Marketing Joy is an award-winning interview show that helps marketers level up. Each week, Kirby Hasseman interviews the best and brightest minds in marketing to help you level up. This time on Lessons from DMJ, Kirby talks with Adam Callinan on profitability, Shark Tank, and why every entrepreneur is struggling right now. Watch now.
In this insightful interview, we delve into the entrepreneurial journey of Adam Callinan, the founder of Pentan, an e-commerce-focused SAS company. Callinan, who previously co-founded BottleKeeper, a company that achieved a staggering $8 million in sales without a single employee, shares his experiences, challenges, and lessons learned. He emphasizes the importance of leveraging technology, software, and automation in building a business, as opposed to the traditional approach of hiring people.
Through his unique journey, Callinan provides a fresh perspective on entrepreneurship, highlighting the struggles that every entrepreneur faces, and the importance of creating structure and maintaining physical and mental well-being. He also discusses why many early-stage companies struggle with profitability, and shares his experience of appearing on Shark Tank, which significantly boosted his company’s revenue. Lastly, he offers a special deal for listeners to access Pentan for the first 30 days for just $1.
Building a Company with No Employees
Callinan’s journey with BottleKeeper is a testament to the power of technology and automation in business. With a foundation rooted in a previous medical device business, BottleKeeper was built with strict guardrails to avoid hiring employees. Instead, Callinan focused on using technology and automation to build platforms and manage operations.
This unconventional approach allowed him to maintain control over the business, reduce overhead costs, and achieve impressive sales figures. The success of BottleKeeper serves as a compelling case study for entrepreneurs exploring alternative business models.
Challenges of Building Bottlekeeper
Despite its success, the journey of building BottleKeeper was not without its challenges. Callinan faced difficulties with inventory management and the cyclical nature of the business, which resulted in swings in revenue throughout the year. These challenges, while difficult, provided invaluable lessons that shaped the growth and evolution of the company.
Moreover, Callinan also discusses the mental challenges of dealing with the highs and lows of the business. The entrepreneurial journey, while rewarding, can often be a rollercoaster of emotions, and Callinan’s experience underscores the importance of resilience and adaptability.
Struggles Faced by Entrepreneurs
Callinan highlights the struggles that every entrepreneur faces, emphasizing the need for entrepreneurs to create structure and take care of themselves physically and mentally. The entrepreneurial journey can be fraught with challenges and uncertainties, making it crucial for entrepreneurs to prioritize their well-being and avoid isolation.
Creating structure, setting boundaries, and maintaining a healthy work-life balance are essential for long-term success. Callinan’s insights underscore the importance of self-care in entrepreneurship, a topic that is often overlooked in the pursuit of business success.
Reasons for Early Stage Companies Not Being Profitable
Callinan discusses why many early-stage companies struggle with profitability. He points out that the default approach of raising capital can lead to frivolous spending, and the tendency to add fixed expenses without understanding the necessary revenue levels can hinder profitability.
Understanding financial metrics and marketing efficiency is crucial for profitability. Callinan’s insights provide a valuable perspective for early-stage entrepreneurs, highlighting the importance of financial literacy and strategic planning in achieving profitability.
Impact of Appearing on Shark Tank
Callinan shares his experience of appearing on Shark Tank, a platform that provided incredible free advertising for BottleKeeper. The company experienced a significant boost in revenue after the episode aired, demonstrating the power of strategic exposure and publicity.
The ongoing impact of the Shark Tank appearance on the company’s success is a testament to the importance of seizing opportunities and leveraging platforms for business growth. Callinan’s experience provides valuable insights for entrepreneurs seeking to maximize their visibility and reach.
This offer provides a unique opportunity for entrepreneurs to leverage the power of Pentan’s platform to streamline their operations and enhance their profitability. With its focus on solving financial operation problems, Pentan is poised to be a valuable resource for entrepreneurs navigating the complexities of e-commerce.
In January, Kirby was asked to speak at PPAI Live about 4 Tips To Creating a Successful 2024. In this DMJ 1 on 1, we go LIVE to the PPAI Expo from the show floor. Watch now!
As we approach the new year, it’s time to start thinking about how we can make 2024 the most successful year yet. In this blog, we’ll be discussing four key tips that can help you achieve just that. These tips are not just about setting goals, but also about maintaining a positive mindset, continuously learning and growing, and prioritizing deep work. So, let’s dive right in and start planning for a successful 2024.
Be Intentional and Set Goals
The first tip for creating a successful 2024 is to be intentional and set goals. Setting goals is a crucial step toward success. It gives you a clear direction and helps you stay focused on your path. But remember, these goals should be deeply personal. They should resonate with your values and aspirations.
Consider setting goals in five key areas of your life: Finance, Fitness, Family, Faith, and Fun. By setting goals in these areas, you ensure a balanced approach to your life. You might also want to consider setting shorter time frame goals, such as 12-week year goals. This can help you stay motivated and see progress more quickly.
Be Positive and Practice Gratitude
The second tip for a successful 2024 is to maintain a positive attitude and practice gratitude. Positivity can significantly improve your performance, especially in stressful situations. It helps you stay calm, focused, and resilient. But how can you boost your positivity? One effective way is through gratitude exercises.
Gratitude exercises can help shift your mindset to a more positive state. They can help you focus on the good in your life, leading to more things to be grateful for. So, start your day by listing three things you’re grateful for, and see the difference it makes in your life.
Continuously Learn, Grow, and Change
The third tip for a successful 2024 is to continuously learn, grow, and change. Personal growth is a lifelong journey, and investing in your personal development can lead to significant improvements in your life. One way to do this is by reading books and investing in education.
Look for opportunities to learn and grow, such as online courses and certifications. Avoid living the same experiences over and over again. Instead, seek new experiences, learn new skills, and embrace change. This will not only make your life more interesting but also help you grow as a person.
Prioritize Deep Work and Avoid Multitasking
The fourth and final tip for a successful 2024 is to prioritize deep work and avoid multitasking. Despite popular belief, multitasking is a myth. It can hinder deep work and lead to decreased productivity and focus. Instead, focus on one task at a time for better results.
Batching activities can also improve your productivity and effectiveness. This involves grouping similar tasks together and doing them in one go. This can help you stay focused and reduce the time wasted on switching between tasks.
Conclusion
In conclusion, creating a successful 2024 involves being intentional and setting goals, maintaining a positive mindset and practicing gratitude, continuously learning and growing, and prioritizing deep work. By following these four tips, you can make 2024 your most successful year yet. So, start planning now and make the most of the coming year.
At Hasseman Marketing, we work with organizations from all over the map. We have clients in manufacturing, financial services, education, healthcare, retail…and more. But what do all of them have in common? They all need an incredible workforce to deliver their products and services. Without exception, each of these companies needs a great team in order to do their best work.
So how do you attract and retain the best talent for your team, if everyone is trying to do the same thing? It’s the million-dollar question (or for some organizations, the billion-dollar question). And while there are MANY different strategies and tactics to make sure your people want to stick around, one is universal.
Care more.
Employees tend to stay where they are fairly compensated…and they feel appreciated. That appreciation can be shown in many ways. But one way that we have seen organizations showcase their “give a damn” is through Health and Wellness programs. The best Health and Wellness programs not only help employees be healthier but also show that the employer wants them to. As Maya Angelou said, “People will not care how much you know until they know how much you care.”
Why Do You Need A Health and Wellness Program?
While this all may feel warm and fuzzy, a great health and wellness program affects the bottom line too. Many organizations negotiate their healthcare costs based on the health of their employees. In other words, if you are team is healthier, it will save your company money on healthcare costs. But it goes further than that. In a study done on the ROI of employee wellness programs, Harvard researchers conclude that, on average, for every dollar spent on employee wellness, medical costs fall $3.27 and absenteeism drops $2.73. This is a 6-to-1 return on investment.
According to the Rand Wellness Programs Study, the disease management component of the studied wellness program was responsible for 86 percent of the hard health care cost savings, generating $136 in savings per member, per month, and a 30 percent reduction in hospital admissions.
So while you may explore a health and wellness plan because you want your employees to thrive, it can certainly help your bottom line as well.
5 Must-Haves For a Successful Health And Wellness Program
However, there is a challenge with organizations that want to implement a health and wellness program that will move the needle. Where do you start? What do you need to do to make it happen? As with most things, if you just throw it together, it will feel that way. And you won’t get the results or impact you or your organization wants. So here are the 5 things we think your health and wellness program needs to be successful.
Enrollment Plan
For people to make real change they have to be enrolled in the journey. Enrollment is not forced. It’s voluntary. There is a difference between education and learning. Education is forced. Learning is voluntary. We learn faster and grow faster if we WANT to do it. We need to be enrolled in the journey. The goal is not just to get people signed up. You want to get them enrolled! We recommend the 3 E’s to get the program started. Excite, Engage, and Enroll.
Excitement is what you create when you promote the program. This is when you tell the team about the program. You explain the potential results. This is when you talk about the impact on the team and on them personally.
Engage is when you get them to sign up. You give them their first cool branded merch to help them identify as a part of the tribe.
Enrollment is the process of getting their buy-in. They may have signed up, but you need to continue to motivate and inspire them to get started on the right foot!
Design Plan
While you can certainly use your company logo on the merch, we think it works best if you create something special. Make no mistake, your health and wellness design should match your branding guidelines to maintain continuity. But we think having a special design will help to announce to the team who is taking part in the journey. This allows to members of the team to build camaraderie on the journey and to lift each other up. By making a special design for the program, you can make your team members feel special in the process.
Merch Plan
We say all of the time “Friends don’t let friends do bad merch!” And while you might expect to hear that from a company that sells branded merch, we believe it because it’s about affecting human behavior. If you and your organization do trashy branded merch in your health and wellness program it will not encourage people to sign up. And if you don’t get enrollment, you will not affect any change. This does NOT mean you need to break the bank. But you do need to focus on items that will fit the goals and encourage people to jump in. It takes a commitment and a plan.
Communication Plan
If you have ever started a new fitness program, you know that maintaining consistency and motivation is a huge factor in success. We believe that creating a communication (or inspiration) plan that reaches out to participants consistently can help to increase their chances of success. While you may be completely self-motivated, most of us are not. A coach or a voice of encouragement can really help to push people to do their best.
Exercise Plan
A great Health and Wellness plan is not only about exercise anymore. The best plans help your team to focus on mental wellness as well. This might come in the communication/inspiration plan above. But it should include a fitness plan as well. As studies will tell you, your overall fitness will help shape your mental wellness too. So make sure to consider ways to get your team active in a real and positive way!
As you can see, a productive health and wellness program can really have a positive impact on your organization. On the other hand, you can probably see how much there is to run one well. Want help? At Hasseman Marketing, we have a program called Total Wellness. If you want to schedule a call to see how we might help you, click here and we can set it up.
I love blogs, podcasts, and videos. Each of these has the chance to inspire me and lift me up. I have created time in my morning routine to put some good into my brain each day…and these are often my tools of choice. But if I really want to take a deep dive into a topic, I still am inspired by books. Whether I read a physical book or simply take a walk with the author (in audio form), books help me grow (and level up).
Over the course of the last 10 years, I have had the chance to read hundreds of books. Some have been forgettable. Others have been what I needed to hear at the moment. But here is a list of 37 Game-Changing Books for Business that have impacted me. I wanted to share them with you.
I originally wrote this list in 2021. So I updated this list again to add a few new favorites!
The E-Myth Revisited
This is one of the best business books ever. I have bought countless copies and have recommended it more times than I can remember. I have probably read it 10 different times and have found myself in a different place on the journey each time. If you are in business or want to start a business, this is awesome.
Profit First
When I first listened to Profit-First, I thought author Mike Michaelowicx was following me around. It spoke to the challenges I was having in my business’s cash flow right then. We tentatively adopted the philosophy and have not looked back. It’s been a game-changer for us. Mike’s goal is to “eliminate entrepreneurial poverty,” and for many in business, that is a real thing. Love this book.
I think each one of Sinek’s books has gotten stronger. And while I really enjoyed “Start with Why,” I thought “Leaders Eat Last” was even better. Sinek goes into what makes a great leader and even the biological reasons for it. Powerful information…and super interesting too!
Infinite Game
As you might expect, this is my favorite of Simon Sinek’s books. He explains the difference between a finite game and an infinite game and why it matters so much to know what kind of game you are playing. For me, it crystallized the idea of playing a “long game” in business. It’s what I have long believed and discussed, but Sinek does it in a much more articulate way than me!
The Thank You Economy
I love Gary Vaynerchuk. I am a fan. But while I love his content, his energy, his speaking, and his philosophy, I don’t always LOVE his books. But The Thank You Economy was different. Gary talks about using social media to create appreciation, value, and connection at scale. Loved this one.
Pumpkin Plan
This is the second Mike Michaelowicz book on the list. I am a fan of Mike’s work and this is a powerful one about differentiation. He says “The Riches are in the Niches” and explains how to find your niche and grow into it. He even spends a bit of time explaining how to “fire a client” which just seems so hard for some entrepreneurs. The Pumpkin Plan is worth harvesting.
Purple Cow
I am an unapologetic fan of Seth Godin. He is a thought leader in business and marketing. And he has the ability to say things in a way that is simple, yet powerful. “If you want to be remarkable, you have to do something worth remarketing about.” Read this one if you want to stand out in a crowded marketplace.
The Dip
While this is probably not Godin’s most famous book, it is the one I find myself quoting the most often. It’s short and powerful. When you start something new, you will be learning fast and your improvements will be fast. Then, that will excitement and progress will slow down. It will not be as exciting. This is the Dip…and it’s when most people quit. Get through the Dip…and you become the expert.
The Practice
His most recent book (as I type this), The Practice is a powerful reminder about how we get better at anything. If you want to build a career, a business, your fitness, content, or a life…creating a Practice will help you do it.
Ultimate Selling Machine
If you are an entrepreneur or are in sales (and we are all in sales), this book is powerful. There are strategies for everything from creating a sales process to building real relationships. Love this one.
High Trust Selling
I read this one a long time ago, and it was one of the first books that changed my business. Duncan’s observation is that 80% of our results in sales come from 20% of activities. But as salespeople, we tend to focus on the wrong part of the business. We need to hire out the 80% that does not make us money.
The 5-Second Rule
File this under “simple but powerful.” Mel Robbins gives you a 5, 4, 3, 2, 1 solution for procrastination. Along the way, she gives powerful insights into performance and life. Oh…and this is a great audiobook if you enjoy those.
Finish
Jon Acuff is a great writer and speaker. His sense of humor helps me get lessons I might otherwise miss. While I love his book Start (Punch Fear in the Face), the book Finish was more powerful for me. I have never had problems starting things…but finishing? Squirrel! He gives some great tips on getting your project to the finish line.
I got this book recently at the recommendation from a friend. It’s a great look at how to improve a bottleneck and flies in the face of traditional manufacturing policy.
Known
Want to build your personal brand? I really enjoyed this book from Mark Schaeffer on how to make it happen. In this book, he outlines the 5 steps you need to take to build your brand and become Known.
Building Your Storybrand
Donald Miller wrote this gem that outlines why most companies get their marketing wrong. It was a real “a-ha” moment for me and shined a light on why sometimes messages work and sometimes they don’t. Who is your marketing making “the hero of the story?” Most of us make ourselves the hero. The customer needs to be the hero. Miller explains why in this wonderful book.
Marketing Made Simple
Now that you understand that the customer needs to be the hero of your marketing story, Marketing Made Simple digs into the tactics of how to make that happen. This book outlines a step-by-step process to create a marketing machine that works for your business.
Dare To Lead
Most of us are afraid to put ourselves out there. We don’t want to be completely authentic because it doesn’t feel like “what a strong leader would do.” Brene Brown breaks down those myths and challenges us to lean into them. I feel like this book made me a better leader by making me a better person.
Extreme Ownership
And speaking of leadership, it’s hard to learn from better teachers than Jocko Willink and Leif Babin. These two team up to give amazing lessons in leadership combined with stories from leading teams in combat. Oh…and if something is going wrong in your company, or division, or family…you should take extreme ownership. Good one here.
Meditation for Fidgety Skeptics
Everywhere I looked, I saw people telling me I needed to meditate. But I didn’t know how. I felt like I was doing it wrong. It felt strange and weird. This book breaks down some of those myths and gives you permission to get started with “just one minute” if that’s what you need to do. This is a good introduction for someone that feels they might need meditation in your life…but does not know where to start.
The Subtle Art of Not Giving a F*ck
If you are offended by strong language, this book is not for you. However, if you can get past that, there is a zen-like quality to much of this book that really connected with me. One of my favorite lessons, which I talk about here, is the idea that successful people are willing to “suffer through” things to get to what they want. Not everything will be easy. If you want to reach your goal, you need to decide what you are willing to suffer through.
Scrum
This book is sort of the bible for Agile productivity. We read it as a team. If you want to get more done as a team, this book is a must-read. Can you break down tasks into small enough pieces so that every member of the team can help? You probably can…and SCRUM lines up how.
4 Disciplines of Execution
Let me see if you have been there. We come back from a conference (or read a book) and want to implement a great idea. We start strong, but then the “whirlwind” of business and life gets in the way. The 4 Disciplines breaks down how to identify the Wildly Important Goal, and create a process to make improvements with your team.
Epic Content Marketing
If you want to do content marketing “right,” this is your manual. Joe Pulizzi talks about the start of his company and how creating compelling content (for the customer) works. He shows you how to create an audience and story-tell in a way that will build your brand. Loved this one.
Hug Your Haters
So you have created a social media following that is worth having. What do you do when “the haters” show up? Jay Baer says you need to “Hug Your Haters” in this book about dealing with tough comments on social. Jay gives the playbook on what to do when complaints happen (and they will). Most of us want to ignore the comments so they go away. Jay explains why that is the wrong play…and how doing it right can change haters into fans!
Never Split the Difference
Life is a negotiation. If you are in business, you already know this. In this powerful book, Chris Voss takes us inside some amazing stories from a hostage negotiator…and how many of them can apply to you.
Living With a Seal
This is a fun one. Jesse Itzler tells the story of how he invited the “toughest man on the planet” David Goggins to live with him for a month and train him. When I listened to this, no one knew who David Goggins was…but it all makes sense now. While there are some sincere lessons here about how far we (as humans) can go, this one was fun.
The Power of One More
If you have followed me over the past few years, I talk a lot about Ed Mylett. His book The Power of One More is a great personal development read. If you want to level up in any area of your life, Mylett gives you the tools to do that. And I love the way he frames so many of these important topics.
Soundtracks
Jon Acuff is funny and insightful…and this is probably my favorite book from him. Here Jon talks about the voice that we hear all of the time in our heads…our own. Most of us can be our own worst enemies, and he gives us permission to push back on that voice…and tools to do just that. Totally worth a read or a listen.
Buy Back Your Time
Most of the entrepreneurs I know struggle with two things…cash and time. While this book doesn’t give you any cash, it does give you lots of tactics on how to better use your time in order to grow.
$100 Million Offers
Alex Hermozi doesn’t need any recommendations from me…but he is going to get it anyway! This book $100 Million Offers, and his follow-up $100 Million Leads, are must-reads if you want to grow your business. And if you are not following him on social media already, you really should check him out!
Traction
I read this a long time ago…but I didn’t implement it. I went back to re-read after so many people I respect mentioned the book. We have worked to implement the tactics at Hasseman Marketing, and now I understand the appeal.
The 6 Types of Working Genius
Sometimes you read a book and it changes the way you look at your team. This was one of those books for me. I love the concept of how there are 6 types of work in each project. Then Patrick Lencioni explains how to increase efficiency and avoid burnout by putting people (and yourself) in your area of genius as much as possible.
12 Months To $1 Million
If you want to start a business, I think this is a great place to start. There are concepts here that will help you get started off right…and great reminders for those who have been doing this for a while. Great book!
Hit The TARGET
This is my one selfish plug, but if you are struggling with your marketing, I really think this can help. Hit The TARGET is my latest book, written as a parable, that helps you identify your perfect customer and grow your business with them.
So there you have it! This is my updated list of 37 Game-Changing Books for Business.
As always, we want to provide you with value. So if you want to create marketing campaigns (and appreciation gifts) that hit the TARGET, check out our TARGET marketing playbook here.
