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 blueprint for the organization of your files and records.

You may say, “I’m never going to sell my business,” or even, “I’m giving the business to my kids so I won’t have to worry about the buyer’s due diligence.” But knowing what an acquirer wants to see and why will give you a big head start on what records are important to anyone who will own, manage, or invest in your company.

It is essential to have these documents in order from day one, because you can’t afford to wait until Mr. Big comes knocking. What are you going say then? “Oh wait just a minute… please stay interested! I know I’ve got that information around here somewhere!”

To read the complete article, please visit The Business Journals 

Who We Are

Michael Houlihan and Bonnie Harvey co-authored the New York Times bestselling business book, The Barefoot Spirit: How Hardship, Hustle, and Heart Built America’s #1 Wine Brand. The book has been selected as recommended reading in the CEO Library for CEO Forum, the C-Suite Book Club, and numerous university classes on business and entrepreneurship. It chronicles their humble beginnings from the laundry room of a rented Sonoma County farmhouse to the board room of E&J Gallo, who ultimately acquired their brand and engaged them as brand consultants. Barefoot is now the world’s largest wine brand.

Beginning with virtually no money and no wine industry experience, they employed innovative ideas to overcome obstacles, create new markets and forge strategic alliances. They pioneered Worthy Cause Marketing and performance-based compensation. They built an internationally bestselling brand and received their industry’s “Hot Brand” award for several consecutive years.

They offer their Guiding Principles for Success (GPS) to help entrepreneurs become successful. Their book, The Entrepreneurial Culture: 23 Ways To Engage and Empower Your People, helps corporations maximize the value of their human resources.

Currently they travel the world leading workshops, trainings, & keynoting at business schools, corporations, conferences. They are regular media guests and contributors to international publications and professional journals. They are C-Suite Network Advisors & Contributing Editors. Visit their popular brand building site at www.consumerbrandbuilders.com.

To make inquiries for keynote speaking, trainings or consulting, please contact sales@thebarefootspirit.com.

The post How to Get Ready to Sell Your Business — Even if You Don’t Plan To appeared first on The Barefoot Spirit.

The idea might be for a great product that makes life easier. But to actually have a monetization event where you get paid for your idea, you must create a business that sells it. Now you have to demonstrate that there is a substantial and increasing market for your idea. You do this with sales.

If you intend to eventually attract an investor, acquirer, or cash infusion partner, your business must show the level of earnings they are looking for. Most businesses are valued on a multiple of annual earnings, so, in most cases, it is the earnings they are investing in, not the “idea.”

For us, it took 19 years to finally achieve the earnings and the sales necessary to attract an acquirer. For every category of consumer product and price point, there is a corresponding number of earnings and sales that your business must achieve before any acquirer will even look at you. And those numbers can change with the times and the economy. But once you know what those numbers for your particular type of business, you must grow to at least that size.

Now you are involved with growing a business and all the critical make-it-or-break-it decisions that are required daily. How will you make more right decisions? What principles and standards will you employ to hold up as a guide in every aspect of your business?

If we had known then what we know now, it might have taken us half the time to monetize our business. We learned most lessons the hard way, but now we have 20-20 hindsight. Like a Monday morning quarterback, we look at our history and realize what we did right and what we could have done better.

Many folks with great ideas who want to get paid for them are starting out just like we did: not realizing all that is involved to reach that monetization event, not realizing the long term effects of daily decisions, and not really employing a set of time-proven standards. We can help!

Our New York Times bestselling book, The Barefoot Spirit, is our story of hardship, hustle, and heart. We wrote it as a business adventure story to entertain and enlighten. It’s about the real world, not academic form and function. But now we have distilled out of it The Guiding Principles for Success that ultimately guided us, resulting in our success. We put them into a 30- day, four-part video-webinar series. Each week for 4 weeks we present a one-hour content video and 4 days later, a one-hour live Q&A. We wish someone would have sat us down and had this chat with us!

Part 1 is “Starters for Startups.” It breaks business down to the things you should know before you get started and the mindset required to overcome the challenges ahead.

Part 2 is “Being Resourceful – Cash Flow Management.” It examines the ways you can reduce your need for capital, increase your credit, and extend your terms.

Part 3 is “Engaging and Empowering Your People – Personnel Management.” It explores ways to reduce turnover (the #1 hidden cost of business) and how to motivate your people.

Part 4 is “Sales Is King – Distribution Management.” It focuses on the most important part of your business – sales. It tells how to get your product to market and how to keep it there.

We employ 20 Guiding Principles for Success to these core competencies. Stop wasting your time and money in your quest to monetize your great idea! Go to www.BarefootSpiritGPS.com for a free sample.

Who We Are

Michael Houlihan and Bonnie Harvey co-authored the New York Times bestselling business book, The Barefoot Spirit: How Hardship, Hustle, and Heart Built America’s #1 Wine Brand. The book has been selected as recommended reading in the CEO Library for CEO Forum, the C-Suite Book Club, and numerous university classes on business and entrepreneurship. It chronicles their humble beginnings from the laundry room of a rented Sonoma County farmhouse to the board room of E&J Gallo, who ultimately acquired their brand and engaged them as brand consultants. Barefoot is now the world’s largest wine brand.

Beginning with virtually no money and no wine industry experience, they employed innovative ideas to overcome obstacles, create new markets and forge strategic alliances. They pioneered Worthy Cause Marketing and performance-based compensation. They built an internationally bestselling brand and received their industry’s “Hot Brand” award for several consecutive years.

They offer their Guiding Principles for Success (GPS) to help entrepreneurs become successful. Their book, The Entrepreneurial Culture: 23 Ways To Engage and Empower Your People, helps corporations maximize the value of their human resources.

Currently they travel the world leading workshops, trainings, & keynoting at business schools, corporations, conferences. They are regular media guests and contributors to international publications and professional journals. They are C-Suite Network Advisors & Contributing Editors. Visit their popular brand building site at www.consumerbrandbuilders.com.

To make inquiries for keynote speaking, trainings or consulting, please contact sales@thebarefootspirit.com.

The post Save Time and Money Monetizing Your Idea appeared first on The Barefoot Spirit.