The post Selling Your Practice? Here’s What You Need to Know appeared first on Business Brokers Gold Coast - Growth Generation Commercial Group.
]]>So, what should you consider before selling your practice? Here’s a roadmap to get you started:
Buyers want a clear picture of your practice’s financial health. This means having up-to-date financial statements, tax returns, and client revenue breakdowns. Recurring revenue, client retention rates, and profitability metrics are major factors in determining your business’s value. If your numbers are in great shape, your practice will be more attractive to potential buyers.
Not all clients are valued equally. A well-diversified, stable, and engaged client base is a significant selling point. Buyers often look for consistency in client retention, minimal client concentration risk (i.e., not relying too heavily on a small percentage of high-value clients), and opportunities for growth. If your practice has strong client relationships and a good reputation, it will command a higher price.
If you have employees, their roles, experience, and willingness to stay post-sale can impact your practice’s appeal. Buyers often want to retain key team members to ensure continuity and client retention. Open and strategic communication with your team, when appropriate, can make the transition smoother.
Efficient, well-documented business processes make your practice more attractive to buyers. Whether it’s workflow automation, cloud-based accounting software, or documented client onboarding procedures, the easier it is for a buyer to step in, the more appealing your practice becomes. If you’re still running things manually, now is a good time to modernise!
Who do you envision taking over your practice? Another sole practitioner? A larger firm looking to expand? A strategic buyer from an adjacent professional services field? Defining your ideal buyer profile will help shape your marketing strategy and negotiations. Some buyers may prioritise growth opportunities, while others may be looking for a turn-key operation with minimal changes.
Serious buyers will conduct thorough due diligence before finalising a deal. They’ll want to review client contracts, lease agreements, staff contracts, and compliance records. Having all documentation organised and ready will help speed up the process and instill confidence in buyers.
Most buyers will want some level of transition support to ensure client retention. Whether it’s a short handover period or a structured earn-out agreement, planning for a smooth transition can help secure the best deal. Be clear on how involved you are willing to be post-sale.
Selling a professional services practice is different from selling a retail business or a product-based company. An experienced broker—one who understands the nuances of accounting, bookkeeping, and professional services firms—can help you navigate valuations, negotiations, and deal structures. They can also connect you with qualified buyers and ensure confidentiality throughout the process.
Selling your practice is a big step, but with the right preparation, you can achieve a smooth and profitable transition. If you’re considering selling—or just want to understand what your practice might be worth—I’d love to have a conversation with you.
Reach out today for a confidential discussion about your next steps!
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]]>The post When Should You Consider Franchising Your Business appeared first on Business Brokers Gold Coast - Growth Generation Commercial Group.
]]>1. You Have a Proven Business Model: If you’ve been in business for a while and have a proven business model, then you’re in a great position to explore franchising as an option. Franchising is a great way to replicate your successful business model and expand your reach.
2. You Have a Good Brand Reputation: If your brand is well-known and respected, then franchising is a great way to capitalise on that reputation. It will help you to expand quickly and gain a larger customer base.
3. You Have the Resources to Expand: Franchising requires a significant investment of both time and money, so make sure you have the resources to make it happen. You’ll need to invest in marketing, legal fees, and training for your franchisees, so make sure you’re prepared to make this commitment.
4. You Have a Dedicated Management Team: You’ll need a good management team to ensure the success of your franchisees. Make sure you have the right people in place who can provide the necessary support and guidance.
5. You’re Ready to Adapt: Franchising requires a certain level of flexibility. You’ll need to be willing to adapt to the specific needs of each individual location and be prepared to make changes when necessary.
6. You Have a Solid Business Plan: Make sure you have a solid business plan in place before you start franchising. This will help you to set realistic expectations and determine what you need to do to ensure success.
If you’re considering franchising your new business, these six signs are a great start. It’s important to take the time to understand the process and make sure you’re prepared for the commitment before taking the plunge. With a little research and planning, you can make sure you’re set up for success and reap the rewards of franchising your business.
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]]>The post 5 Strategies to Grow your Business This Year appeared first on Business Brokers Gold Coast - Growth Generation Commercial Group.
]]>Implementing these strategies can help you grow your business in 2023. It is important to keep in mind that growing a business takes time, effort and patience. A combination of the above strategies can help you achieve sustainable growth in the long term. The key is to start now!
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]]>The post 10 Ways to Increase the Value of Your Business appeared first on Business Brokers Gold Coast - Growth Generation Commercial Group.
]]>These are the top 10 ways to increase the value of your business. By implementing these strategies, you can increase the value of your business and create a successful and profitable business.
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]]>The post 10 Things to Prepare Your Business for Sale appeared first on Business Brokers Gold Coast - Growth Generation Commercial Group.
]]>By taking the time to prepare your business for sale and following these tips, you can ensure a smooth transition and successful sale.
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]]>The post 10 Things to Consider When Buying a Business appeared first on Business Brokers Gold Coast - Growth Generation Commercial Group.
]]>Buying a business is a major decision that should not be taken lightly. Make sure to consider all these factors before making your decision. Good luck!
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]]>The post Should You Re-open Your Business? Assess Your Options appeared first on Business Brokers Gold Coast - Growth Generation Commercial Group.
]]>There can be no doubt that the first thing you need to do is assess the financial condition of your business. Depending on whether you are still operating and the condition of the business prior to the disaster, you will be able to assess whether you should actually re-open the business, how quickly you should re-open it, and whether the business will need to be changed in order to survive.
Ask yourself:
It is very normal to have thoughts floating around in your mind about what to do and where to start after a disaster. It’s important to have the right thoughts and the right questions to think about.
Ask yourself:
Many businesses did not and do not have a Business Continuity Plan or any adequate Disaster recovery plans. One thing this pandemic has certainly done is expose the vulnerability of the entire global economy and every business operating within it. You need to plan for the likelihood of something like this happening again. This is where the business continuity planning process becomes critical. You need a plan for every critical function within your business. Consider:
With so much to consider, it is not as simple as opening the doors and hoping for the best. I learned many years ago when it comes to business success “hope is not a strategy”!
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]]>The post Business Continuity Planning and COVID-19 appeared first on Business Brokers Gold Coast - Growth Generation Commercial Group.
]]>The utter devastation to the global economy, national economy, state economies, and local economies is unfathomable. Industries shut down overnight. People out of work overnight. Basic liberties taken for granted restricted overnight. The impact is profound and the ripple effects are going to be felt for a very long time.
It’s fair to say that much of what is happening is a first for most of us. Unfortunately, it is unlikely to be the last. In fact you can count on it happening again. We now have a new scenario that threatens our livelihoods and lives that we must add to our existing business continuity plans if we have them. If not, it’s a scenario we now need to treat with the utmost priority.
We need to take a good hard look at how to create a plan for any eventuality that may impact the critical functions of our businesses and indeed our lives. Business continuity planning is not just for large organisations. It is something every business owner needs to put at the forefront of their planning for now and the future, post Covid-19.
A Business Continuity Plan (BCP) is exactly that! It’s a plan of action to keep the business going and to recover after an incident or disaster has impacted your business. It is a collection of Disaster Recovery Plans (DRPs) or response plans outlining the steps and information to be followed to get the business back on its feet as quickly as possible and to restore the critical activities to get the wheels turning again. It typically covers (but is not limited to) the following (in no particular order):
You can see, it’s not a small plan and can take some time to put together, but if you need it in a hurry, the information within it can be business, and indeed, life saving!
A well-known DRP is the IT plan. Your IT system is a critical function within your business and the risks to that system need to be addressed. A n IT DRP outlines all the critical steps to recover IT services and restore lost / damaged information and infrastructure so that the business IT functions get back online as quickly as possible. Your IT system is the heartbeat of your business and without it you will likely suffer catastrophic results if it’s offline for too long.
So, looking at your business now. I’m sure you can appreciate the benefit of having a BCP in place. I am offering free support to COVID-19 affected businesses to assess the damage done and determine the viability and possibility of getting back to business. There is a wealth of information available out there to help you in this space, some of which I have used over many years to protect my clients and their businesses. My approach is practical and I’ve done the hard yards to help you create a plan that protects your business and livelihood. I will be sharing more over the coming weeks.
If you need help or know someone who could use it, please contact me at www.igeneration.com.au and I will arrange an initial discussion to assess the best next steps. If you are interested in developing a BCP for your business don’t delay! As a I said in my article almost a decade ago, “Nature can take a swipe at any time! And, it will again!”
Stay safe!
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]]>The post Review your Performance and Reset Your Goals – Part 2 of 2 appeared first on Business Brokers Gold Coast - Growth Generation Commercial Group.
]]>So the example here is my daughter aiming to move up to the next level of tennis coaching next year. To get there she needs to be able to rally a ball a certain number of times. This is one criterion to get to the next level. By focusing on the smaller goal, she can concentrate on achieving the more immediate milestone, and thus move closer to her end goal.
In working with clients, I do the same thing. Understand the ultimate objective first, then work back from there to identify the milestones that mark the path. It’s like using a GPS system. Using it without setting the destination first is not terribly useful. And yet this is exactly how so many people run their businesses and go through life. Once you know the destination you can select the best route. The map that comes up has a short term view (i.e. showing the next intersection or landmark coming up). The destination is set, and you can focus on making the turns and twists to get you there.
In my view, whatever you decide to do in business and in life requires some idea of what the destination looks like. Then you can create the path and start the journey. So this is the start of our goal setting exercise for the year ahead. Let’s get serious and start mapping out what you want to achieve for the year ahead!
If you’ve followed the above steps, you’re well on the way to achieving your ultimate goals! All the items you have recorded are important. Your H1 goal is the most important and the biggest one that all the others will flow from.
Dream big! Dream beautiful! Let yourself go! Don’t be afraid to do the exercise! It’s liberating. It’s clarifying. And it get’s you absolutely focused on what’s most important! I remember this quote:
“Dreams are the seedlings of reality”
James Allen
from As a Man Thinketh
The post Review your Performance and Reset Your Goals – Part 2 of 2 appeared first on Business Brokers Gold Coast - Growth Generation Commercial Group.
]]>The post Review your Performance and Reset Your Goals – Part 1 of 2 appeared first on Business Brokers Gold Coast - Growth Generation Commercial Group.
]]>I’ve highlighted some areas below that I’ve found absolutely critical to review. Once you’ve done that, you’ll be in the perfect position to reset your goals for the year ahead.
Review your pricing
Review your service
Review your Team
Review your financials
Review your objectives
You’re ready to reset your goals!
Now that you’ve reviewed where you’re at, it’s time to think about what needs to be done to get you to where you want to go.
Resetting your goals is not about changing them necessarily. It’s about checking in and making sure that you’re on track and if you’re not, making some decisions on what you need to do to get back on track. It’s also possible that you were completely unrealistic with your objectives at the beginning of the year, so at the half way point, it’s a good time to see how you’re going.
To me, this is a great time of the year to do this exercise. I work with businesses to conduct the type of review I’ve outlined above. In the next Momentum Tip I’m going to take you through a structured goal setting activity that will build on your performance review.
The post Review your Performance and Reset Your Goals – Part 1 of 2 appeared first on Business Brokers Gold Coast - Growth Generation Commercial Group.
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