The Entrepreneur's Secret Sauce

On a scale of 1-10, how FOCUSED are you today? I'm an 8 today, much better than yesterday's all-over-the-map 6! Post your # below...

3 Lessons Learned from My Kids on Mother's Day

I had the unusual opportunity to spend the entire day with 2 of my three kids, completely uninterrupted by a volleyball tournament or a Little League game. My oldest son is away in college, but even he had a long distance message for me. Reflecting on my lovely day as I tucked the youngest in last night,  I thought I would share the lessons my kids taught me yesterday as they each celebrated their mom - me!

1. Someone has to take the lead.
Having a daughter in the middle of two sons is a God send.  Often when they are thinking about sports, girls or girls and sports (that isn't a typo), she in all of her fourteen and a half years of wisdom, is always thinking ahead. She plans, strategizes and documents all of her to do's. When she was 10 and wanted to remodel her room, she gave me a PowerPoint presentation - slide animation and all!  While I am sure the boys would have eventually come up with something special for me yesterday (Catch in the park? A smaller than usual load of college laundry?), my future GirlPreneur took the lead, designed the breakfast menu, delegated preparation assignments and had the camera ready upon delivery. So organized, so one-step-short-of-bossy but completely on track. Amazing! Not sure where she gets it from... :-)

2. Mistakes happen but it's all about the recovery.
Then there's my youngest son.  Twelve is just about the age when passive aggressiveness seems to rear its independent head.  Apparently he was assigned to ride his bike to the bakery to get my favorite morning buns, but decided that it was too early and he wasn't getting up when she commanded him to.  Of course she nobly replied to his insubordination with, "Fine, I'll get them myself but you aren't getting any!" After she left, he dragged himself into my room, shared the story and asked, "You don't think she's really not going to give me one do you?" I resisted telling him that you get what you give, it was Mother's Day after all. But I did say that she wasn't happy with him, so who knows if she meant it or not. Suddenly he got a bright-eyed look on his face and said, "I know, I'll go cut the strawberries so when she gets back, that part will be done and then I'll probably get a morning bun!" With that he bolted down to the kitchen to start earning his breakfast back. And sure enough, she so appreciated him stepping up to help, she let him have two!

3. Texting is efficient, but a phone call is priceless.
Those of you that have teens are probably mad text-ers like I am. They trained me early and they trained me well.  Too well. So well that sometimes I forget to call people for important things and just ping them a quick text instead. Not the best habit but I'm working on it.  Anyway, imagine my surprise when my 20 year-old son CALLED me to say Happy Mother's Day.  I thanked him profusely for calling and said that I was surprised that he didn't just text me. I obviously insulted him because there was a long pause before he said, "Wow Mom. Texting isn't good for everything. Sometimes you just need to call people for important stuff." Ouch. Got it son. Thanks for the reminder.

So after mothering for 20 years, I am still a mom-in-progress, and more often than I care to admit, my best teachers are my kids!

How was your Mother's Day? Share with us below... xo, jgw. 

Want to get 10 more business lessons to grow a bigger and more profitable business? Click to get our popular Ten Times Mindset audio at The WELL!

I <3 NAWBO!

Awesome time speaking for NAWBO San Francisco tonight. Sharing my point of view on growing and valuing woman owned companies makes my heart sing!

Believe in Yourself (you CAN grow a business that you love and I'm here to help you every step of the way)

Today is Your Day!

"A step in the wrong direction is better than staying on the spot all our life. Once you're moving forward you can correct your course as you go." ~ Maxwell Maltz

The Lease is the Killer

Catch my quote in BloombergBusinessweek today at http://ow.ly/kzHSL so you can be sure to avoid this situation (and I don't mean a bad hair day lol!).

Join me for dinner May 9th?

I love this soooo much!  Post yours below in the comments and I'll make one for you too! 
Fill in the blank: Keep Calm and _________________.  Try it! 

3 Power "Ps" of Time Management

As an entrepreneur, mom of 3 and a wife of a wonderful hubby that needs attention too, TIME is always on my mind! 

What time is it? What do I NEED to get done today? Now? This week? 

These questions are constantly rolling around in my mind all day - usually times 3 - business, family, and personal. Exhausting! 

So in order to keep the time monsters quiet, I utilize a simple system that I start every day with.  I like doing things in 3's (mostly because more than three starts to feel like too much), so here are my Daily 3 P's of Time Management:

1. Plan
Seems obvious but you must plan your day, EVERY day.  For a while I was skipping this step and end up chasing my tail around and around all afternoon. Dumb! So now, I commit to spending 10 minutes planning out all of the tasks that should get completed each day, and if you do the same, your day will hum by productively and profitably! (Notice I said "should". There's always tomorrow, so don't kill yourself if you can't manage to get it all done in a single day).

2. Prioritize
This is huge. Don't necessarily start your day with the task you listed first, because chances are it's not the most important thing to accomplish that day.  Our natural default tends to be the easy tasks or busy work, when we really only need to focus on what we determine are the "A and B" tasks, which should relate to anything sales, marketing and revenue generating. All other tasks that are important but don't directly generate revenue should be designates as "C's" and should only be worked on AFTER all of the A's and B's are completed. Chances are the C's aren't as urgent as you think they are anyway, so focus on the "A & B Money Movers" and watch the magic happen!

3. Practice Time Blocking
OK, I stretched the P on this one a bit, but 3 P's sound better than 2 P's and a B! :) Practice time blocking is based on the fact that we can usually only focus for about an hour, so block out 50 minutes for each A and B task and take a 10 minute break after each 50 minute block.  This way you are protecting time for your most important tasks and also building in time to let your mind and body recharge a bit before jumping into the next important activity.

Bonus Tip:
Use a business journal to document every single day.  In the old days I was a dedicated Day Timer user (dating myself back to the 90's I know...), but since I live and die by my iphone and ipad now, I use a Moleskine journal (Moleskine.com) to plan, prioritize and document my day.  Specifically, I start each day with a new page dated at the top and write down my tasks, voicemail messages, brainstorming doodles, etc. for the entire day.  I especially like that it fits into my purse (there are several sizes and formats to choose from), it's great for taking notes in a meeting, and it has a handy flat pocket in the back for business cards etc. 

There you go! Simple, powerful and FREE! My favorite kind of tips!  

What are your best time management tips? Share in the comments below! 

Get Smart About Your Social Media Marketing

According to a newly published report by Pew Internet, 75% of all adults online are on Facebook (talk about fishing where the fish are!).

Get smart about where your target market is hanging out in this free, easy to read report:

http://pewinternet.org/Commentary/2012/March/Pew-Internet-Social-Networking-full-detail.aspx

By the way I post a lot of great tips like this on our Facebook page too!

Your Turn...
Do you use social media for marketing? Leave a comment below and let me know!

Rubbing Shoulders with a Shark!

Standing next to ABC's Shark Tank resident shark, Daymond John, founder and CEO of the $350M FUBU clothing empire at #InfusionCon 2013.

Hopefully some of his shark smarts rubbed off!! :)

Fish Where the Fish Are

When I was the Director of Sales & Marketing for the Sheraton at Fisherman's Wharf in San Francisco (way back in the 90's lol!),  I always used to tell my sales managers to "Fish Where the Fish Are". What I meant was that it's much easier to attract a customer (fish) if you drop your sparkly lure into a pond stocked with those that will most likely be attracted to what you offer them.  

In your business, what is the overflowing pond 
that your most targeted fish swim in?

In many cases, trade associations are great places to find raving customers.  Trade associations are groups of people who gather for a common interest, so if your product or service can support their interests (as end users or referral sources), your company will quickly become the shiniest lure and your net is guaranteed to overflow! 

Are you currently marketing your business to trade associations? Post a comment to tell me about it or ask a question below! 

Try at Trial Membership!
www.21DaysatTheWELL.com

Don’t Miss This Upcoming Webinar at The WELL!

“How to Create Your 90 Day Sales & Strategy Plan”

Thursday, February 28^th at 10-11am PST / 1-2pm EST

During this high impact FREE one hour training course (a $97 value), you’ll:

·        Discover how to focus on just the clients with the highest revenue potential and forget the rest

·        Learn to prioritize and get things done and then delete the time drains

·        Receive a powerful, yet simple tool to track and achieve your 90 day revenue goals (so you can repeat the process again and again!)

Reserve your spot here >  http://tinyurl.com/WELLthyWebinar, and be sure to attend live as the recording will only be available for WELL Members.

Now is the time for you to get proactive about growing your business to a million and beyond (or a business that makes you feel like a million!), so reserve your webinar seat today http://tinyurl.com/WELLthyWebinar and we’ll talk to you very soon!

Warmest regards,

Coach Julie

P.S. Be sure to forward this message to other smart women who are serious about growing their business and income this year… Just send them to http://tinyurl.com/WELLthyWebinar and we’ll “see” you all on the call! Julie

MONDAY MO! "Never Shy Away from Ambition"

A friend forwarded a link to this video of millionaire #WomenEntrepreneur Tory Burch, and I loved it so much (she is smart, direct and inspiring), I thought it would be be perfect to share with you for a little Monday Mo! Ambition goes hand in hand with thinking bigger, so watch her short but powerful message about why it's important to be ambitious.

If you like Tory's video, post a comment below and share your ideas with our wonderful community at The WELL!  :) xo, j.


.

 P.S. Have you sarted your trial membership at The WELL yet? If not, get started now at http://replenishatthewell.weebly.com/get-a-trial-membership.html and see you on the inside!

78? 98? 48? What's your business' score at The WELL? www.ReplenishatTheWELL.com Take the assessment and then accelerate! #womenentrepreneurs

How will your biz score? Take the quick but enlightening assessment for #womenentrpreneurs at www.ReplenishatTheWELL.com then RT your score!

Priceless #MomPreneur Moment: "My gross sales are $50 for babysitting and my net profit is $50 too. YES!!" - My 14 year old #GirlPreneur! :)

Women Entrepreneurs Telling it Like it Is! Thanks American Express OPEN!

Happy Marketing Monday! 

If you've already downloaded the "Grow to a Million RoadMap" audio (and if you haven't you can do it now by registering in the column on the right >>), you know that there are 7 X!Ponential Principles that drive the 7X! Coach system. 

We all need to get a lot of work done today 

(it's Marketing Monday after all!), so for now, let’s just talk about the X!Ponential Principle of PURPOSE.

I know what you’re thinking. Oh no, not another lecture on finding your PURPOSE. Nope, not here, not me. But what I do have to offer is a completely different way of thinking about purpose, 

which by the way leads to passion, 

which is ultimately your treasure map to profits!

As an X!Ponential Principle, I want you to think about PURPOSE from the perspective of these 4 questions:

1)    WHY are you building what you’re building? WHY is that your response to the WHY? 

2)    What are the DANGERS to what you are building?

3)    What are the STRENGTHS that will help you build what you are building?

4)    What are the OPPORTUNITIES to help build what you are building?

  

If you can clearly answer these 4 questions (because clarity is nectar of financial freedom), not only will you be able to visualize and create your million dollar roadmap, you will also be able to communicate your roadmap to your team, no matter how big or small your team is.

A clear team is  a confident team (that includes team you, yourself and you!), which is the first giant step towards growing a million dollar business.

OK, your turn. Ponder and then pen your thoughts.  No need for perfection- just honesty and authenticity.

Until next time, have a great week and remember, don't just think big...

THINK X!Ponential! 

Warmest,

Julie

It feels weird being so quiet on social media. I'm working on big clients and big programs so my head is down and focused! What's keeping you busy this summer?

Love, love, love this one > "Declare that you ARE who you are waiting to be." @Michael Hyatt Intentional Leadership

Ask Julie!
America’s Business Broker
Syndicated Column, April 2, 2012 

Question: I own my building and want to lease it to the buyer of my business for more rent than I currently pay. Will this effect my valuation? 

Answer: If you own your building and plan to lease it to your buyer at a higher rent than you are currently charging yourself, a negative adjustment (reduction) will have to be made on your annual earnings to reflect the new amount. For example, if you charge yourself $8,000 a month ($96,000 annually) but the market rent you will charge the buyer is $15,000 a month ($180,000 annually), you will have to subtract $84,000 from earnings for each year you are under charging yourself. The problem compounds when you multiply the negative adjustment by the pricing multiple. If your business is priced at 3 times discretionary earnings, the net negative impact of the adjustment is a $252,000 hit AGAINST your selling price- ouch! From this illustration you can see that a fair market adjustment can be a significant, so plan ahead and charge yourself properly after discussing the tax consequences with your CPA.

Have a question for Julie? Just post it below for a quick reply!

A little Monday nudge for you :) > "Life begins at the end of your comfort zone." -Heale D. Walsch

I am SO honored to be a part... Big congrats Marsha! XO RT@WomenPresidents: 100 #WPO chapters strong! Congratulations Marsha!

Social Media: Fad or Fundamental SHIFT?

I am speaking to over 100 business brokers in April and in May on social media and came across this video. In my opinion it's not about "out with the old and in with the new", but rather embrace the new and ride the revolutionnnnnnnnn!! :) Take a look and let me know what you think... j.

Luv this :) RT @UncleRUSH: "Happiness comes as a direct result of making others happy." #SuperRich

Watch the Video, Get the Book! (this speaks to my entire philosophy about life :) > ABUNDANCE

So which side of the table are you on? Abundance or Scarcity? Let's start a debate below!

Ali Brown & Julie White ask, "Are you running a business or a non-profit?"

Many of you know that I follow awesome entrepreneur and mentor Ali Brown (learn more about Ali at www.AliBrown.com).  Today I read an article on her blog that made me want to shout "HALLELUJAH!!"  Here is the readers's question:

Question: “Hi Ali, Many business coaches stress to NOT ‘chase money’. They say if you do, then you’ll go broke. How do you keep this in perspective when you are already barely making it and just starting?”

—Tamisha Ford, Dallas, Tex.

( I have to interject before you read on... As a business broker, I KNOW that generating a profit is HUGE! I wrote my book so women would start to think of their business beyond a lifestyle or only doing something they love.  Don't get me wrong, passion is critical, but so are PROFITS! 

Business is about providing goodness to the world and in exchange, the world rewards the GIVER with abundance, which isn't limited to, but definitely includes MONEY!  So listen up girls! If you don't want to make money, don't start a business, start a non-profit.  A non-profit is a wonderful en devour, but if you start or buy a business, don't forget to focus on (but not chase) THE MONEY!! JGW)

OK, Now keep reading for Ali's reply...

Ali’s answer: “Tamisha, thanks for writing. I know what you’re talking about, because there’s an old saying “Don’t chase money, it will run from you.” But if you read that as not needing to be focused on money, then you’re going to be in trouble.

Most entrepreneurs (especially women and the Law of Attraction devotees) want to just start a business to do something they love and that brings them joy, and then they think magically it will attract money like bees to honey. “Do what you love and the money will follow.” It will all magically manifest. Right?

WRONG. (Oops, did you hear the bluebirds stop singing there? And the rainbow dissipated. And there is a harsh spotlight shining on your bank balance. Sorry, this is just for a moment! ;))

Especially if you are just getting started, you HAVE to make money your #1 concern! I see so many women start businesses around things they love to do or passions they have, and don’t put much planning into how they are going to actually make money. In fact, they spend more time on their logo or their blog or the name of their company than they do actually working some numbers. Then they hit a wall, or give up, because things “aren’t working”, and it’s heartbreaking to see their dreams fall flat when they could have been soaring high.

Right now, you need to consider your fastest, most direct path to making money with the business you have. Go for it full on. Then set up marketing and sales systems so it happens more automatically. Make it your aim to get your business generating revenue on an ongoing basis.

Now, I don’t like the word “chase” though, and I agree you shouldn’t be “chasing” money. (Or anything—sounds like whatever it is will run away from you. You might be able to catch it now and then, but it’s like a greased pig wiggling out of your arms!) So you don’t have to chase it, but you surely have to FOCUS on it. And take ACTION to get it.

It’s attraction PLUS action. Our blessing as women is to bring to the world color, light, joy, and passion, and we bring that to business as well. Many of us, myself included, have grown our business while injecting a huge purpose and mission within it to help the world. It can all come together. But don’t forget the purpose of yourbusiness is to make a PROFIT. Get ‘er going. And go after those greenbacks! :)”

So comment below, are you focused on money, chasing money or running a non profit?

Ask Julie!
America’s Business Broker
Weekly Syndicated Column, February 21, 2012

Question: Why would a buyer want to buy MY business?

Answer: There are 5 reasons why there will ALWAYS be a buyer for your business (whew! :):

1) To avoid the Risks of Start-Ups or Organic Expansion
Experienced entrepreneurs know how difficult it is to start a business from zero. You probably remember that it takes hours and hours of dedicated thought, implementation, mistakes, and correction. If a buyer has started a business and failed, or started a business and sold it, they understand the value of an established entity. They will value all elements of the infrastructure you have created and will pay you a fair price for your enterprise. They also have the ability to perform, or as brokers like to say “pull the trigger,” and make an offer if most of the information they learn about your business fits their criteria.

2) To achieve Growth More Rapidly by Acquiring New Products, Technology or Markets
Once a business has achieved the milestone of a million dollars in sales, owners begin looking for ways to grow faster and easier than it took them to get to the first million, so acquisition often becomes a key strategy. By acquiring a new product line, technology, or market share, a similar business with a strong cash position can be an attractive buyer candidate.

3) To acquire an Established Presence or Strengthen Market Position

We are now getting into competitor territory, so qualify the buyer thoroughly and advance information slowly. If you have a business that serves the western region, regional players in the central or eastern states may be interested in growing their market share with a synergistic purchase of your company. These buyers are competitors, so they are professionally qualified, but make sure that they have a strong balance sheet (a lot of cash and a small amount of debt). You should also be prepared that you will probably be asked to stay on in a management capacity to continue running the region after the merger. This is a big decision because if you sell and merge your business, you will become an employee of your own company!

4) Acquire Undervalued Assets
At the writing of this post, we are experiencing the worst economy since the depression era. With so many businesses with declining revenues, there are bottom-feeding buyers with cash to burn and an appetite for acquisition. Be sure you are sitting down when you read their offer, but really, can you blame them? Don’t throw in the towel just yet—if you are willing to participate in the financing and help grow the company back to profitability, there just might be a pot of gold at the end of the rainbow.

5) To achieve the American dream of being self-employed.
You know this one from personal experience. Enough said. :)

Do you have a question or comment for me? Just leave it below and I promise to reply!

Talk to you soon and remember...

Your Exit Journey Began the Day you Started Your Business!
_______________________________________________________________________

Julie Gordon White, CBB, has worked with hundreds of business sellers and buyers over the last 10 years as a Certified Business Broker, and is the bestselling author of “EXIT! 12 Steps to Sell Your Business for the Price You Deserve”. Julie is a trusted resource for Inc. Magazine, Entrepreneur, Bloomberg BusinessWeek, San Francisco Business Times, and Enterprising Women; the Current Past President of the California Association of Business Brokers; and has been a member Women Presidents’ Organization since 2007. Discover more EXIT! info + videos at www.TheExitBook.com.

Ask Julie!
America’s Business Broker
Weekly Syndicated Column

Question: I heard that a lot of businesses never sell. Why is that?

Answer: When you finally make the tough decision to sell your business, you deserve to achieve the highest market price for your company, and to do so, you must plan your exit strategy with the same amount of thought and detail that you used to to grow the darn business in the first place!

But what if you don’t plan? What might your fate be? Instead of a smooth and painless transition out of your company, you may be forced to exit your business by one of the following unfortunate scenarios:

1) Closing the Business
This is obviously the most painful option. To be forced to close a business that you have put your heart and soul into developing is a sad misfortune and could have likely been avoided with proper planning. To receive any cash at all, the owner will probably need to have a fire sale for any remaining assets.

2) Receiving an Unsolicited Offer from a Competitor
I get called in frequently to assist a business owner after a business owner has been approached by a competitor seeking to buy them out. In this scenario, the owner rarely understands what the market value is for their company, let alone how and what to communicate (or hold back) from a buyer that is probably a close competitor.

3) Succession Without Adequate Tax Planning
So your daughter decides that she is having a midlife crisis and wants to buy your business and just before you present her with the Asset Purchase Agreement, she tells you that she was hoping that you would just give her your company (she is your daughter after all!). However, you must proceed with caution! If you are not aware of the tax consequences of a parent “gifting” a business to a child, you need to find out ASAP.

Selling to a child without adequate tax planning isn’t the only way to end up giving your business proceeds to Uncle Sam. If you are a C Corporation and you sell only the assets of your corporation and not the stock, you may be subject to paying taxes on the consideration (consideration is cash, loan payments, etc.) received for the sale at the corporate level and then again at the personal level when you take the cash. There are ways to mitigate your tax burden, so spend the time and money to review and understand your options as they relate to the tax consequences of the sale.

4) Accident, Illness, Divorce or Death
Dependence on a key employee without documented systems in place is very risky.
Equally devastating, a sudden illness, divorce or death of a key employee or partner will have the same effect or greater, so plan for the best but prepare for the worst. Treat your business as if you were planning to franchise it and document every single step just like McDonald’s. There’s a reason why every burger tastes the same no matter where you go, so take heed and write everything down.

Now that you understand what you don’t want to happen, you can now see why planning your exit is so important. Simply put, exit planning or lack of, can either make you, save you, or lose you, thousands (if not millions) of dollars!

In part two of this series, we will talk about the positive side of the equations- 6 Reasons Why Businesses DO Sell, visit again next Monday to discover how you can secure your pot of gold at the end of your entrepreneurial rainbow.

Talk to you soon and remember, your Exit Journey began the day you started your business…

Cheers and keep emailing me your questions at Julie@TheExitBook.com!
______________________________________________________________________
Julie Gordon White, CBB, has worked with hundreds of business sellers and buyers over the last 10 years as a Certified Business Broker, and is the bestselling author of “EXIT! 12 Steps to Sell Your Business for the Price You Deserve”. Julie is a trusted resource for Inc. Magazine, Entrepreneur, Bloomberg BusinessWeek, San Francisco Business Times, and Enterprising Women; the Current Past President of the California Association of Business Brokers; and has been a member Women Presidents’ Organization since 2007. Discover more EXIT! info + videos at http://www.theexitbook.com/.  Use policy: This column is available for re-print if used in its entirety including the author bio and contact information for non-commercial purposes without any editing whatsoever unless approved in advance by the author.

@BizBuySell: Tip Tuesday: When deciding to sell your business, know the various paths to a successful business sale. Read them here: http://t.co/Ai4aho9n

Monday Wisdom: Success = Mindset + Confidence

Luv it! > RT @WomansAdvantage: Women business owners alone have $3 trillion in purchasing power and are the world's fastest growing market.