We are sure that throughout your time running your wills lawyer business, you have had cause to enter into negotiations with another party. This could be another business, an employee, or a client , for example. In fact, every person, regardless of whether they are running a business or not, has to negotiate multiple times throughout their life, so it is a skill which can benefit everyone.
Unfortunately, it is also a skill that few people possess, and whilst that can create negatives our personal lives, it can have even greater negative consequences in relation to a business. Failing to negotiate a business contract where the terms agreed upon benefit your business as much as possible is not a position any business owner would want to find themselves in.
For that reason we thought it would be worthwhile to give owners of wills lawyer businesses a few tips as to how they can ensure that any business negotiation they enter into concludes with a contract which is to their benefit. Here are 5 of those tips.
Tip #1: Seek Advice And Assistance
This first tip might seem blindingly obvious, but you would be amazed at how many business owners enter into a contract negotiation unprepared and lacking in advice on how to negotiate in order to ensure a satisfactory outcome.
First, you should consider speaking to a commercial or contracts lawyers who has expertise in relation to contract law. In addition you might also want to seek the help of someone who is more knowledgeable in the area that you are negotiating about than you are, This might mean a property expert, an employment expert, or a financial expert.
In order for any business to be successful, it needs a means of connecting with its prospective audience and alerting that audience to what products or services the business has which will be of benefit to them. That applies as much to your property marketing business as it does any, and the advice of the digital marketing professionals over at www.slinkydigital.com.au is that within any marketing strategy you have should have email as a core component.
The use of email for marketing has been around since the earliest days of the internet, but it does often get knocked, mostly due to the millions of spam emails that get sent every day. However, that should not deflect you from knowing how effective email can be in promoting your company, your brand, and the services which you sell. Below, We have outlined 7 advantages of using email to promote your property marketing business.
Extremely Easy To Use
The fact that you were able to click through to read this, means you have all the technical skills you need to use email marketing. Without a doubt, email is one of the easiest marketing tools you could wish for, and it can be set up and executed with minimal technical knowledge compared to many other marketing methods.
Helps Build Relations And Trust With Your Audience
By sending a sufficient number of emails that seek to help and inform your subscribers, your emails are more likely to be read, and that means that with each one a subscriber is growing to like you more, recognize your brand more, and trusts you more, which is a triple crown when it comes to customer relations.
There are businesses of every size and complexity, but whether your company employs thousands, or less than 10, each project it undertakes needs to be managed effectively. That is especially true of marketing projects because the consequences of them being poorly managed include no results, poor customer service and worst of all, no return on investment.
What is tragic about hearing about business marketing projects failing due to poor management is that there is no excuse for it. There are several project marketing tools and software which are ideal for managing marketing campaigns effectively. One benefit of many of them is that not only can they be used for marketing project management but also for the management of other projects that are created within your business
To assist you in your search for the ideal marketing software for your business, here are 7 of the best marketing project management tools available today.
One of the top project management tools of its type because it provides an all in one platform to manage projects and marketing campaigns within the same dashboard. It includes calendars, Gantt charts, planning cards, task assignments, and a chat function. It can also integrate with over 1,000 other tools meaning you can add to its already comprehensive functionality and expand its range of features.
Your property marketing business has many ways it can be promoted, some of which are quick, one-offs, and others, which take some time, but can provide a long-term solution to your marketing. The SEO specialists over at www.seoperthexperts.com.au advise that the latter of those scenarios is preferable for any business owner wanting consistent, and prolonged results.
This is why most business owners are keen to see their website ranked highly on Google because that is not normally a flash in the pan. Instead, after consistent SEO actions, once a website achieves top rankings, it tends to retain them, especially if their competition does nothing to react.
For this to happen, you must implement an SEO strategy, and much of the work within that takes place on your website. Onsite optimisation is extremely effective in boosting Google rankings, and because you are in full control of your website, there is no reason why it cannot be fully completed. Some of the main onsite factors are outlined below.
All Meta Data In Place: Throughout the coding and back office of your website, there are locations where metadata needs in place. Some of this includes page titles and headings within any content. This metadata must be 100% accurate and complete as it allows Google to fully understand what keywords you are trying to rank for, and its relevance to them.
Target Keywords Used Appropriately: With your metadata containing some of your keywords,, the other location they will appear is within your content. Do not make the mistake that many website owners make and think that using a keyword multiple times in a piece of content is the answer, as it is quite the opposite. Use them sparingly and in proper context within any content you publish.
Eventually all of us get too old too work. When is it time to retire and let the business change hands, either to a child, family member of third party buyer of a business. Can you stay too long and if so, will this reduce the value of your business?
Some people refuse to consider retirement. Many years ago, I met an interest person who owned his own business. He was 79 years old and had no succession plan. His daughter had passed away two years before and that got him to thinking about retiring. His accountant was older than him and the accountant was retiring and this was the motivating item regarding retirement and not the death of his daughter. He had no hobbies, no interests, just liked to putter around the business. His business was extremely complicated in that he was trying to minimize taxes and had assets were located in many different businesses, some owned individually and leased to the business.
No one other than the accountant who was about to retire or the owner understood how the companies were put together. If he died and the accountant was not available, it would take some time to understand the complex ownership. Since he was trying to minimize tax and make the financial statements hard to read because the assets were in so many different companies, it would be difficult to sell. Someone would have to spend time figuring out what was a true sale vs inter company sales and who owned what the assets. Once this was calculated, then prepared consolidated financial statements reflecting the business for sale.
You are an entrepreneur and built up a business. You are getting older and you have a choice, you can give/sell the business to your kids or you can sell the business to a third party. Is that an easy thing to do?
Many people who have built up a business find it hard to let go of their business. They want to slow down but they still want to call the shots. I am aware of a business where the father built up a successful business. He would travel to Florida and lived there for 3 months and he would let his kids who were in the 50’s t0 run the business. Even though he was in Florida, he wanted to still be informed daily of what was going on and he still had to approve of what the kids did. He then appointed an heir to run the business but this was one of the kids, two of the kids were left out and in fact one left the family business.
Some businesses are doing very well this year, others are not doing so well. Is this a good year to sell or should you wait another year?
There are many reasons for selling a business, health, retirement, marriage breakups etc. Sometimes you can delay the timing of your retirement but health, finances or marriage split up may require that you sell now matter if this is a good time to do so or not.
If you have time on your side, then you need to look at many factors to determine if this is a good time to sell your business:
- profitability, have your profits been increasing over the last three years?
- have you received a lot of new business which may be related to the government infrastructure spending? Do you want to enjoy those profits or sell it and give someone else the benefit of those profits?
- has your business been struggling lately?
- are your sales being affected by the economy? Are your sales and profits dropping?
- do you expect them to improve soon?
- if profits are temporary due to infrastructure spending, do you believe that a buyer may not ask why sales have gone up therefore you may get a better price for the business?
- if you spent money in the business to improve sales, would you benefit and increase sales and profitability therefore your selling price of the business would improve? How long will it take for results of this additional spending? Should you wait three years after to show that your success if consistent therefore will continue to reoccur therefore you can get a higher price for your business?
- do you believe that HST will have a permanent effect on your business, if so, should you sell before a potential buyer realizes the correlation of HST and sales could be related?
- do you think your business will be affected by the BP oil spill in the Gulf of Mexico? If you believe that it could impact you, do you sell before it impacts the business or risk losing a lot if you are impacted?
These are just some of the items which you could consider before selling your business.
In Ontario and British Columbia, HST will be implemented effective July 1. Many different products will be more expensive now that they were in June prior to the implementation of the HST. Will that affect the value of your business for sale?
The implementation of HST may cause your sales to decline because consumers have less money to spend on buying merchandise. If they spend less, will sales drop, if sales drop will profit drop, if profit drops will the value of your business decline.
Many investors look at historical earnings of the business. If you have a year end which is prior to the implementation of the HST, will the buyer notice that revenue dropped due to the implementation of HST? If you are a seller, do you disclose that sales dropped? Is the drop permanent or temporary?
These are factors which you must consider. If you believe that the implementation of HST will affect profitability, do you as an investor offer a lower price for the business? If you buy the business in the summer, you will not have enough data to see the impact of HST. If you wait, you may be able to determine whether sales and profitability have been affected.
If you know that sales could be affected, do you defer the closing date of the buying of the business for a few months or put in a price adjustment claw back in case sales drop as a result of the HST.
Buyer beware, could you buy a business and then have sales drop immediately after you bought it?
You have been married for a long period of time and now you have decided with your partner/spouse to go your separate ways. What happens to the business? Will you be forced to sell the business to settle up with the partner?
If there is no prenuptial agreement, the assets of the spouses are generally split into two. If the business is worth a lot of money, the primary spouse involved in the operations of the business may not be able to afford to buy out the other partner. What happens, do you have to put up the business for sale? Can you borrow from the bank to buy out the other partner? Do you need to bring in another partner to help you buy out your spouse? These are all items which can have a significant negative effect on the business. What happens if both are involved in the business, who stays, who goes?
If the company was very profitable and one spouse has to borrow on the business to buy out the other, there could be a lot of new debt which then makes the cash flow of the business potentially very difficult. It is possible that the partner with the business goes from a good lifestyle to a person left is scrambling to make a living or a person with cash flow and a fraction of the assets which they just had. If they have to provide spousal support payments as well, the cash flow of the remaining partner could be dramatically reduced.
Summer is fast approaching and everyone is starting to plan their holidays. You want to sell your business but is this a good time of year?
The sale of a business is a time consuming task. The sale of a business often takes over six months to complete. In the summer months, the process of buying a business slows down. The investor often takes a holiday, the seller of the business takes a holiday, the accountant and lawyers involved take holidays therefore it is difficult to co-ordinate the timing of when everyone is available to discuss the documentation.
On the positive side, a prospective purchaser may be very interested in trying to close the sale of the business in the fall before the Christmas season if the fall is a busy time of year. Buyers do not like to close in the slowest time of year which can be in January to March, depending on the business. Even though many advisers are on holidays, I would not recommend that you do not list your business for sale now. It takes a long time to find a buyer so starting sooner rather than later is prudent.