"People buy on emotion, not facts"
....says Sigrid. “So, we looked closely at the target markets and applied solid marketing strategies. The result…we’ve sold our companies for a healthy profit.”
We know that baby boomer businesses are not 'transaction-ready,' meaning too many business owners are unlikely to find a buyer." It’s true for boomers around the world.
Instead of calling in a broker, Sigrid looked at her business through the lens of marketing. “My husband knows how to fix clocks, but I had to train as a gemologist after discovering my sales staff didn’t know anything about stones,” says Sigrid. She laughs while recalling, “I learned about fresh-water pearls, coloured stones, diamond recognition, and metal technology.” Then she trained the staff.
She sold the diamond jewellery store for double her investment three years later. Next, Sigrid bought into the office supplies business – something else she didn’t know anything about. So, the serial entrepreneur asked her accountant for ideas on how to make better margins from pencils and small office equipment.
“I paid $1,600 to that accountant who gave me a bench-marking report with some graphs to look at."
“That did not help, at all!” recalled Sigrid. “I needed systems for my plan to improve the margins and prepare the company for sale.” We know that established programs give a clear sense of how a business operates. "If you aren't tracking and organizing your internal processes – in your way of doing things - how will the new owners know which steps to take once they take over?”