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Selling My Business

For Sale sign

I started a business a little over five years ago, becoming a local representative of what was then a leading small business marketing organization.

The original owner, a life-long entrepreneur, sold the company to a group of corporate investors a little over two years ago, at which point the once-great company went into an almost immediate tailspin from which it has yet to recover.

In my opinion, the new management has shown extremely poor leadership and has taken some very troubling actions, including an ill-fated attempt to attack me personally and put me out of business (documented in a series of posts on this blog, beginning with this one).

As a result, advisors, friends, colleagues, members and clients of mine have all strongly urged me to end my relationship with the company.

I’m as loyal as they come, and I’ve stubbornly held onto my position as a certified advisor for the company in the hope that things would change and the new management would turn things around.

But now I have decided that such wishful thinking no longer makes sense for me.

Therefore, I have decided to sell my exclusive rights to promote the company in two territories in and around the city of Chicago.

While this business no longer makes sense for me, it could be an excellent opportunity for someone who believes in the future of this company and is passionate about promoting it.

If you have any interest in taking over one or both of my exclusive territories to support and promote this company (or just want to know what company it is), go here to schedule a phone appointment with me to discuss the details:

—–> Business For Sale Opportunity

Now I’ll cover the final three areas you’ll need to work through to maximize your current resources (I discussed the first three areas in last week’s post).

I. Reveal The Soul Of Your Business

Every business has a soul, and you likely felt it the strongest when you were first starting your business. It’s that passion, newness and momentum you had at the very beginning.

Sometimes that can get lost along the way, as a business gets stagnant and set in its ways. If that happens to you and your business, you’ll need to break out of your rut and return to your business’ true soul.

Or, as in the case of my business that I discussed above, sometimes factors outside of your own control can cause you to lose your passion for your business.

Always remember to build a relationship with your prospects and customers based on trust. You can do this best by displaying your ability to solve their problems, handle special situations and focus on offering valuable, high quality products and services.

Maintaining that trust relationship and getting positive feedback is the best way for you to get back to the most enthusiastic and passionate state you were in when you first started your business.

II. From Breaking Even to Breaking The Bank

One of the classic and most-often used ways to attract clients is to offer them a ridiculously low price on their initial purchase and lock them in for future purchases.

You see this approach with movie and book clubs (“Get Any 6 DVD’s For $1!”), credit card companies who offer 0% or very low introductory interest rates for the first six months, and my own SSSMarketingUniversity.com’s $1 30-day Trial Membership.

Essentially with this strategy, you offer them a deal on their first purchase, then you offer them back-end and add-on products and services along the way. These should include bigger-ticket items that will give them a better experience, get them better results and bring them into more of an intimate relationship with you and your company.

III. Stand Up and Stand Out

You need to stand out from the pack among your competitors by creating your own powerful USP (Unique Selling Proposition) and making sure you deliver on its promise. Here are three tips to help you develop your USP:

  1. Look for unfilled needs in your industry
  2. Use preemptive marketing
  3. Use a technique that is clear and to the point

If you need help with any of these areas and techniques, try my $1 30-Day SSSMarketingUniversity.com test drive to work with me or one of my amazing business coaches:

—–> SSSMarketingUniversity.com

33 Responses to Selling My Business

  1. Patrick Reply

    June 12, 2013 at 6:21 am

    Wow… Steve sorry to hear that. I have to say that you were an awesome IBA. Good luck in your endeavors!

  2. Ace Luciano Reply

    June 12, 2013 at 6:26 am

    WOW!
    That is the BEST sales pitch I’ve heard in a while…

    As always, Steve, you hit the nail right on the head.
    Relationships, Trust, trials, and a strong, unique USP are really the BEST ways to do business.

    • Sasha Spinner Reply

      June 12, 2013 at 2:21 pm

      Steve, you and your lovely wife Michele have given so much to help build that company. Now it is time to let that business go and move your own business to the next level. Yeah! now you will have more time to devote to us.

      Congratulations on this move and now on to bigger and better things. Best of luck!

      • Steve Sipress Reply

        June 12, 2013 at 5:36 pm

        Thank you, Sasha! On to the next level it is!

      • Janet Green Reply

        June 13, 2013 at 5:50 pm

        Steve, I have to agree with Sasha. You worked the marketing for them much better than they have done for themselves for at least a year and stayed true to the principles. It really is time to let it go and devote the same energy and principles to your own business and take it to the next level.

    • Steve Sipress Reply

      June 12, 2013 at 5:35 pm

      Thanks, Ace!

  3. Phil Brakefield Reply

    June 12, 2013 at 6:32 am

    I am SO selfish.

    The news you are going to sell one of your businesses means that I win.

    You will now have a bunch of new-found time to do what you do best, which is to put together programs and services that help me and so many others succeed on both personal and financial levels.

    (And I suspect you will feel that the anvil around your neck will be cut loose…so you win, too).

    But of course, I remain an avid listener to WII-FM, so while I am happy for you, I am ECSTATIC for me! 🙂

    • Steve Sipress Reply

      June 12, 2013 at 5:38 pm

      It is definitely a win-win, Phil. Unfortunately you are right — it has definitely been an anvil around my neck for a while…

  4. Ashley Reply

    June 12, 2013 at 7:03 am

    Sorry that “the company” screwed you over the way that they have. But like a cat, you already landed on your feet.

    • Steve Sipress Reply

      June 13, 2013 at 2:41 pm

      The company has its own reasons for everything it does. Many current and former members are disappointed, but we’ve moved on.

  5. Felicia Slattery Reply

    June 12, 2013 at 7:26 am

    Steve,
    This is a long-time coming. Even though you are wildly successful with clients across the country, change like selling a major business is still not an easy choice. You’ve obviously made a wise decision; I think it will be a huge relief and has been holding you back.

    Please know, I and, clearly, your other clients (Phil is so funny) will continue to support you as you move forward faster. I for one am excited to watch what you do next.

    You rock!

    • Steve Sipress Reply

      June 12, 2013 at 5:39 pm

      Don’t worry, Felicia: I’m not selling ALL of my businesses — just one. I’ll still be working with my clients and members all over the world (with more time now than ever, as Phil points out), and will still be running my hugely-successful and fun Chicagoland’s Sharpest Entrepreneurs group!

      I’m keeping several other of my successful businesses, too — just selling one very-part-time (in time and income) venture of mine.

  6. Laura Reply

    June 12, 2013 at 7:27 am

    Wow–I know you’ll find the right person to sell to and YOU will thrive because you’re awesome (and won’t have to deal with the BS!)

    • Steve Sipress Reply

      June 12, 2013 at 5:40 pm

      Thanks, Laura! Yes, it will be very freeing to cut out all of that BS from my life!

  7. Ilene Reply

    June 12, 2013 at 7:29 am

    Sadly another chapter bites the dust. Craig Valine closed up shop last week — He posted his official notice on his fan page and then again on his new fan page — I wonder what Dan thinks about all this? better yet Bill Glazer

    • Steve Sipress Reply

      June 13, 2013 at 2:39 pm

      I’m not sure what either Dan or Bill thinks about all of this. I’m sure they both have enough in their lives to deal with instead of thinking about what the current management of GKIC does.

  8. Sydney Barrows Reply

    June 12, 2013 at 7:53 am

    You’re absolutely right to get out of a situation that is no longer serving you and is both bringing negative energy into your life, and sucking positive energy out of it. You’re one of the sharpest minds I know, and I have every confidence you’ll be able to turn this into a win-win for yourself and for all of us who admire and follow you.

    Transitioning into another phase in life can be unsettling at times, but you have the support of your wonderful wife, MIchele, as well as all of us who know you, admire and respect you, and want to continue our relationship with you.

    I wish you all the very best, look forward to hearing about the journey, and to participating in whatever you have coming up next.

    With warmest wishes,

    Sydney

    • Steve Sipress Reply

      June 12, 2013 at 5:43 pm

      Thanks for your “fresh eyes” on the situation, Sydney.

      I’ll continue serving my clients both locally here in Chicago and all around the world — now, better than ever having become free from all the considerable BS and nonsense I’ve had to put up with for the past couple of years.

      Hope to see you again soon!

  9. Michelle Reply

    June 12, 2013 at 8:05 am

    Have to admit… I look forward to reading the series of blogposts. I too am a long-time fan of this company — and have also noticed huge changes. I think you’re making the right decision, for what it’s worth!

    • Steve Sipress Reply

      June 12, 2013 at 5:44 pm

      Thanks, Michelle. I’ll still root for them to somehow beat the odds and turn things around, but from now on I’ll do it from even further on the outside than they’ve pushed me (and their other certified advisors) away for the past couple of years.

  10. Shelly Reply

    June 12, 2013 at 9:59 am

    Steve:

    Can’t believe your moving on….I find your blog and your enthusiasm contagious…Let’s talk and discuss what you next life is going to be like.

    Best regards,

    Shelly

    • Steve Sipress Reply

      June 12, 2013 at 5:22 pm

      Thanks, Shelly. My “next life” is already in full swing, with multiple projects and businesses other than this minor one that I’m moving on from. If you want to “talk and discuss” anything, hit me up on Twitter @SteveSipress or Facebook.com/SmallBizhelp!

  11. Bryan Regnier Reply

    June 12, 2013 at 11:29 am

    I couldn’t agree more with all of the previous posts…the loyalty you show to your clients is unbelievable…constantly over delivering…RISE UP SSS University!!!

  12. Phil Brandon Reply

    June 12, 2013 at 11:51 am

    You’re right, I have felt the same, it just isn’t the same with the new management. I wish you well in whatever your next step is.

    • Steve Sipress Reply

      June 12, 2013 at 5:46 pm

      Thanks, Phil. My “next step” will be simply to invest more time, effort and care into my members and clients, freed up from dealing with all the corporate red tape, ineptitude and nonsense I’ve had to deal with over the past couple of years.

  13. Michael Reply

    June 12, 2013 at 12:32 pm

    Pardon my ignorance, but was GKIC sold? So how is Dan Kennedy still affiliated with it? Thanks for your time.

    Mike

    • Steve Sipress Reply

      June 13, 2013 at 2:44 pm

      GKIC was sold over two years ago. Dan Kennedy is still with the company.

      You may want to contact GKIC for answers to your questions.

  14. Grant Reply

    June 12, 2013 at 4:25 pm

    I completely understand, you have been more than patient. You are an AWESOME marketer and will continue to succeed in all of your businesses.

  15. Chris Reply

    June 12, 2013 at 5:19 pm

    Should I book your tee time?

    • Steve Sipress Reply

      June 12, 2013 at 5:47 pm

      Ahh… I haven’t played a single round of golf yet this year, but I plan to soon…

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