Marketing Niches For Brokers – Video

There Are Riches in Niche's

You Can’t Be Everything To Everyone … If You Think Everyone Is Your Customer, You’ll Be Out Of Business Before You Know It …..
 marketing niches for brokers
Tighten Up Your Marketing Message & Carve out a Niche’ …

 
 

One of my coaches (I have 2) told me a little story a while back, and I wanted to pass it along to you – it’s quite interesting – and says a LOT in a very short story.

The Story: After returning home from WW2, two brothers, Henry and Richard Bloch needed to do something to make a living, and they decided to open up an accounting and book-keeping company.They named their new company H&R Block.”

When they began in business, they offered over 30 different services, from advertising to bookkeeping.

Want To Know The Biggest Problem They Faced ?

No One Wanted To Hire Them …

They struggled and scrimped just to keep the lights on.

Then, A Miracle Happened:
Their landlord approached them and asked if they would be willing to post a big sign on the front of the building that said H&R Block prepares tax returns.

The economy was struggling a bit and the landlord was having trouble attracting foot traffic into the building. He was grasping at straws looking for ideas to increase traffic ….

Having nothing to loose, Henry and Dick decided they would help the landlord out, and scratched together just enough money to get a sign made up. It was a real struggle for them because they hardly could pay the rent and feed themselves, much less buy a sign!

Once the sign went up, however, and almost immediately, people began walking into their office for tax services.

Henry and Dick had been advertising since they started their business, but they were trying to be everything to everyone and were actually nothing to no-one.

They were advertising too many services to too many people, and therefore, their marketing message fell on deaf ears.

After the brothers realized that tax preparation had the largest demand of their offerings, they “focused” their services, carved out a niche’, dominated that niche’, and began hiring and expanding.

Today, H&R Block is the most well-known companies in the country.

It’s interesting to learn that one funky – dumb little focused ad took a struggling little company and turned in into an American Institution.

Moral of The Story … marketing niches for brokers

You need to know who your target customer is before you invest money in marketing and advertising.

There are FIVE Fundamental Elements of Every Successful Business, and Customer Identification and Market Niche’ is Fundamental Element #2.

I write about marketing niches for brokers in my book: https://www.amazon.com/Fundamental-Elements-Successful-Sellable-Business/dp/1539553612/ref=sr_1_2?ie=UTF8&qid=1512150790&sr=8-2&keywords=paul+forsberg

There is POWER in a focused message, “There Are Riches In Niche’s” –

So …. tell me …  Who is your target customer?
Do you have “Specialty” or a Niche’?

Need Help figuring it all out? Contact Me

I can help with this one of a kind marketing course designed exclusively for Brokers.

Watch this video and learn more:

 

 

The Twenty Hour Work Week

And What It Means To You in Your Professional Services Business


Over the past 35 years I’ve built or bought 15 different businesses. All but one was a successful. However, the successes came at a steep cost.
I’m on my 3rd marriage, and up until 4 years ago, I hardly knew my kids, and they didn’t have much use for me.

Why am I telling you this? Because I know, first hand, the sacrifices we owners make, and its just crazy no one needs to work like a dog in their business … no one.

 

4 years ago, I bought this business brokerage office and it changed my life.

Let me tell you a quick story ……
The guy I bought the business from had been a business broker for a very long time and was of a pack-rat.

When I closed in the business, I got filing cabinets dating way back into the 1990’s and I had the unique opportunity to review hundreds of old business files.

While Reviewing and Digging Through the Records,
Very Distinct Patterns Began to Emerge!

This may, or may not come as a shock to you, but here it is …

In Every Instance: If the business owner worked in the business for More than 20 hours per week, the business suffered in one way or another, and in the end, the overwhelming majority of them end up closing their doors for one reason or another.

The business went BUST, or the owner just closed the doors in defeat! They may have tried to sell the business, but no buyers showed up. If they tried to hand it down to the future generation, well, I’m not willing go there in this blog.

In “Stark Contrast”

In Every Instance: If the business owner worked in the business for Less than 20 hours per week, the exact opposite happened! The business flourished and operated smoothly and profitably. The business was valuable and easily sold quickly and at the full asking price or slightly higher.

Needless to say, after noticing the pattern I immediately began working on changing the way I did my own business and within 6 months, I got my workweek down to 20 hours or less!

Now:

  • The business operates without me
  • My 3rd wife (yes 3rd!) loves me
  • My kids like me again
  • The grandchildren know who I am!

Long Story Short …… The Purpose of a Business Is To Give The Business Owner More Time and A Better Life.
If you’ve been working like a dog in your business and your life isn’t what you believe it should be …

There is a way out, and I know how to get you there.

I Create a Free Report and detailed my findings and you can get a copy of it for FREE and without obligation by clicking the report title below.


The Twenty Hour Work Week and
What It Means To You And Your Business
.”


This Report Might Very Well Help You Make a Lot More Money Than You’re Making Right Now, and Give You a LOT More Free Time As Well.

4 Step Phone Strategy That Wins The Appointment 99.9% of The Time

“How You Can Convert Phone Calls Into Appointments, Paydays, Raving Fans and Referrals in 4 Simple Steps”

Once you’ve invested time and money into marketing, your phone is going to start ringing.

The last thing in the world you want to do once it begins to ring is BLOW THE PHONE CALL!

The Video in this blog post reveals a BRILLIANT four step process that will make you win the appointment 99.9% of the time.

Watch The Video – it’s about 6 minutes long – do this and you’ll slaughter the competition.

>>> Get The Report and Script Here <<<

After you use this strategy, please shoot me a video message and let me know how it works for you – I’l love to hear your results. My Cell phone # is 321-427-4100

Marketing Minute

In today’s day and age, many of us tend to run to the office, jump behind the desk and begin pecking away – working our fingers to the bone pecking at a keyboard, or have the phone stuck to our ear for hours on end.

I’m just as guilty and anyone when it comes to working like a dog …. We all do it.

Finding the time to watch and educational video is difficult to say the least.

Well – except this one – I have been watching this guy Andrew Lock from www.HelpMyBusiness.com for about 6 years. The guy is fantastic.

He does a masterful job of sharing valuable and useful information, and at the same time is very entertaining.

His English Accent is Hilarious!

My wife and I had the unique opportunity to attend one of his workshops back in 2011 at the cost of $10,000 for 3 days, (I never laughed so hard and learned so much in my life!).

I’ve been watching his videos ever since.

I encourage you to click on the link and watch the video – Please comment back and let me know what you thought of it and what you got out of it.

#224: Local Business Marketing, Chris Farrell Explains How to Write Emails That Get Read, and a BIG Marketing Lesson from Disney

Buying a Professional Practice Business

Tips for Buying a Professional Practice Business

Every month receive a few requests from Financial Planners, Money Managers, CPAs a few Insurance companies interested in buying a Professional Practice Business
… otherwise known as a “Book of Business.”

Unfortunately it’s a very difficult task because there are a lot more people interested in buying a professional practice business than there are sellers. Furthermore, just an off-the-record mention of a person thinking of selling their book of business  brings buyers out of the woodwork.

Long story short, they’re hard to come by.biz-practice

So what’s the point in writing this article?

The point is, there is MILLIONS to be made by people who build up a practice business, sell the book and do it again.

As the GURU’s say in the House Flipping business – “Rinse and Repeat”

That being said, if you have the opportunity to buy one, here are 5 things you need to watch out for so the purchase happens in a positive way instead of a nightmare:

1. Make sure there is a retention clause in the agreement.
A retention clause in a purchase agreement allows the buyer to withhold a portion of the purchase price until it is determined that the project, goods, or contracts meet the specifications of what is being sold.
In another words, the seller can’t collect all the money and leave on the next plane out of the country and vanish.    >> Dictionary Explanation of Retention Clause <<<

2. Transition of the practice to the new owner, (you) is critical and must be done in a way that the clients don’t disappear into the night. The best way to accomplish this is to make the sale look like a merger. Again, if the seller is going to jump on a plane the day after closing and fly off someplace, i’d be suer cautious and make sure there is a LARGE holdback of funds retained for release sometime on the future.

3. Thorough review of all paperwork is essential!   You must have absolute clarity on what you’re buying! Leave no stone unturned, and let no question go unanswered!

4. Complete a background check on the seller.
Google the owner and the business name and see what pops up. Check to make sure any business license or credentials are in good standing and no ethic violations have occurred against the owner or any partners. With the internet now-a-days, there are no secrets. If you don’t want to do the background check, hire someone to do it for you.

DON’T skip this step – regardless how well you know the person, or what you’ve heard about them. Their social profile will tell you a lot about their character. Do Your Homework on the Seller.

My Grandfather used to say , “You can whitewash the stripes of a Zebra, put a saddle on it’s back and call it a horse, but all you really have is a zebra with a saddle on its back and the stripes will come back after a good rain.”

5. Make sure all employees are under a non-compete and non-disclosure. The last thing you want to have happen is you invest a bunch of money into a company only to have the top employees  walk out behind the seller, taking their clients with them and going into business of themselves.

There you have it …. 5 Tips for Buying a “Practice Business.”

I wrote a book on the 5 Fundamental Elements of Every Successful and Sellable Business.
It is loaded with very good information, and if you build your business around the 5 Fundamental Elements, you can easily scale your business up quickly.
To get you copy, go to Amazon.com and type in my name Paul Forsberg.
Get the book – you’ll be glad you did.

The Twenty Hour Work Week

And What It Means To Your Business

Over the past 35 years I’ve built or bought 15 different businesses. All but one of them was a successful venture. However, those successes came at a steep cost. I’m on my 3rd marriage, and up until 4 years ago, my kids didn’t have much use for me, among other things. Why am I telling you this? Because I know, first hand, the sacrifices we owners make, weather we knew that going in or not!

4 years ago, I bought this business brokerage office and it changed my life.
How it happened is this: The guy I bought the business form had been a business broker for a very long time. He was somewhat of a pack-rat.
He had files dating way back into the 1990’s and I had the unique opportunity to review hundreds of old business files.

While Undertaking The Process of Culling Records, Very Distinct and Indisputable Patterns Began to Emerge!

I Share Them With You, Because They Are Vitally Important!!

This may, or may not come as a shock to you, but here it is …

In Every Instance: If the business owner worked in the business for More than 20 hours per week, the business suffered in one way or another, and in the end, the overwhelming majority of them end up closing their doors for one reason or another.

The business went BUST, or the owner just closed the doors in defeat! They may have tried to sell the business, but no buyers showed up. If they tried to hand it down to the future generation, well, I’m not willing go there in this blog.

In “Stark Contrast”

In Every Instance: If the business owner worked in the business for Less than 20 hours per week, the exact opposite happened! The business flourished and operated smoothly and profitably. The business was valuable and easily sold quickly and at the full asking price or slightly higher.

Needless to say, after noticing the pattern I immediately began working on changing the way I did my own business and within 6 months, I got my workweek down to 20 hours or less!

Now:

  • The business operates without me
  • My 3rd wife (yes 3rd!) loves me
  • My kids like me again
  • The grandchildren know who I am!

Long Story Short …… The Purpose of a Business Is To Give The Business Owner More Time and A Better Life.
If you’ve been working like a dog in your business and your life isn’t what you believe it should be …

There is a way out, and I know how to get you there.

I Create a Free Report and detailed my findings and you can get a copy of it for FREE and without obligation by clicking the report title below.

The Twenty Hour Work Week and What It Means To You And Your Business.

 

The 5 Fundamental Elements of Every Successful and Sellable Business

Business Exit Timing

It Doesn’t Matter How Big or Small The Business. It Doesn’t Matter What Product or Service You Deliver.
Every Successful Business In The World Has All 5 Fundamental Elements Working Together, and Every Failed Business in History Does Not!

A message from the author-

The business failure rate in this world is staggering, and the sad truth about the businesses that do make it, only a few can be sold for Top Dollar!
“Entrepreneurs work hard – sacrificing their time, family, friends, and lord knows what else. I mean, we really work our tails off and the last thing any of us want to do after all of our hard work and sacrifice is end up being forced to close the doors in a liquidation sale, or when the time comes, end up selling the business for pennies on the dollar. None of us can afford the pain and anguish of being forced to clip coupons to get by in retirement because we failed to plan ahead of time.

You owe it to yourself to get the best help and advise you possibly can so you’re not taken advantage of and embarrassed – READ THIS BOOK – and Discover What You Need To Do Starting Tomorrow So You Can Sell Your Business In 2-5 Years And Walk Away Wealthy.”

Business Rule # 20

The Less You Work, The More You’ll Make!

Business Rule Number #20.

The Less You Work, The More You’ll Make!

How to Significantly Increase Business Profits and Value – By Working Less Than You Do Now.

Many small business owners focus on growing their profits, while others are obsessed with sales goals. Business Rule #20 is the key.

Both of them work their butts off – sacrificing their time, time away from family, friends and Lord knows what else.

They mistakenly believe that the only thing that matters is bottom line profits when the time comes to sell their business.

While bottom line profits are important, there is a lot more that goes into the value of a business than just bottom line.

I have found Business Rule #20 is the secret sauce.

Yep – if a business owner works more than 20 hours per week in the business, the value goes down – the more hours, the lesser the value.

And, the exact opposite is true. Every hour less than 20, the company value increases by tens of thousands and thousands of dollars.

An important goal for an entrepreneur to set for themselves is to set the business up in a way that it runs itself without their constant and direct daily involvement.

A business that is not dependent on its owner is worth a whole lot more money than one that is – period.

It allows you complete control over your time so that you can choose the projects you get involved in and the vacations you take. When it comes to getting out, a business independent of its owner is worth a lot more than an owner-dependent company.

Below is a list of 5 simple steps you can take to begin increasing the value of your business.

  1. Give The Employees A Stake In The Outcome

Give then a piece of the profits. Spell it out in simple terms, and let them participate.
It will give them an “ownership” mentality and their outlook will change dramatically.

If you’re wondering how to figure out an amount, this is what I did for one of my companies –and it worked like a charm: Figure out how much the business needs to operate including your pay as the owner and set it as the benchmark. All profits over the benchmark, I took 60% and divided up the remaining 40% per the revenue percentage generated by each employee.

  1. Get Them To Walk In Your Shoes

Here is a simple management technique that will get your employees to begin “thinking” like an owner: Every time they ask you a question, answer their question with a question: “If you owned the company, what would you do?” By forcing your employees to walk in your shoes, you get them thinking about their question as you would and it teaches them the habit of thinking like an owner. Soon, they will begin solving their own problems.

  1. Delegate Your Responsibilities.

One of my coaches used to say, “If you can’t change the outcome, delegate it.”

Identify the products and services which require your personal involvement. Make a list of everything you do and score them on 1 to 10 scale.

Assign a 1 for easy to teach and a 10 for anything that requires your personal attention.

Start with the smallest numbers first, and begin teaching and delegating. Your employees will feel empowered and thank you for it, and your workload will shrink significantly.

  1. Create Automatic Customers

Are you the company’s best salesperson? If so, you need to fire yourself as soon as you can.

Think about how you can create a recurring revenue business model where customers buy from you automatically. Service contracts and monthly memberships are two ideas that come to mind for this article.

Businesses with recurring revenue are worth a LOT more than those that don’t have them and the difference is significant.

Once you delegate most of your daily activities, you’ll have plenty of time to think of how to create automatic customers.

  1. Write An Instruction Manual For Your Business

Finally, write a Policies and Procedures manual.

These are a set of rules employees can follow for repetitive tasks in your company.

This will ensure employees have a rule-book they can follow when you’re not around, and, when an employee leaves, you can quickly swap them out with a replacement to take on duties of the job.

You-proofing your business has enormous benefits. It will allow you to create a company and have a life.

Your business will be free to scale up because it is no longer dependent on you holding it back, and best of all, it will be worth a lot more to a buyer when you get ready to sell.

 

Why Most Businesses Cannot Be Sold

and What You Can Do About It

Why Most Businesses Cannot Be Sold and What You Can Do About It ….

Most businesses cannot be sold because they never get out of the Storming stage.
There are 4 distinct phases in business, and the Storming stage is phase 2.
There was a well known professor named Bruce Tuckman, who identified four distinct phases of team development: forming, storming, norming, and performing. … Tuckman proposed that all are inevitable and even necessary parts of a successful team’s evolution. 
These phases also exist in business, and unfortunately, most businesses cannot be sold because they never get out of the Storming stage.
 I explain it in the video and tie it in with The 5 Fundamental Elements of Every Successful and Sellable Business.

“Entrepreneurs work hard – sacrificing their time, family, friends, and lord knows what else.
I mean, we really work our tails off and the last thing any of us want to do after all of our hard work and sacrifice is end up being forced to close the doors in a liquidation sale. Or worse,  when the time comes, end up selling the business for pennies on the dollar.

This video reveals why most businesses cannot be sold and what you can do about it.

I hope you enjoy it – if you have questions, you can Contact Me By Clicking This Link.

 

Goodwill and Your Business

How To Calculate Goodwill of a Small Business

Goodwill is the part of business value that is over and above the value of the identifiable assets owned in the company. This article I’m going to briefly explain to you How To Calculate Goodwill of a Small Business.

how to calculate goodwill of a small business

Simply put, Goodwill is the monetary value amount of a business based on the business reputation and name. It is often tossed around in conversation as how much your customers “like” your business.
(The picture above gives a quick view of exactly How To Calculate Goodwill of a Small Business)

When it comes to placing a value on your business, it is pretty much a P.F.T.A. number.
(Picked From Thin Air)  It’s the difference between what someone is willing to pay for your company minus the value of your hard assets.

Of course, you need to start somewhere to arrive at the PFTA number, and a quick way to do it is you need to estimate the opportunity cost of the business if you started it from scratch, and built it up to the same income as the current owner has.

Let me give you a simplified example: How To Calculate Goodwill of a Small Business

Suppose you own a HVAC company.
The physical assets in the company are five vans, basic tools, a trailer, and an office with a combined value of $250,000. At the end of the year, you make $300,000.

If you sold your company for $1,000,000, the buyer would have paid $150,000 in Asset Value and $750,000 in Goodwill ($1,000,000 – $250,000). The stronger the company, the more a buyer will pay for Goodwill.

Now comes the question, why then would a buyer pay $750,000 for a name, when you can buy your own tools for $250,000 and start your own company from scratch?
The answer to this question is this: the owner of the company is making $300,000 per year.
A buyer will have immediate income and will get all of their investment money back in a little less than 3 years. If he were to start the business from scratch, it might take him or her 5 or more your to get to that point.

One way to massively increase the value of Goodwill in a business is for the owner to work their way OUT of the business and get it operating on its own.

The 20 Hour Rule Is Key

One of the biggest mistakes most business owner make is they wrongly assume that if they keep buying company assets such as machines and equipment, it will increase the value of their business. It’s a wrong assumption because tools and machinery depreciate and go down in value. It might make sense to buy tools and take a tax write-off while running the business, but you’ll never sell them for the same amount you paid for them.

Forward thinking business owners understand this and instead, focus intently on increasing Goodwill. This way, when the time comes, they can sell their business for top dollar and walk away wealthy.

In your case, focus on what creates value for customers and you will maximize the value of your business far beyond the value of your hard assets.

Find out how you score on the eight factors that drive your company’s value by completing the Value Builder questionnaire:

Contact Me

How To Calculate Goodwill of a Small Business is copyrighted material.