Category Archives: Business event planning

A Business Owner’s Dream Come True

By Michael J. Kessler, Profitability Consultant and CPA

To read more about what Michael does, go to MichaelKesslerCPA.com.

To read more about what Michael does, go to MichaelKesslerCPA.com.

As a business owner, your primary responsibility is to increase the salable value of your business.  That’s right because, whether you are going to pass your business on to future generations or sell it to your employees or even divest to a third party, it can be very financially rewarding for you and your family.

So how can you increase the value of your businessHere are three of the best ways:

1.     Strengthen the predictability of your revenue streams – That starts with marketing and ends with more marketing.  Keep investing in the right marketing strategies especially during tough economic times. That’s when most of your competitors are running scared and slashing their marketing budgets – often times to zero!

I’ll share an example. It comes from an independent source knowing very little about business just yet – my youngest son.  Prior to going on active military duty, he went to work for a home remodeling business in the Pacific Northwest.  He was on the demolition crew, the roofing crew and the painting crew working on three or four large jobs per week.  Throughout his ten months on the job, he always said how busy they always were.  When I asked how everyone else in the remodeling industry was doing out there, he told me, after asking the owner, that many of his competitors no longer exist.  Because even in the aftermath of the 2008 recession, his boss, the sole owner of the business, kept investing heavily in marketing while most of his competitors did not.  This kept him first-in mind and highly credible with his prospects to get him a ton of new work over the past several years as well as recurring work from many of his customers.  And that has created a powerful and growing referral network for his business.

Prospective buyers of that business would love seeing this – the higher the probability of predictable growth in your sales pipeline and revenue stream, the higher the premium they would pay if they bought your business.

2. Have systems in place that produce predictable results that are reproducible virtually every time – Every function in your business has a system.  Whether production related, fiscal management related, sales & marketing related, HR related, virtually anything you do to operate your business should have a documented system. Prospective buyers of your business value turnkey systems that are simple to operate.  They will more often than not pay a nice premium for your business if you have those systems in place and operating effectively.

3.  Have a strong management team at all levels of the business – Prospective buyers see a one man show and they immediately perceive higher risk and thus a lower value in the business.  Even the smallest businesses should have lower level people (even outsourced partners) executing their systems flawlessly. Prospective buyers generally don’t want to come in and have to reinvent the wheel.  If they did, they wouldn’t have to pay you for the business!

So business owners, do everything you can to increase the salable value of your business because in the end it’s not about how much you make, it’s about how much you get to keep!

Michael J. Kessler is a Profitability Consultant and CPA with a completely fresh approach beyond traditional accounting. Mr. Kessler’s background is running small businesses which ultimately became employee-owned and then acquired by multibillion dollar public companies. Mike has been interviewed on NBC’s America’s PremierExperts® TV show, and has appeared on CBS, ABC and FOX Affiliates around the country.  On April 28th at the Image of Success Networking Series event at Seasons 52 in Garden City, NY, he will present “Secrets to Making Your Business Soar into the Roaring 2020’s”.

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Perseverance: NYC Mom Moguls Discuss Life as Working Mothers

By Sara Anne Fingerman, Arts and Entertainment Writer, Sara@gemmagazineli.com

Balancing motherhood and marriage, social life and the school play, a femaleowned business and finger painting doesn’t have to be a struggle.  It can be achieved with a little patience, organization, and ease, while still looking and feeling fabulous.

mom mogul pictureDesigner Rebecca Minkoff, Gilt Groupe’s Alexandra Wilkis Wilson, celeb stylist June Ambrose, jewelry designer Jennifer Fisher and style and beauty expert, Mary Alice Stephenson, actress and fashion icon Veronica Webb were among the panelists at the May 7 First Annual Mom Mogul Breakfast hosted by Divamoms.com founder Lyss Stern and More Magazine’s Sabine Feldman at Restaurant Bond 45 in Midtown Manhattan.

Panelists helped share their secret to success.  Here are a few that stood out:

Best known for her handbags, Rebecca Minkoff wanted a fancy designer dress when she was a little girl. Her mother gave her a needle and thread and encouraged her to sew one herself.  Rebecca’s mother offered her the gift of independence, which resulted in a successful brand. Minkoff told attendees to “take time to stop and smell the roses and everything will come into place”.

If you are a working mom struggling to get the kids out on time, celebrity stylist June Ambrose suggests meditation. “Wake before the Quake”, wake up an hour before your children (and have some time on your own!).  Not only will you feel wonderful, but also your children will see a more relaxed, readytogo mom.

Stern asked panelists what advice they would give to moms who are aspiring to launch their own businesses. Jennifer Fisher, jewelry designer said, “ Just do it, you never know how it’s going to go unless you try. Who cares if you make mistakes? Just try!” Fisher started her business out of her bedroom selling jewelry and turned her side business into an empire. Her jewelry has been worn in many feature films and hit television shows and movies.

Model and actress Veronica Webb told attendees to take time to do nothing. Cuddle time with your children is important. They need to feel loved and you need to bond with your children as well.

The 3 Golden Rules of Planning a Business Event

Remember the one Golden rule? Many of us have taken it to heart and practice it faithfully.  Other “Golden rules” exist as guidelines, to inspire better actions, to frame your mindset. Regardless of your objective, “rules” exist and can be quite practical. The following are 3 of the very best Golden Rules for planning a business event.

Golden Rule # 1. Know How You Will Measure the Event’s Success

The reasoning for doing this is two-fold: Have the goal in mind from the start so that you are conscious of how to make that happen. Defining a specific outcome should apply to even the smallest business event.

Golden Rule # 2. Direct the details specifically to your target attendees.

Once you know who you want to attend, many options will be up for grabs. Choose the venue that appeals to the audience…. the agenda (panel discussion, roundtable, speed-anything, structured presentations, should please them as well as anything served.  If you don’t intend to invite the entire free world, focus on  who your target audience member is.

Golden Rule # 3. Research the date and time before announcing.

Make sure you check the date on many holiday schedules- school, general, religious. What will be most convenient for your attendees?  Know what their general schedules might be. For example; is it easiest for the event to occur during work hours, lunch, after work, before the work day, or over the weekend?

Trust these Golden Rules to make your business event successful. These are tried and true and found to work. Follow them and then your ultimate success will be more likely and the results far more satisfying.