Four Things To Get Right When Selling
Table of Contents
Accelerating Sales to Scale your Business
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When you start a business with the intent of selling, you can quickly lose the way. You need to focus on your business model, ideal client, offerings, marketing and sales and your team. But when you go back to your original idea, you need to have four essential things in order to close a good deal. Listen to this episode to find out what are they.
01:03 – What gets in the way when you start a business with the intent of selling
01:33 – Four essential items you need to get right when selling your business
03:04 – Intellectual property
04:01 – Contracts
05:04 – Employees
06:38 – Sales Team
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Four things to get right when selling
Intellectual property (IP)
It’s intangible property resulting from creativity, such as patents, trademarks, and copyrights. You need to check the status of your IP in preparation for the sale, and if your brand doesn’t have the proper protection will reduce the sale price.
Contracts
It’s a written or spoken agreement concerning employment, sales, or tenancy intended to be enforceable by law. Nothing is enforceable unless it’s actually in writing. So make sure you get those contracts signed.
Employees
I love the quote by Michael Hyatt, the author of Your Best Year Ever and other leadership and productivity books: “You don’t have a business until you have a team.” The hardest decision is when do you tell employees? And to be honest, there’s no textbook answer to this. Having Standard Operating Procedures will make any sales and transition smoother.
Sales Team
When selling and you don’t go with the sale, you are compelled to build the elements for a sales team to take over from you. I recommend having key tools like a CRM and a recording software to keep sales calls with clients and prospective customers.
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