Page 32 - Flathead Beacon // 8.24.16

Montana Cabinet & Canoe LLC
125 MARKEN LANE, BIGFORK, MONTANA
montanacabinetandcanoe.com • 406-837-4185
[email protected]
BUSINESS IS PERSONAL MARK RIFFEY FOCUS ISN’T ENOUGH
IF YOU’RE A FREQUENT READER ON business improvement, you’ll undoubtedly read something that encourages you to focus. Focus on one niche. Stop multi-tasking and focus. Worry about the numbers – they should be your focus. Focus on the customer or on your employees.
OK, So What Should I Focus On?
Focus alone isn’t enough. You can’t really give the proper amount of dedi- cated attention to 37 di erent things. You’re going to have to gure out what your list is and either delegate or out- source the rest. Otherwise, nothing will get the attention it deserves and all aspects of your business are likely to su er.
In the early days, this is toughest because it might just be you and no one else. So what drives your decision to let something slide a little, be it a day, a week or forever?
The long term.
It depends on your long-term goals, but most of the small business owners I talk with tend to be 50 or older. As a result, they are seeing retirement a decade or two out. In most cases, they’re at cruising altitude with their business and have left behind the years of struggle and work to keep it open, then make it pro table and so on. They’re focused on maximizing the value of the business in the time that remains before they decide to sell.
The best have focused on building that company from the outset. “What do I focus on when it’s just me?” was answered for them years ago. Notwithstanding the random short-term challenges that we all face now and then, their answer is, “What can I do that is most important for my cli- ents while growing the value of my com- pany over the long term?”
The upside is that for a small business, it focuses you on the things that should get and keep your attention even if your plans to sell are 30 to 40 years away.
So Your Eyes are Riveted on the Buyout?
Yes, even if it’s decades away.
Building for a buyout is much di erent for a small company than for one on Wall Street. A privately held company can focus on becoming more attractive to a
buyer via predictable, consistent positive cash ow and pro tability - with no stock price to lose sleep over. These things come over the long term through obvi- ous accomplishments that most small businesses strive for: solid products and services, repeat business, great customer care, etc.
Obvious, right? The things that make a company pro table to the owner will eventually be the things that make it attractive to purchase. Part of that attrac- tion is eliminating as much risk as pos- sible from the buyer’s purchase. I don’t mean guaranteeing revenue or pro ts. I mean by selling a company that is inher- ently low risk due to the way it operates.
For example, you can reduce risk and build value by building quality, val- ue-packed products, services and sys- tems that produce dependable recurring revenue. You can reduce risk and build value by providing great customer care. Those loyal customers produce recurring sales and provide referrals that lead to new clients. You’ve reduced risk by struc- turing your company to survive the day you get hit by a bus. The same strategies will protect the company if you decide on short notice to sh in Alaska for six months.
Do You Feel Your Business is Ready to Sell?
When you sell a house, there’s that list of projects you have to get done in order to make it easier to sell. Once you nish the projects that seem essential to sell- ing your home, seller’s remorse sets in a little bit. You wish you had made those improvements years before so that you could have enjoyed them. You enjoy the home a little more in your nal days there – in part because of the changes you put o for months or years for what- ever reason.
A business often has the same list. They make the business some combina- tion of less risky, easier to run, more prof- itable, and/or less hassle. Over time, the value of these projects pay for themselves and make the company more attractive to the right buyer.
Making the company more attrac- tive to the right buyer takes a long-term view. You and your team will bene t in the meantime.
is coming to Wheeler Jewelry!
Fri-Sat, August 26-27th Custom Jewelry Created Just For You
Custom jewelry is a dance that lasts forever, the combi- nation of your unique story and Mark’s exceptional skill. Diamonds, colored gemstones, gold in every hue – the possibilities are endless when you choose custom. Here’s how the process works:
First, you meet with Mark. He’ll ask you questions in order to truly understand what you’d like your custom creation to look like, and what this piece of ne jewelry will mean to you.
Based on this conversation, he’ll develop some pre- liminary sketches. rough conversations with you, he’ll re ne these sketches until you arrive at a design you love.
Next a wax model is prepared so you can see, and even try on, your piece of ne custom jewelry. A er making sure you’re thrilled, the next step is manufacturing: your Mark Schneider creation is hand cra ed using only the nest materials and to the most demanding, meticulous standards of quality.
You can never have too many custom creations! Set up a time to meet with Mark today.
139 Main Street Kalispell
752-6809
“MAKING THE COMPANY MORE ATTRACTIVE TO THE RIGHT BUYER TAKES A LONG-TERM VIEW.”
Want to learn more about Mark or ask him to write about a strategic, operations or marketing problem? Email him at mri ey@ atheadbeacon.com.
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AUGUST 24, 2016 // FLATHEADBEACON.COM