Trust is a key and critical factor as well as bonding agent in being a Business Owner and having a Main Street Business and for Franchise Owners as well as Medium and Larger Size Companies. This is imperative as Buyers in seeking to purchase a business and to operate successfully and for Buyers to learn to increase sales revenue and develop excellent relationships with Employees and the Customer Base and the Quality of the Products and Services they represent. Business Owners and Sellers that have operated successfully have learned that Trust is a critical factor in business and relationships and that they should always continue to educate themselves not only on the Business Profit and Loss, but the Human Resource Elements to forge excellence in Customer and Employee relationships and to standout in their business and with integrity and credibility in operating for success.
A partial definition of trust is reliance on the character, ability, strength or truth of someone or it can be a business and business owner and confidence in that business and its products, quality, customer service and its employees and the customer clientele that deal with that business. This is also trust in the fair pricing of the products or services that the business represents.
Remember, without trust a business might lack the moral compass to excel and to add value for its products and services and for customers to keep on coming back. Trust in essence is also a corner stone of the business and its owner’s reputation. For Buyers and Sellers having trust in the business and its many attributes and honesty and forthrightness in the Accounting and Books, Tax Returns, Policies and Procedures and the Sales, Costs and Profitability Factors, Sell Pricing, and its Employees and Human Resource and Business Operations in General. These Trust factors are what contribute to success for a Seller and Buyer Representation and the future vision for a business and its confidence and growth.
A Business Broker Professional & Consulting Service Executive such as our Sunbelt Business Broker & Advisors organization can provide the necessary professional knowledge, skills, and business advice and Representation to either sell your business, provide consulting and an improved thought process for you, and for prospective buyers to purchase what they desire. To also represent the sale of the Business for you when ready or to assist you as a Buyer. Give me a call or email me to coordinate a confidential meeting on your business and representation or buyer requirements. I can be reached at my email address at email@example.com or calling our main office or my personal cell phone at 661-644-5313.
Hindsight is 20/20, but 2020 is also in our future. The National Federation of Independent Businesses asked my projection for the growth industries of the next decade. The easy picks continue to be energy, especially solar and health care, especially geriatrics. The trends for both are just too strong to ignore. There is a threat that government incentives will decline for solar but recent increases have improved production and installation techniques sufficiently to offset added costs. The Affordable Care Act has forced millions to pay for insurance and the population is aging so there is an obvious need with added capital to satisfy that need.
Two less obvious trends occur in the retail sector. The big retailers will continue to lose revenue to on-line shopping. It is much easier to buy direct from a manufacturer and the giant electronic retailers have increased distribution efficiencies. However, the drive to hunt and gather is deeply ingrained in human society. Folks still like to see and feel what they are buying. The vacant commercial real estate vacuum will be filled with value-added and interactive stores. The success of telephone and Apple stores is apparent. Selling technology is enhanced when there is a consulting person to settle consumer dissonance. Consumers will demand more interactive shopping as is found at Downtown Disney. More and more consumers will seek experiences that affect the senses.
These trends have already overtaken many hard goods, offering mass customization. Our recent kitchen remodel featured cabinets manufactured at a remote shop, but local trades-people offered design and customized installation. Local customization will seep into other fields like furniture, clothing, cars, sports equipment and more consumer goods.
Local customization is good news for entrepreneurs. They have or will develop skills faster than the majors can react. The empty boutiques will have racks and shelves but will feature glassed-in workshops with sewing machines and saws. They will received partially completed products, shipped knocked down to save on costs. In some cases, the brands of the main street stores will be more prominent than the remote manufacturers, so declining print shops will resurrect as graphic stores.
The future is the property of those with vision. Own it!
Russ Allred MBA
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