Today we’re interviewing Lynn Wise who is a business advisor and the author of a new book that just came out in September, Build it! Grow it! Sell it!: Nine Steps to a Thriving Contracting Business.
This is truly a novel thought… a thriving contracting business, considering over 30% of contractors don’t even make a profit. Lynn started out in the plumbing business as a teenager, then went to college and got her MBA. She then went back to work for the Yellow Pages advertising, and also worked for IBM as a distributor. Lynn is very well-rounded and a very educated person who has a love for contractors because that’s where she started out.
The great thing about using an advisor, coach or mentor is that they get to see things that are in front of us that we can’t really see ourselves. Sort of like “you can’t see the forest through the trees” sort of thing.
Your business is probably your biggest asset in your life. You spend all your waking hours in your business trying to make it work and you’re committed to making it to become as successful as possible. And sometimes you just need someone to help you peel back the layers so that you can see the beauty that’s below. Lynn says she helps you see the picture you are painting and it’s really a beautiful picture, you just need someone to nudge you.
We talk about the coaches, mentors and business advisors. Sometimes we as contractors don’t really see how that really applies, but you know Tiger Woods has a putting coach, a driving coach and on every hole he has his caddy. Don’t think that he could to make the amount of money that he makes if he tried to coach himself.
Because of Lynn’s varied background in the contracting business, retail, distribution and advertising, she actually brings in a fresh approach from a different perspective and more creativity into the mix of things.
Your business consists of four main areas: sales, marketing, operations, and distribution. It’s understanding those four areas and the rules that go along with them to make your business profitable. Lynn has a unique approach to business because she likes to think about the business with the end in mind. Once you figure out what you actually want to do with your business, that in the end you might want to sell it.
How do you build value into your business once you decide what the endgame is? Lynn has unique approach is called a Value Builder System that you can actually go to her website down below later and look at. Take the test, the test will give you a score on how you’re situated right now to sell your business.
For anyone who is contemplating selling their business, the best time to start is now. To get the maximum return for your business, you can plan on it taking anywhere from 5 to 7 years to get your business ready to sell at the maximum dollar amount. Of course if you’re in a hurry you will take a big loss on selling your business to get rid of it quickly.
There are areas that are really key to helping you sell your business at a much higher rate than most. The one main area is your uniqueness in the marketplace, what makes you different. Your uniqueness can add up to 50% extra to the value of your business… let me say that again, your uniqueness can add up to 50% extra value to the sale of your business.
So here’s the one question I was going to ask at the very beginning from a woman’s perspective. How do you contractors mess up in the area of not really relating to your buyer? In over 70% of the contractor sales, it is the woman of the household who makes the decision. It could be that women are single women or single heads of households.
Lynn states it’s important for us as contractors to know the psychology of the buying mind of our customer. Because women are the large percentage of buyers for the contracting industry, it might be a good thing for contractors to integrate women into their salesforce and into their business to help them understand more of how to attract that particular customer.
She leavse us with the thought on getting your business to the next level…
Why are you working so hard in this thing called the business when you still feel like you’re trapped? And if you feel like you’re trapped, Lynn says give her a call! The information is below…. Lynn is offering our listeners a 30 minute, free consultation with no strings attached to maybe help you see things in a different light.
Lynn’s contact information:
For a FREE Consultation Call 772-834-8513 get a free Value Builder Assessment Click here