There is a line in a movie where one character says, ‘show me the money’. If you’re a business owner, that’s what it’s all about.
Not potential, not lifestyle, not even being your own boss. All these are great, but the primary task of a business is to make money.
If you are the owner of a business and your focus is not on that, all other benefits recede.
Harry has been in business for over 25 years. He’s been on a journey to discovering these simple truths for all that time. Not all of it was easy, but that’s not to say it was bad.
Sometimes having something good can be hard. It’s a matter of not losing sight of the goal. Harry’s training as an economist and a financial adviser has allowed him to view business in a novel way. First, a business is an asset in an illiquid market.
That’s why so few people have any idea what their business is worth.
Working in business sales has given Harry valuable experience in assessing the market value of a business. This was further enhanced by becoming a Registered Business Valuer with the Australian Institute of Business Brokers.
It’s the reason people buy businesses that causes most problems.
There should be one reason that stands in front of all others.
Leverage.
This comes down to selling more than your own time.
It is the ability to sell things that are in greater abundance and benefit from economies of scale. Selling someone else’s time or selling a greater number of widgets. Having the ability for your effort to produce greater revenue.
If the reason you are starting or buying a business is not to provide greater leverage, question why you are doing it.
Clarity in making business decisions has been at the centre of Harry’s journey. It requires us to challenge beliefs so that we can overcome barriers. Harry’s favourite way of doing that is by telling stories.
Stories about why do we want a business.
Stories about what is our purpose in life.
Stories about what it takes to get ahead in life.
Stories about how do we make sense of how we got where we are.
It’s surprising how many universal truths these stories reveal.
Like, how our worst times hold our finest moments.
Like, how what is simple in hindsight is so fiendishly difficult in foresight.
Going back to the movie with all the lines, there is another favourite of Harry’s.
Help me, to help you.
It is a line repeated for effect in the movie, but it’s a line that bears repeating.
There are few genuinely new lessons in business. It pays to take advantage of experience and advice that is on offer to avoid problems for which we have already found solutions. Sometimes it is even worth paying for that.
Harry’s door is open to help, just as he has benefitted from those who helped.
Who knows what great things it can lead to? If you are looking for a sounding board, give Harry a call.
Formal training and being part of a group that demands professional standards has had a big impact on the way Harry looks at a business. Having access to market data has also been critical.
Harry has valued businesses, sold businesses, helped buyers with strategies to buy businesses (not the businesses he is selling; that would be a conflict of interest) and provided market participants with helpful advice aimed at keeping them out of trouble and getting them to where they need to be.
In Harry’s experience, the most common reason business owners want to sell a business is easy to understand. Relief. All those negotiations, those hours, days, weeks, months and years of holding things together, finally end. The business has done its job or done a job on you and you can finally walk away from it.
Contact Harry Notaras at Hunting Business Sales and Valuation Services to arrange to have your business venture valued. Allow Harry to engage his high level of expertise and years of experience to gain a comprehensive valuation.
