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Filed in archive Business Deals by Gregory Boop on April 21, 2008

By letting it go it all gets done. The world is won by those who let it go. Lao-Tzu
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© nicolasnova

Humans become emotionally attached to people, places, and things. They become attached to the software they use. They become attached to certain investments more than others such as real estate, art, or precious metalslinks. You, yes you, are attached to people, places, and things. Whether you admit it or not.

I work with people. In my business, having a client attached to a particular result or a particular goal - and refusing to consider any alternatives - is damaging to the client and my business. The client walks away unsatisfied, often having wasted time and resources pursuing one option and bypassing other equally credible or beneficial options.

There is a great article at Entrepreneur.com that illustrates the destructive power of attachment when it comes to selling or closing a deal. The author, Barry Farber, points out that "an emotional attachment signals desperation." Attachment to only one result without any flexibility is not only a sign of desperation, but it is also indicative of attributing value without facts but rather by emotion.

When negotiating, selling, dealing with a client, presenting a proposal, be prepared to let go of your point, price level, and listen to alternatives. Know your facts and have back up available. People will not believe in your point or proposal because you are attached to it. They have their own set of attachments and probably will not adopt yours.


 

If you do not Want Your Kids or Grandmother to Read it - Don't Blog it Title: If you do not Want Your Kids or Grandmother to Read it - Don't Blog it
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Filed in archive Communications by Gregory Boop on April 18, 2008

If you spit into the wind, it will hit you in the face. - Anonymous
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© Orin Optiglot

The New York Times had a story today about ex-spouses blogging about their ex-spouses. Penelope Trunk was one of the bloggers interviewed. She was interviewed about her posts discussing her divorce and other personal issues. Her blog today points out that she feels she was misquoted in the article.

The article brings up a good point. When is it acceptable to write publicly about personal matters affecting those around you in a deep and personal way? When I was a young lawyer, a partner, having read one of my greatest pieces of legal writing, asked me to go for coffee. As we walked over, he pointed to a flashing electronic billboard and asked if I would agree to have what I had written about the other side and the trial court posted on the billboard. Sheepishly, I replied, "no." When I was going through a divorce, the judge had even better advice, "think again, before hitting send."

Blogs about divorce and ex-spouses range the gamut from Ex-husbands are stupid! to pieces designed by the author to offer solace for those going through similar experiences to outright vengeful ad hominem attacks of little value. I am not judging. Personally, if it is not something I want my daughters or my 86 year-old grandmother to read about, it is probably something I do not need to have the public reading.

If your building a business or if you are building a career, posting about your soon-to-be ex-spouse's proclivities will not help. It will not help your children either. In many instances and in many states, such actions are viewed as disparaging a parent - something family courts frown upon. Would you hire or go into business with someone that has presented a public image of being emotionally troubled, angry, and unable to let go?

The Internet and blogosphere as a forum is nothing more than a big flashing billboard. The vast majority of us are not professional writers, public icons, or so financially independent that personal revelations have no effect. Rather, the effect can be hurtful and financially damaging. Think again before hitting send.


 

Location and Visibility Title: Location and Visibility
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Filed in archive Marketing by Gregory Boop on April 17, 2008

What kills a skunk is the publicity it gives itself. - abraham lincolnlinks

Two really good posts at Duct Tape Marketing and On Start Ups this week. The posts are not really related unless you think of them in terms of location and visibility for your business.

Dharmesh Shah at On Start Ups blogged about his efforts to bid on a Twitter account. He was the highest bidder at the time he wrote the article. He argues that his bid makes sense as he is buying a digital asset. The account has 1,600 followers. Once it is his "place," he can change the account name. Is this fair? Is it a good idea? The comments that follow are on both sides of the issue.

John Jantsch at Duct Tape gives a quick tutorial about adding video to your Google Maps (Local) business profile. If your business does not have a profile on Google, now is a good time to get one. The profile is free and the site allows a great amount of detail. With the addition of video, your business gets free visibility.


 

The Learning Stairs Title: The Learning Stairs
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Filed in archive Goal Setting by Gregory Boop on April 16, 2008

"A man's errors are his portals of discovery." - james joycelinks
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© tamburix

I read a lot. You will need to excuse this post because it is a compilation idea of some books I am reading or from one specific author. For lack of a better term, I will call the concept, "The Learning Stairs." It is not my unique concept.

I explained this concept to my business partner last night as we bemoaned business, taxes, and errors made in our first two years of business. Reveling in mistakes and war stories is something small business owners like to do.

Everyone knows the term, "Learning Curve." This is a cognitive psychology/memory concept where learning is represented by a graph of progress versus time spent learning a specific skill. It often results in a clean sloping line from left to right as progress is made learning and gaining experience in a certain skill. But, this is a theoretical representation graphing the averages of independent tests of a particular skill.

In actuality, learning and experience is more accurately graphed as a set of steps and not a clean curve. Starting at the bottom one goes along until the first wall that is the riser of the first step. This must be overcome through trial and error until the next level where one remains until challenged by the next step.

In business the runs and rises of the steps are mistakes. You learn from mistakes. We reviewed our business and laughed about our inexperience when starting out. We are still inexperienced, but we have learned to embrace errors learn from them and trudge up the stairs.


 

Selling a Business - Get a Lawyer Title: Selling a Business - Get a Lawyer
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Filed in archive Law by Gregory Boop on April 15, 2008

Use the same measure for selling that you use for purchasing. - Abu Bakr
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Smallbiztrends writer Anita Campbell posted an article today about selling a business in response to a reader who had written her asking how to go about selling the business. Ms. Campbell illustrates how using a business broker can be beneficial in selling the business and well worth the fees they charge. It is good advice. But, I want to add some critical considerations and make the pitch that the first professional you need to retain is an experienced, recommended, business attorney before you deal with anyone else.

Simply put, if you are considering selling a businesslinks - get a lawyer.

In the article, the reader was asking about an inherited family business. A broker is going to sell it for the best dollar they can get. A lawyer will do a complex analysis to determine whether the sale should be a stock or asset sale - regardless of sale price - so it benefits the client. A lawyer can determine whether the buyer counting on depreciation or paying an initial higher price is a better way for the sale to proceed. These are critical determinations that need to be looked at. Especially where the business is inherited. The IRS may decide the initial basis in the business was zero. If the sale is an asset sale, this business owner will face income tax. If it is a stock sale, the business owner pays only capital gains tax, but if the basis is very low maybe an asset sale is better. Highest price is NOT always the best - unless you are a business broker and your commission depends on the sales price.

Your lawyer can review business broker contracts. I have reviewed contracts from business brokers that border on unethical. Part of the reason businesses take so long to sell is because the broker usually demands an exclusive right to sell the business for a year or more. There are bad brokers who do not present legitimate offers or alternative purchasing proposals that may work for the seller - but, not the broker's commission.

Your lawyer can conduct docket checks, background searches, and due diligence on potential purchasers. There are many purchase and sue scams out there. A buyer purchases the business. The buyer complains immediately that the businesses return on investment is below what was stated. Buyer threatens suit, but is willing to settle for a return of a percentage of the sale price. A lawyer will tell you if the buyer has been sued before or has sued. The broker does not return a portion of his fee if you return part of the purchase money to the seller.

It is easy to find a qualified lawyer in your area. Call the local bar association or go online and search by your county. All bar associations have a referral service (for example, the Cleveland Metropolitan Bar Association is the one I belong to) where experienced lawyers are listed in categories specific to the issue you need. When selling your business, you are going to want an experienced business attorney with tax knowledge or access to tax attorneys and perhaps some estate planning experience. A good small to mid-sized regional business firm will be less expensive than larger firms.

Now, understand I may be biased because I am an attorney. But, in my opinion, talk to the hourly professional (committed by law and ethics to your interest) first, before committing to the percentage based sales professional.


 

Start Your Blog Today Title: Start Your Blog Today
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Filed in archive Education by Gregory Boop on April 14, 2008

You can't wait for inspiration, you have to go after it with a club. - Jack London.
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© Jacob Bøtter

Much thanks to George Nemeth of Brewed Fresh Daily for sending a Tweetlinks (get into Twitter and you will know what that means) with a link to masternewmedia.org that is an all encompassing Beginner's Blog Publishing Guide.

If you own a business, you should have both a website and a blog. Even on a budget, the small business can build an impressive web presence. Check out the link above and get started. Take some time this weekend before NBA Playoffs start and before golf leagues get going to look at getting a web presence for your business.

The other day I was talking to a contractor who had neither a website nor blog. This contractor is smart, runs a great business, is ethical, and would be someone I recommend to people looking for a contractor... and right here is where I would put the link to his website so you could check him out yourself...



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