One meeting you’re really going to enjoy
You know how it is. There are certain parts of your role that you really love, but don’t get to do that often. Your diary just gets in the way.
I’m not the biggest fan of meetings, but I was actually quite pleased when I was unexpectedly parachuted in to attend a ‘briefing meeting’ with a new client, who had just decided to appoint BCMS as their sale advisor.
Typically over three hours long, this meeting is probably misnamed. The output from the meeting – called The Brief – is pretty far from slimline too. It’s usually a 30-page document, packed with critical information on operations, staff, customers, accreditations, awards, contracts, all captured by one of our professional writing team.
Sounds like a box-ticking exercise? It really isn’t. For BCMS, it’s absolutely fascinating to find out about our clients’ businesses – what they do, how they do it, how they work, what drives sales, how they deal with customers.
We’re regularly told that the briefing meeting is an “enlightening” and “rewarding” session, and as was the case with this client, an awful lot of fun. A relaxed atmosphere helps our clients – who are typically not used to discussing the inner workings of their company. And while we need to capture key information, it’s also about the soft stuff too: how do you feel about your business? What are the best future outcomes for you? What is your ideal scenario post sale?
Because of the huge variety of business types we represent, we need to ask some stupid questions, too. Let’s be honest, we will never know as much about your business as you do. But we can help you as a business owner to see your company in a wholly different light: to find out what kinds of things are likely to attract a buyer’s interest, and, crucially, to think dispassionately about your business, seeing your company through the eyes of an acquirer. The upshot is this: What really drives the value in your business may surprise you.
Our clients last week had met with a number of business sale advisors before choosing to work with us. In their words: “You were the only company who didn’t immediately start talking finances, and who didn’t try to put a price on our business.”
That’s because we know selling a business isn’t just about numbers. It’s about benefits and outcomes. It’s about people, working together. Selling is about motives for purchase, not multiples of profit.