International Door & Operator Industry

NOV-DEC 2017

Garage door industry magazine for garage door dealers, garage door manufacturers, garage door distributors, garage door installers, loading docks, garage door operators and openers, gates, and tools for the door industry.

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John E. Zoller and David H. Bowen comprise Zoller Consulting, Inc. of Wooster, Ohio. Zoller Consulting provides consultation of managerial effectiveness and financial performance of construction related businesses. They also offer customized seminars and training sessions. In addition, Zoller Consulting provides acquisition management, including finding buyers or sellers, locating funding sources, transaction structuring, and negotiating and organizing the transition to new ownership. Contact Zoller Consulting, Inc. at 330.262.8500 or John@ zollerconsultinginc.com. Skeletons might include old unsettled workers compensation claims. By remaining un-resolved, a buyer might be reluctant to take on the claim, or insist the seller remain responsible. Current or threatened litigation will definitely concern a potential buyer. Even very old unsettled litigation can come to life if the claimant feels the seller suddenly has the funds to pay an unsettled claim. Again, our old friend inventory pops up. Inventory distortions can be a closet skeleton, particularly if a seller could not bear to dump unusable or unsalable items, thinking there just might be a buyer for this mistake somewhere. Look over your warehouse for old useless material and dump it. A buyer wants to see he or she is purchasing "clean" usable inventory. Finally, buyers usually buy a business for its organization. However, for whatever reason, businesses owners frequently have put up with at least one inept employee. Review your staff, and if you have a non-performing employee, regardless of who it is, clean house before selling your business. A buyer will quickly determine who the inept employees are and will terminate them. By terminating these non-performers before the sale, your organization will be more attractive to a buyer. Selling your business is a real job because the seller must first prepare the business for sale. These top 10 steps are critical: 1. Make sure your bottom line reflects your performance 2. Be able to articulate your customer mix 3. Have a formalized, working management team 4. Understand working capital, especially why it is important to a buyer 5. Have a defensible system for accurately determining inventory 6. Make sure the values on your balance sheet are real 7. Have a well-constructed tracking system for job status 8. Develop and maintain a "Top 10" customer list 9. Know what you charge to your business that a buyer might avoid 10. Understand and eliminate the skeletons in your closet MANAGEMENT 1 KSMX WPS-1 D-2-3 Buy the best commercial and residential controls direct from the manufacturer VEE INDUSTRIES, INC. Custom Controls Available CALL 800-327-3332 Since 1969 our goal has been excellent customer service with personal attention to your order 2 BXL 3 BXL 7G4 PBS 3 MANUFACTURED IN BOYNTON BEACH, FL Email: sales@veeindustries.com www.veeindustries.com

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