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Nebraska Business Development Center Overview
NBDC is a hidden treasure to many Nebraska business owners according to Odee Ingersoll, Director of the Nebraska Business Development Center at the University of Nebraska at Kearney. NBDC is a one-stop shop for new, expanding and exiting business owners. Most services are free and include services such as loan packaging, premium market research, and business planning. Fee-based premium services include business valuations, manufacturing efficiency, and exit strategies. Read more
Exit Planning – Purchasing Options
Are you looking to sell or buy a business? Even though the buyer may not have the 20% down payment, there are options available to get the deal done. Odee Ingersoll, Director of the Nebraska Business Development Center at the University of Nebraska at Kearney details an exit planning strategy that allows buyers to get into the business. Valuation experts look at the value of the business and the cash flow it produces. They also conduct an appraisal to determine the fair market value of the business. The objective is to get the buyer a 30 – 40% ownership in the company quickly. Ownership is then discounted and used as leverage to finance the remaining amount of the business. 2 of 3 exit planning videos. (http://www.nbdcunk.com)View Video
Exit Planning – Selling Strategies
Prepare for the end game and get the most out of your business investment. Odee Ingersoll, Director of the Nebraska Business Development Center at the University of Nebraska at Kearney, encourages business owners to prepare their exit strategy. This will increase their business value, help them find potential buyers and make a quicker sell. About three years out, owners need to develop internal processes that show potential buyers and lenders the value of the business. The goal is to strategically sell the business at the highest value rather than letting the general market determine the value of the business. 1 of 3 videos. (http://www.nbdcunk.com)View Video
Are You a Want or Need Business
Peter Fink, owner of Certified Transmission in Omaha, NE, emphasizes that providing value and customization is critical for a business’ ability to compete. People are looking for something different in the marketplace…unique products or customized, personal services. Peter defines value as to how long it will last, not necessarily how much it costs today. Decide what kind of product you have…a want product or a need product. A transmission is a need product. People only buy transmissions when they need replacements, not because they want one. Make sure you thoroughly understand your customer base. Your makret success will depend on correctly identifying the motivations and needs of the customer. (http://www.certifiedtransmission.com)View Video
Importance of Agricultural Tax Planning
Tina Barrett, Executive Director of the Nebraska Farm Business, Inc. discusses farm tax issues common to farm operations. Minimizing the tax burden is critical to a farm business. Planning one to two years ahead helps the producer situate themselves so they are not paying for more taxes than necessary. Read more
Knowing your Business Self
Jim Meier, President and Championship Thinking Coach, owns the Training and Consulting Connection (Omaha, NE). Jim uses sports psychology and philosophy as it relates to business. In most situations, the biggest competitor is him or her self. Small business owners need to “really” believe in themselves and know how to management the doubts. Most business owners over estimate themselves in the sense of understanding all the difference facets of entrepreneurship that are needed to be successful. The business owner must understand their ‘blind spots” and know when to seek assistance. (www.tccomaha.com) View Video
What To Do When Things Don’t Work
Career counselors, Larry Humberstone and Pam Gunderson of PJ Lawrence and Associates (Omaha, NE) talks about the tender subject of a failing business. If things are not going well, the first step is to go back to the original vision, revisit the plan and conduct a good self-assessment. Look at the business from the client’s perspective. Do you have the correct image and message? One solution is to increase networking and marketing activities. Assess the referrals and discover where customers are getting information about the business. Work your brand and be authentic to that brand. (http://pjlawrenceassociates.com) View Video
How To Become An Entrepreneur
Larry Humberstone and Pam Gunderson of PJ Lawrence and Associates (Omaha, NE) discuss key concepts individuals need to consider when starting a business. Individuals must discover their passion for the business, understand what drives them to succeed and consider whether the market is also interested in their passion and business idea. Individuals must be self-motivated to further research the idea. Use the Internet and mentors to help refine the idea. Write down the ideas, make connections, and take action. Validate what works and what doesn’t. When moving from idea to concept, Larry says there must be pain. That is, individuals now move from a comfortable position to putting personal credibility or financial commitment on the line for the business. (http://pjlawrenceassociates.com/) View Video
Sales Tips for the Service Business
Derrick & Jeff Eells, owners of TenDotTravel (Lincoln, NE) (http://www.tendottravel.com) share their sales tips. First and foremost have strong conviction about the product, let the customer drive what you deliver. Clue into the non-verbal behaviors, mirror actions, show value, and practice presentations. As brothers, separating the business from the family is hard to do. Derrick and Jeff are candid about how they walk that fine line. (www.tendottravel.com) View Video
Passion, Culture and Sales
As brothers, Derrick & Jeff Eells, owners of TenDotTravel (Lincoln, NE) (http://www.tendottravel.com) share their passion for their business and explain how they use it to drive their business forward. Still, passion is not enough, one needs a great product that fits the customer and is delivered creatively to meet the customer’s needs. As a business that specializes in a travel incentive business, Derrick and Jeff share how they cater their travel incentive options to the different generations. (www.tendottravel.com ) View Video
