Identifying key success factors for Administration and Support Services industries
Fortitude understands demand in the Administration and Support Services industries typically fluctuates with general business confidence, and that wages are often the highest operating cost. Maximising success requires effective recruitment and staff management practices, quality and cost control, marketing and promotional support, and incorporating the latest technologies to drive efficiencies and business growth.
At Fortitude we work with businesses in every sector of the Administration and Support industries, bringing our wealth of knowledge and extensive experience to help you achieve the wealth, security and lifestyle you seek.
Case study: Overcoming limiting beliefs
A successful bookkeeper was considering retirement. He could have simply closed the business, but to do so would neglect an opportunity to capitalise on the goodwill he’d built over many years, unnecessarily limiting his retirement funds.
Despite the owner’s initial view to the contrary, you can separate the goodwill in your business from yourself and place a saleable value on it. We convinced the owner there were multiple steps to consider in selling his business, including:
Getting professional help.
Determining the best time to sell (where possible).
Reducing the business’ reliance on the owner.
Taking time to present both owner and business in its best light, rather than just ‘slapping’ it on the market and hoping for the best.
Finding strategic buyers (those willing to pay the most and/or willing to accept terms aligned with your interests).
Creating a competitive sale environment.
Negotiating sale terms to get more of what you want.
How we helped
We worked with the bookkeeper over 18 months to:
Improve business growth, profitability and internal operating procedures to enhance the business’ sale value and saleability.
Prepare an information memorandum to establish credibility with prospective buyers, enhance their perception of the business and set out relevant details so buyers could assess their interest, determine their purchase price range and other key terms.
Secure a suitable confidentiality agreement, identify strategic buyers and marketing the business to them.
Create a competitive sale environment and negotiate with interested parties.
Attend to buyer due diligence requirements.
Negotiate the detailed sale terms.
Organise and oversee the preparation and execution of the sale contracts and related documentation to reach a settlement.
Business sales rarely run smoothly, often involving intense negotiations. We facilitated an outcome that exceeded the owner’s initial expectations. He significantly boosted his retirement nest egg and now has greater freedom to travel and pursue his other interests.
“I have come to know Grant recently and have engaged his services to assist in the operations and structure of Books In Shape. His knowledge, expertise and wisdom exceeded my expectations on each occasion he has consulted with us. Every time we met to discuss various aspects of our business, he was punctual, reliable and went out of his way to provide a service with a high level of excellence. I highly recommend Grant as a man who not only has a wealth of knowledge, but as one who is able to astutely apply it to the situations faced in business. We have benefitted greatly as a business as a result of his input.”