When I started my company some thirteen years ago I was fortunate enough to be able to have a very professional website designed, built and launched. Over the years my site was refreshed once or twice, converted to a CMS platform and refreshed again until ultimately we switched to WordPress. Early on I recognized the value of incorporating search engine optimization strategies into my site. That having been said, my biggest disappointment with my website and our digital marketing strategy are all SEO based.
My perception on their industry is somewhat jaded. However, perception is reality-at least that’s what they taught us in Marketing 101. In all my years trying to find the ideal SEO provider I have been fed more BS than you can imagine. My most recent SEO experience involved an annual contract for thousands of dollars to a local company who assured me they would be able to increase our presence on the internet which hopefully would result in an increase of revenue. Nothing could be farther from the truth.
I Know, I Know, I should have made them commit to a detailed plan outlining exactly what they would be doing. But, like most small businesspeople I didn’t know much more about SEO other than how to spell it. I was not able to specify in great detail exactly what I expected from them. In a nutshell, I believed them, I trusted them to be able to do what they said they could do, increase my business by increasing the amount of inquiries from our website.
After receiving countless progress reports during the course of the year from my SEO provider (that seems to be what they were really good at – creating BS four color reports with fancy graphics and charts) and no measurable results I fired them. Frustrated and confused I began my search in earnest for a new SEO provider that I could trust.
They paraded though my office for what seemed like a month. I received proposals that covered the gamut as far as price and work plans were concerned. You guessed it, all of them snake oil salesmen. I would have had a better chance of getting what I paid for from a used car salesman at a “Buy Here-Pay Here” car lot in the seedy part of town. Not a one of them could truly speak to a level of specificity sufficient enough to convince me that they were going to do anything more, or better, than previous providers. One of them actually admitted that before he joined the SEO company he was a “Timeshare” salesperson. Hence, my awakening!
It became apparent to me that if I were to get any benefit from SEO I would have to actually drive the process instead of sitting in the backseat. So, I searched and searched. Like a sponge, I soaked up everything I could find about the nuts and bolts of SEO and developing an SEO strategic plan. I plan to keep studying, keep asking questions, read, read, and read some more. I do however, know enough now to know that a huge number of people/companies who sell SEO services are IMHO frauds.
These snake oil salesmen, these charlatans, these rejects from the aluminum siding sales training school shamelessly capitalize on business owners fears, and lack of specific knowledge of digital marketing, to take money they have no intention of earning honestly by producing true, real, positive results.
Jim King, President
KKBA Nationwide Business Advisors
Our friend, and trusted advisor for many business Buyers and Sellers, Mr. Ed Kidner, Esq. of Dearson, Levi & Pantz, PLLC Attorneys at Law, has prepared this white paper for us to bring to you.
Edward F. Kidner is an experienced tax, business and transactions attorney and seasoned legal advisor to businesses and business owners. He is also a licensed Certified Public Accountant and holds his Series 79 and 63 securities licenses, which provides a unique and more encompassing analysis to the legal counsel he offers.
In the area of business transactions, Mr. Kidner has served as an advisor on numerous transactions ranging in size from $1 million to more than $2 billion. He is aque and more encompassing analysis to the legal counsel he offers.
Valuing a Small Business
Spanning my 30+ years of experience in buying and selling small businesses, both for myself and for others, (my firm has successfully sold hundreds of small businesses), I have come to the conclusion that basing the value of a business more on the industry than the economics of the specific business is a folly.
My White Paper (click An Alternative Approach to Valuing a Small Business to download) will explain in more detail why I believe an economic approach to business valuation makes much more sense than applying an arbitrary “multiple of discretionary earnings” rule of thumb to determine the value of a small business. In a nutshell, the value of a future income stream should not be determined by the specific industry a business is in rather than the actual quality of the income subject to specific business factors and risk.
Each year, hundreds of owners sell their small businesses due to boredom, retirement, illness and death, partnership disputes, and overwork. Let’s take a look at some tips about how to sell your business and maximize profitability.
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