Exit Coach Bill Black interviews Top Advisors for Tips, Ideas & Precautions for Business Owners who want to grow and protect their company value and plan for a successful Business Sale or Transfer. Listen daily so you can be well-planned!
Episodes
Tuesday Dec 10, 2013
Tuesday Dec 10, 2013
Today we’re going to continue talking about your business developing
independence to increase it’s “Sellability”. Today we are focusing on
suppliers.
If your business is dependent
on one or two key suppliers
(companies or independent consultants),
you are at their mercy.
Cultivating a bench of suppliers, on the other hand, means
you will never feel beholden to anyone. Spread your business around - even if
you lose some special pricing discounts. Neutrality is worth more than a few
dollars in savings.
Here’s a question for you: How easy would it be to replace
your most important external supplier?
Identify your most important raw materials. What other
companies could supply them? How could you negotiate the same discounted rates
from another supplier?
Talk about these questions with your Managers. Tomorrow we’ll
talk about creating independence from your employees.