The Story Difference – On Causing Investors to Make You Offers You Can’t Refuse! Podcast 71
If you plan to find a buyer for your business at any time in the future, your ability to craft better stories will likely be the difference between whether you attract offers that knock your socks off or not. And here’s why.
Check out a case in point. According to the Wall Street Journal, Samsonite say they’ll “pay about $1.8 billion for the luxury luggage maker Tumi in its biggest acquisition since listing”.
And here’s the interesting thing…that’s at a whopping 33% premium on rival Tumi Holdings Inc’s traded share prices at the time of bidding.
Why would Samsonite be prepared to pay such a significant premium?
The WSJ suggests it has to do with the transformative story the Samsonite folks see arising from the prospect of accelerated growth via getting a foothold in the premium luggage market and winning access to distribution platforms in Europe and Asia.
And there are some lessons to be learned from this example – regardless of whether you’d like to attract bids of thousands, millions or billions for your business…
…Deals like this beg some important questions:
What does it take for your business be considered an attractive acquisition option and, better still, worthy of a premium valuation?
In most cases, the answer comes down to two things: perceived ‘promise’ and ‘potential for added value’ if they buy your business.
And both of these are fueled by how excited potential buyers become about your stories of what you have achieved to date and your future prospects PLUS…
…Stories they tell them themselves about how their lot could improve ‘if’ they acquire your business.
And make no mistake, most potential buyers of businesses will need to buy into these stories ahead of spending time and energy on assessing underlying details, facts, or figures. Here’s why.
Stories help to excite emotions and as the late sales guru Zig Ziglar liked to opine: ‘people buy first with emotion and then justify with logic’.
But what kinds of stories work best?
That’s the topic for today’s expert interview, when I had a chance to sit down with speaker, author, current President of the Professional Speakers Association, and expert in how to buy, sell, or raise money for businesses, Tim Luscombe.
Why Honing Better Stories Can Attract Sky High Valuations for Your Business
Listen in as we discuss:
- The only reasons why prospective buyers of your business will consider making you an offer
- Two stories buyers really want to hear
- Why 75% of businesses who seek buyers are never sold
- The elixir of honing your stories from Day 1 and why history matters
- 3 Things that are especially likely to put potential buyers off
- How going public differs from seeking a private sale (and may not be the exit plan you had in mind)
- Why road testing your stories via public speaking can help you fine tune your business sale pitch
- 3 Things that can encourage potential buyers to value your business at a premium price
And Speaking of Telling Better and More Inspiring Stories…
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