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About Us The name of our Company is BizGro Partners. We are a Full Service Business Development Firm for Privately Held Small and Medium Size Companies. Our aim is to help our business clients grow their profitability, cash flow and enterprise value.
We help our clients grow in 2 specific ways Strategic Corporate Transactions We help our business clients grow through strategic alliances, relationships and transactions. This type of growth can include a merger or acquisition of another company, a capital raise, a joint venture, the sale of part of the business to a private equity group or larger corporate entity, and/or the sale of the company to a 3rd party. Direct B2B Marketing We help our business clients grow their business organically by assisting them in the procurement of corporate business accounts that can help our clients increase sales.
We have been established since 2000 and have consulted with and provided service to hundreds of businesses and business owners personally. We started out as a traditional Mergers and Acquisitions Firm that sold small and midsize businesses on behalf of business owners who wanted to exit. Eventually we created a business model to help our clients grow their profitability, cash flow, and enterprise value.
Today, our typical clients have the following characteristics 1) Privately Held 2) Located in the USA 3) Produce $500k to $100MM in sales 4) Produce up to $10MM in earnings 5) 5 to 300 employees 6) Have solid history of demonstrable profitability or potential profitability 7) Have Business owners with significant net worth or owners who wish to achieve significant net worth 8) Have owners who plan to either exit their business, grow their business in a substantial manner and/or are always looking to increase the asset value of their business 9) Have integrity and a good reputation for service
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Our Mission We have 2 components to our business that are aimed towards helping our clients grow their profitability, cash flow, and enterprise value. Our products/services combined with our affiliate companies, team of professional agent representatives, advisors, referrers, licensees and suppliers enable us to assist business owners with practically any area pertaining to the growth of their business.
Our team consists of former successful business owners, Attorneys, CPAs, as well as experienced marketers. Our Mission Statement “To assist business owners across the U.S.A. grow their business’s sales, profitability, cash flow, and enterprise value.” We either want to be able to help a business owner attain substantial wealth by selling his company for big money or help an owner significantly increase his business’s value by either helping him make acquisitions or raise money so that his company can grow rapidly. If an owner is not in a position to sell, buy, or raise capital, then we want to help an owner grow his business so that he can achieve one or all 3 of these events in the future, if it is in his best interest.
Our company philosophy and engagement process is to build a relationship with you, our client, so that we can identify your goals and objectives. We will always begin the relationship with a face to face free consultation. After getting to know you, we typically will be able to identify some ways we can do business. It is very likely, assuming you are comfortable, that we will do ongoing business until you eventually exit and sell your business, which is a transaction we would like to be a part of. Our ultimate focus is to make sure you are comfortable with us, ensure that you feel confident in us, and throughout the course of our relationship, demonstrate that we care about you and your business.
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Industries We Serve Our team’s collective experience has proven the capability of servicing the following Industries:
Agriculture Nurseries, Dairy Cattle and Milk Production, Logging and Lawn and Garden. Construction Single Family Homes Contractor, Industrial Building Construction, Commercial and Institutional Building, Underground Utility Construction, Highway Street and Bridge Contractors, Civil Engineering, Concrete Contractors, Masonry Contractors, Glass and Glazing Contractors, Roofing Contractors, Electrical Contractors, Plumbing Heating and Air Conditioning Contractors, Drywall and Insulation Contractors, Painting and Wall Covering Contractors, Floor Contractors, Tile and Terrazzo Contractors, Finish Carpentry Contractors and Specialty Trade Contractors. Manufacturing Food Manufacturing, Retail and Commercial Bakeries, Coffee and Tea Manufacturing, Breweries, Wineries, Fabric Mills, Textile Products, Sawmills, Truss Manufacturing, Millwork, Pallet Manufacturing, Manufactured Home, Paper Mills, Commercial Printing, Tradebinding, Asphalt Paving Mixture and Block Manufacturing, Paint and Coating Manufacturer, Adhesive Manufacturing, Plastics Product Manufacturing, Rubber Product Manufacturing, Glass Product Manufacturing, Abrasive Product Manufacturing, Iron and Steel Mills, Aluminum- Die Casting Foundries, Metal Stamping, Fabricated Structural Steel Manufacturing, Sheet Metal Work Manufacturing, Machine Shops, Metal Coating and Engraving, Farm Machinery and Equipment, Construction Machinery, Optical Instruments and Lens Manufacturing, Industrial Mold Manufacturing, Tool and Die Manufacturing, Analytical Laboratory Instrument Manufacturing, Lighting Fixture Manufacturing, Truck Trailer Manufacturing, Motor Vehicle Metal Stamping, Aircraft Engine and Parts Manufacturing, Ship Building and Repair, Kitchen Cabinet and Countertop Manufacturing, Institutional Furniture Manufacturing, Dental Laboratories, Sign Manufacturing and Musical Instrument Manufacturing.
Wholesale Trade Automobile, Tire and Tube, Lumber Plywood Millwork, Brick Stone and Related Construction Materials, Roofing Siding and Insulation, Office Equipment, Medical Dental and Hospital Equipment, Metal Service Centers, Electrical and Electronic Appliance, Industrial Supplies, General Line Grocery Merchant, Fish and Seafood, Meat and Meat Product, Grain and Field Bean, Petroleum Bulk Stations and Terminals and Farm Supplies. Transportation and Warehousing General Freight Trucking, Taxi Service, Bus Industry, Motor Vehicle Towing, Freight Transportation Arrangement, Packing and Crating, Couriers, General Warehousing and Storage, Refrigerated Warehousing and Storage. Information Newspaper Publishers, Directory and Mailing List Publishers, Telecommunications, Internet Service Providers, Data Processing and Hosting. Finance, Insurance and Leasing Insurance Agencies and Brokerages, Residential Property Managers, Passenger Car Rental, Construction Mining and Forestry Machine and Equipment Rental and Leasing, Office Machinery and Equipment Rental and Leasing. Professional, Scientific and Technical Services Architectural Services, Landscape Design Services, Engineering Services, Surveying and Mapping Services, Testing Laboratories, Graphic Design Services, Advertising Agencies, Display Advertising, Direct Mail Advertising and Veterinary Services.
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Administrative and Support Services Facilities Support Services, Employment Placement Agencies, Collection Agencies, Security Systems Services, Exterminating and Pest Control, Janitorial Services, Landscaping Services, Carpet and Upholstery Cleaning Services. Arts, Entertainment and Recreation Amusement and Theme Parks, Golf Courses and Country Clubs, Marinas, Bowling Centers and Health Clubs. Healthcare Pharmacy & Drug Retail Stores, Specialty Pharmacy Businesses, Drug Manufacturers & Wholesalers, Biotech related Businesses, Medical Device Firms, Nutritional Product Manufacturers & Wholesalers, Durable Medical Equipment Companies, Medical Transportation Companies, Nursing Homes, Assisted Living Facilities, Laboratories, Medical Practices, Doctors’ Clinics.
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Products & Services
Our Company has 2 concentrations Strategic Corporate Transactions We help our business clients grow through strategic alliances, relationships and transactions. This type of growth can include a merger or acquisition of another company, a capital raise, a joint venture, the sale of part of the business to a private equity group or larger corporate entity, and/or the sale of the company to a 3rd party. Direct B2B Marketing We help our business clients grow their business organically by assisting them in the procurement of corporate business accounts that can help our clients increase sales. Our “Corporate Strategic Transaction� clients are businesses looking to grow through the procurement of some sort of transaction, alliance, or relationship. These transactions are all interrelated in scope and require the same type of financial and marketing expertise to execute. These transactions include the following: 1) A Strategic Business Acquisition 2) A Merger with another Business Entity 3) A Joint Venture or Strategic Alliance with a Supplier, Competitor, or Business with Complimentary products or services 4) A Capital Raise seeking out money from Debt Financing Sources, Venture Capital Firms, Private Equity Firms, Larger Corporate Entities, or Public Funds 5) The Sale of part of the Business to a Strategic Operations and/or Financial Partner 6) The Sale of a Business to a 3rd Party
These transactions or relationships can bring value to a business in the following manner: 1) 2) 3) 4) 5) 6) 7)
Increase of Sales Reduction of Expenses Expansion into Additional markets Liquidity on the Balance Sheet Access to additional Financing and Supply sources Alliances with Financial and/or Operational Partners The Creation of a Financial Vehicle that gives the Business ongoing Access to Capital 8) Creation of Personal Wealth for the Owners/ Shareholders themselves 9) Recruitment of Key Personnel 10) The increase in Profitability, Cash flow, and Enterprise Value Our Direct B2B Marketing clients are businesses that desire to grow by procuring more clients/customers in the traditional sense. Since almost all of our clients are businesses that sell products and services to other businesses, we developed a direct marketing system that combines the following: 1) Telemarketing 2) Email Marketing 3) Follow up calls This system is aimed towards booking appointments, conference calls, and webinar presentations on behalf of our clients with their core market of prospects. The whole purpose of our system is to help our clients directly target their market so that they can build relationships that will eventually lead to increased sales. From our perspective, you cannot build a relationship with someone who does not know you.
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Direct B2B Marketing BizGro Partner’s Direct B2B Marketing Program helps small and medium size companies grow their customer base. We service dozens of clients in over 63 different industry categories. Our proprietary direct marketing systems are used to help identify customer acquisition opportunities on behalf of our clients who for the most part are small and medium size companies located all across the U.S.A.
Our clients are typically successful companies who are looking for further growth opportunities or small companies looking to build. Our clients outsource both certain marketing and sales activities to us, instead of hiring nonproductive salespeople, telemarketers, and administrators. Further, all of our clients can be classified as “Business to Business” companies that sell products and services to other businesses across the country. Our philosophy is that the best way to build up a “B2B” company is through direct marketing which involves the use of initial calls made by call agents who book appointments with customer prospects, account managers who cultivate leads that are generated, administrators who send email blasts to further cultivate leads, and salespeople who meet with clients and write up orders. All of our programs are “success fee driven,” meaning that we do not generate profits and fees from our clients unless we generate revenue on their behalf.
Our Programs and Systems Generate ongoing sales leads for cash flow and profitability. Target the markets you want to sell to. Develop an ongoing database of potential prospects that you can market to now and in the future. Increase the amount of transactions your business consummates on a daily, monthly and yearly basis.
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BizGro Partners helps its clients acquire customers through our specialized Lead Generation, Prospect Management and Sales Agent Representation Programs. We want our clients to grow their revenue, profitability and customer base so that they can raise capital to grow, make acquisitions, and/or sell for big money in the future. Process 1) We assign a call agent to make proposals via telephone to a market you want to target. Our call agents do not sell via the telephone. Rather, their job is to establish interest, prequalify potential prospects, and get information on the prospect which can be used for alternative marketing efforts. In addition, our call agents can be utilized to set up appointments, conference calls, or product demonstrations. Each call agent assigned to an account works 40 hours per week making ongoing calls. On average, a call agent makes 150 to 200 calls per day and generates 1 to 4 qualified leads per day that results in an appointment, conference call or product demonstration. Every day you will receive a spreadsheet outlining how many calls were made and how many interested prospects were generated. The report also outlines the result of each call. In fact, you can go to our contact management system at any time during the day and see the results of each call as the call is being made. This kind of accountability is specifically designed to make you feel comfortable with our service. 2) Once the lead is generated by a call agent, a professional account manager will be assigned to your account and will follow up with the interested leads and cultivate ongoing interest from potential prospects that do not initially grant appointments to our call agents. The account manager would have spent more time with you gaining product knowledge and normally has enough industry intelligence to generate appointments or interest from prospects that need more information and education on what is being sold before they invest time at an appointment or conference call. Further, the account manager will confirm all appointments and make sure that the appointments set by the call agent are of high quality by reestablishing the purpose of the appointment, clarifying who the decision makers are, and rescheduling the appointment if that is what is needed. Moreover, the account manager will follow up with all prospects that were met by you or your sales agents assigned to the account so that your name, products, services, and brand are continually promoted in an organized consistent manner. Often times during this follow up, the account manager can identify prospect concerns and contribute to the sales process by getting you back in the door for a second presentation. The follow up process is also important because salespeople generally fail to follow up with long term prospecting opportunities because of their focus on short term gain. Finally, the account manager is in charge of orchestrating daily and monthly email blasts to leads that are generated no matter where they are in the sales cycle. A daily introductory email is sent to all prospects who generate interest in meeting and/or who set up an actual appointment. Further, monthly promotional emails are sent to all prospects who have demonstrated interest, set up an appointment, and/or have met with you or your sales representative. The emails ensure that your business is being promoted consistently in conjunction with all other marketing activities we are conducting on your behalf. 3) The final part of our equation is for a professional sales representative with both product knowledge and strong communication skills to conduct an in person meeting, conference call, or product demonstration; this is for the purpose of building a relationship with prospects and begin the selling process. Our client business owner or a salesperson he employs will fulfill this role and use our lead generation and prospect management service to support their selling efforts. Because of our organized lead generation and prospect management process, the sales representative assigned to our clients can focus on making presentations, and building relationships that can eventually lead to revenue for our clients. From our standpoint, it is not important how this last part of the process is achieved (via one of the principal owners or through one of his sales reps), so long as it is executed in a manner that is effective and that leads to profitability.
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Benefits
Service Programs
1) The owner can target the markets he wants to serve via customer type, business type, geography, and business. 2) The marketing effort is ongoing and consistent which is the key to building sales momentum. 3) Assuming this method of marketing works, there is no limit in sight in terms of how many call agents and how many account managers you can have represent you in our program. However, our clients can start small and work their way up to developing a larger campaign. 4) We are accountable to our client which helps our clients measure the success of the program and helps us make adjustments just in case our approach is not working effectively. This accountability includes receiving our daily activity report, speaking to us daily, and having our client approve our sales script and prospect lists that we call. 5) As we generate leads we can collect information on clients that can enable you to develop a more poignant email marketing and direct mailing campaign. The goal here is to develop a database of thousands of prospects who are qualified and have expressed interest in your products/services. 6) Once you begin generating leads you can use the built up database to sell prospects new products and services. 7) The ongoing marketing effort can increase brand awareness and serve as a venue to learn more about your customers’ objections and concerns. 8) Our program is cost effective and is aimed to pay for itself within a reasonable period of time. 9) The service is provided month to month. If the program is not working, you can always terminate the process. 10) Finally, if you use our program and outsource certain marketing functions to us, we can make your salespeople or the principals responsible for selling a lot more effective.
1) General Lead Generation and Prospect Management Program This will include a call agent working 40 hours per week and making on average 150 to 250 calls per day for the purposes of setting up appointments, conference calls, and/or product demonstrations on behalf of our clients and/or their sales rep. This also includes an account manager who confirms and qualifies all appointments set, sets up appointments, conference calls and/or product demonstrations with prospects who did not grant the call agent an initial appointment, and follows up prospects who met with our clients or their sales reps but did not buy as of yet. Finally, through our administrative team, we send both introductory and monthly promotional emails to all prospects generated through our marketing campaign. This ensures that our client’s business is being promoted in an organized, consistent manner. 2) Telesales Revenue Enhancement Program This will include a call agent working 40 hours per week and making on average 150 to 200 calls per day. This also includes an account manager. However, the function of the account manager is to sell on the telephone and process sales and/or orders. The goal of the program is not merely to generate appointments/presentations, it is designed to generate revenue over the phone. The program only works for certain kinds of businesses, products and services. We will help you determine whether your business is feasible for this program.
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Strategic Corporate Transactions Within the Corporate Strategic Transaction part of our business, a company can be a Seller, a Buyer, or a Capital Raiser. We provide representation for all 3 categories of businesses who want to grow through corporate strategic transactions.
As a Seller, a business owner(s) is looking to sell the business or sell part of the business. In some cases what a business is really looking for is a financial partner who will give the business owner an opportunity to partially cash out of the business, therefore solidifying a certain amount of personal wealth for the owner(s), while sharing or assuming the financial risks associated with growing the business in the future. Oftentimes, entrepreneurs do not have the management and financial discipline to take the business to the next level. Hence, a financial partner could help take a moderately successful business and help turn it into a giant. In other cases, a business owner(s) is simply looking to cash out completely and perhaps run the company in exchange for a salary going forward. As a Buyer, a business owner(s) is looking to grow the company by acquiring new books of business or developing new marketing and distribution channels. A business can achieve this end by acquiring direct competitors or businesses with complimentary products and services. A business can also merge with or partially buy into another business therefore creating a combined larger business entity or expanding the business’s distribution channels or product and service lines. Finally, a business can enter into a joint venture or strategic alliance with a company for the purposes of marketing and distributing a product or service that adds synergy to the current existing business’s platform for growth. As a Capital Raiser, a business is not looking to exit but is willing to give up partial ownership in exchange for money resources that would be used to expand the company. Often times, businesses need money to execute business acquisitions, buy more inventory, develop new products, develop more infrastructure, or simply to recapitalize. Through BizGro Partners, a business can potentially raise money via Private Equity Groups, Venture Capital Firms, Larger Corporate Businesses, and/or Public Funds.
1) Sell Side Representation |Sale of Business, Partial Sale of Business| With this service, we act as a professional agent on behalf of business owners who are in the market to sell their business. We have a specific process that assures the clients we represent their desired results. Our service process includes valuing the business, identifying potential acquirers, and conducting a professional auction process that will result in our clients receiving the best deal possible. We help create wealth for our clients by converting an intangible, illiquid asset, “Our Client’s Business,” with unpredictable asset value into cash, notes, or stock which is tangible, more liquid and predictable. Once this asset is converted, the value it has can be fully secured or re-invested for either conservative or aggressive returns. 2) Buy Side Representation |Business Acquisitions, Mergers, Joint Ventures, Strategic Alliances| With this service, we act as a professional agent on behalf of acquirers of businesses. These acquirers include either businesses looking to expand via acquisition or individuals looking to purchase an income stream. Our process is geared to creating deal options for our clients and making an acquisition that fits their objectives and goals. Our service includes establishing an acquisition criteria, conducting a professional business search, assessing target business’ value, raising debt and/or equity financing for a purchase, conducting financial and operations due diligence, negotiating the terms of any given transaction, preparing all contractual paperwork, and facilitating a closing. For our individual clients who buy a business not related to their current profession or business, we create wealth by helping them purchase an asset that produces income and that has the potential to appreciate in value assuming our client improves the earnings and profitability of the business acquired. With regard to our business clients who make strategic acquisitions related to their business model, they can grow his/her business’s sales, buying power, product/service mix, profitability and growth potential which will increase the business’s overall enterprise value. With the acquisition includes other intangible business assets such as key employees, key customer relationships, special product lines and distribution channels. These clients can also increase their return on investment (ROI) by cutting expenses associated with target business.
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3) Capital Raises We help select companies raise capital to achieve their growth and expansion goals. To qualify for our service, the company must be financeable via banks, lenders or the business itself must be profitable with enormous upside potential to grow. On select occasions, we can raise capital on behalf of newer start-up type companies with an interesting business model or product that lends itself to eventually become a big company. We call these businesses “Big Idea Businesses.” Capital raises, when accomplished effectively, can dramatically increase the wealth and earnings of our business owner clients. Our services in this area include business plan preparation, identifying Investor candidates, and assisting our client in negotiating a favorable transaction.
We have 5 strategies to raise capital on behalf of our clients 1) Larger Corporate Entities. We help businesses raise money by identifying and enticing larger competitors or larger companies with complimentary products and services to invest in our client’s business. Oftentimes, our client can benefit from both the operational and financial resources of a larger company and can serve as a division of such an outfit if the terms and conditions of a transaction are attractive. 2) Venture Capital. Here we raise institutional capital through Venture Capital Firms who are looking to invest in “Big Idea Businesses.” Our service includes business plan preparation, arranging meetings, and negotiating terms with the firms who demonstrate interest in our clients. 3) Private Equity Groups. We can help a client sell a large part of his business to a Private Equity Group who will in turn serve as a financial partner to our client and fund all future growth activities. Our business owner client usually retains part ownership of the business and participates in the management of the company. The Private Equity Strategy is normally only available to existing businesses that are producing over $1MM in earnings. Private Equity groups are like Venture Capital firms. However, they generally buy into mid size existing businesses. 4) Going Public. We can help a company go public either by helping them become a member of one of the bulletin boards from scratch via a S-1 filing or via a reverse merger into a public shell . This strategy is excellent for companies with significant earnings (over $1MM) and with growth potential or companies who have a product or business idea that can be funded and built into a large company. The owner, however, must have the desire to build a larger business in order for this strategy to become effective. 5) Debt Financing. We can help a company borrow money via banks and private lenders for growth and cash flow purposes. The types of loans we sell include Lines of credit, Business Acquisition Loans, Commercial Property Acquisition Loans, Equipment Sale Leaseback, and Factoring/Accounts Receivables financing.
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Case Studies & Testimonials
Here are some examples of the type of service we provide Comprehensive Rehabilitation Facility sells to a Medical Doctor for $2.4MM in cash. Buyer buys 80% of the company stock. Selling owners retain 20% of the business and serves as an operations partner so that the transition involved in the sale transpires smoothly.
8 Store Pharmacy sells underperforming unit for a premium price right before the reimbursements for Medicare and Medicaid are further cut. If the owners of the chain would have waited one more year, they would not have been able to sell the business.
$25MM Corporate Coffee Services Company buys $1MM competitor. Buying company shuts down target company’s warehouse, retires its debt, eliminates several employees, and adds over 100 new corporate accounts. Selling party gets out of debt and is now working for buying company for a lucrative salary and commission structure.
Insurance Brokerage Firm hires us to get new corporate accounts using our lead generation services. The company is able to generate 5 new clients in the first 90 days of using the service.
Trucking Logistics Company receives $500,000 line of credit to buy new trucks. This same company then procures a 1 year SBA loan deferment in order to free up cash to grow their operation.
Limo Company hires us for lead generation of corporate accounts. With our service, this company has been able to increase its sales by 15% in one year. Office Equipment and Supply Company makes an acquisition of a Canon Dealer that doubles its sales and secures a much needed license to operate their current business. The buying company subsequently integrates the entire operation of the target company as well as their own into one facility saving hundreds of thousands of dollars in unnecessary overhead. Software company raises $2MM from 5 private investors. This same company is in the process of going public. Healthcare Company implements corporate benefit plan that enables him to provide retirement plans, and increased Life and Health Insurance coverage to key executives. Lighting Company owner receives Business Valuation and financial analysis of business that prevents partners from stealing thousands of dollars of profits made in the past.
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An individual who owns a Day Care Center is able to buy a second location via arranging an SBA loan to complete a multi million dollar business acquisition. An owner of a Food Distribution Company is able to sell to his operating manager for a significant amount of money. The buyer had no money but was able to get a loan using our services to complete the transaction. A father of a Assisted Living business is able to sell his business to his son using our loan procurement services. After he receives the money, the father puts money in a trust that will ultimately be passed onto his son when he dies. His son received the business which is making enough money to cover the debt service on the loan, and he will eventually receive the monies which are currently sitting in a trust established by his father. Meat Company converts C Corporation to an S corporation which will potentially save them over $1MM in potential capital gains taxes when they sell their business in the future.
Marketing/Advertising Firm saves thousands of dollars in payroll by outsourcing their telemarketing, email marketing, and debt collection functions. Individual making a business acquisition hires our company to investigate a Pet Store’s books, records, and operations. We subsequently renegotiate the price, arrange financing to complete the purchase and help him set up the new company operating structure. Property Management Firm hires us to procure more commercial Landlord Accounts. So far we have generated 5 new paying clients in a 6 month period using our unique lead generation strategies.
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Business Analysis Checklist The foundational set up of your company can determine a business’s ability to grow, prosper and be sold for big money in the future. The following are items we believe every owner should consider having in place if he/she is to grow the business in a healthy manner. Some of these items can improve a business’s ease of operations. Others will create financial value for a business. Finally, some of these items will protect the business’s future asset value. Here are some examples of the type of service we provide 1) Business Plan A business plan will keep management focused on what is important. If you fail to plan, you plan to fail.
2) Marketing Plan It is important to outline a plan for growth and measure the results of all marketing strategies.
3) Estate Plan It makes no sense to create wealth, only to lose it to the Government when you pass.
4) Operations Manual This clearly outlines the nature of your business systems. Without a system, an owner cannot grow the business and will forever remain a part of its day to day operations.
5) Employee Handbook This outlines the rules and regulations for your team. This can be used to improve the leadership of the business.
6) Shareholder Agreements/Buy Sell Agreements Many partnership disputes end in disaster. Since everyone has “convenient amnesia” during times of dispute, it is important to have all partnership arrangements in writing.
7) Buy/Sell Life Insurance If a key partner passes, an owner can have a new partner, the deceased partner’s estate which expects a pay day. Why use the company’s money or resources when you can use tax free money from Insurance companies to fund the buy out of an estate.
8) Key Man Life Insurance or Key Person Insurance A key person passing can leave a major void in the business. This type of Insurance can help a business recover and replace the key person who just passed.
9) Adequate Liability and Workman’s Compensation Insurance and system for reviewing coverage and costs on a yearly basis. This is a major expense. Hence, the costs of the coverage should be reviewed regularly. However, it is also important to examine the amount and quality of the coverage. If a business is not adequately covered, this can lead to financial disaster.
10) Clearly defined Employee Benefits Program Good people are not easy to find. When you have a good mix of employees, it is important to give them incentives and reasons to stay.
11) Service Agreements with Customers and Suppliers Protect your profits by establishing relationships in writing with customers and suppliers. You never know when you have to fight over money in court.
12) Point of Sales Systems documenting transactions, expenses, payables and receivables This form of documentation can help an owner improve a business’s cash flow on an ongoing basis.
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13) Monthly, Quarterly, and Yearly Financial Statements It is hard to make everyday decisions without knowing the numbers. This alone can help an owner become more organized and profitable.
14) A Written Budget Plan Budgeting is a money management discipline that will help an owner become more focused with his time and money.
15) System for documenting payroll Have a system for payroll by either establishing one inhouse or outsourcing it to a payroll company.
16) Web Site If you do not have a web-site you are truly living in the “Stone Age.�
17) Clearly defined Internet marketing Strategy which includes the use of blogs, email marketing, and social media outlets Take advantage of the global economy by targeting potential customers via the internet around the world.
18) Existing Customer List and Database The easiest sales you can make are to existing happy customers. Tap into this profit center by establishing a system of contacting them and getting them involved with new offerings.
19) Review of all Business Entities and ongoing management of tax liability at the State and Federal levels When your business is successful, taxes can be a huge burden and not all CPAs are experts. Always review your tax management strategies with different tax planning professionals.
20) Establishment of Banking relationships that can result in instant access to money when needed Why should an owner use his/her money if the business is successful. Have a system of money access with a Bank that wants to see the business prosper and grow.
Biz Gro Partners, Inc. 11 Sterling Place, 2nd Floor Edgewater, NJ 07020-1414 Phone: 201.496.6931 Fax: 201.353.2351 www.bizgropartners.com