We were lucky to catch up with Terri Sherman recently and have shared our conversation below.

Terri , looking forward to hearing all of your stories today. What do you think it takes to be successful?

I think successful small business owners have a lot of the same traits. Here are some of the qualities I have found many of them have in common: • They are adaptable—They understand that as much as the world is dynamic, so it is in business also, and they are less rigid and less resistant to making necessary changes in their businesses when they need to, especially if it means that change or pivot will result in greater success for their business and/or their team.
• They value their team—I often hear business owners complain that one of their biggest pain points is finding good help. That may be true, but the successful business owners value their employees and/or their team, and they don’t hold back from letting that team and/or those employees know they are valued. They also invest in good employees by training them to grow with the company, which can be a great benefit to the business owner should he or she ever sell the business.
• They are organized—Successful business owners understand that systems win. They find ways to create good, replicable systems that they implement in their business. They also keep good books and financial records for the business, and they truly understand their numbers.
• They are growth-minded—The ultimate goal for most successful business owners is to scale their business and increase profitability, so they tend to have a growth-mindset. That mindset usually trickles down to their employees and/or team as well, which results in great company morale.

As always, we appreciate you sharing your insights and we’ve got a few more questions for you, but before we get to all of that can you take a minute to introduce yourself and give our readers some of your back background and context?

I am a business intermediary (often referred to as a “business broker”) with Florida Business Exchange, Inc. and operating under Terri D. Sherman, PA, and I sell existing businesses throughout the state of Florida. I specialize in what we call “Main Street” business sale, which is typically an independent, non-franchise business model with annual revenue less than $5 Million, though from time-to-time I do sell existing franchises. I also provide complimentary business opinions of value for Florida-based businesses, and I also assist buyers who are looking for acquisition opportunities here in Florida.

I sort of fell into business brokerage–it was’t a life plan. In fact, I had never heard of business brokerage as an industry. However, it’s a role and profession that I have come to greatly enjoy. I love being able to help someone actualize a goal, whether that goal is to successfully exit a business through a succession plan, to expand a current business through acquisition, or to buy a livelihood and become a first-time business owner. It is important to me that my customers are informed and able to make sound decisions for their goals and objectives because buying and/or selling a business is a big decision. The better informed someone is, the better he or she can mitigate the risks.

How do you keep in touch with clients and foster brand loyalty?

Because my customers are typically engaged in operating a business already or working a full-time job, I try to be a flexible as possible by keeping in touch via any means most convenient for them–phone, text, web conference or email; however, I do have some customers whom I have to visit in-person physically because they don’t utilize technology in the way others do. It is important that my customers, especially sellers, continue to focus on operating the business as though nothing is happening in terms of a transition or exit, so it is important that I accommodate them to make it easier to stay focused on the task of continuing to operate as normal.

When it comes to fostering brand loyalty, I strongly believe that the customer service experience, even as small as the communication referenced earlier, is the number one driver of brand loyalty in my case. I don’t have a product, as I am a service-based, professional service. The interactions my customers have with me are the customer experience. When they feel their needs are heard and understood, when they feel the confidentiality of their business is upheld, when they feel they can freely ask questions and receive answers, and when they feel I have helped them achieve their goal of either buying or selling a business, they do become loyal in most instances. In my case, that loyalty typically manifest by means of third-party validation and/or a future business referral.

Conversations about M&A are often focused on multibillion dollar transactions – but M&A can be an important part of a small or medium business owner’s journey. We’d love to hear about your experience with selling businesses.

Over the last decade, I have sold a number of businesses all over Florida, and I have worked with buyers already here in Florida, as well as those looking to relocate to Florida–be it from out of state or out of country. The top three things I like to share with someone selling a business are as follows: 1. A deal isn’t done until it’s done! By that I mean, as a seller, never get too attached to a deal just because there is an accepted offer in play. Deals fall apart all of the time, so stay in the figurative game by a) continuing to operate your business as normal, b) cooperating with the due diligence process and the business intermediary/broker involved, as well as the buyer, and c) seeing the deal through until the papers are signed at closing and your selling proceeds are received.
2. Maintain good books and records. Good financial records are vital to a successful exit at a premium. Always think in threes and have the last three years of your business financials available–profit & loss statements, balance sheets, and business tax returns.
3. Systems win! The better your operations are at being systematic, teachable, and replicable, a) the more attractive a buyer will find the business because b) the transition will be easier. Scaling the business will also be easier if there are good systems and operations in place.

Contact Info:

• Website: www.MindYourBusinessToday.com
• Instagram: www.Instagram.com/MindYourBusinessFL
• Facebook: www.Facebook.com/TerriDShermanPA
• Linkedin: www.LinkedIn.com/in/TerriShermanBI
• Other: www.FBXBrokers.com

Image Credits
Terrence Tyson Yohannes Royal View