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business journey

What An MBA Didn’t Teach You About Sales

The sales profession is challenging. You need to work hard at it to succeed. You need to learn from the best. You need to improve your skills continuously. If you think you can sell since you are a hit at parties and have a lot of friends, you may soon find that you are a failure as a salesperson. Blunt truth:

because the sales profession is so hard, you have to focus on doing everything in sales very well, or you will be considered a failure.

I call this blog, Skinned Knees because I try to relate all of the learning that I have done over the past 4+ decades (while skinning my knees in the learning process).

I hope that you learn from my mistakes so that your business will grow!

How to Build a Sales Organization That Survives a Founder Exit

Navigating the complexities of business transitions can be quite a journey, especially for those in sales and leadership roles. When a founder chooses to pass the baton, whether through selling to someone outside the company, passing it within the family, or setting up an employee stock ownership plan, each option comes with its own unique challenges and chances for growth. For salespeople, sales managers, and CEOs of small companies, understanding these dynamics is really important.

When a business owner considers selling to an external buyer, they often experience a surprising realization: the valuation shock. It’s common for owners to overestimate their company’s worth, only to encounter a reality check during the valuation process. This moment is so important because it influences all future negotiations and strategies. Buyers don’t just look at the numbers; they also carefully examine the business’s sales processes and the owner’s involvement. Here, the owner’s role as the main salesperson can be both a strength and a challenge. If the owner accounts for a large share of sales, such as 30%, it can worry potential buyers. 

The key is to build a business that can thrive even when the owner isn’t around, supported by a solid sales system and a talented team eager to keep everything running smoothly.

For the owner contemplating a sale, preparation is key. 

The question to ponder is: what if you were suddenly unavailable? 

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The Evolution of Sales: Scaling from 10 to 100 Customers

The journey of a business unfolds as a story of growth, change, and ongoing adaptation. As salespeople, sales managers, and CEOs, we all share the ups and downs that come with this path. One of the most exciting moments in sales is the shift from landing your first ten customers to growing your family of clients to 50 or even 100. This milestone is truly a game-changer, shaping the future direction of your business.

When you’re starting, your focus is on acquiring those first ten customers. You’re trying to find your footing in the market, identify your target audience, and refine your product or service offering. You might be customizing your product or service for each customer to ensure it fits their specific needs. However, as you aim for the next level of growth, you need to start thinking about systemizing your sales process. 

To grow successfully, it’s helpful to have a standardized product or service. While customizing can be useful when you’re just starting out, it can become hard to manage and slow you down as your customer base expands. 

Focus on creating a product or service that you can sell over and over again with just small tweaks. This approach simplifies your sales process and makes it easier for others to sell your offerings, too.

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