10 Ways To Grow Business In A Challenging Economy

When the times get tough, the tough businesswoman figures out how to improve her profits, save money and keep her company well positioned to survive and flourish. An Atlanta Woman team of experts offers tips on how to grow your business.

August 26, 2008

1. Restructuring
Reorganizing a business may help it survive.

Restructuring is the process of changing the way a business is organized or arranged. It is one option businesses may consider in an economic downturn as a way to mitigate short-term pressures and facilitate improved operations for the economy's rebound.
 
Getting started: Before launching the restructuring, an organization should analyze its problems and define expected results. Evaluating whether the drivers are
economic-, social-, market-quality- or efficiency-based allows the business to create a roadmap for change that can be communicated and monitored for the duration of the project. Companies may need to identify third party partners to provide expertise and assistance in completing the restructuring. With help from these external partners, the organization can maintain its day-to-day business while also implementing its restructuring plans. In addition, it is imperative to have a strong, internal leader who can champion the effort and clearly articulate the value proposition for all involved. 

Strategy: Evaluate the organization's profitability along all service lines. During an economic upswing it is easy to add products or services that are not sustainable. The company needs to determine the financial viability of individual products and services in order to validate the maximum return on investments. In some situations a return to core products or services can make a significant difference, while in others, a change in products or service lines is needed to adapt to the marketplace.
 
Marketing: In an economic downturn, reallocating rather than reducing marketing and sales expenditures may be the best long-term solution. These areas of the business are crucial to ensuring a full pipeline of sales opportunities and a presence in the marketplace. The challenge for sales and marketing teams is to focus their efforts in those areas that can help to minimize the negative effects of a downturn and really pay off when the market rebounds.

The organization must find ways to remain more relevant to its most valued customers by exceeding expectations and identifying opportunities to partner more closely. 
 
Operations: Cost reduction is not the only answer to surviving tough times, but it should be considered in a restructuring effort. Streamlining operations, eliminating unnecessary overhead, and leveraging resources across multiple functions may produce the desired results. In some cases, the organization can use the economic downturn as a time to invest in undervalued assets and to negotiate cost breaks with suppliers.
 
Staffing: Often an organization's employees are its most important asset. In uncertain times, it is necessary for the leadership team to provide constant and relevant communication with all employees, and most especially with its key employees. The organization must identify the employees who are the key to driving through the changes and then create a plan to secure their support throughout the restructuring effort.    

Summary: Restructuring an organization is a thoughtful and methodical process based on an objective analysis of the entire organization. It requires careful consideration of the problems, coupled with a focus on meaningful change, so that the company clearly understands the effects on its owners, customers, employees, suppliers and, in many cases, on its community's economy.

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Patricia Martin is director at Huron Consulting Group, a consulting group that helps clients deliver superior customer and capital market performance through integrated strategic, operational, and organizational change.

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2. Human Resources
Outsourcing provides an option for efficiencies in both cost and production.

In today's business climate, managers are looking for ways to cut expenses anywhere where they can.  How can companies save on operational expenses and still preserve their greatest asset - their people. Outsourcing some of your human resource management processes just might be the solution!

I personally like these three areas for successfully outsourcing human resources. They are:
- Business process HR outsourcing (also known as BPO) in which an external supplier manages discrete HR activities, such as payroll administration or recruitment or perhaps the whole human resources function.
- Shared service HR outsourcing in which only the transaction or administrative elements of HR's activities are subcontracted to an external supplier. This may include the personal contact with employees.
- Application (and facilities) service HR outsourcing in which external providers look after the technological (and physical) infrastructure to support HR activities.
 
Take an inventory of your internal operations to see which functions you could outsource and thus improve your bottom line.

Making the right HR outsourcing choices can provide these long-term benefits:
Control of capital costs. Cost-cutting may not be the only reason to outsource, but it's certainly a major factor. Outsourcing converts fixed costs into variable costs and releases capital.

Increased efficiency. Companies that do everything themselves have much higher research, development, marketing, and distribution expenses, all of which must be passed on to customers. An outside provider's cost structure and economies of scale can give your firm an important competitive advantage.

Reduced labor costs. Hiring and training a staff for short-term or peripheral projects can be very expensive. Outsourcing lets you focus your human resources where you need them most.

Quick new project startups. A good outsourcing firm has the resources to start a project right away. Handling the same project in-house might involve weeks or months to hire the right people, train them and provide the support they need.

Focus on core business. Every business has limited resources, and every manager has limited time and attention. Outsourcing can help your business to shift its focus from peripheral activities toward work that serves the customer, and it can help managers set their priorities more clearly.

Leveled playing fields. Most small firms simply can't afford to match the in-house support services that larger companies maintain. Outsourcing can help small firms act "big" by giving them access to the same economies of scale, efficiency and expertise that large companies enjoy.

Reduced risk. Every business investment carries a certain amount of risk.Markets, competition, government regulations, financial conditions and technologies all change very quickly. Outsourcing providers assume and manage this risk for you, and they generally are much better at deciding how to avoid risk in their areas of expertise.

Whether your business is small, large, government, or a nonprofit - the good news is that in today's challenging economic climate using human resource outsourcing can improve your bottom line!

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Gwen Thomas is president and CEO of HR Now!, an Atlanta-based corporation that provides HR solutions and systems to minimize risks, increase productivity, recruit and retain talent.
 
3.Real Estate
Do you need all the space you have?

In today's economy every company, large and small, is challenged to uncover ways to cut its overhead while maintaining the integrity of its business structure. 

Whether your company leases or owns, the money you spend on real estate is one of your top three business expenses; the other two are the professional team and information technology. Unchecked lease expenses can add up and significantly impair your bottom line. A brief real estate checkup can reveal money-saving opportunities.

Below are some of the most commonly overlooked lease issues that we are always sure to negotiate in our client's favor. These are important questions to ask about your current situation, because they can significantly increase your bottom line. Although not all may apply to your situation, some could prove extremely valuable to keeping your business growing in these tough times:

• Are you paying above market rental rates?
• Should you consider early renegotiation of your existing lease, and do you understand what a landlord stands to lose if you move out?
• Do you know the accurate measurement of your office; are you paying rent on space you do not have or do not need?
• Would you benefit from one of the new emerging space designs like "hoteling"? You can reduce the size of your space and increase employee loyalty and productivity. With working women looking for a way to manage the kids and career and the increasing cost of gas, this could be a viable option for your business.
• Should you consider space design options that use less space and create more efficient work flow?
• Are you using expensive office space for storage and need to find more cost-effective storage solutions?
• Lease buyout - your landlord might need your current space for an adjacent tenant. Could you approach them for a buyout?
• Has a merger or acquisition affected you? Many times this is an opportunity to consolidate operations and save money.
• Do you have a sublease option in your lease?
• Did you realize that tenant improvement dollars (TI), if negotiated effectively, can be used towards free rent, furniture, fixtures, equipment or specific tenant needs?
• A renewal option, if exercised in your lease, should include additional TI dollars.
• Are the controllable operating expenses capped in your lease?
• When renegotiating, did you renegotiate or reset the base year for the operating expenses in your lease?
• Do you know if your landlord owes you money because part of your security deposit was put on a payback schedule? Landlords will rarely notify you they are holding your money.
• Do your HVAC hours correlate with your business hours? Are the HVAC charges for after hours capped?
• What utilities/services are included in your base rent?
• Was signage included in your lease? Do you have restoration obligations at lease termination?
• Is there an interruption of services provision, and do you have a rent abatement and termination right?
• Are you paying for additional parking because your business grew and additional parking was not built into your lease? Does your landlord have a right to decrease the number of spaces with notice? Could the charge for parking be added?
• When is the last time you reviewed one of your most costly business line items?
• Have you abstracted your current lease?
• Have you set up metrics to be followed throughout your office or portfolio? For example, have you assigned a ratio of office space to employee position (i.e., each vice president has a 12x14 space; each associate has an 8 x10 space, etc.)?
• Do you know where you stand in relation to the current real estate market?
• Is it time for you to have a real estate checkup? After all, a dollar saved is worth more than the headache of a dollar earned.

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Shan W. Morris is principal at Wildmore Realty, a firm that helps provide commercial real estate solutions to improve a company's profitability.

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4. Employee Morale
Leveling with your employees is an important strategy.

When times get tough, we find out what's not working well in our businesses. This is particularly true when it comes to communication. Communication usually gets little attention until it doesn't work. In reality, communication is a business process that should be strategically planned for and managed, just like marketing.

Here are some steps you can take to make communication more successful in your business. These ideas will also help build morale and foster teamwork.

• Communicate more often. I work with CEOs who say they don't have anything to tell their staff-that nothing is going on. The CEO may believe she doesn't have any message to deliver to the staff, but the staff believes something is up-layoffs, takeovers, etc. When our brains lack information, they make it up, and it's always negative. The old "no news is good news" doesn't apply.
    
Communicate with your staff often and regularly. Address any rumors immediately. Get a grip on the gossip grapevine. Address their fears before they have even voiced them.
    
To the extent that you can, communicate with them face-to-face. One CEO has breakfast with his staff once a month. They are encouraged to ask any and all questions. Have a lunch-and-learn at which you teach them about a new aspect of the company they're not familiar with. Another CEO with staff at several sites sends a letter to every employee at home once a month.

• Ask your staff to identify stupid communication practices in your company. In one company I worked with, twice a year we had to fill out a form telling how many miles we lived from the office. No one did it on time, and it was a costly, administrative nightmare. After some digging, we learned the form was created 30 years earlier to deal with a problem employee. The form was eliminated.
    
Make this task a game. Get groups to compete to find inefficient communication practices. Reward the winner with gasoline cards.

• Share your strategic plan with all employees and show them how you are progressing on your goals. This helps employees know how they contribute to the business and their future. Watson Wyatt, a consulting firm, researches communication issues worldwide every two years. Results continue to show that when employees understand how they contribute to the company's plans and bottom line, the company sees significantly better financial returns.

• Use this time to identify and preach your company's values. Our values drive our attitudes, which drive our behaviors. Clear and concise values help employees know how to act in different situations. A good resource on this topic is Built to Last by Jim Collins and Jerry Porras. Once you establish your values, use them on your marketing materials and in recruiting.

• Collect success stories from your staff. Have people interview individuals about something they accomplished on the job-how they handled an irate client, how they resolved a dispute among fellow employees, how they created a new product or service to satisfy a client. The idea is to get people talking about the good experiences and to share those experiences so others can learn from them. These success stories can also be used in marketing andrecruiting. Play them up in your internal newsletter or intranet.

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Pamela A. Scott is president of Armstrong Scott Inc., an executive coach for CEOs and executives in engineering consulting firms.

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5. Interactive Marketing
It's more than just inside your computer.

Recession. Slowed economic growth. Consumers spending less. Time to stop marketing your business? No, not even close. The question is not whether to continue to invest in your marketing strategy but how you invest.
   
In times of change we are challenged to look at things differently to achieve the same goals. Since the beginning of this century, companies have been using interactive marketing to reach their audiences. According to Forrester Research, interactive marketing will top $61 billion by 2012. But, what is interactive marketing? The Internet, right? If you aren't thinking beyond your computer screen, then you are missing a tremendous amount of opportunity. It is not just about a website. It is about an exchange with your consumer at every screen they see - TV, computer, mobile, car navigation systems - and more.
    
This is not to say TV, radio and print advertising will go away. Not at all; but it is important to understand how to balance the traditional mix with interactive experiences.

Here are some things to consider about interactive marketing:

1. Audiences.  Who are you talking to, and where are they? Interactive marketing can target your audiences to provide more relevance to them and to your messages. Speak to your audiences so that they listen to you instead of changing the channel.

2. Experience. What type of experience do you want your consumers to have with your brand? Interactive marketing provides more opportunities than traditional marketing for this connection. Emotional, entertainment, calls to action - just to start.

3. Integration. How will you integrate traditional and interactive strategies? You will get better results from your investment if you consider how these strategies can work together. An integrated experience will increase the number of ways you can tell the story you are trying to tell your consumers.

4. Measurement. How do you know it is working? Interactive marketing provides measurement unlike any other form of marketing. Real-time quantitative data can give you a better understanding of how your investment is performing and how to optimize for improved performance.

5. Specialization. Who can help? Looking to an interactive agency is where you want to start when thinking about your digital strategy. Interactive agencies were created with the specific goal of bringing innovative digital solutions to help businesses meet their goals. Interactive and traditional agencies also work together to create more integrated solutions.
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Laura Spaugh is an account director with Avenue A | Razorfish, one of the largest interactive services firms in the world.

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6. IT Needs
IT needs start with keeping talent.

It seems like every few years we go into a cyclical economic slowdown. There are the normal tactical things all companies do during this time, like closely monitoring receivables, minimizing inventory, cutting unnecessary expenses and operating leaner and more cost effectively.

Some feel this is the time to hunker down and wait for the good times to come back.  However, that may not be the right approach when it comes to attracting, recruiting and retaining skilled IT resources. It's a war! Ask any CIO or senior level IT executive what their biggest challenge is, and the answer is almost always finding and keeping good people.

According to a recent survey by Stanton Chase International, by 2010 there will be 11.5 million more jobs than workers.  Retiring baby boomers, a decreasing number of younger people entering the technology field and increasing global opportunities for workers make it difficult for companies of all sizes to get and keep skilled employees.  And those represent just the external pressures.

Internally, companies must meet competitive pressures, increase productivity and improve processes ... all with limited resources. Given the ease with which business models can be copied, it could be argued that people are the only sustainable source of competitive advantage.

During this economic slowdown, IT organizations must make talent management a top priority:

• Even with a war on talent, make sure you have the "right employees." In his book Good to Great:  Why Some Companies Make the Leap ...and Others Don't, Jim Collins says that the best companies, those that have gone from good to great, "get the right people on the bus, the right people in the right seats, and the wrong people off the bus." So take this time to assess your talent and skills and make sure you have the right people.

• Focus on work force planning. Spend time with hiring managers and department heads to get some idea about future growth plans and any new projects that may be on the horizon that will require some specialized talent.  Begin developing a strategy to attract the right employees with these hard to find technical skills. By going through this exercise, and by applying your knowledge of the supply side, you should be able to predict where you will have trouble finding the right resources.

• Review your company's on-boarding and employee orientation process. Recent studies have found that an employee's experience in the first 90 days of employment is pivotal to long-term retention.

• Review your company's branding.  Ask yourself why a highly skilled IT resource would want to work for your company.   IT resources are highly sought after, and companies have to be sure they have a strong message that will attract the right talent.

Even with the economic slowdown, technology has become prevalent in every business. The issues of attracting and retaining employees aren't going to get smaller, and they certainly are not going to go away. If you don't have a plan in place, now is a good time to start.

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Patti Dismukes is the chief operating officer for OnSite Resource Solutions, a staffing firm.

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7.  Strategic Alternatives
Consider a deal to push the growth forward.

By appropriately positioning a growing company to private equity firms and prospective corporate or "strategic" buyers, small to medium-sized privately-held businesses are still able to attract substantial interest and attractive valuations despite today's turbulent market conditions.  While the second half of 2007 marked the beginning of a slowdown in mergers and acquisitions ("M&A") activity, the decline in aggregate M&A volume was largely driven by a drop-off in the large deal market - transactions greater than $500 million in enterprise value.  Raising growth capital and M&A continue to be attractive alternatives for an emerging growth company with a strong management team and competitive position within its industry.

The Good News
The middle market (defined as transactions with enterprise values between $25 million and $250 million) remains active as many strategic buyers still have access to capital and foreign buyers are taking advantage of weakness in the U.S. dollar.  Interest rates remain at or near historical lows, and private equity will continue to be a major driver of M&A activity in 2008 and beyond.

The Bad News
Deals are taking longer to complete in 2008 as a result of more scrutiny in the due diligence process and the lengthened amount of time needed to secure financing commitments.  Middle market valuations, typically stated as multiples of revenue and cash flow, have seen modest declines over the past year. 

What Are Your Options?
A few options remain for middle market companies looking at strategic growth alternatives for their businesses, including majority recapitalizations, minority recapitalizations and strategic sales.

• A majority recapitalization ("recap") generally involves the sale of a controlling interest in a company to a private equity firm.  A majority recap provides business owners an opportunity to achieve substantial liquidity, while maintaining a significant and ongoing equity stake in the business.   

• A minority recap also targets the private equity community for the sale of a "non-control" position in a company.  While the universe of private equity firms is typically smaller for this transaction structure than for a majority recap, a minority recap allows the owner to maintain economic control and creates a partnership with an institutional investor that can provide future growth capital.

• A strategic sale targets parties that may have a competitive interest (i.e. synergies, increased market share, expansion of product/service lines, geographic expansion, etc.) in acquiring 100% of a company.  A strategic buyer is typically capable of paying the highest price due to these perceived benefits or synergies, which may include the elimination of personnel, offices and other duplicative functions at either the buying company or the selling company.

In order to maximize shareholder value and minimize business disruption, business owners may want to consider engaging an investment banker to facilitate a competitive, organized "process" or market test.  A thorough market test can ensure the most competitive valuation for the business and identify the best partners for the management team and company.  An experienced investment banker or qualified financial advisor will assist the business owner and management team in preparing for a transaction, marketing the company and evaluating investor or buyer interest, negotiating the final deal and bringing the transaction to a successful close.

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Emily Magill is an associate at VRA Partners, an independent Atlanta-based investment bank, focuses on providing M&A services to middle-market companies and private equity firms.

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8. Generating Sales Leads
Sales Lead Generation will get you through the tough times.

Times are tough and your marketing sucks. How much shoe leather will you burn by chasing unqualified business leads?
    
In today's tough economy, sales lead generation is the only thing that matters.  Most companies are caught up in the mechanics of their marketing tactics and end up with a "Meatball Sundae." It's not the going it's the "getting that's got to be good. Forget about "social marketing," blogging and all the other tempting things on the horizon. They work but sticking to the basics at first will keep your focus on growing your revenue. The only cost-effective quick ROI today can be found in search engine optimization, PR, e-mail marketing and direct mail in today's changing marketing environment.
    
Today, Lead Generation Marketing makes more sense than hiring a PR firm, an ad agency or an SEO firm to operate in separate silos. Most of these firms can generate awareness but do not focus on delivering demand.

Look for a sales lead generation company that helps organizations like yours attract attention that builds awareness and can generate new business.
    
Traditional marketing strategies emphasize using mediums that can reach as many people as possible with the hopes of converting a miniscule percentage of readers or viewers to buy the product or service being advertised. You need to make every marketing effort pay dividends. This is precisely why you need to concentrate on lead generation marketing.
    
Lead generation marketing may sound like the latest thing but in actual fact it encompasses established marketing techniques such as SEO, direct mail, PR and e-mail marketing among its most cost effective tactics.

Trade Show Advertising
Trade shows, trade advertising and telemarketing should be used as well as your budget allows it but they will produce slower returns. Search engine marketing is a form of lead generation marketing. You are targeting a specific group of people and therefore avoiding the time and expense related to sifting through an entire population.

Web Site
Through careful website design and content that is keyword optimized, you are able to reach people already interested in the products and services you sell. This form of marketing is definitely an Internet hybrid but the results are the same: qualified leads that are ready to hear your best sales pitch.

Direct Mail
A direct mailing campaign can be an expensive proposition what with the cost of postage, producing promotional material, ad copy, etc.  However, when you total the production and delivery costs, you'll find the amount per prospect is well worth the investment.

E-mail marketing is an option that will help you reach your potential customers just as effectively as direct marketing, but at a much lower cost. Unfortunately, too many people try to do it themselves with misguided goals, bad lists and illegal SPAM techniques. In combination with the bricks and mortar of direct mail, the two make a killer combination with enough frequency and reach.

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Daryl Toor is CEO and Chief Awareness Officer of Attention!, a sales lead generation and marketing communications firm.

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9. Growing Revenue
Understanding the deal before you can make more deals - and money

Ok, I opened my inbox and I have 12 emails about Economic Downturn. Hmmm. Should I be worried about my business?  The news certainly seems to say so, and now my inbox tells me I'm in trouble.  Time to check that list twice.

As a professional in business development, I know that if the basics aren't covered then I'm not covered.  SO ... I pull out my business plan.  I need "X" deals to hit my revenue to break even (or hit my numbers), I know I need to issue "Y" Proposals from "Z" Appointments for just one deal out of my "A" list of Potentials.  But does every business have this type of measurement?

When looking at a tightening of the belt from my clients I look first to my basic ratio and my value proposition.  Sure, it's easy when times are good to pat yourself on the back and say you are doing a good job, you have a good plan but what about today?

STOP what you are doing - take a day to plan your business!  I don't care if you are a small retailer, software sales exec, branding guru, or fund raiser. Who are your prospects? Do you have enough?  Do you have a list?

OK....now, what is your revenue target (come on, you and your accountant have figured this out).  Now...what is your average deal? How many proposals did it take to get ONE deal? And how many meetings did it take to get to one proposal? And then obviously, how many contacts to get to one proposal? And how many proposals to get to one deal?

Finally.....how many prospects do you have, how many do you need?  The math is easy if you have the data.  If you don't have the data, get it.  Too many people do not have sales business plans - they are sales people themselves or hire salespeople - and the tendency is not have a plan but to get to work.

Now if you are living and working a plan, I highly suggest you look at your value to your clients and prospects.  Our economic situation (or warnings) has everyone looking at all aspects of their business and you should be putting forth your business solutions to assist in helping your client either drive revenue  or reduce costs - if you can't - DO IT! If you can, its time you made yourself an EXPERT (advertise, speak, or get your clients to speak for you).  And work that plan.

It's a value proposition sales persons "time to make hay!" With companies looking for ways to cut costs, overhead, and "porkbelly" spending, the sales executive with not just the right price but the right long term goal to take their customers to the next level will endure in any economy.

Our economic downturn is here because of many reasons but so much of our revenue success has been from living high and not necessarily living from a plan. Number prospects = number of proposals = number of deals!

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Marcel D. Simonette has been a sales professional for over 15 years,  and currently is vice president of consulting sales with Buck Consultants, an ACS Company.

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10. Exit Strategy
Knowing when to cash out

As a survival tactic in this economy, should I consider selling my small, privately owned business? The answer is "it all depends."   Before you make that decision, closely consider these five questions:

1. Do I really want to sell?
2. Is my business in shape to sell?
3. Does the current market favor my company?
4. What do I need to net on the sale of my business?
5. What will I do after I sell?

Do I really want to sell?
The reason for selling your company can dictate how you approach your exit. If you are seeking to sell to get out from under debt or if you simply do not see any other options - then you may want to first talk with someone in the area of turn-around management.  A turn-around specialist will give you a plan for moving your company (and yourself) to better footings, but may not be the person to market your company.  To sell your business, you should consult a financial intermediary or business broker.

There are some very good financial intermediary and turn-around firms that work with small companies.  To find them, ask for referrals from your trusted advisors and from individuals who have worked with such firms.

 Is My Business in Sellable Shape?
No matter when you decide to sell your company - now or in the future - if it is not in good shape with respect to the factors below - it will not bring top dollar, and it might not even sell.
• Cash flow:  Cash flow, not profitability, drives value. Accountant-defined profitability will not pay the bills - cash does.  The higher and "cleaner" the cash generated from operations - the higher the value of the business.
• Revenue growth:  Although quality cash flow is a key value driver for your business, all buyers want a company with a proven record of revenue growth.  Yes, there may have been bumps along the way - such as the current economic environment - but over the life of the business, the more consistent the growth, the more valuable your company.
• Concentrations:  A concentration in customers or suppliers decreases the value of a company - even if the company is generating a healthy cash flow.  The potential buyer looks at the concentration and its attendant risk on his investment and discounts the price accordingly.  A replacement client or supplier may be found if one is lost, but that defection can change the dynamics of the cash flow the buyer is purchasing.  
• Infrastructure:  I define infrastructure to mean depth of management; employee longevity; operational know-how; usable, accurate financial books and records; strong banking relationships; and other indicators of quality management.  These things comprise the core of the business without which you cannot produce revenue or generate cash flow.  A good infrastructure can help overcome negative factors in other areas of a business.  A poor infrastructure decreases value.

Does the current market favor my company?
• Industry segment:  Industries go in and out of favor with buyers, which affect the market value of a company operating in a particular segment.  For example, currently homebuilders and financial institutions are not popular as acquisition targets - unless at severely discounted prices.
• Targeted buyers:  The size of your company may limit the number of interested buyers.  Even so, you need to understand the types of buyers in the market, what impacts their ability and desire to purchase, and their general criteria for acquisitions.  The chart below gives an overview of buyer groups and their acquisition criteria.

What do I need to net on the sale of my company?
Be realistic, work with a financial planner, accountant and/or tax specialist, and determine what you would take away from the sale of your business, given the potential selling price of your business.  Then, decide if that is enough money for you to consider selling.

What will I do the day after the closing?
The process of selling a business is stressful - and you'll want to specifically plan for dealing with the stress.  You will also want to have developed a process for using the money from the sale of your business to position you for your next "career".

Summary
Planning and a flexible mindset are what are needed to gain what you want and need from selling your business - especially in a troubled economy.  It is doable.  My best advice to anyone considering selling their business is talk with professionals, talk with your trusted advisers, get the facts and then make your decision.  

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Betty Reed is a principal with Abraxas Business Services, which provides integrated services to first-time sellers (and buyers) of businesses with revenues of $5- to $30-million.