Leveraging Customer Feedback to Improve Your Business
If your business interacts with customers, it’s inevitable that at some point, you will receive customer complaints or negative feedback. The key to turning these situations into opportunities is how you handle them. Ignoring or dismissing customer complaints can damage your brand’s reputation and customer loyalty. However, addressing these issues effectively can improve your operations, boost customer satisfaction, and even create positive PR for your business. Here’s how to approach customer feedback and complaints in a way that benefits both your company and your customers.
Dealing with Angry Customers
When a customer encounters a problem, they may approach your business expecting frustration or conflict. It’s crucial that your customer service team or salespeople don’t mirror this attitude. Instead, they should remain calm, empathetic, and focused on finding a solution. Listening actively to the customer’s concerns is key. People want to feel as though they are being heard.
It’s important to note that some employees may take negative feedback personally, but this can escalate the situation. Trained customer service reps understand that the issue is most likely a result of the product, service, or experience, not with them as individuals. Empathy, patience, and professionalism should always guide the interaction.
Take Quick Action
Speed is critical when addressing customer complaints. The longer a problem goes unresolved, the more dissatisfied the customer becomes. In fact, quick action can turn a dissatisfied customer into a loyal advocate. Responding promptly shows that you care and are committed to resolving their issue.
To facilitate this, empower your customer-facing employees to take immediate action. If they need managerial approval to resolve a problem, it can create unnecessary delays, which might aggravate the customer further. By giving your team the autonomy to make decisions and fix problems quickly, you demonstrate that customer satisfaction is a priority.
Get Proactive with Feedback
Regularly gathering feedback from your customers is a proactive way to identify issues before they escalate. By listening to your customers consistently, you can spot patterns or recurring problems and address them before they affect a larger group of people.
Conduct surveys and request reviews. This makes it easy for customers to provide input in a non-confrontational manner. Not only will this help you stay ahead of potential issues, but it also provides valuable insights into your products, services, or customer experience. Analyzing this data can reveal areas where your business can improve or refine its offerings, and help you stay competitive.
Customer feedback, especially negative feedback, is one of the most valuable resources for improving your business. By responding to complaints quickly and professionally, and by regularly gathering feedback, you can turn potentially damaging situations into opportunities to build stronger relationships with your customers. Addressing customer concerns with care can lead to better business operations, while improving customer loyalty and boosting your company’s reputation.
Copyright: Business Brokerage Press, Inc.
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3 Steps to Sell Your Business Quickly and Efficiently
Before delving into the specific steps that benefit business owners who are looking to sell quickly, it’s crucial to understand the buyer’s viewpoint. For many buyers, purchasing a business is a once-in-a-lifetime event, often involving significant personal and financial risk. Therefore, sellers must take proactive steps to ensure their business is as appealing and risk-free as possible.
There are three key areas to focus on for a successful exit:
- Prioritizing Pre-Diligence
- Reducing Perceived Risk
- Engaging the Right Professionals
By focusing on these areas, you can instill buyer confidence while increasing the likelihood of a smooth transaction.
Step 1: Prioritizing Pre-Diligence
The first step to preparing a business for sale is to view the process from the buyer’s perspective. Buyers will conduct due diligence to assess the financial health, legal standing, and overall stability of the business. If you are able to anticipate and address potential issues beforehand, you can streamline the process.
Well in advance, business owners should work with qualified professionals to ensure that all documentation is in order, financials are accurate, and the business complies with all relevant regulations. This pre-diligence process will create fewer hurdles during the buyer’s due diligence and provide a smoother transition to closing the sale.
Step 2: Reducing Perceived Risk
One of the most effective ways to make a business more appealing to buyers is to minimize perceived risks. Buyers are naturally cautious about purchasing a business, and any factors that raise concerns can hinder a sale.
Here are a few areas where sellers can reduce risk before listing:
- Revenue Concentration: If the business is overly reliant on a few key clients or customers, consider diversifying the customer base or developing long-term contracts that mitigate this risk.
- Employee Contracts: Secure and well-structured employee agreements can provide stability and reassure buyers that the business has a reliable workforce.
- Clear Customer Contracts: Well-drafted and easy-to-understand customer agreements can reduce legal uncertainties and increase buyer confidence.
- Addressing Legal or Financial Liabilities: If there are outstanding legal issues, potential liabilities, or financial discrepancies, it’s wise to resolve these before listing the business.
By addressing these concerns in advance, sellers can significantly increase how attractive buyers will perceive their businesses to be.
Step 3: Engaging the Right Professionals
The right team of professionals can make all the difference when selling a business. Business brokers, M&A advisors, accountants, and legal experts help guide sellers through the complexities of the sale process. They can assist with everything from developing an exit strategy to ensuring that the sale adheres to all legal and financial standards.
Engaging professionals early in the process ensures that the seller has the right advice and support to navigate negotiations, minimize risk, and maximize the business’s value. These experts can also help identify and address potential red flags that might otherwise hinder the sale.
Copyright: Business Brokerage Press, Inc.
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You Have a Buyer for Your Business – Now What?
While learning that you have a serious buyer for your business may feel like a cause for celebration, it’s important to hold off on the champagne. The journey from a buyer expressing interest to a finalized sale involves several steps, and your business broker or M&A advisor will play a crucial role in guiding you through the process.
Step 1: Preparing the Offer
Once a buyer is genuinely interested in your business, your broker will help you prepare an offer or proposal. It’s common for such an offer to include contingencies—conditions that must be met before the sale can proceed. These typically involve a review of your financial records, contracts, and any other relevant agreements, such as lease or franchise agreements, if applicable.
Step 2: Reviewing the Buyer’s Proposal
Your business broker or M&A advisor will then present the buyer’s proposal to you. At this stage, you have the option to either accept the terms or make a counteroffer. Many sellers are surprised to learn that buyers can also withdraw their offer if the terms you offer don’t align with their goals.
It’s important to remember that, while your brokerage professional can provide valuable advice on the deal’s merits, you— as the business owner— will make the final decision. There’s rarely such a thing as a “perfect” deal, and you may need to weigh whether the offer meets your needs or if it’s better to hold out for something better. As the saying goes, “A bird in the hand is worth two in the bush,” and it’s up to you to decide if this deal is the right fit.
Step 3: Addressing Contingencies
If you and the buyer agree on the terms, the next step is to address any contingencies. Your broker will help you work through these requirements, which may include verifying financials, resolving legal matters, or providing additional information about the business. Transparency is key at this stage—being open with the buyer will help ensure the process moves smoothly and builds trust.
Step 4: Finalizing the Sale
Once all contingencies are resolved and both parties are satisfied, you can breathe a sigh of relief. The final sale documents will be prepared and signed. This is the point at which ownership officially transfers to the buyer, and the agreed-upon funds will be disbursed to you.
Step 5: Transitioning After the Sale
After the sale is closed, it’s natural to feel a mix of emotions, especially if you’ve owned and operated the business for many years. Sellers often experience a sense of disorientation, as they transition from business ownership to the next chapter of their life. Again, your business broker or M&A advisor will provide guidance to you during this phase. They can offer insights to help you navigate any post-sale questions or concerns.
Conclusion: Reflecting on Your Achievement
Selling your business is a significant accomplishment, and once the deal is finalized, it’s time to reflect on what you’ve achieved. You’ve successfully sold your business, and you’re now ready to embrace the next phase of your life. While the process may have been complex, with the right guidance, you can confidently move forward knowing that you’ve made a well-informed decision.
Copyright: Business Brokerage Press, Inc.
The post You Have a Buyer for Your Business – Now What? appeared first on Deal Studio.
The Power of Collaboration – Celebrating the Successful Closing of an M&A Deal
At PGP Advisory, we believe that the cornerstone of any successful M&A transaction is collaboration. It’s not just about putting the pieces of a deal together—it’s about fostering partnerships that maximize value and drive mutual success. Today, we’re thrilled to celebrate the successful closing of a landmark transaction of a recent deal that underscores the transformative power of teamwork.
The Provisors Network was instrumental in crafting the right team. Know, Like, Trust are pillars of the Provisors network. One of the unique strengths of this group is connection to high quality advisors working with small and medium sized businesses across the country. Provisors was our first stop when selecting a transaction attorney for a sell-side client on this deal.
In this case, our strategic partnership with, Zach Evangelista, and the team at SER & Associates, played a pivotal role. Their unmatched expertise, combined with a proactive and solution-oriented approach, ensured that this complex deal progressed smoothly, from initial negotiations to final agreements.
The Role of Collaboration in M&A Success
In every deal we undertake, our approach is built on the foundation of collaboration—not just internally, but across all stakeholders. Whether it’s partnering with legal experts, financial advisors, or the leadership teams of the businesses involved, we understand that a transaction’s success depends on cohesive and aligned efforts.
In this recent transaction, Zach provided critical legal insights that helped navigate regulatory challenges, protect client interests, and streamline the closing process. His dedication to understanding the broader business objectives aligned perfectly with our commitment to delivering value-driven outcomes for our clients. Together, we turned potential hurdles into opportunities for growth.
Why Collaboration Matters More Than Ever
In today’s fast-paced and complex business environment, no single entity can master every aspect of a deal. The most successful transactions result from a network of professionals who bring unique perspectives and specialized expertise to the table. At PGP Advisory, we prioritize building strong, trust-based relationships with all stakeholders, ensuring that each deal we facilitate is greater than the sum of its parts.
Our process involves not only acting as advisors but also as integrators—bridging gaps between parties, fostering communication, and maintaining focus on the shared vision. This collaborative ethos extends beyond individual deals, forming the core of how we conduct business and how we continue to build enduring success for our clients.
Looking Forward
As we reflect on the success of this recent transaction, we’re inspired by the power of partnership and the possibilities it unlocks. We are grateful for the trust our clients place in us and for the exceptional professionals, like Zach and his team, who share our commitment to excellence.
At PGP Advisory, we remain dedicated to leveraging collaboration as the key to delivering outstanding results. Every deal tells a story, and every partnership adds another chapter to our success. We look forward to continuing this journey, forging new alliances, and helping our clients achieve their most ambitious goals.
Read MorePGP Advisory’s Business Beat – November 2024
Successful Closing of Professional Service Business in the Real Estate Industry
Closing Alert: PGP Advisory served as the exclusive sell-side advisor for a professional services business in the real estate industry who was acquired by a private equity-backed strategic in the space. Deals are more than dollars. Our client successfully executed an exit to an acquirer with similar values and views on talent and client relationships.
This transaction underscores PGP Advisory’s commitment to facilitating strategic growth and value creation through M&A deals. PGP Advisory specializes in guiding clients through the complexities of business sales and acquisitions, offering expertise in valuation, negotiation, and transaction management. The firm is dedicated to ensuring that each deal aligns with our client’s strategic objectives.
We wish both the seller and buyer success in the next phase of their journey!
Discover Global Markets: The Americas – Austin, TX
PGP Advisory and the Texas Camino Real District Export Council (TCRDEC) supported the US Commercial Service’s Discover Global Markets event in Austin, TX last month. Jason moderated a fireside chat with Assistant Secretary of Commerce for Global Markets, Arun Venkataraman at the Discover Global Markets- Austin (DGM) event hosted by the U.S. Commercial Service where we explored the potential economic impact going global has on small and medium sized businesses and their communities. This event focused on building relationships with U.S. Commercial Service representatives in Central and South America as a primer for the upcoming Trade Winds trade mission to Brazil in 2025.
As companies in central and south Texas continue to consider avenues for growth, selling your products and services into markets outside the US is one of the less talked about pathways. The US is the world’s largest economy with a Gross Domestic Product (GDP) of ~$27 trillion, but we account for only about 25% of the global GDP which exceeds $100 trillion. There is a huge opportunity for companies and communities to grow by tapping into the entire global economy; imagine finding new markets with strong demand for the products and services you already deliver! Explore new avenues for value creation because they can have a substantive impact when it’s time to exit your business.
Become Your Own Boss: A Roadmap to Success as a Business Advisor
Join us on this webinar- TODAY- where Jason will be a featured guest alongside Karl Barham at Transworld Business Advisors of Atlanta Peachtree discussing the journey to becoming a successful Business Advisor.
📅 When: November 7th, 4:00-5:30 pm (Central Time)
📍 Where: Online (Zoom link provided upon registration)
🔗 Sign up here: https://bit.ly/3BNv0yV
This session will help professionals who are considering a career shift into business advisory services. Participants will discover the opportunities in areas like mergers and acquisitions (M&A), business brokerage, business valuation, exit planning, and growth strategies. Learn how you can successfully make the leap. Spots are limited— Secure your seat now!
PGP Advisory is thrilled to be featured in the TCRDEC’s Next Level Exporters digital publication. This publication is shared around the world with U.S. Embassies every month, through May 2025. Our Managing Partner, Jason Brown is the Executive Chair of the TCRDEC.
PGP Advisory Featured in Next Level Exporters Publication
The Texas Camino Real District Export Council’s primary objective is to support economic development and job creation in the Central/South Texas region through education, community outreach and trade policy advocacy related to international trade. Thanks to guidance from the U.S. Commercial Service, PGP Advisory began to intentionally engage in cross-border transaction activity. The Next Level Exporter digital publication features successful small and medium sized businesses who export products or services overseas. The publication will be distributed to U.S. Commercial Service representatives in embassies around the world creating, connecting the innovative companies and capabilities in our region with new customers globally.
Are you a central/south Texas company that currently exports overseas and are looking to enter additional markets? Reach out to learn more about how to have your profile added to the Next Level Exporter.
Click Here to View the Next Level Exporter Publication.
Active Deals
Off-Market Med Spa Transaction
UNDER CONTRACT
PGP Advisory is currently facilitating the sale of a multi-site Med Spa business.
Exclusive Opportunity: Two Profitable SA Bars with Multiple Income Streams for Sale
Price: $750,000
Location: Northeast San Antonio
Cash Flow: $383,000
MOTIVATED SELLER – REFERRAL FEE FOR PARTNERS WHO BRING BUYER
A unique opportunity to start or scale a bar portfolio with these two (2) profitable neighborhood bars located ~20 minutes apart. Both venues feature multiple income streams. A welcoming atmosphere, well-trained bartenders, and exciting entertainment keep loyal patrons coming back for more.
San Antonio Ice Cream and Retail Location
COMING SOON
Please let us know if you would like to be added to our exclusive preview group for this business. Ideal for a buyer looking for a lifestyle business, potential E-2 visa candidate, or existing owner of a d looking to expand. The ability to manufacture product on-site combined with an attractive retail location make this an opportunity you don’t want to miss.
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