I will share a personal one. I had a business in the Automotive Industry. My partner and I wanted to sell our business but felt the offers we were getting weren’t what we were looking for. We decided to invest another year to try and get our business to the next level.
Michael also shares his own personal success story about one of his businesses. He owned a business in the Automotive Industry that was quite successful. He had his business on the market and wanted to see if he could help boost the offers he was receiving to the next level.
Then the economy and the automotive industry crashed. His business was losing customers left and right as they reacted to the downturn.
Michael, to save his business, implemented his collaborative selling philosophy he now teaches to others today. Despite the economy, despite the lost business, by using his philosophy he accomplished the following:
-Top line revenue increase by over 40% in one year
-Bottom line profit increase by over 70% in one year
-Sold his business for 70% more than the top offer one year earlier despite the economy
Michael will share in his keynote exactly how he did it.
Michael was asked to provide Sales Consulting and Training for a Health and Wellness company. He soon came to realize the sales team was completely dysfunctional and training couldn’t solve the issues.
This was when the economy went completely sideways around 2008. The company was in a tailspin and there was significant doubt it could even survive as it was currently constructed.
The owner made Michael an offer. She offered him a significant portion of the company to take over the sales portion of the business while she ran operations. This was going to be a significant challenge considering the company’s and economy’s current state but Michael accepted.
He implemented his “Sitting on the Same Side of the Table™” philosophy. He built his winning team with people who could embrace and be trained on what he believed.
He also used his philosophy personally to secure National Account business as the primary focus of the company previously had been more on Spas, Gift Stores, Health Food stores and a few regional chains.
Michael’s team flourished. He also personally secured business at CVS, Bed Bath & Beyond, Safeway, Kroger, Meijer, TJ Maxx, Home Goods, Burlington Coat Factory and numerous other chains.
Despite the company, in the next four years, the company’s business tripled. Bottom line profits grew exponentially. Michael and the Founder sold the business at a tremendous multiple four years after Michael’s involvement.
This was even though Michael was only on-site two days a week as he continued to operate his consulting and speaking practice. He also implemented his “Creating an Entrepreneurial Workplace®” philosophy so the team functioned exceptionally well in his absence.
Michael loves it when he hears success stories from clients. A woman who went through Michael’s Sales and Negotiation Skills Training had been experiencing significant challenges. The state she covered for her company was quite difficult. She was 30% below plan and trying to figure out how to help her and her team turn it around.
She and her team implemented Michael’s “Sitting on the Same Side of the Table™” philosophy. They started sitting next to customers as opposed to across the table. They focused on Michael’s collaborative principles.
Over the course of the next year, they turned their state completely around. They finished the year 40% over plan citing Michael’s principles as the key reason for the change.