Exits Made Easy - The 7 Foundations of Value Mini-Series: Suppliers (2023)

This is Part 6 of the '7 Foundations of Value Mini-Series'.

A few episodes back I spoke about the 7 Foundations of Value. The 7 key aspects you need to consider when building your e-commerce business to sell it. We've covered timing, stability, documentation, defensibility, and diversity in our previous episodes.

Now it's time to speak about Suppliers.

The relationship between you and your manufacturers is most likely the most critical in your business. If your connection with your suppliers is strained, you have a situation that a possible buyer for your business will not want to inherit!

Take a step back and imagine you don't own your business for a time. You're deciding whether to purchase this business.

When you purchase this business, you will inherit the relationship with the manufacturing partners or suppliers. You will not only inherit the relationship, but also everything about the partnership. Contracts, payment conditions, quality, punctuality, originality, and inventiveness are all important considerations.

Would you be delighted to inherit something like such?

Would you acquire a strong friendship full of goodwill and a genuine will to go the additional mile and collaborate for mutual benefit? Or will you end up with a stale, if not sour, relationship in which neither partner is cooperating?

Watch this video and find out how you can build a strong supplier relationship that will make your business more profitable, and sellable.
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Timestamps:

00:00 - 01:22 - About Ben, Topic Overview
01:23 - 01:31 - POV: Would you buy your own business?
01:32 - 03:56 - How's your relationship with your Supplier?
03:57 - 04:53 - Keeping your records clean
04:54 - 05:47 - Role of a strong partnership in selling your business
05:48 - 06:24 - A great tip from Ben!
06:25 - 07:12 - Closing

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If you haven’t watched the previous videos, here are the links:

Part 1: The 7 Foundations of Value Mini-Series: Timing Your Exit Perfectly - https://youtu.be/aT6ewWYDfq4

Part 2: The 7 Foundations of Value Mini-Series: Stability - https://youtu.be/U09oHhzbkIA

Part 3: The 7 Foundations of Value Mini-Series: Documentation - https://youtu.be/VPXxt6uraNI

Part 4: The 7 Foundations of Value Mini-Series: Defensibility -
https://youtu.be/2xvBRMv2cw0

Part 5: The 7 Foundations of Value Mini-Series: Diversity -
https://youtu.be/nvniNhQBMHw
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