Building wealth through business: a one day workshop with Rueben Buchanan

Posted by gigglemedia under Business operation, Seminars

On Saturday, Giggle Media attended the Building Wealth Through Business workshop hosted by MBE Education delivered by Reuben Buchanan. A couple of weeks earlier, we signed up for complimentary tickets through our email subscription with ThinkBIG magazine, an online magazine dedicated to personal development and business development.

Workshop introduction

Being business owners, the title and topics were naturally intriguing:

• How to capitalise on the current financial downturn
• How to increase the value of your business
• How to increase the future growth potential of your business
• How to significantly increase the profit of your business with very little time and effort
• How to start or buy a business with zero money down
• How to raise capital from investors
• 6 key strategies learned from interviewing over 200 self made millionaires worth over $10 billion

The workshop was held at the charmingly restored Grace Hotel, we arrived 8.45am to join a longish queue of people of mixed races and various ages and backgrounds waiting to register.

At close to 9.15am we were all seated and Jack Delosa, a smartly dressed young man welcomed us and gave a brief introduction of the day. One of the first things he mentioned was that over 400 people registered for the seminar but only half of them turned up, apparently this is quite normal -blame it on the snooze button and an early 8.30am start to Saturday.

Jack told us his story of attending the same workshop a year ago and how it propelled his business forward and afforded him the opportunity to join Rueben and team (Jack’s business Limitless merged with Teldar Media. To top it all off, Jack is only 22 years old and a one of Anthill’s Top 30 under 30 for 2009. His story is an inspiring one to any young adult wanting to tread a different path to success.

The importance of building value and capital raising

After more chatting Rueben Buchanan was introduced and likewise told his story of his wayward path to self-made success. The first part of the morning centered around building the value of your business so that it becomes attractive to business buyers and investors. Rueben discusses how it is not merely the bottom line that these people look at but also other aspects like setup and structure, historic performance and future potential.

Your role in the business

An AH-HA moment came for us at the sentence ‘sack yourself from your business’. Most business owners are tied to the daily operation of their business, this leaves them little time to concentrate on the long-term direction and growth of the business and can be an obstacle when it is time to sell the business. You are selling your business, not the business plus you.

Capital raising

As the morning progressed, the power of capital raising quickly became evident as a way to bypass years of saving and dealing with banks and reach a place where attracting investors would add value to the business and afford a priceless source of opportunity to grow and learn from.

Investors make the business more accountable (a mental state) and lend their entrepreneurial experience to facilitate quicker growth and profitability.

End game

Businesses often fail to take into account their end game or exit strategy. While it is standard for businesses to have a plan in case something unexpected happens eg health problems, change of personal circumstances etc; many businesses fail to plan for the scenario where they may voluntarily leave their business.

What would you do if someone wanted to buy your business? How can you make your business attractive so you can sell your business? How can you make the process easier?

Rueben highlights the importance of thinking about your exit strategy both in terms of how it adds value to the business but also how it influences our future shaping of it for example, what taking on large contracts or employees means in the big scheme of things.

Overall workshop

The promised topics were covered, most of the content completely foreign to me and enlightening. Overall it was a well spent Saturday providing both Ann and I:

• Tidbits for businesses in both the short and long term
• A high level introduction to the topic of increasing the profit and value of a business and how to raise capital
• Inspiring real life examples and stories from Rueben’s business/mentoring relationships with super successful people like Richard Branson, Brett Blundy and Chris Howard as well as people in the audience
• A well organised event at an easily accessible CBD location
• The ‘sell’ was bearable and always pleasurable to learn from when the pitch is directed to a group.

Design and how it affects your business image

Being graphic and web designers, we nitpick at things people other than designers would care little about but affects how we perceive the business.

At first glance of the complimentary copy of ThinkBIG magazine, the terrible kerning of the logo was an immediate eyesore , what’s with all the awkward letter spacing?!

During lunch we question the use of a two column grid and randomness of the monospace slab serif amongst the sea of Helvetica Neue weights.

At the end of the seminar, wondered why the handouts and slides weren’t more professional looking when everything else was done well.

Valuable to us as a graphic design business

At the crux of it, the ‘Building wealth through business’ workshop with MBE was valuable to Giggle Media, it was a well spent Saturday where we learned a lot and recommend it to people who know little of capital raising, exit strategies , adding value and the massive potential of doing it the right way.

Sources:

http://www.teldar.com.au/public_panel/our_team.php
http://www.teldar.com.au/public_panel/event_item.php?id_EVE=17