Qualified Remodeler helps independent remodeling firms to survive, become more professional and more profitable by providing must-have business information, namely best business practices, new product information and timely design ideas.
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one more commodity remodeling business forced to sell on price. And, don't be afraid to be considered expensive. First, it's a much better legacy than being known as cheap. Second, no matter what your price point, your business will be considered too expensive for some in your marketplace. Instead seek to be the company in your market people wish they could afford. at was my experience. It was rewarding to hear from people who saw and knew the value we offered. Some could not afford us, but their assessment of my business became a promotion of my business to those who could afford us and wanted our differ- ence. is category of legacy takes years to earn and accomplish. Passed on to the right owner that legacy will carry on for years. No matter what you do with your business you will be leaving behind a legacy of some sorts. I hope this article inspires you to begin accomplishing your legacy today, and hope you live long enough to see and feel proud of that legacy in action. Either way, it's a gift that can change lives for many years even if those who benefit from it never even knew or met you. | HOW WILL YOU SET UP AND RUN YOUR BUSINESS? Most remodeling business owners reinvent the wheel of running a business as they build it. rough trial and error, they eventually figure out better ways to do things, though more often than not the methods they use may not be industry best practices the busi- ness would have been better off adopting from the beginning. Again, consider the legacy you will leave behind in this area. Will you have created, technologically supported and doc- umented proven systems to leave behind? Or will everything be in your head and leave with you when you exit your business? In my role as a business consultant and coach, I have witnessed the challenges new business owners inherit when they take over the business started by their parents. eir parents may have known what they were do- ing, but they just did it — they didn't take the time to document systems and procedures. eir children are left to again reinvent the wheel of doing business. To maximize your legacy in this area, in addition to documenting things, make sure you take time to personally mentor those who will take over your busi- ness. Your years of business experience were hard earned and have a lot of value. Pass that value on to the next generation of business ownership so they can speed up their success as well as expand upon the legacy you created and they too will someday leave behind. WHAT WILL BE YOUR PRICE POINT LEGACY IN THE MARKETPLACE? In order to create a price point legacy for your business in the marketplace, you must first work on the two legacy categories described above. Without a great way of doing business and being recognized for that difference in your marketplace, your business will be just hen you first started your re- modeling business, you were probably excited and motivat- ed by the opportunities and freedom that come with business ownership. You probably dreamed about creating the ide- al business. You may have even dawn up a list of things you wanted to do and/or buy with the profits you expected to earn. I hope it's all happening for you and more. However, now that you have been in business for a while, it's time to think about your lega- cy. at's right. Some day you will no longer be with your business. Keep in mind, you don't need to pass away to leave a legacy. In fact, consider how good it could feel witness- ing the benefits others enjoy as a result of the legacy you leave. To help you develop your thoughts, let's explore a few legacy categories you can consider. HOW WILL YOU HAVE DIFFERENTIATED YOUR BUSINESS? Okay, sure, every business is different in some way or another. However not proactively differentiating your business in the eyes and hearts of the customers in your marketplace, that difference will only be known by those few customers who experienced working with it. If you plan to shut down your business when you are done and you are happy with the income your business provided you during that time, then perhaps differentiating your business isn't important to you. On the other hand, if you plan to someday sell your business or leave it to a family mem - ber, consider the additional value you will have created for the successor if your business already stands out in the marketplace. Also, consider the gift and advantage you will be creating and leaving behind for your children with the right differentiation legacy. What Will Be Your Remodeling Legacy? By Shawn McCadden, CR, CLC, CAPS SHAWN MCCADDEN, CR, CLC, CAPS, is a speaker, business trainer, columnist and award- winning remodeler. As a Certified Remodeler and Certified Lead Carpenter, McCadden has more than 35 years of personal experience in remodeling. He has received many industry awards including NARI's Harold Hammerman Spirit of Education Award, several NARI CotY Awards and ASBPE for his writing. He can be reached at shawnmccadden.com. W 12 October 2016 QR QualifiedRemodeler.com PROFITS: On Your Business