In this episode I interview Steven Denny, a partner at Innovative Business Advisors and the coauthor of the book You Don’t Know What You Don’t Know
This book details the steps to take in order to build a profitable Home Staging business and one that has a strategic exit plan. As a business Advisor, Steve was hired by Liz Connolly, his coauthor, when she was planning on selling her Home Staging business, In the intro to the book Liz mentions that various components are taken into consideration when assigning a value to a business. It is not just about the numbers or the inventory, there is much more to it. She goes on to say that her business sold for more than twice the valuation provided by her accountant and she attributes that to hiring Steve.
The book walks you through the steps from building a staging business to selling the business.
As with anything it is important to start with the end in mind. As you build your business it is important to put the structures in place so that when you are ready to sell, you can sell for a higher price.
In this episode I talk with Steve about just that.
Listen to the podcast below or subscribe on Apple, Spotify and most major podcast platforms.
In this episode you will learn:
Why it is different selling a Home Staging company
What business advisors look for when deciding on the value of a Home Staging Company
How different phases of your life change the way that you look at success
How our brains sabotage us when we start to lean into our big vision and goals and why it is so important to call out these saboteurs
Why good financial statements are so important
What does “owner freedom” mean and how does it impact that value of your company
The difference between a Buyer who wants a job or wants to own a company
The 8 steps of value Steve looks for when determining what a business is worth
What to do if you want to sell your staging business in 5 years
3 different Buyer personas and which one is the easiest to sell to and finance
Why financing a staging company may be easier than you think
How to track and document your inventory usage in order to put your inventory to work for you
The 8 steps of value Steve looks for when determining what a business is worth
What questions you should be asking your accountant
The 2 most important numbers to look at every day
The best source for lenders for Buyers looking to buy a Staging Business
How SCORE can help you with your business (and it is free)
What banks look for when deciding whether to lend money to a potential Buyer and Steve’s “Bankability Method”
What Steve does as a business advisor for a staging company and how he is compensated.
Xo Marianne
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Set up a complimentary coaching discovery session to see if coaching is for you!
I would love your review! If you enjoy what I share in this episode, please leave a review and comment on iTunes. I would really appreciate it. Thanks!
Connect with Steve:
Book a call- https://ceo2ceo.coach/register.html
Website-https://www.innovativeba.com
Private Coaching- https://www.ceo2ceo.coach
Book –https://www.youdontknowwhatyoudontknow.com
Community-https://www.www.dontflyalone.com
Connect with Marianne:
Set up a coaching discovery session to see if coaching is right for you.
Website– https://coachingbymarianne.com
Join my FB Group- Fire Up Your Home Staging Business: https://www.facebook.com/groups/fireupyourhomestagingbusiness/
FB Group-Design for Today Collaborative- https://www.facebook.com/groups/DesignForTodayCollaborative
Visit my FB coaching page- https://www.facebook.com/CoachingByMarianneCherico/
Join my Linked in Group- Interior Redesign, Decorating and Real Estate Staging Professionals here.
Episode 92: Team Collaboration Business Model- Staging Company
In this episode I interview Monica Murphy of Preferred Staging serving Northern Virginia, Washington DC and suburban Maryland.
Episode 91: Designing Model Apartments
Jodie started her staging business in 2017 and has pivoted into residential and commercial design targeting multi family property management groups. Her specialty is providing luxurious model apartments, working community areas as well as outdoor rooftop lounges and leasing offices.
Episode 90: How to Win the Business of RE Agents and Broker/Owners
In this episode I interview Jennifer Mello, Massachusetts and Rhode Island Real Estate Broker and owner of the Mello Group. Jenn has been a well respected, top performing agent since 2005.
Episode 89: Leading a Fulfilled Life and Business
A fulfilled life is sometimes described as being perfectly alive, filled with purpose and satisfaction, involving vision and requiring intensive alignment with what you value most—a highly meaningful life. And a highly meaningful life means something different for everyone
Episode 88: Concierge Home Staging, Estate Sale, and Real Estate Business
In this episode I am delighted to talk with Tracy Molendi. Tracy started her business as a Professional Organizer. She then added Staging Services, Design work, Senior Downsizing, Estate Sales, and a Retail Store to her menu of services.
Episode 87: Year Long Design Job on the Coast of Maine
Have you ever wondered what it would be like to do a really large design job from soup to nuts? In this episode Debbe Daley dishes on what it was like for her, the trials and tribulations of taking on a project this large in scope.
Episode 86: Home Stagers- Build Your Relationship with RE Agents by Volunteering in the Community
Cathy Lee has built a lucrative staging business by being active in her community. She shares how being involved has benefitted her both professionally and personally and how “giving back” feels really good, a “win, win”.
Episode 85: What You Need To Know When Building Or Growing Your Website
After more than 20 years delivering marketing technology solutions for corporate clients, Judy left the corporate world to start her own business JB Home Style Interiors, doing staging and interior redesign. A couple of years in, she re-discovered her inner geek and pivoted to help other creatives build their websites
Episode 84: From Home Stager to STR Specialist
n this episode I discuss how to add Short Term Rentals to your Home Staging or Interior Design menus with my special guest Amy Powers. Amy has been an award-winning Stager and industry leader since 2007.
Episode 83: 3 Ways Mindset Impacts Your Success
business? Are you taking lots of action but aren’t gaining the traction you feel you should be getting? Do you wonder what you might be doing differently?
Episode 82: From Marketing Career to Home Staging/Design Business
Leah is the owner of LJ Interiors, a design and home staging company in Chaska, MN. Leah spent over 12 years in Marketing helping clients choose the perfect color or color scheme to create dramatic transformations and captivating results and now draws on those skills as she helps clients in their homes.
Episode 81: Raw, Unfiltered Grief, Doing Tough Things and Business
In this episode I talk about grief and how it has impacted my life and business after my husband, Jimmy died.
Episode 80: Money Management and Mindset
As a money management and mindset coach, Erinn Bridgman empowers female entrepreneurs to design a business that is not just ‘profitable’, but actually grows their personal wealth.
Episode 79: Instagram for Home Stagers and Designers
In this episode I talk with Andress Eichstadt of Staging Studio about how to use Instagram, effectively to grow your business.
Episode 78: The benefits of using Mydoma for your Home Staging or Interior Design Business
In this session Dixie Willard and I will discuss the benefits of using Mydoma for your Home Staging or Interior Design Business.
Episode 77: Optimize Your Sales Funnels, Newsletters, Social Media
When Interior Designers, Home Stagers and Professional Organizers want to automate and streamline their marketing, Kate the Socialite is their “go to Gal”.
Episode 76: Knowing your financials
Knowing your numbers helps you make better business decisions so that your money is working for you.
In this episode of Home Stagers and Designers on Fire I interview Danielle Hayden of Kickstart Accounting.
Episode 75: Goodbye 9-5
In this episode of Home Stagers and Designers on Fire I discuss how to leave your fulltime job in order to start a staging or design business. Many of the women I coach are in transition. They want to leave their job and make sure that they are setting themselves up for success.
Episode 74: Price your services with an empowered mindset
In this episode I talk about how to strategically price your services with an empowered mindset. Pricing is such a hot topic and something that stagers and designers often struggle with.
Episode 73: Raise prices and set better boundaries
In this episode I talk with one of my coaching clients, Laurie Mattson of Rooms with Impact. Laurie and I have worked together for a few years and it has been a joy to watch her evolve into a strong, savvy businesswoman.
