THE $400 GRAND BRAND
Tags: Branding
Harry Beckwith shares the following true story in his book, Selling The Invisible.
Two men spent 7 years building a contracting company into a successful business. In 1995, a man came along and offered them $400,000 for the business. The company had no assets, employees, inventory, non-proprietary products or services, no accounts receivable, and no real estate.
The only assets were the name and client list.
It wasn’t the client list the buyer was after, since there was very little repeat business. In fact, repeat business wasn’t much better than a funeral parlor.
Moreover, the client list was only of any value at all if and only if the clients perceived, that in light of a transfer of ownership, that they would continue to receive the same standard of quality.
In other words… THE BUYER JUST WANTED TO BUY THE BRAND, after just 7 years of work.
A successful brand is money. Build your brand.