How We Work
How we work with companies across multiple channels is a story worth telling, providing interested parties a hands-on tutorial in what a consulting service can do for their businesses. Consultants should be neither intimidating nor prohibitively expensive, compared to the long term value the company receives because of the changes that have been made with their partnership with Eller Enterprises.
A Full-Service Choice
Because Eller Enterprises offers a full range of consulting services, it has proven to be the choice for many companies in the industry. Its roster of clients reads like a who’s-who of the gift and home business and has given the company its premier position over the past decade and a half.
Eller says yes, it’s a business, but there’s something more to what he does. “I’ve met a whole lot of people over the years who have been successful but haven’t shared that with others. I think everyone who is in the industry should be helping others and helping the industry.”
Eller describes himself as an “avid entrepreneur.” He enjoys getting to know the business owners and their management teams. His goal is always to help companies grow and make strategic changes that bring the company lasting results, both top and bottom line.
Eller Enterprises digs in to work side by side with its clients to better understand their problems and potential solutions.
Eller Enterprises focuses on 4 areas of services:
1. Strategic Reviews
OF ALL COMPANY OPERATIONS
Perhaps the largest part of Eller Enterprise’s consulting service business is working with companies to review their business plans and map out strategies.
Eller says before someone contacts a consultant like him, they should go through a process. “The first thing someone thinking about bringing in a consultant should do is look themselves in the mirror and see if they really are ready for change. Change is hard for all of us and a lot of people aren’t truly ready for it.”
Eller’s process for working with a company starts with a two-hour talk with the executive – at no charge. “Sometimes the conversation goes on longer, sometimes for four hours or more over several calls. This conversation is not just about Eller Enterprises, it’s about their company and what they need.”
READ MORE
Sometimes, both Eller Enterprises and the potential client decide their needs and the services offered aren’t the right fit. That’s why he insists on spending time together at no charge to ensure his beliefs and the company’s goals are compatible. The most important factor in these discussions is to be sure both parties agree on what they can expect from each other.
Companies considering a strategic review shouldn’t be scared away by the idea of using a consultant, he says. “Over the years I’ve worked with relatively small companies doing $10 million or less in sales all the way up to much larger companies. Many people may think I only work with big companies but that’s not necessarily true. Even smaller companies can afford consultants like me.”
The next step in the strategic review process is what Eller calls a “sales and marketing assessment” of the business. He requests P&Ls, budgets, inventory lists and much more information the company can provide to him for review prior to his onsite visit, which is the next step in the process.
“When I get to the office I talk to every manager at the company and then I will sit down to talk with the owners or CEO. Within ten days I will send you a full report on what I found, the solutions you need to consider, and then we decide how to go forward from there.”
2. Corporate Restructuring
FOR GROWTH AND GREATER PROFITABILITY
If Eller and the client agree to move forward, he then digs deeper into its due diligence to find out more about what’s wrong and how to fix it. This process usually requires multiple in-person visits and further examinations into the details of a company’s operations.
While no two situations are alike, Eller provided a recent case study. “A few years back a company contacted me, they had lost one-third of their sales and went from a profit to a loss. The first thing I did was to go there and see what was going on. I realized they had a huge amount of excess inventory and so we took a hatchet to that inventory, turning trash into cash in 75 days.
READ MORE
“They made some executive changes and before too long the business turned around nicely, in both sales and profitability.”
Each corporate restructuring is different, and the process varies, but Eller has worked with so many companies over the years that his base of knowledge is lengthy and he is often able to identify the problems and remedies needed to fix them based on his experiences with other clients.
3. Executive Coaching
FOR PERSONAL AND PROFESSIONAL GROWTH
A less well-known piece of the Eller Enterprises portfolio is working with individual executives to help them be better managers. It’s another process that is individualized and again, Eller says his own experiences can serve as useful tools for executives trying to do a better job.
“I have coached many executives over the years and the fact is that some entrepreneurs are terrible managers. I’ve made some mistakes over the years too that have humbled me, but I’ve learned from them and I can help others understand that failure at times is necessary to learn and grow.”
READ MORE
Being honest is the key to coaching, Eller says. “I may not tell people exactly what they want to hear, but I always tell them what they need to hear. That is difficult sometimes. I am never disrespectful but I am always honest.”
4. Planning Exit Strategies
AND CONNECTING BUYERS & SELLERS
About 30% of Eller Enterprises’ work is in the area of helping to connect buyers and sellers in acquiring or selling companies. Often times it is a result of a strategic review process and presented as one of the options of a corporate restructuring plan.
In our industry today, there are many people who are approaching retirement age and want to sell their business and others who are just ready to exit.
At the same time, more and more long-term companies are recognizing that sometimes the best way to grow your business is to make a smart, well thought out strategic acquisition. Eller’s track record in successfully connecting parties on both sides is stellar.
Again, the process is different in each individual case but he provided one example. “About four months ago I got a call from an owner who wanted to sell his company by the end of the year. The first question I ask is ‘what’s your exit strategy.’ I always ask this question first. If they don’t have one, we prepare it.
READ MORE
It’s also a matter of understanding the true worth of a company. Again because he has worked in so many of these situations — including helping to sell the company he headed up — he has a unique ability to place prices fairly and accurately. “Sometimes the business owner needs that perspective because they are usually too close to the situation,” he says.
The result is a success rate that produces results for the business owner, without putting them in a deal that might turn out bad. “I’d say for every deal I accept, I end up turning down four. But I’d stake my closing rate against anybody’s, if the company has been properly prepared and the value expectation is realistic.”
Randy Eller is not an attorney, a CPA, or a licensed business broker, he is simply an industry expert who has participated in enough deals to know how to properly advise buyers or sellers from a strategic standpoint. Should a client want the services of a M&A investment bank, Eller has several companies he works with to provide their expertise as well.
The Go-To Resource for Industry Leaders
Because Eller Enterprises offers the full range of consulting services it has proven to be the choice for so many companies in the industry. Its roster of clients reads like a who’s-who of the gift and home business and has given the company its premier position over the past decade and a half.
Eller says yes, it’s a business, but there’s something more to what he does. “I’ve met a whole lot of people over the years who have been successful but haven’t shared that with others. I think everyone who is in the industry should be helping others and helping the industry.”