We all hear a lot about what we SHOULD BE DOING from consultants, advisors, business coaches — even our spouses. But for whatever reason, we don’t always do what is best for us. Business owners’ careful planning for leaving their business is crucial to getting top dollar or smoothly passing… Read More »Tip #043 – “We know what to do, we just don’t do what we know!”
The best way to receive top dollar for a business is by showing good cash flow over the years preceding placing the company on the market. That means business owners have to be good planners, smart managers and pay attention to details. They need to have ongoing marketing plans in… Read More »Tip #042 Maintaining strong cash flow can mean lots of offers!
They just never want to retire! For business owners, it can be difficult and certainly understandable — losing the prestige of owning a business, control over their own destiny, caring for and respect from their employees. But by delaying the inevitable, there are too many stories of lost opportunity, lost… Read More »Tip #041 Football Players and Business Owners have in common?”
Believe it or not, there are many companies who are doing just fine out there, thank you very much. Business owners can’t dwell on troubling headlines or negative news coming out of Washington. They need to focus on their own business, on their products and services, on their market. They… Read More »Tip #040 Why don’t you “Mind Your Own Business!”
Many businesses are loaded down with problem issues that can affect the sale of the company. This baggage can be in the form of overpaid and/or unproductive employees, outdated or unused equipment, expensive leases on old equipment, unsellable inventory or an expensive lease on outmoded facilities. Buyers can struggle with… Read More »Tip #039 Too much baggage can hurt the sale of a business!
Business owners must never stop learning how to improve the sales, profitability and value of their businesses. Smart owners oftentimes find solutions to their problems by using search engines such as Google, Yahoo and Bing. And the increasingly popular YouTube has thousands of videos with tutorials and webinars on a… Read More »Tip #038 Internet Search Engines Can Be a Business Owner’s Best Friend!
The hard truth is, many businesses will sell at a low price or not sell at all. Why? Because those business owners don’t understand how to create value and minimize risk for a new owner. Or they don’t understand how a business is sold. Business owners need to learn how… Read More »Tip #37 Business owners need to know what it takes to sell a business!
Oftentimes, sellers want to go to market with a very high price, hoping buyers will see what the seller perceives is a great value. Sellers figure that buyers will at least check it out. Unfortunately, there are many qualified buyers who won’t even look at a company if they think… Read More »Tip #036 Pricing a business too high can be a risky strategy!
If a company is on a downward trend, many business owners think they can bring their companies back from a valuation that doesn’t meet their expectations. But it takes energy that many business owners no longer have. Very few companies can make that leap back to new heights without a… Read More »Tip #35 Low Owner Energy, Low Company Performance
Many business owners aren’t familiar with the principles of accounting. They need to understand their profit and loss statements and balance sheets so they can make good management decisions. They also need to understand their financials when dealing with banks, taxes and negotiating for the sale of their company. If… Read More »Tip #034 Business owners need to understand accounting!