The Happiest Business Owners Know What’s Next
I recently came across Bo Burlingham, the former executive editor for Inc. magazine and author of several books, including Finish Big: How Great Entrepreneurs Exit Their Companies on Top. What I learned from his book is many business owners are unhappy after selling their companies. It doesn’t really matter how much someone got for their business – some sellers are delighted while others […]
What Happens to Employees After I sell?
Business owners often come to us concerned about employee jobs and retention issues after a sale. They worry that selling their business will lead to job losses if certain positions become redundant. However, buyers today are often just as focused on retention issues. Your experienced talent can be a key value driver, and buyers want to make sure these people stick around. Your […]
Know the 3 Types of Business Buyers and What Motivates Them
When selling your business, you may receive offers from three kinds of buyers: strategic, financial, and individual. Here’s a look at the most common buyers and where their motivations lie. Strategic buyer: The strategic buyer is a company that is looking to grow by acquiring another business that has synergies with its own. The idea is […]
How COVID Slumps and Bumps are Affecting Business Values
I don’t know of anyone whose business wasn’t affected, at some level, in 2020. Businesses were either on the COVID slump or the COVID bump. Some businesses, like gyms, may have lost customers permanently as people brought those experiences into the home. For restaurants and stores near big commercial office centers, it could be years […]
What is the Most Significant Characteristic that Defines Future Success?
During a business conference I attended a couple of years ago, the facilitator asked, “What is the biggest characteristic that contributes to future success?” Think for a moment about how you would answer that question. Would you say intelligence? Strategic thinking? Vision or subject matter expertise? Why do you think you’ve gotten where you are? […]
Put Time Into Planning Sale Of Business
Over my career, I have witnessed business owners who spent more time planning for their children’s wedding, their 50th wedding anniversary, or even their fantasy football draft, than they put into planning for the sale of their business. According to the quarterly Market Pulse Report, we know that when it comes time to sell their […]
Spring Cleaning is Good For Business
We’re just a few weeks into spring and that means it’s time for spring cleaning – both at home and at work. Putting in this effort on a yearly basis makes due diligence and the whole business sale process a lot smoother. Here’s what I mean: Clean financials: I harp on this a lot. Messy numbers and casual […]
Did you ever have to make up your mind?
As a business owner, you have to evaluate the role you want in a transition as part of your overall evaluation of the suitors interested in your business.
Economist suggests business owners sell by 2024
Economically speaking, COVID-19 was a “natural disaster.” That’s according to Brian Beaulieu, CEO and chief economist of ITR economics. Beaulieu spoke at the virtual State of M&A conference hosted by Cornerstone Business Services in February, helping business owners and advisors understand the market ahead. Because the current recession was triggered by COVID-19, and not economic factors, we should bounce […]
How To Find An Exit Coach
As you start thinking about selling your business, it is important to engage with someone who can coach you. There’s a lot of value you can create over the final years before you sell. Start asking questions like, “How can I position my business for sale? What are the levers I can start to pull over the next 1 […]
