Eight of Ten Baby Boomer Businesses Cannot Be Sold (how to make sure your business is one of the two)

There is a lot of excitement about the huge transfer of wealth that’s supposed to occur as baby boomer business owners begin to take retirement over the next 5 to 10 years. Call me underwhelmed. The SBA says there are 12 million businesses in America owned by baby boomers. Business brokers, accountants and financial planners love to talk about the imminent “tsunami” of business sales, the theory being as these 12 Read More

Three Ways Selling a Business is Not Like Selling a House

Most business owners assume selling a business is like selling a house. This assumption can lead to mistake when selling a business because selling real estate is easy when compared to selling a business, and here’s why… #1 There is a widely-recognized infrastructure supporting the sale of real estate. Selling a business is more of wild-west experience. Every state has extensive laws and regulations that cover the Read More

Six Reasons Why the Sale of Your Business Might Require an Earn Out

Will I have to take an earn out when I sell my business?  This question comes up within five minutes of every conversation with a business owner who is considering selling their company.  Most business owners are understandably skeptical about a selling with an earn out, because there are legends about earn outs promised but not paid. A good business going to market with a reasonable valuation represented by a Read More

Three Ways to Increase Your Business Value by 150%

I’m 61 years old, I’ve been doing for this for 21 years, I’ll be ready to sell my business in four years.”  So began my recent conversation with a prominent business owner in Nashville.  “Tell me what I need to do now to be ready to sell in four years.” Several times a month I find myself in a conversation just like this.  A business owner, who recognizes the value of being proactive, confronts the reality that Read More

Code Words You Hear When the Business Owner Needs Hospice, Not a Broker

People know when it’s time to call the undertaker. The signs are obvious. Though it’s an exceedingly painful task, we confront the difficult circumstances because we know we have no choice. It’s less obvious to know when to call hospice, that awful time when you recognize the patient is likely to die and needs comfort. It’s a hard thing to see, much less admit. It should therefore not be surprising that most business Read More

How to Get a Small Business Administration (SBA) Loan

There is much confusion and uncertainty around the SBA loan program. Most major banks have SBA experts who focus on the ever-changing details of the program, so if you have interest in getting an SBA loan to buy a business, please let us put you in touch with an SBA expert we know and trust. We have completed many business acquisitions that involved SBA-guaranteed lending; here is a brief synopsis of the Read More

Planning an Exit Strategy: A How-To Guide for Baby Boomers

There’s a lot of talk these days about the huge transfer of wealth that’s going to occur over the next 10-15 years as baby boomer business owners decide to take retirement. The SBA says there are 12 million businesses in America owned by baby boomers.  Business brokers, accounting firms and financial planners love to talk about this coming “tsunami”, the theory being as these 12 million owners sell their Read More

Please Don’t Buy a Business (if you aren’t comfortable in a dark room)

When he called, he got right to the point: “I want to buy a business.” I heard a sense of urgency in his voice. He went on to say “you have businesses to buy, you’re a business broker, right?” I get this call at least once a week, and after talking with scores (maybe hundreds) of would-be business buyers, I’ve realized I need a psychology degree to go along with my advanced business degree. More times than not, Read More

Two Things You Can Do Now to Improve the Value of Your Business Now

I get this question all the time….“I’m considering selling my business can you tell how much my it’s worth?” After we talk awhile about the business’ current valuation I usually then hear “what can I do to increase the value of my business?” This second question assumes there are simple things that can be done to enhance business value, akin to the concept of new paint in the living room increasing the value of a Read More

Thinking About Selling Your Business to Your Business Partner? (please read this first)

{This blog was originally published in January 2013, but this lesson can never be taught enough. Too often I see the negative results when business owners do not take this advice} They met in the mid-80s while in business school at Vanderbilt. They were assigned to the same study group, so it didn’t take long for them to realize they had complimentary skill sets. Bob (not his real name) was analytical, loved data, Read More