Selling Your Business, Part 2: Understand Your Business’s Market Before Selling It

Understanding your market is absolutely vital to developing a successful business. Knowing what your customers want will help you create products and tailor services that align closely with your sales strategies and inventory. Knowing your market is also helpful for selling your business. Being able to explain to potential buyers the characteristics of the customers you serve and their potential for growth will be Read More

Four Qualities of a Serious Buyer for Your Business

When you are in the market to sell your business, you want to be working with potential buyers that are financially capable and trustworthy. Here are some clues you should watch for: Financial considerations are lined up Serious buyers have funding in place. They are willing to share their financial status to verify their funding capacity. Serious buyers also understand the business will likely need an Read More

Three Keys to Effective Succession Planning

Whether you plan to sell the business or pass it on to a family member, you want to be proactive to ensure the business will survive and thrive in your absence. This calls for thoughtful and intentional planning. What is Business Succession Planning? Succession planning is a simple concept, though it has many moving parts. The essence of the idea is deciding who you want to leave in charge of the business and Read More

Considering Selling Your Business? Four Questions to Ask Yourself First

For most owners, their business is a huge part of their life. They have put their blood, sweat, and tears into making the company work. They are passionate about what they do and will go to extensive lengths to ensure that their business succeeds. So it comes as no surprise that when it’s time to move on from the company (whether for retirement, health, or financial reasons), the separation process can be Read More

5 Things You Can Do Right Now to Boost the Future Value of Your Business

Imagine you are selling your car. After receiving estimates of the current worth, you take small steps to increase the resell value—change the tires, get a new paint job, have a professional do a full tune-up—and these small steps result in a significant boost to the value of your car, allowing you to receive more money for the sale. The same idea applies to boosting the future value of your business. By taking Read More

A Brief Summation of Valuation

The true value of a business is like a stew: each ingredient on its own would not amount to much but, when all the ingredients are added, the sum of the whole is greater than the parts. If you are a business owner, you have probably wondered what the true value of your business is. Valuing your business is a process that considers both tangible assets (inventory, equipment, real estate, etc.) and intangible assets Read More

Breaking the News: When and How to Tell Your Employees You are Selling the Business

While selling a business can be a great financial move for owners, it also has a huge impact on the livelihood of employees. Announcing that you are selling your business, if done incorrectly, can cause shockwaves that can threaten profits and destabilize the work environment. The following 4 tips can help your business ownership transition go smoothly as possible, for yourself and for your employees. 1) Read More

Stupid Is As Stupid Does …Where’s Captain Dan?

Buying a small business can be stressful, so much that otherwise smart people can do stupid things.  With years of experience doing and watching business transactions, I’ve come across some common stupid things that can be avoided. -Don’t make the business seem more profitable than it is. Of course, the Seller wants to get as much as possible out of the business, so he/she will tell you lots of ways you can cut Read More

Your Thoughts are Numbered

There are a few well-known bloggers who swear by their belief that everything presented in a blog has to be reduced to numbered bullet points.  Here are four points I frequently hear when it comes to the logic of numbering your thoughts in a blog post: They say numbering your thoughts make you sound more professional, more like an expert. They say numbering your thoughts make your points easier to remember. Read More

Think Outside the K-Cup, Three Business Principles I Learned While Comparing Starbucks Via with Starbucks K-Cups

I discovered Starbucks in 1994 when a group of Disney executives held a meeting at the Whistler Blackcomb ski resort in western Canada. One morning our Canadian hosts took us to a charming coffee shop in the village and one guy ordered this thing called a “latte.” I had no idea what that was, I assumed it was a special local favorite. I ordered coffee, black, large. Whoa, one sip and my boring Maxwell House life Read More