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

Being a Disney Executive Has Made Me a More Effective Business Broker

What can you learn about business brokerage from Mickey Mouse, Buzz Lightyear and Snow White? What does running the world’s best theme parks and making great movies have to do with buying or selling a business? Well, a lot, actually. I spent six years with a division of the Walt Disney company in Orlando, primarily focused on development of new businesses. I had the privilege to be involved with the launch and Read More

My Go-To Apps for Business & Personal Productivity

I have wasted a lot of time in my efforts to be more productive. When the iPad was introduced in 2010, I was an early adopter, manic about using technology to redefine my work flow, to do more and be faster while doing it. Fast forward to today, I’ve realized that more can be less, and less can be more. After having experimented with dozens of productivity apps, I’ve reduced my workflow to just five apps, and I am Read More

Four Things I Learned Watching the Mountain Man Memorial March

“I’m gonna run a marathon thru the Smoky Mountains wearing combat boots.” “Say what?” I said, “that’s impossible.” “And oh,” my son continued, I’ll be carrying a backpack with 35 pounds of sand in it.” Of course, my next question was, “why?” to which he replied, “Dad, the whole idea is to honor through action. ROTC teams throughout the country come together to raise money for scholarship grants to Gold Star Read More

A Rule I Learned While Dating About How Not to Sell Your Business

Though happily married for 28 years, I have some memories of my experiences dating. I’d often have friends say “I have somebody you should meet” to which I’d usually say “well, tell me about her.” If the response was “she has potential,” I’d politely decline the opportunity – run for the hills, actually. Potential is a terrible word to use when describing a potential date, and it’s a terrible word to use when Read More

Sunday Night Diary: Beware the Jackleg Broker

I was reminded this week why business brokers have a bad reputation. I am working on behalf of a successful manufacturing company in the Nashville area that is interested in growth through acquisition. The company retained me several months ago to develop their acquisition strategy, identify possible candidates for acquisition, then work through the process to get a transaction, or two, completed before the end of Read More

Why Most Baby Boomer Businesses Will Not Sell (and how to make sure your business beats the odds)

There’s a lot of talk these days about the huge transfer of wealth that’s going to occur over the next 5-10 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 businesses, Read More

Three Reasons It Might Be OK to Overpay for a Business

Last year I was engaged to sell a profitable Kentucky-based business. The ownership was ready to retire, but were fully committed to helping the buyer make a smooth transition. The 50-year-old business had a positive reputation in the community, a loyal customer base, and a great location. I located a prospective buyer through a referral from a banker, and once I showed this prospect my client’s business, he was Read More

Three Types of Business Buyers

When you get ready to sell your business, you need to be prepared to the deal with different types of buyers. You will be greatly disadvantaged in the selling process if you don’t know the type of buyer with whom you are dealing, and their objective as they evaluate your business. It goes without saying, a smart buyer is not likely to telegraph their intention……you have to figure it out. There are three types of Read More

Selling A Business – Four Things to Consider

Business owners decide to sell for reasons as varied as the owners themselves. Some are ready to retire while others are ready to move on to new horizons. Others may find themselves facing a health or family crisis. But whatever the reason, there are a few basics that must be considered when selling a business. #1 The financial performance of your company is the biggest factor to consider. A business owner who Read More