“Hey honey, come look at this, this is weird.” My wife, Emily (her real name), was looking out toward our backyard from the kitchen window. “This is unbelievable, kinda spooky” she said. I looked out to see vultures in my backyard. Big, black, scary-looking creatures. The fact that it was dusk made the scene even more ominous. I counted 21, there may have been more. From my vantage point, it looked like they were Read More
3 Reasons It’s Good to Have a Succession Plan, in Writing
As a business owner, you should start thinking about succession planning long before you actually need it. Said this way, when you need, it’s likely too late. What will be your business’s legacy? Who will take over for you? Will it still be the same company? Is selling an option for you? Writing down your answers will help you focus on the reality of the process. Going through this exercise before you are ready to Read More
The Non-Acquisition Acquisition
“I’ve found a company in Miami, they are a perfect fit for what we do and they are ready to sell, can you help us put the deal together?” So began my the phone call with Susan (not her real name). Just a few years after finishing graduate school, Susan started a market research firm, and over the past ten years has grown it into a national leader for her specialty, biomedical research. Her decision in 2005 to launch Read More
Peas, broccoli and partnerships …. things I really hate.
“We’ve been in business together for 23 years, and now I want to sell but he doesn’t have the money to buy my share, and he’s not ready to exit. What do I do?” I gave Marvin (not his real name) a simple but un-welcomed answer, “There’s little you can do, just wait.” Of course, lawyers will point out the partnership agreement should have included a buy-sell agreement. But here’s the reality, many partners don’t have Read More
When Buying a Good Business, Don’t be Good Deal Focused
A few years ago I was retained to sell a profitable business in Kentucky. The owner was ready to retire, but 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. Once I showed this prospect my client's business, he was soon engaged Read More
Selling a Business When It’s All in the Family, Not a Great Show
When Bob (not his real name) called me, I could tell he was tired. He wanted to sell his family business, but he didn’t know how to find the right buyer and make sure he got a fair value for his life’s work. Bob started his business in 1981 and built it into a thriving niche manufacturer of plumbing components. But at age 74, Bob was ready to sell his business and spend more time with his ailing wife. The business Read More
Growing Your Value Through Less Doing and More Listening
“Growth is an easy concept to understand,” he told me. “All you have to do is sell more of your existing products to new customers, or get new products to sell to your existing customers.” Allen (not his real name) had not gone to business school. He had not gone to college. I’m not sure he ever graduated from high school. But Allen was one of the smartest men I ever met. Though he had no formal business education, Read More
A Moon Shot Idea Will Dramatically Improve Your Business Valuation
“We choose to go to the moon in this decade, not because it is easy, but because it is hard.” In 1962, President John Kennedy challenged the nation to put a man on the moon within eight years. It was a crazy, yet exciting idea. But given the intellect, ingenuity, and courage of the men and women in our space program, we delivered on JFK’s compelling vision in just seven years. That feat remains to this day one of Read More
Does Your Company’s Culture Actually Add Value?
“You know, I’ve intentionally built a positive culture here, but it’ll fall apart if I sell to the wrong buyer. This company is my family’s legacy, I have to protect the culture when I sell it.” Todd (not his real name) was ready to sell the company he inherited from his father twenty years ago. Todd and I had a lot in common. His faith was an important component of his life, and he openly shared it with his Read More
Paint by Numbers Growth Plan
“We could double our revenue if we just had more people calling on customers. But do you know how hard it is to find good salespeople?” Jennifer (not her real name) was ready to sell the company she started after graduating from college in 2005. She was making darn good money, but working 60 to 70 hours a week had taken its toll. “I never intended for the business to get this big,” she told me during our first Read More
