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What You Think is Just Luck

Much can be said about how crazy 2020 was. No need to belabor it again here, you’ve heard it all before. But my conversation with Elaine (not her real name) gave rise to a whole new level of crazy about 2020. No, I am not saying Elaine is crazy, quite the opposite. She owns a highly regarded professional services firm near my hometown. We were talking over the holidays about her plan to sell her business in 2021. She Read More

Can You Afford to Watch It Go Up in Smoke?

Covid has wrecked his business. Paul (not his real name) owns a company that is a leading player in Nashville's trendy food scene. As everyone knows, the restaurant sector has been decimated by pandemic-driven shutdowns. To raise cash, Paul asked me to help him sell a minority interest he owns in a business in Texas. Paul was hoping the proceeds from selling that minority interest could be reinvested back into his Read More

Balancing Risk and Reward

I met Wayne (not his real name) through an introduction from his financial planner. Wayne owns a successful business in Mississippi that he had taken over after his dad's death nine years ago. Long hours and employee management issues were taking a toll on him and resultantly, his family. In early 2020, he promised his wife he’d consider selling his business. Wayne started the process by asking his Memphis-based Read More

Don’t Expect an Outlier Valuation

Frank and Wanda (not their real names) are avid golfers. Members at one of Nashville’s finest country clubs, they play at least once a week. They even take an annual golf vacation, sometimes to the home of golf in Scotland. I recently met Frank and Wanda via a Zoom call on the recommendation of their wealth planner. They are interested in selling the company they started in the late ‘90s. They told me they decided Read More

One Thoughtless Comment, Say Goodbye to $35 Million

Don (not his real name) was smart, but his errant comment cost him $35 million. In just 12 years, he had built his company to be the largest in his industry. Don was a rock star, and his company’s future was bright. But Don had taken the company as far as he wanted to take it. Though just 44 years old, he was ready to sell the company and realize his life’s ambition to play golf on six continents (did you know, Read More

Avoid No-Man’s Land

A few months ago I watched the movie “1917.” It tells a true story about the audacious heroism of a British soldier during World War I. Beyond being a great story, the filming was incredible. There were times I felt I was the guy in the muddy trenches. There is much to learn from this wonderful movie, not the least of which is war is awful and should be avoided at all costs. But there is another lesson that has Read More

Success in Corporate Life May Not Transfer

“It’s time for me to leave, I can’t take one more HR seminar, help me find a business to buy.”  So started my relationship with Andy (not his real name), a senior-level executive at a publicly traded healthcare company in Nashville.  “I like my corporate job OK, but it’s corporate life I’m not happy with,” he told me over lunch. “I’m ready for a change, I want to be an entrepreneur,” Andy said even before the waiter Read More

Ask the Right Question First

“I am making great money, and I love what I’m doing. But with this economy, lord knows where it's going after the election. Maybe I should just sell now.” Randy (not his real name) called me on the advice of his Raymond James wealth advisor. Randy is getting weekly calls and emails from private equity buyers asking about his interest in selling. “I really hadn’t planned to sell until my youngest son finishes college Read More

When Brand Value Isn’t Value

“I am not happy about your valuation, Jim. You seem to have ignored our brand value. My customers love us, and we get lots of great feedback on the story about us in Southern Living. All that goodwill has to count for something.” Roger (not his real name) has owned his business for 15 years, after spending the first part of his career at a prominent Nashville architectural firm. He told me he went into business for Read More

Innovate, Renovate, or Reinvent, but Do Something!

“We’ve made a good living singing three to four nights a week for over 20 years. Rodeos, concert halls, colleges, and county fairs all across the United States. We’ve traveled overseas dozens of times, too. But now, we have no place to go, no place to sing, and no concert income.” Jay (not his real name) and his group have spent the last five months at home. His income from record sales and streaming continues, but Read More