It didn’t take long for the meeting to get confusing. He started talking about ideas unrelated to the business he wanted to sell. Bart (not his real name) is an accomplished business owner, but years of living on the entrepreneurial edge are taking their toll. “I’m worn out,” he told me during our meeting in his conference room. The large table in the middle of the room was full of gadgets and stuff, from balls to Read More
How Running Your Business Can be Like Swinging on a Trapeze Without a Net
“It sure was good while it lasted, revenue of $9 million generating 35% profit margin, that’s how we afforded our lake house, now we have to sell it, too.” Amanda (not her real name) was telling me about the good old days, which weren’t all that long ago. She and her soon-to-be ex-husband had started the industrial component distribution business right after the ‘09 recession. “We didn’t have anything to lose, she Read More
How Can You Know Your Company’s Value?
“Cumbee, you don’t know what the heck you’re talking about, my company is worth way more than you're telling me.” Mike (not his real name) was about to tell me what to do with the valuation I prepared for his company, and he used a word other than heck. I could appreciate his frustration. Starting his company during the ‘08-’09 recession, Mike had done everything right to build his business to $9 million a year. He 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) Timing As Read More
Does the Entrepreneur Know More Than the Corporate Titan?
“Who knows more about business, the corporate executive or the entrepreneur?” I didn’t expect to hear a question like this while in the Harvard Business School faculty dining room, but when Faith (not her real name) posed the question, I could tell she had a point to make. “Each role requires a unique skill set” I replied, “there are things a corporate CEO needs to know that isn’t necessary for an entrepreneur, yet Read More
A Great Business That’s a Non-Starter
I wasn’t about to say it out loud, but this place sort of gave me the creeps. Ben (not his real name) was showing me where they hid the weapons, a few handguns and baseball bats. Though the business was perfectly legal, the nature of their clientele required they think in advance about protective measures. Under these kind of conditions, Ben’s ability to make money was especially impressive, but it wasn’t the kind of Read More
5 Steps to Selling Your Nashville Business
Leading one of Nashville’s most successful business brokerage practices, I am always asked, “how do I sell my business?” Whenever I hear that question I have to remind myself that just because I do this everyday and find these steps self evident, selling a business in Nashville (or anywhere else) is a complete mystery for those not in the business of selling businesses. So today I lift the curtain and reveal to you Read More
“Do I need to wear a tie to this meeting? Hell, I haven’t had a tie on since Mama died.”
Getting fired from Ryder Trucks in 1984 ended up being the best thing to happen to Andy (not his real name). Truck fleet management was all he knew, so he had no choice but to go into business for himself. Fast forward 30 years, Andy was ready to sell the business since both of his children were interested in practicing medicine, not running a complicated 35-state network of tractor trailers. I advised Andy the most Read More
“Why should I sell now? You’re telling me the way we are growing we’ll double our value in two years!”
Though we were meeting at 6:30 that morning, he didn’t need coffee. Randy (not his real name) lived a caffeinated life. He ran at a fast pace, the success of his company was evidence of that. But I was sensing Randy was ready to slow down, maybe take some chips off the table. A few weeks earlier I had reviewed Randy’s business and told him how much he would make if he sold it in 2016. I also projected what he might Read More
“This Offer Sounds Too Good to be True, What Should I Do Now?”
Mama once told me “if it sounds too good to be true, it probably is.” But Mama (may she rest in peace) didn’t know much about selling a business. When Bobby (not his real name) called, I could tell something big was brewing. “I need to see you today” he said, “I’ll buy you lunch, dinner, whatever, I need to get on your schedule.” We decided to rendezvous at Starbucks and before we had our coffee orders filled, he Read More
