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

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

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

Do you know the value of your business? I mean, the real, sellable market value of your business. I’m guessing you don’t. In my daily work with small business owners, I never ceased to be amazed how many don’t know what their business is worth, and it’s often my un-pleasant task to deliver bad news to a business owner about the value of their business. I don’t suggest that you over-focus on your business value, but Read More

You would think that for what I paid, I would have learned the keys to business success while at Harvard Business School. Now don’t get me wrong, I loved my years at HBS …. rigorous academic training, great lifelong friends, excitement of global finance, and time with world-class business leaders. I wouldn’t trade my years at HBS for anything. But it sure was expensive, and when you pay a lot for something, you Read More

Can you fog a mirror? If so, congratulations, you are legally qualified to call yourself a business broker in the state of Tennessee! That’s right, no license required and no training needed. To call yourself a business broker in Tennessee all you need is the ability to wake up and get out of bed. And we wonder why so many Tennessee business owners are frustrated when it’s time to sell their business? I was Read More

“Can you meet me tomorrow, 5:30AM at Starbucks in Hendersonville, I don’t want my employees to know anything about me selling the business.” Against my better judgment, I agree to the meeting. I’m an early riser, going to a 5:30AM meeting doesn’t bother me. But, I should have realized the clandestine urgency in his voice was an omen of something not good. After we got our coffee (I’m a Starbucks fan) we sat down and Read More

I am in love with my iPad. We are inseparable. My iPad is my best friend (technologically speaking). But I had a technological mid-life crisis. I was looking for a sleeker, shinier, faster model. I ate the bitter fruit. My name is Jim, and I was unfaithful to my iPad. A few weeks ago I was reading one of my favorite bloggers, and he was wildly enthusiastic about his new iPad mini. This intrigued me (the grass is Read More

“How can I keep people from finding out my business is for sale?’ is the most common question I get after, “what is my business worth?”   I’ve sold my own business so I fully appreciate how nerve-racking the process can be.  Like me, most business owners want the process kept top-secret until after the transaction closes.  Business owners are usually terrified that if word leaks out their business is for sale, Read More

I see the carnage every day. Someone who wants to sell his/her business will call me after the business broker they hired hasn’t delivered. In almost every one of these calls, the business owner will tell me something like: “I paid the broker for an evaluation of my business, but now he’s telling me all the potential buyers think the valuation is too high.” If the business owner is still under a contract with their Read More