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
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
Did COVID Kill Your Business, or Was It DOA?
“Revenue was stable, though our margins were always thin. We didn’t expect to make great money when we opened the store, but we loved what we were doing. That was before COVID, it killed our business.” Beatrice (not her real name) was introduced to me through her accountant. She asked me to do a valuation on her Nashville business, and tell her what I could do to help her sell it. Once I saw the financials, I knew Read More
Being Your Own Boss is Overrated, You Might Be a Bad Boss
“After thinking about this for a long time, I’m ready to get serious about buying a business.” During a recent phone call, Brian (not his real name) told me he has read my blog for over two years and had been inspired to consider life as an entrepreneur. “I’ve never intended to inspire anyone toward life as an entrepreneur,” I told Brian. “In fact, it’s a very hard life in many ways. I just try to help Read More
Why Are So Many Business Owners Afraid of the G– Word?
Wilson (not his real name) took over management of the company from his father, who founded it in 1978. Over the five years Wilson has been in charge, company revenue has doubled. The company is well known in the community, and Wilson is a respected business leader, much like his father was. Wilson has not retained me to sell his company. At the age of 48, he has no interest in slowing down, much less selling. But Read More
When is the Bird in the Hand Worth It?
“Do you think we will ever get this deal done? Maybe I should pull back and wait another year or two to sell the company. I could sell it for more, right?” Rhonda (not her real name) is frustrated, and for good reason. The buyer had scheduled closing for April 30, and things were moving along nicely until the pandemic hit. The buyer’s due diligence team flew back to their home office on March 12, and nothing has Read More
Preparing a Board Presentation, Even If You Don’t Have a Board?
“That might be the most insightful thing I’ve heard during this awful pandemic.” Mason (not his real name) and I were recently discussing his interest in making an acquisition. He is not a client; he isn’t looking to sell his Nashville business any time soon. We met four years ago during a men’s Bible conference at the church we both attend. We meet every so often at the church coffee shop to talk about life and Read More
