FREE TRAINING: 3 Keys to Sell Your Business with Confidence
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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

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

What You Don’t Learn Investing in Real Estate

“You know what they say, you make money as long as you can buy right. No way I’m paying more than five times earnings for that business.” Sean (not his real name) is a real estate investor who has done exceedingly well the past decade. We recently had lunch to discuss his interest in redeploying some of his investment dollars into an operating business. “I still love opportunities in real estate, but I want to be Read More

Things Can Go Wrong in the Wild West

“I researched these guys before the first call. They seemed legit, and I could tell they weren’t on a fishing expedition. They knew a ton about my industry, the players, and opportunities. You think they might be a real buyer for my company?” I felt sorry for Angie. She looked tired, and running this company was nothing she had bargained for. But when her husband went AWOL on the family and business, she had no Read More

The Dangerous Second Act

“What’s more dangerous? Not knowing what I don’t know, or thinking I know more than I know?” Randy (not his real name) and I were sitting in a coffee shop across the street from his office. As soon as we sat down to enjoy our overpriced lattes, I asked Randy why he asked for this meeting. He didn’t beat around the bush, “My exit from the tech company was way beyond my expectations, but I’m getting anxious to get Read More

The SMART Strategic Acquisition

“If I buy his company and combine it with mine, I will control about 45% of the Nashville market. He says he is ready to retire and sell.” Taranda (not her real name) started her company in 2005 and turned the corner of profitability right before the recession of ‘08-’09. As we had hot chocolate one night at Starbucks, Taranda explained why she called me. “I almost gave up when the market went south in 2008 but my Read More

The Well-Intentioned, Yet Flimsy Buyer

“Why do people try to buy a business before they have money to buy a business?” Randy (not his real name) was asking a painfully logical question. After having spent almost 90 days with a “buyer” of his business, Randy came to realize the buyer never really had the money to buy the business. “I lost a lot of time and energy thinking we had a deal, dumb of me for not asking if he actually had the money.” Randy asked Read More

The Cash Flow Purchase

“I'll be ready to sell in three or four years, and he's the only guy I trust to buy it. Problem is, he doesn't have enough money, what do I do?” Gabe (not his real name) owned an impressive assemblage of businesses, one of which was a hobbyist magazine that served a loyal subscriber base. Gabe had a deep commitment to the magazine’s readership and felt his long-time editor was the right guy to handle the magazine’s Read More

The Truth Can Hurt

“They offered $8.5 million for my company, and now you’re telling me it’s only worth $5 million. What did they know that you don’t?” Sandra (not her real name) was not happy with me. After reviewing her company's financial history and her forecast for 2018, I told her that her company could be sold for $5 million, maybe $6 million, if a couple of things fell in our favor. I could see her obvious frustration as she Read More