Planning for Business Success in 2020
2019 is in the history books, and it is time to plan for the year ahead. You may or may not have had a successful year, but either way, there are always improvements you can make going forward. Here are some important steps to planning for success in your business in 2020: Reevaluate your Mission, […]
Why Would a Business Owner Sell a Successful Business
It is easy to assume that any business that is for sale must be failing. Part of that is our innate assumption that no one would ever voluntarily give up something that was making them money (especially if they built it themselves). But people are not actually the economic models of enlightened self-interest we learn […]
Approaching Your Business Sale from the Buyer’s Perspective
Selling a business is one of the most complex financial transactions you will ever make. You need to do several weeks (or more ideally months) of preparation, making sure you are ready to put your business on the market. The other side of the transaction is stressful as well. Prospective buyers have a lot to […]
Transition Planning for Family-Owned Businesses
Family-owned businesses are the backbone of the U.S. economy. According to the Conway Center for Family Business, they account for nearly 65% of the U.S. Gross Domestic Product (GDP), and create over 60% of America’s jobs. Family businesses are unique in that they typically depend on the strength, energy and vision of the founder for […]
Questions to Ask Before Hiring a Business Broker
The New Year is upon us, and along with it comes numerous resolutions/goals individuals make. For some, 2017 might be the year they finally start their own business. Others are at the other end of that cycle and are ready to sell their business in the New Year. For the latter group, it is important […]
Is Spring a Good Time to Sell Your Business?
Selling a business is generally a long process; it can often take 3-12 months from the time you list the business until the sale closes. For this reason, it is a difficult process to time. That said; buyer inquiries tend to increase during the month of January as well as during the spring and fall. […]
Employee Non-Compete Agreements in a CPA or Accounting Practice Sale
In planning for a CPA or accounting practice exit, sellers should consider the status of their employees in advance. It always strikes me as odd that accounting practice principals will not have any restrictions on their employees from a non-compete or non-solicit standpoint. They generally cite relationship or length of employment for not having one […]
Importance of a Non-Compete Agreement in Accounting Practice Sales
For years, I have been helping accountants and CPAs exit their practice. It is common for buyers to want a non-compete after a sale but for many reasons, a principal, his attorney, and others involved insist on having a non-compete with a radius around the business and a certain number of years tied to the […]
Preparing Your Small Business for Sale During the Holidays
For retailers of all sizes, the holiday period is clearly the biggest sales period of the year. But even if you do not consider yourself a retailer, the holidays should still be a profitable time because people are generally in a buying mood. And this year, consumers have more money to spend because of lower […]
Scalability and the Greatest Value for Your Business Sale
Sell-ability 101 – Part 5 We’ve covered a good deal in our series, Scalability, Systems/Processes, Team and Talent, and of course, the ME business owner and his needs and failure in being the ME business owner. The ME business owner grows his business by adding to the number of hours worked in a week (Evenings, […]
