There is the old anecdote about the immigrant who opened his own business in the United States. Like many small business owners, he had his own bookkeeping system. He kept his accounts payable in a cigar box on the left side of his cash register, his daily receipts – cash and credit card receipts – in the cash register, and his invoices and paid bills in a cigar box on the right side of his cash register. … [Read more...]
Burnout: An Ever-Present Threat
June 28, 2013
Burnout is an often-used reason for an owner selling his or her business. Potential buyers may have trouble accepting this as a valid reason for sale. However, burnout is a valid reason for selling one’s business. … [Read more...]
How Long Does It Take to Sell a Business?
May 23, 2013
Recent studies indicate that it now takes, on average, about eight to ten months to sell a small business. This figure seems to increase yearly. Why does it take so long to sell a business? … [Read more...]
Succession Planning – It’s Never Too Early. A Message For Today’s Business Owners
May 17, 2013
There are more than 15 million family businesses in the United States. History tells us that less than one-third of family owned companies will make it to a second generation. One reason for the disheartening statistic may be that business owners tend to forget about succession planning. … [Read more...]
When to Create an Exit Strategy
May 3, 2013
There is the old saying that the time to develop an exit strategy is the day you open for business. Sounds good, but it’s not very realistic. Further, it also isn’t very optimistic. On the day you open for business, thoughts about how you get out of it aren’t pleasant, or helpful, thoughts. … [Read more...]
Advantages of Buying an Existing Business
April 26, 2013
1. Established. An existing business is a known entity. It has an established and historical track record. It has a customer or client base, established vendors, and suppliers. … [Read more...]
Avoid These Business Sale Myths
April 22, 2013
The typical business owner will only sell a business once. Understanding the complex process involved will help produce the best results. But don’t fall prey to the myths that can derail or seriously affect a potential sale. … [Read more...]
Tax Impact When Selling Your Business
April 15, 2013
The purpose of this article is to demonstrate the importance of the tax impact in the sale of your business. Of course it is critical that both buyers and seller consult their CPA or tax attorney before entering into any transaction. … [Read more...]
Why Do Deals Collapse?
March 27, 2013
In many cases, the buyer and seller reach a tentative agreement on the sale of the business, only to have it fall apart. There are reasons this happens, and, once understood, many of the worst deal-smashers can be avoided. … [Read more...]
Five Kinds of Buyers
March 25, 2013
Buyers are generally categorized as belonging to one of the following groups although, in reality, most buyers fit into more than one. … [Read more...]
