Congratulations! You’ve just received a Letter of Intent from a prospective buyer for your business. Try to contain your level of excitement because, when that Letter of Intent arrives, you still have a lot of work to do before you sell your business and the deal closes. From here to closing, expect another 90 to [...]
During this challenging time, our priorities remain with our families and communities. However, if you are a small business owner, there are many things you can do to think about how you can move your business forward. We’ve put together 5 ways to use this time to your advantage: Accounting/Finance. Clean up your books. Your [...]
The Small Business Administration (“SBA”), in consultation with the Treasury Department, released Frequently Asked Questions (“FAQs”) designed to address borrower and lender questions around the implementation of the Paycheck Protection Program (the “PPP”) under the CARES Act. The FAQs indicate that borrowers and lenders may rely on this document as the SBA’s interpretation of the [...]
Sure, you're excited about possibly selling your business and moving on to a larger project or simply retiring. It's easy to get excited about the large payout in the offing. But revealing too much too soon can put the deal, and your business itself, in jeopardy. When the time comes to sell your business, just [...]
Every owner knows that the financial situation of his/her business is the heart-and-soul of the operation. Keeping sloppy books can not only foul up the operation, it can mean disaster when the time comes to sell your business. When meeting with prospective clients, I often tell business owners to “clean it up.” Clean up the [...]
As the traditional saying goes, “There are deal makers and deal breakers.” Having the right group of business advisers is critical to consummating a successful deal. Hire the right group of business advisers. This begins with an experienced professional business broker. Next comes a trusted attorney who has experience in deal-making. The best attorney is [...]
Benjamin Franklin, Winston Churchill and many others have said it: “Failure to plan is planning to fail,” or some version thereof. This is certainly true for a business owner, who someday will decide to exit the current business and retreat to a retirement of peace and enjoyment. This is why we recommend that business owners [...]
This is a question most business owners ask themselves - should they sell their business themselves, or hire a professional business broker. We were recently contacted by an owner who was concerned about confidentiality, and who wanted to save on commission fees. So he decided to try to sell his business himself. After eight unsuccessful [...]
Few business owners have an accurate idea of the value of their business. More than half the time, business owners set asking prices that are unrealistically high, and some set prices that are too low. Whether you think your business is worth $2 million or $20 million, you need an expert opinion for reference purposes [...]
Taking the proper steps to plan a successful exit strategy can significantly improve the likelihood of a successful sale. No matter how secure you are in your business, no matter how satisfied, no matter how you expect to go on forever, you have to be constantly planning for the day you will no longer own [...]
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Our book can teach you how to plan now to maximize the sale price of your business.
Deal Killers is a practical guide for current and future business owners who will, at some point, consider the sale of their business.
