Whether the keys were once passed to you or you forged your own, the transition of ownership from one generation to the next is a plan that crosses the mind of most family business owners. With family businesses, although succession planning can be especially complicated because of the relationships and emotions involved, it is imperative. […]
Preparing your business for a successful future often goes hand in hand with preparing your business for a successful sale. No matter whom you sell to—and even if you believe you’ll never sell your business—you should focus on catching Deal Killers. Deal Killers are things that can affect your business’ value and future. Let’s look […]
Setting goals is a catalyst for success, especially if you’re planning for the future of your ownership and the success of your business. The strongest goals tend to have five aspects that help you guide the process for achieving them. In other words, when you set goals, you want to set SMART goals: Specific Measurable […]
Successful business owners often want more than just the maximum amount of money they can get. These owners have deeply ingrained values-based goals that guide why and how they do business. But many of those same owners don’t apply an appropriate amount of weight to values-based goals until it’s too late to achieve them. Some […]
When the time comes to sell your business, one of the most important things to consider is how the buyer can affect the sale – and your future. Many business owners have a key employee who expresses interest in purchasing the company. While this option may seem the simplest and least complicated, it can actually […]
It is safe to say that this year was full of surprises. Some businesses thrived, while in other areas jobs were lost, companies were forced to go under, and we even lost loved ones along the way. Many businesses were affected by the pandemic in some way or another. According to a survey conducted by […]
Selling a business is a process, not an event or a single transaction. The reality is only about 25 percent of listed businesses for sale are actually sold. This process is a proven methodology to ensure you will achieve a successful business transition at maximum possible value. The four-stage process is as follows: Stage 1: […]
It can be difficult to consider what will happen to your business and your family if you die unexpectedly. Without proper planning, you could be leaving your family and/or key stakeholders in a huge mess. Proper planning allows you to keep your business on the right path even after an unexpected tragedy leaves you unable […]
Next-level management teams are the drivers behind building business value. But how can you and your advisors attract and keep next-level management teams? The answer lies within incentive plans. When incentive plans are properly designed and implemented, your business has the potential to grow well after you sell. Well-executed incentive plans can motivate each member […]
If you own a business, you should have a current and accurate valuation of your company. Even if you don’t plan to sell, you may need a valuation if you need debt or equity financing for business expansion, or you may want to add or subtract shareholders depending on your needs and your relationship with […]
