4 Traps To Avoid When Selling Your Company
Business owners have been known to refer to due diligence as "the entrepreneur's proctology exam."
It's a crude analogy but a good representation of what it feels like when a stranger pokes, prods, and looks inside every inch of your business.
Most professional acquirers will have a checklist of questions they need answered if they’re considering buying your company. They'll want answers to questions like:
- When does your lease expire and what are the terms?
- Do you have signed, up-to-date…
The Big Thing Holding Back Small Businesses
Small businesses stay small either by choice, or because they start chasing growth in the wrong places.
When you strip away the layers, it all comes down to darts.
Imagine a dart board with a bull’s eye and around it is a series of wider and wider circles. The bull’s eye is where the people just like you hang out. They are the people (or businesses) who feel the problem your company set out to solve. They are usually your first customers and raving fans.
The further you go outside of your bull’s ey…
6 Ways to Overcome a Business Trauma
Post-Traumatic Stress Disorder (PTSD) is a mental health condition triggered by experiencing a terrifying event. Although not at the level of enduring a war zone, the events of March 2020 may leave you feeling similar symptoms.
If you’re like most business owners, the first quarter of the year was progressing like any other.
A superbug started terrorizing the world. Professional basketball was cancelled. One by one, the world began to close its doors.
A significant blow impa…
Too much baggage can hurt the sale of a business!
Many businesses are loaded down with problem issues that can affect the sale of the company.
This baggage can be in the form of overpaid and/or unproductive employees, outdated or unused equipment, expensive leases on old equipment, unsellable inventory or an expensive lease on outmoded facilities.
Buyers can struggle with these issues and sometimes walk away. Business owners must take steps to deal with this baggage before they try to sell their company.
8 Steps For Turning A Service Into A Product
Does your business offer a service or a product that you differentiate through a higher level of service?
If so, you're probably disproportionately impacted by the economic disruption caused by the coronavirus pandemic. Consumers are cutting back on services to avoid human contact and conserve cash, but we are still buying products that solve a specific problem.
Businesses are buying products like Zoom, and Slack for teleconferencing and consumers are dropping services in favour of product…
Why You Should Fire Yourself
If you find yourself in a position where your customers always insist on speaking with you directly instead of your employees, then you might want to consider shifting your structure so you can improve the value of your business.
Here's why: a business that can thrive without the owner at the center of all its operations is more valuable because processes can run smoothly with or without you.
If you're too stuck in the weeds, you'll have a difficult time improving or evolving – and your employees…
3 Ways to Get Your Life Back
How’s your workload these days?
If the pandemic has forced you back into the weeds of your business, you’re not alone. Many owners are again doing tasks they haven’t done in years because they have had to lay off front-line staff or their employees have fallen ill or are caring for someone in need.
Being back in the middle of things is neither healthy for you nor your business long term. Personally, it’s a recipe for burnout, and professionally, your business will be less valuable with…
Internet search engines can be a business owner's best friend!
Business owners need to know what it takes to sell a business!
Is the Business Surviving -- or Thriving?
This pandemic is hard and it’s not fair. And certainly no one could see the scope of its impact coming.
As bad as it is for a business, it can be even worse for others. The business owner has to do everything possible to find answers by being creative, determined and providing leadership.
By contacting the SBA and the bank(s) for new loans or delays in payments, researching the internet to see what others are doing, using the resources of their association, considering new products or servi…