Your partnership agreement is one of the most important business documents you will ever sign. Many people go into business with relatives, loved ones or lifelong friends and discover too late that they should have had a partnership agreement. A partnership agreement protects everyone involved...
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No matter how much you love your business, sooner or later you will have to embrace retirement. A lot of business owners have never sold a business before and may not know what to expect. It is key to do everything possible to make selling...
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Some people know that owning a business isn't for them. For others, the attraction and appeal of being a business owner can be powerful. If you are uncertain whether this path is for you, here are three simple questions to ask to gain clarity. 1. Are...
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Banks love collateral. If you fail to repay your loan, then the bank has something it can take. Many people who want to start a business lack collateral. Here are the top two ways to purchase a business without collateral. 1. The SBA You will need some...
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It would be easy to assume that “fair market value” and “fairness opinion” mean the same thing. To some degree you can base a fairness opinion on fair market value. However, the similarities end there. Let’s assume that you are the president of a privately held...
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Placing a price on a privately held company can be more complex than placing a price on a publicly held company. One of the top reasons for this fact is that privately held companies don’t have audited financial statements. Why Are Audited Financial Statements Lacking In...
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To help you get your business ready for selling, you need to understand what serious buyers want. Let’s look at what these types of buyers really want. An Interest In The Industry A prospective buyer will want to have an understanding of your industry....
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Timing can be everything when it comes to selling your company. It is likely that the market will be flooded with companies looking to sell as more and more baby-boomers reach retirement age. According to a survey of business brokers done in 2016, 54% of baby-boomers...
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When you start your business, you should also prepare to sell your business. This may sound extreme, yet few business owners reach this level of preparedness. Most sales are event-driven. Factors such as health issues, burnout, problems with a partnership or even divorce can drive...
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Without employees, you don't have a business. Your employees are very important to your business. Take some time and reflect on the value associated with keeping your employees happy. There is a direct relationship between happy employees and happy customers. Happy employees take steps to ensure...
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