REASON #2 No Succession Plan The lack of a clear successor is another reason as to why business owners decide to sell. Either the children are not capable of running the business or are not interested in running the business going forward. A lot of the time the business was the father’s dream and he […]
Family Matters in Business
Do you have family members in your business? Do you own the business with a brother or sister or both? Do you or your siblings have children in the business with you? If you answered yes to any of these questions, there is a good chance sometimes you will be facing the issue of business […]
When the Parts are Worth More Than the Whole
I had been working with Jim for about five months since the time he had contacted me. I felt good about working with Jim, because he was referred to me from someone in the convenience store industry. Jim said he interviewed another company who specializes in the selling of convenience stores, fuel wholesalers and petroleum […]
Thinking of Retiring? How about taking a Test Drive First?
Everybody thinks of retiring at one time or another. You don’t have to be a certain age in life to consider the idea of retiring and doing some of the things you enjoy. But how do we know if the time is right or if we would really enjoy retirement? In my recent book “Hidden […]
How I got my employees to operate at the 75% level
One of my recent articles I talked about how I learned the 75% employee rule whereby I strived to find employees who could and would perform at 75% of the way I would do the job. Learning this rule was hard for me and it is for most operators who are control freaks, because if […]
8 Common Mistakes Business Sellers Make
All business owners think about selling their business at one time or another. However, for the ones who decide to go forward and sell, there are certain points that need to be addressed if they want to have a successful transaction and get the most money for their business. After selling over 800 businesses, I […]
You Are Not a Superhero, and You Are Not Going to Live Forever!
Most people do not like change. Instead, they want things to be constant and uneventful, and they delude themselves into thinking that nothing will change—that everything will stay the same and everyone will live happily together forever after. The truth is that most people will have significant life-impacting events such as a death in the […]
Signs That it is Time to Sell the Family Business
Perhaps you have started to suspect you may need to sell your business rather than hand it down to your children. Here are a few indicators as to why you may want to consider selling the family business: 1. Your children are not interested in the business. If you run a profitable small business that […]
Top 10 Reasons Why Selling Your Own Business is a Bad Idea
Selling your own Business is a Bad Idea Over the years I’ve learned many things. One of which is, it’s never a good idea to try and broker your own transactions. This is true for houses, cars, boats, and yes, businesses. The following is a list of the top 10 reasons why selling your own […]
Looking Out for #1
It is that time of year again for me to visit the doctor for my annual checkup. Annual checkups are something we all do (or should do) to see what kind of shape we are in and to see if anything has changed from last year. You know what I am talking about: Do you […]