A sudden death or disability is a tragedy we hope never to face. But planning for those tragedies is a necessary part of life. If we don’t, we leave behind a legacy of stress and confusion for those we care about most. If you own a business, a contingency plan is critical for the sake of your family and for everyone else who depends on your organization.
In The E-Myth Revisited, author Michael Gerber suggests that each business owner has three personalities: entrepreneur, manager, and technician. For many, the technician is the dominant type. These owners are skilled tradespeople, scientists, and service professionals, and they excel at the hands-on work of their company.
It’s not easy to have the tough conversations. But as business owners, we need the courage to confront problems, particularly when we see something that goes against our core values. Failing to address issue areas can lead to dysfunction, toxic work environments, and weakened business value.
Love is blind, so the saying goes. I’m certainly not going to suggest I’ve ever seen friends make questionable choices in their love life, but I have seen business buyers so enamored with an opportunity that they either ignored certain warning signs or willfully chose not to look.
In today’s marketplace, if you’re not growing, you’re going backwards. According to a new Ernst & Young report, a whopping 69 percent of U.S. CEOs plan to grow through acquisition this year. Driving the trend are increased confidence in economic growth and the availability of capital.
Growing companies constantly seek growth opportunities, whether by entering new markets or unveiling new products and services. Each opportunity demands thoughtful communication that helps stakeholders see the value of the transaction and supports the deal to a satisfying conclusion. The right communication strategy gives you control over the narrative, and can even increase the value of the deal. Follow these six best practices.
Paul Simon says, “There must be 50 ways to leave your lover.” There may not be quite that many ways to leave your business, but these are some of the more common:
There’s a woman in my neighborhood, a busy mom, who had a stroke last year. The sudden, life-threatening illness came out of the blue for this young, healthy woman.
People buy, sell, and merge businesses for many reasons. No matter the motivation, due diligence is key to a successful sale. An M&A Advisor and DealCoach can help guide you through the process.
You made it. You’ve paid back your business loans and can run your company with just a line of credit. You’re profitable. You’re comfortable. And you don’t have to pay such rigorous attention to things like accounts receivable turnover and your particular accounting methods.