Now more than ever, we want to figure out how to make our businesses more valuable. With small businesses being affected the most during the COVID-19 crisis, strategies for adding value are vital, and also very possible. Let’s take a look at some changes you can make to increase value in your small company long-term. 1. Instant Gratification: Faster Serv
2020 has been a difficult year for many, but particularly for small business owners. When states shut down, shoppers were forced to rely on Internet shopping and curbside pickups or delivery. If your small business could not provide either of those options, you inevitably suffered. Thankfully, we have moved past this point, and you have likely learned how to adjust to this new normal. As we close
“Your Margin is My Opportunity” Jeff Bezos Amazon Founder & CEO Which Company would you rather be buying? Business owners will often state that they plan to sell their business at a certain age or
“Plans are nothing; planning is everything” Dwight D. Eisenhower In our last issue we talked about the framework and options to transition your business to another family member or members. In this issue we would like to discuss another option, that of selling to a partner, key managers or employees, when your ability to keep it in the family is not a viable option.
“Winning isn’t everything, it’s the only thing” Vince Lombardi In our final issue of Succession Planning, we will discuss the process of selling your business to a third party when the options of selling to a family member, employees or managers are not viable solutions. Selling your business can be a complex process and could be the single most important business
Would you hang this sign outside your business? Many business owners feel that they are capable of personally selling their business. They have spent their entire lives building it. Who knows the business better than they do? While it is more than likely that the business owner knows more about the business, they usually have no idea how to value it and will either undervalue or grossly overprice
“The future always calls your bluff” Jeanne Moir, International Planning Alliance While it may not be at the top of his or her “To Do” list, every small business owner should have a well thought out succession plan in place. Having a succession plan can reduce or eliminate taxes, reduce business risk, keep control of the process in the hands of the owner and insur