15 Dec

Business Revenue or Business Value? How About Both

If you are a small or mid-size business owner, I have a question for you?  What is more important to your business?  Is it how many dollars in service product that it sells?  Is it your Margin?  Or, is it the value of your business?  The answer should be yes. But which question(s) depends on what your long-term plans for your business are.

Depending on those plans each of those areas of focus have a different meaning.  In some instances they should mean everything; in others, they may mean little.  Regardless, all are important.  How important, again, depends on your plan for the business.

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08 Sep

I Think It’s Time We Had The Talk

Not that talk.  The talk about you and the business you own.  Like it or not, one day you will leave your business.  Planning for it is something many are uncomfortable with.  Some never do, and that can not only cost them a great deal of money, but it can also cause a great deal of pain for their survivors.  Yes, your survivors; I know a business this happened to, a 50-something business owner who one day simply fell over and died.  When everything regarding his estate was completed, the family also lost the business.  This was all because there was no plan for what happened when the owner no longer worked in the business.  That may seem like an extreme, but it happened.  I knew the family personally, and the idea of transition planning was something they didn’t want to discuss.  They should have.

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11 Aug

What is Stopping You From Business Exit Planning?

As I say on the cover of my ebook about Business Exit planning, “It’s Inevitable, One Day You Will Leave Your Business.”   That stark and indisputable reality will face every one of us who own a business.  We cannot prevent it; we cannot slow it down, it will happen.  However, what we can do is not only prepare for that, we can also help ensure that our personal needs are taken care of and that whatever legacy we want our business to have is considered and prepared for.

So What Do We Do?

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21 Apr

Do You Have a Succession Plan for Your Business?

According to the U.S. Small Business Administration more than half of all small-business owners are age 50 or, older do not have a succession plan for their business. Planning for your ultimate departure from your business, the succession plan for your business is not something you do a few months before you decide to retire or leave that business.  The earlier you begin the better, no matter what your age.

A survey by the Financial Planning Association found that while 78 percent of small-business owners intend to sell their businesses to fund their retirements, fewer than 30 percent have a written succession plan. That’s not a recipe for success.

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19 Aug

Is E-Commerce Your Business’s Next Step?

E-Commerce is very popular with many small business owners today and why shouldn’t it be?  You literally have the entire world, at least the connected world, as potential customers.  Where your business used to only be able to sell locally to those you met, those who read your advertising or those who someone you knew referred them to you.  Taking your business to the next step of being an E-Commerce business could be a great move.

Or not…

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