Introduction For most entrepreneurs—new or experienced—it’s almost a no-brainer to establish or acquire a business in the city. Business is better in urban areas, right? But have you given serious …
What You’ll Learn Why you should buy a landscaping company as soon as possible How to expand your landscaping business to generate all-year income How you can take advantage of …
What You’ll Learn Five basic but smart reasons you should sell your business How to sell your business to the right buyer and get the most out of your decision …
What You’ll Learn How to perform an initial assessment of a business to buy How to estimate the market value of a business The important steps in performing your due …
For your business to function in a unique way that brings value to the company and its customers, you need to establish core values. They serve as binding principles for your company’s culture, identity, direction, and goals. Before you tap into the benefits of core values for your business, it helps to understand what they are, why you need them, and how to create them.
Becoming a small business owner can be rewarding and challenging at the same time. If you’re prepared to take the plunge into business ownership in 2021, you’ll want to know what you’re getting into. We’ll explore in detail the pros and cons of owning a small business. You’ll learn what to expect from business ownership so you can position yourself to succeed better in your next entrepreneurial steps to financial freedom.
Financial due diligence is just not for security brokers. Anyone looking to make an investment, such as purchasing a business, should perform due diligence with the highest standard of care. Due diligence is an audit or investigation of the potential business you want to acquire. Besides reviewing financial statements, any interested party should do their best to confirm any stated facts by the seller.
A lot of people think that when you own a company, it needs to be built from scratch - pulled by the bootstraps from the ground floor up to the executive suite. But the reality is that many business owners end up acquiring a company after it’s already been operating for some time. This comes with its own pros and cons, but buying an existing company is a great way to step into an ownership position right away. You may also be looking to expand a business you already own, or acquire a company that can complement your offerings in a unique way. Whatever the reason, our business buying guide should help you on your journey.
Many of the entrepreneurs that we work with come as a package deal with their spouses. Going through the process together can serve as a great comfort during the sometimes stressful experience of buying a business. However, it can also create unnecessary bottlenecks. Fortunately, there are ways to approach a business acquisition and eventual ownership as a couple that are both efficient and won’t ruin the relationship.
When you enter the business as the new owner, you know that the seller is leaving. Whether they’re retiring, pursuing a new opportunity, or devoting all of their time to learning the lost art of close-up magic, they’re not going to stick around forever. You need to learn every aspect of what the seller does and you don’t have the luxury of time.
Because of that, the number one thing you need to do after taking ownership of a business is make sure you know what the owner did day-to-day, identify their key relationships, how many roles they hold, and anything else they do that helps the business run. Then you need to teach that knowledge to someone else and assign those roles to other people.
This is what we call a succession management plan.