I read a very informative article on ExitPromise recently, which addressed these four important topics: “Why Does a Business Need an Employment Agreement”, “Types of Employment Agreements”, “What Must Be Included in an Employment Agreement”, and “Are There Drawbacks?”
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By TomWhen it comes time to sell the company, a seller’s prime concern is one of confidentiality. Owners are afraid that “if the word gets out” they will lose employees, customers and suppliers. Not to downplay confidentiality, but these incidents seldom happen if the process is properly managed.
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By TomSBA loans have a reputation for being hard to access, for good reason. SBA loans can be particularly tricky to secure if you’re using that capital to acquire a business. If you’ve never gone through the SBA financing process before, it can be confusing. Heck — it can be confusing even if you have gone through the process before.
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By Tom“Many business owners are jumping on the bandwagon to sell their companies, trying to take advantage of the current hot market and frothy multiples being paid by buyers…Some sources estimate that 80% of small and middle market business owners who put their businesses up for sale never close the transaction. From years of observation, I have found that most deals fall apart (i.e., fail to close) for 10 basic reasons.
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By TomI read an excellent article recently about how to sell your business, written by Brian Mazar, of American Fortune Mergers & Acquisitions. He described eight (8) critical factors that are required to sell a business. While the number of factors may well be more than eight, Brian did an excellent job of briefly and clearly explaining what makes these factors so important.
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By TomWhat is Retirement Asset Funding? The use of retirement assets [401K, SEP, IRA] for the cash to fund the purchase a business to operate and grow is known as Retirement Asset Funding.
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By TomI recently had a situation that a lot of business brokers experience. A business owner contacted me about his interest in selling his company, so we spent some time talking about how he got into the business, why he wanted to sell the business now, what he planned to do after he sold the business, etc. I wanted to hear his responses to some of the soft questions that buyers ask.
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By TomInvestopedia defines Goodwill as: “an intangible asset that arises as a result of the acquisition of one company by another for a premium value… The amount the ‘buyer’ pays for the target company over the target’s book value usually accounts for the value of the target’s goodwill.”
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By TomThere’s one question that I’m repeatedly asked by business owners considering the sale of their business: “What’s my business worth?” Whether a business owner wants to sell the company right away, or just wants an idea of the value of the company for a future sale, this number is probably going to be significant to the business owner’s family. It’s going to be “significant”, and it’s often lower than expected [or hoped].
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By TomMost business owners drastically underestimate how much time and energy it will take to strategically position their business [to sell]. Most view selling like a light switch – when they’re ready, they’ll simply enter the market, close a deal, and walk away with a pile of cash.
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By Tom