Are you a business owner thinking about retiring or changing your career? Or maybe you’re at the other end of the spectrum, thinking about buying a small or medium-sized business. I was recently interviewed on the subject of buying and selling a business by Norman Jack for CFRA Radio’s Experts on Call program.
You and your wife own a business. Like many of our clients, you run the operations while your wife does the books. The business provides full employment for one or more of your children, too. Your dream has been to keep the business in the family-to see it continue through the generations that follow-a legacy. It’s what you’ve always wanted. And you thought your son and daughter did too. They never said otherwise.
A franchise is a business that is built for someone else. Thinking about your own business in those terms can give you fresh perspective on what will make your business more sellable when you’re ready to go to market. And acting on that insight will make your business more productive and profitable in the here and now.
As we move into spring a good many of us get that restless feeling prompting us to seek change in our lives. For many business owners the change involves selling their business.
Hiring the right people for your business is hard. And often, costly. But having the wrong person in a job costs a lot more. The real cost of a bad hire depends on what you take into account.
Much of our success as business owners and buyers depends upon our ability to anticipate changes that will affect our business. Failing to do so can cost us dearly. When we correctly forecast the shifts and trends, we are able to see and act on great opportunities. I have done both.
Much of a business’s profitability comes from the contributions of its employees. In fact, usually client relationships are with the individual employee rather than with the owner, the brand or the firm. As a consequence, it is important to remember that the business would not be worth the asking price if the staff were not part of the package.
Business owners will be selling into a very competitive marketplace, which means it's likely that only the most attractive and well-prepared businesses will sell for what they're worth. You'll want your business to be one of them. Here are our top 10 tips to sell your business AND protect its value, increase your personal wealth and reduce the taxes you will need to pay on the proceeds.
On Valentines' Day, I posted my Top 7 reasons to love Canada's small businesses, a short by-the-numbers post along the lines of what the Small Business Administration had just published in the United States. Clearly, small business owners are critical to our economic success.
