Recessions happen more often than most people might think, and business owners are likely to experience several during their careers. The National Bureau of Economic Research (NBER) defines a recession as a significant decline in economic activity across the economy, seen as a decline in gross domestic product (GDP), real income, and wholesale-retail sales, among …
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You’ve worked hard to build a strong, solid business. The ability to keep that business intact – even when an unexpected event happens – is born out of good planning. Although not pleasant to think about, all business owners should consider what would happen if they or a co-owner should die, become incapacitated, or otherwise …
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As a business owner, your company is dependent on you and your presence for its success. In return, your business supports your family and your personal goals. Even though you know that one day, you’ll step away from your business, the idea of preparing for a future you’re not yet ready for may be unnerving, …
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The concept of “Ownership Thinking” is getting a closer look these days by businesses that are seeking solutions to attract and retain quality staffers in response to the Great Resignation. Founded on Brad Hams’ philosophy of building business wealth, the methodology focuses on instilling a mindset of ownership among employees. It can answer, in part, …
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I’ve recently had several clients successfully exit their businesses by transferring to a family member or key employee. Is transferring to an insider a consideration for you? The benefits are many. Most important is that this choice gives you a great deal of control over the exit process and therefore your ability to define your …
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After completing assessments and documentation, choosing her exit date, and working with me to develop an exit strategy, one of my clients is now in the process of executing that strategy. Her primary focus at this stage is on evaluating and optimizing the performance of the value drivers that impact her business. Enhancing performance in …
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One of my clients wants to sell her business and retire in 10 years. She completed our online Owner Planning Checklist which got her thinking about next steps. Since then, she has chosen her exit date, thinks she’d like to sell to an outside, third party, and has documented foundational information about her company and …
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All business owners know they will eventually exit their business, and most understand that making it happen on their terms is a process that typically takes years. Yet, as is the case with any complex project, sometimes the hardest thing to do is start. Yet, starting is as simple as choosing your exit date! I …
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If your exit plan includes selling your business, you can likely expect the potential buyer to request a Quality of Earnings Report. Obtaining a Quality of Earnings Report (QER) is one of the major steps in due diligence that a prospective buyer will perform to determine the quality of assets and identify financial shortcomings of …
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Regardless of the industry, number of employees, annual revenue, or the product or service you offer, if you own a business you have three things in common with every other business owner: You don’t want to pay more taxes than you absolutely must. At some point, you WILL exit your business. When you exit your …
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