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“My timeframe? Talk to me in about five years.” When business owners are asked about exit planning, that answer is almost ubiquitous. In fact, a much-quoted 2008 survey of owners by PwC found that 85% of private business owners said they expected to sell in five years. Read More

Why would I refer to the results of an internal transfer as “lifestyle vs. lucre?” Lucre is a pejorative term. While it is technically just a synonym for money, most dictionaries draw the parallel to its use in “filthy lucre;” money that is ill-gotten or otherwise dishonorably obtained.

I was ho Read More

“If someone offered me the right price, I’d sell in a minute!” Exit planners and business brokers hear it all the time. “Anything is for sale if the price is right!”

What is the “right” price? Of course, you can fantasize about a windfall from a buyer who has far more money than brains Read More

As part of my effort to add variety to the types of exit planning posts here, I will occasionally include “Second Act”, stories about business owners who have already left one career, and are now doing something else. The 19th century Pearl Brewery exemplified both the potential and the problems of Read More

Last week I presented a webinar for the Exit Planning Institute entitled “The Perfect Storm.” It looks at six factors impacting the desire and the ability of Generation X buyers to acquire a Baby Boomer business.

The first three, demographic, psychographic and sociographic, are macro t Read More

In the past few weeks we’ve discussed how quality of earnings audits look at your income and expenses, and their impact on company value. Since Revenue less Expenses equals Profit (P=R-E), you could be forgiven for thinking that we have picked apart your earnings as much as possible. Read More

In my last post we discussed quality of earnings audits from a revenue perspective. Customer concentration, marginal lines of business and contracts are the three most common revenue traps. If you are comfortable with your company’s strength and stability as regards to revenue, it’s time to look at Read More

While a formal, third-party Quality of Earnings Study is more often seen in mid-market transactions, even small business owners should be aware of the factors that can cause discounts to a selling price long after they thought it was settled. There are few things as exciting as receiving a Letter o Read More

“Nothing will change.” It is almost de rigueur for an acquirer to include that in his or her opening comments to the incumbent staff of a just-purchased business. Sometimes it is the seller’s attempt at making folks feel better. “Don’t worry. They promised me that nothing will change.” In the momen Read More

If you're handing down a family business you should consider these questions: What will your role in the company be? Is your successor ready, willing and able to handle change? Does the company have the financial strength to thrive without your personal signature? Read More