Winners may be losers!
When negotiating selling/buying a business, both seller and buyer could end up losers By Dave Driscoll During my career in business, both as an owner and advisor, I have learned to keep the big picture and the road to that vision clearly top of mind in my decisions. “What is my desired outcome? What is […]
Your MPSP matters, even if you’re not ready to sell your business
By Dave Driscoll Each new year, small business owners are reminded to focus on strategy, process and marketing improvements, and planning for the future – for both the business and the owner(s). Decisions about each of these elements should be based on a solid, objective assessment of the company. The Most Probable Selling Price (MPSP) […]
Don’t try this on your own! Emotion gets in the way of selling your own business
Business owner emotion combined with the assembling and organizing of required information, the time demands, the question of a realistic value and price, and the determination AND patience needed result in overwhelming anxiety if you try to sell your business yourself.
6 Common Issues that Diminish Business Value
By Dave Driscoll Every company has a natural lifecycle and ownership changes are a common occurrence. While the name on the business may remain the same, the philosophy, goals, and objectives evolve as the ownership changes. Unfortunately, many owners damage their business value by failing to plan for the eventual transition to a new owner. […]
Inventory… Don’t be shocked when Selling Your Business!
By Dave Driscoll Small business owners seem to have an aversion to inventory: they don’t like to count it, deal with it, and frequently don’t realize how much value they have invested in it. As business brokers, we encounter this phenomenon too often. Owners routinely minimize the importance of inventory value when listing the businesses […]
What You Can Learn From My Mistakes As A Business Owner
By Dave Driscoll Recently a prospective seller asked what mistakes I had made as a business owner, specifically relating to the sale of my business. I settled on these three big mistakes: I thought I could control the timing of when I wanted to get out of the business. I didn’t seek advice from folks […]
You Can’t Sell your Business in a Day
By Dave Driscoll, President and Business Broker As business brokers, by the time a business owner contacts us to sell a business, he or she is usually ready to walk out the door and leave the business behind…tomorrow. To say that is unrealistic is a serious understatement. Selling a business is a complex, long process… […]
Buy-Sell Agreement: Let’s Call it A Prenuptial Agreement For Your Business
No owner wants to believe things could end badly with a business partner, but it’s essential to have a Buy-Sell Agreement just in case… by Dave Driscoll, Business Broker and President Many businesses are created by partners. Having a partner can provide the courage to take the leap into entrepreneurship. The enthusiasm is infectious and […]
Value-Building Tip: Create a Management Incentive Plan
A Management Incentive Plan builds Business Value Do you need to increase business value and create a succession plan through sale or management buyout? (Hint: The answer is nearly always yes!) Create an incentive plan to cultivate and motivate your management team to help reach the goals. Incentivize your team to the company’s bottom line […]
Corporate Hygiene will help Sell your Business
How can good Corporate Hygiene help sell your business? Merriam-Webster defines hygiene as “the things that you do to keep yourself and your surroundings clean in order to maintain good health.” Apply that definition to your business and you will build greater value for it when you are eventually ready to exit. What is business […]