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It’s easy to see why buyers focus on a business’s finances during due diligence. But P&Ls and balance sheets only tell part of the story—they show how the business performed under the previous owner’s watch. Now it’s your business, and you’re the X-factor. With so much activity leading up to getting to the closing table, it's often easy to get swept away in all this activity and not give much thought into what happens next....

31 October, 2024

As a business owner, you gain freedom and the potential to earn more than you might otherwise earn. If you are ready to tackle the hard work involved in business ownership, you may be prepared to take the next step. Two main advantages to being a business owner include forging ahead with more freedom and also boosting your income. As promising as that sounds, you must also be prepared to take some risks.  Grow Your Income Owning...

05 October, 2024

Negotiation can evoke a range of feelings: some people thrive on it, others dread it, and many fall somewhere in between. Regardless of your stance, the ultimate goal remains the same: to emerge successfully from the negotiation. Mastering effective negotiation methods and tactics can give you an edge where others might falter. The objective is to close deals effectively. Here are three negotiation strategies that have been proven to close more deals.  Leverage the Experts  One common...

03 August, 2024

Term sheets are invaluable in that they can serve as a point of orientation during negotiations. Thanks to term sheets it is possible to keep everyone involved, focused and on target.  What is a Term Sheet?  These nonbinding agreements detail the basic terms and conditions of a deal. It is different from a legally binding agreement, so it is often misunderstood by buyers and sellers. However, the term sheet serves the purpose of moving a deal along...

27 July, 2024

There is no denying the satisfaction that comes with obtaining a signed letter of intent from both the buyer and seller. However, it’s crucial to recognize that due diligence has yet to be completed. No deal is final until the seller undergoes this process and commits to proceeding. In Stanley Foster Reed’s insightful book, The Art of M&A, Reed emphasizes that the goal of due diligence is to “assess the benefits and liabilities of a proposed...

29 June, 2024

A pre-existing business is a proven commodity. A new business, regardless of how great your idea may be, will always have a future that is uncertain. You can hire many consultants and plan meticulously. Yet, even with the best ideas and most experienced consultants, your newly minted business could still quickly fail. A business with a long track record of success provides you with a degree of security and certainty. It’s also important to note that...

20 April, 2024

Artificial Intelligence has certainly received more than a bit of attention in the last two years. It’s no wonder that many business owners wonder how best to use this tool to gain an edge over the competition. Currently, the cost of ChatGPT-4 is only $20 per month, which is a very nominal cost considering its capabilities. For that cost, users gain access to a powerful large language model or LLM. ChatGPT-4 allows users to put in...

23 March, 2024

Teya Vitu for The New Mexican writes: A San Francisco Bay-area boutique hotel chain with a dozen properties is expanding in Santa Fe. Redwood City, Calif.,-based Concept Hotel Group bought the Guadalupe Inn bed and breakfast at 604 Agua Fría St. on Dec. 14. The chain first entered the Santa Fe market in 2017 with the Sage Hotel. It acquired the Super 8 in late 2019 and remodeled it into Coyote South, reopening in June 2020, and...

02 January, 2024

For most entrepreneurs, finding the money to launch their first business stands as a tremendous challenge. The good news is that getting a loan through the Small Business Association (SBA) is turning out to be a viable option for many business owners. The SBA doesn’t directly provide loans itself, but instead, works to facilitate lending. SBA assistance can even extend into the realm of micro-lending. It is very important for prospective buyers to realize that since...

09 December, 2023

Are you a first-time business buyer? If so, it is critical that you work with a business broker or M&A advisor. If you’ve never purchased a business before, you simply can’t anticipate all that is involved in buying a business.  Buying a business is vastly different than buying a home, which is typically the largest purchase that most first-time business buyers have made. Sometimes buyers assume that since they have made large investments before, they will...

11 November, 2023

Truly understanding a business is much like understanding the condition of a car. It is necessary for a skilled mechanic to “pop the hood” to access the true condition of a car. In much the same way, you and your team of experts need to “pop the hood” of the business in order to understand the business’s long-term health and viability. Here are four things to consider before signing on the dotted line. Will You Enjoy...

18 August, 2023

New Mexico is a land of diverse people, cultures, and economic opportunities. Over the years, the state has become an attractive market for a profound landscape of industries that are flourishing and continuously expanding. The growth of many emerging industries has increased job opportunities and attracted numerous high-tech companies to the region. Renewable energy, Film and Digital Media, Tourism and Hospitality, as well as Agriculture and Food Processing are four industries that have especially seen...

28 July, 2023

After a rocky end to 2022, this year kicked off with favorable market trends and signs that demand for acquiring small businesses is rebounding. BizBuySell, a leading online businesses-for-sale marketplace, recently found in its analysis of sales data and survey of business brokers around the country that a rise of 4.8% in the volume of small business acquisitions in Q1 2023 over Q4 2022 shows promise of a recovering market after three consecutive quarterly declines....

21 June, 2023

If you’re planning to buy or sell a business that involves a lease, this can lead to an extra level of complication. Oftentimes, such as in the case of a restaurant or retail establishment, the location is essential to the success of the business itself. That means that if you’re buying a business, you’ll have to make sure any lease issues you might encounter are straightened out before you sign on the bottom line. But...

01 April, 2023

The Training and Transition phase can be vital for helping a business buyer get off on the right foot once they have closed on the purchase of a business. It’s one of the most immediate and important steps for setting them up for success, but it often comes as an afterthought for both the buyer and seller. Why? A business buyer doesn’t know what they don’t know, and a seller can be challenged to come...

13 March, 2023