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In today’s business world, effective communication is paramount, and the telephone remains one of the most essential tools for engaging with clients, prospects, and partners. Automated answering services, voicemail systems, or hold music can significantly impact your company’s image and customer satisfaction. Therefore, it’s important to ensure that the telephone is a productive sales tool rather than a hindrance.  The first interaction a caller has with your company is often through a phone call. This brief...

15 February, 2025

One of the most critical questions for prospective buyers, investors, and lenders is understanding a business’s true income. However, it should come as no surprise that the party most invested in uncovering this information is the Internal Revenue Service (IRS). Why is determining a business’s real income so difficult? While financial records should provide a clear picture, business owners often engage in practices ranging from minor adjustments to outright fraud in order to minimize reported income...

08 February, 2025

When it comes to buying or selling a business, we often get asked two common questions: “How many businesses are for sale?” and “What percentage of businesses on the market actually sell?” To get a sense of the market, it’s important to break things down by business category. The industries that make up the majority of small to mid-sized business sales include: manufacturing, wholesale trade, retail trade, business and personal services, and household/miscellaneous services. Together, these...

01 February, 2025

Entrepreneurs are typically dynamic and driven individuals who play a critical role in driving innovation. However, to succeed, they must leverage their strengths while being mindful of their weaknesses. By understanding both, entrepreneurs can maximize their potential and build more sustainable businesses. Strengths of Entrepreneurs Flexibility and Positive Attitudes Entrepreneurs are highly resilient and maintain a positive outlook, even in challenging situations. These traits help them navigate market shifts, customer needs, and unforeseen obstacles with confidence. Creativity and Willingness...

18 January, 2025

Multiples can be tricky to figure out when valuing a business. Lots of opinions float around, most stemming from imperfect information. For example, Aunt Agatha’s hairdressers say that her husband’s cousin sold his widget manufacturer for three million dollars based on a multiple of five. What the hairdresser didn’t mention is that this price included $800,000 worth of inventory – an amount well above the industry average. Misunderstanding the details of a deal can lead...

15 January, 2025

Many businesses have a product or service that’s performing reasonably well, perhaps even thriving, but doesn’t quite align with the company’s core offerings. It’s often called an “orphaned” product—a good or service that is disconnected from the company’s main focus. If you find yourself in this situation, don’t panic. It’s more common than you might think. In fact, there are many buyers, from individual investors to private equity firms, actively seeking product lines that can...

11 January, 2025

For many New Mexico small business owners, selling a business is one of the most challenging and complex financial decisions they’ll face. More than just a source of income, a business often represents years of hard work, dedication, and personal accomplishment. Finding the right buyer and structuring a mutually beneficial deal can be both emotional and complicated. As the most well-established firm among New Mexico business brokers, Sam Goldenberg & Associates has been helping small business...

07 January, 2025

When buying or selling a business, “goodwill” often comes up in discussions. Most buyers and sellers understand that goodwill refers to the intangible assets of a business—its brand reputation, loyal customer base, long-standing vendor relationships, and community presence. What’s less clear is how to value goodwill. While it’s straightforward to set a fair market value on tangible assets, putting a dollar value on something as intangible as customer loyalty can present a more challenging concept. A...

02 January, 2025

If your business interacts with customers, it’s inevitable that at some point, you will receive customer complaints or negative feedback. The key to turning these situations into opportunities is how you handle them. Ignoring or dismissing customer complaints can damage your brand’s reputation and customer loyalty. However, addressing these issues effectively can improve your operations, boost customer satisfaction, and even create positive PR for your business. Here’s how to approach customer feedback and complaints in...

21 December, 2024

Selling a business is an exciting process, but it also involves a degree of complexity and preparation that may come as a surprise. Sam Goldenberg & Associates works diligently to prepare the business prospectus, present a high-level of overview its financial performance, and launch it on the various online businesses-for-sale platforms. While these are all critical first steps, most business buyers will have a lot of follow-up questions. It’s more surprising when they don’t. Buyers aren’t...

18 December, 2024

Before delving into the specific steps that benefit business owners who are looking to sell quickly, it’s crucial to understand the buyer’s viewpoint. For many buyers, purchasing a business is a once-in-a-lifetime event, often involving significant personal and financial risk. Therefore, sellers must take proactive steps to ensure their business is as appealing and risk-free as possible.  There are three key areas to focus on for a successful exit:  Prioritizing Pre-Diligence Reducing Perceived Risk Engaging the Right Professionals By focusing...

14 December, 2024

While learning that you have a serious buyer for your business may feel like a cause for celebration, it’s important to hold off on the champagne. The journey from a buyer expressing interest to a finalized sale involves several steps, and your business broker or M&A advisor will play a crucial role in guiding you through the process. Step 1: Preparing the Offer Once a buyer is genuinely interested in your business, your broker will help you...

03 December, 2024

Buyers and sellers’ viewpoints may diverge on what a business is worth. Different priorities, emotions, and approaches to valuation can create a gap between what sellers believe their business is worth and what buyers are willing to pay. When both parties have a clear picture of the business’s financial health and potential, they are more likely to arrive at a mutually agreeable valuation. Emotional Attachment vs. Objective Evaluation For many sellers, their business often represents years of...

02 December, 2024

Selling a business is an exciting milestone, but it also comes with complexities that may catch you off guard. At Sam Goldenberg & Associates, we collaborate closely with you to prepare a compelling business prospectus, provide a high-level overview of financial performance, and launch your listing across various online platforms. These critical first steps lay the foundation, but they’re just the beginning. Many prospective buyers will follow up with additional, detailed questions—and it’s surprising when...

18 November, 2024

As a business owner, one of your ongoing priorities should be finding ways to save money. Ultimately, this will boost your bottom line and make your business more attractive to buyers. Let’s take a look at some strategies to run a more efficient and cost-effective business.  1. Consolidate Services for Better Deals There are many clever ways to save money, and some are easier than others. One simple strategy is to consolidate your service providers. By choosing...

16 November, 2024