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Obviously, serious buyers want to carefully look at the financials of a company under consideration and all of the other major aspects of the company. However, there are a few other areas that the serious buyer will investigate that sellers may overlook. The Industry – The buyer will want to take a serious look at the industry itself, the customers, the suppliers, the competition, etc. This investigation will cover the strengths, weaknesses, threats from competition, and...

10 June, 2023

Experts recommend considering adding an advisory council to your business. This informal board would provide strategic advice on business management related issues. An advisory council would be in place to provide advice to your business, but unlike a board of directors, they will not actually make the key decisions. Further, while a board of directors often has equity in the business, an advisory council does not. Of course, an advisory council is not right for...

03 June, 2023

Your brand is a customer’s perception about your business. It determines how they feel about the services and product that you offer. A consistent brand message over time will shape what clients and customers think about you and what you stand for. As a business owner, you need to be able to answer the following important question: why should customers care about you? Every business owner has to think about the art of branding in order...

27 May, 2023

If you’re planning on a business agreement to buy or sell a business, you’ll want to know about term sheets. These non-binding agreements will help with progress for both parties. The information covered in the term sheet should include everything from pricing and terms to special considerations. You can expect it to be between one and five pages in length.  What is the Difference Between a Term Sheet and a Contract? When a term sheet is created,...

19 May, 2023

If you don’t exactly understand what corporate social responsibility (CSR) means, don’t worry.  We’ll cover the main points you need to know.  CSR is increasingly seen as something that companies of all sizes need to be aware of, so let’s take a closer look at a few of the finer points. There are 4 basic pillars in CSR: the community, the environment, the marketplace and the workplace.  The community pillar of CSR refers to your company’s...

13 May, 2023

If you’re selling your business and things are looking positive with your buyer, you might be tempted to start resting easy. If you have a signed letter of intent, you might be even more tempted to think that things are pretty settled. However, the fact of the matter is that much can be uncovered during the due diligence process, and that is often when deals start to fall apart. Due diligence is an essential step...

29 April, 2023

Selling your business is typically quite an involved process that takes a series of months. Sellers typically experience a variety of ups and downs during that time. This is true even in the case of the most successful deals. That’s why you will want to keep your eyes open during the process so that you will be equipped to vet your potential buyers. This article will take a look at various aspects of the sales transaction...

22 April, 2023

There is no underestimating the importance of negotiation when you are buying or selling a business. Let’s take a look at some of the most often used strategies and our recommendations.  The Direct Approach One approach in negotiations is what we often refer to as the “take it or leave it” strategy. In this scenario, the buyer makes an offer, and the seller then counters that offer. There is little negotiation work necessary, as both parties are...

15 April, 2023

Every business has to be concerned about maintaining confidentiality.  In fact, it is common for business owners to become somewhat obsessed with confidentiality when they are getting ready to sell their business. It goes without saying that owners don’t want the word that they are selling to spread to the public, employees or most certainly their competitors.  Yet, there is something of a tug of war between the natural desire for confidentiality and the desire...

08 April, 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

On Wednesday, the Fed raised interest rates a quarter point, making it the eight time that they’ve adjusted the bank rate in the last 12 months, and putting interest rates at their highest level since 2007. The banking industry anticipates more increases totaling an additional three-quarters hike by the end of 2023. The Fed’s main if imperfect tool to combat inflation, higher interest rates come when many business owners are ready to exit their business and...

23 March, 2023

No one wants to waste their time and energy trying to sell their business to someone who isn’t actually planning to buy. That’s why it’s so important for you and your business broker or M&A advisor to focus on the most qualified and serious buyers. But how can you really make these kinds of assessments about a buyer’s viability until they sign on the dotted line? Let’s take a look at some signs that will...

21 March, 2023

The business world is abuzz about ChatGPT, an AI-based conversational agent that is innovating how large and small businesses interact with customers. Other AI-based technologies are streamlining content development for marketing and outreach. While this technology is still new, small business owners in both the service and retail sectors are moving beyond the experimentation phase and integrating it into their operations. The South Bend, Indiana hair salon Hair Crafters uses a ChatGPT bot to automate appointment...

16 March, 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

There are clearly qualities that make a person an ideal candidate to be a business owner. On the other side of the coin, however, it’s clear that owning a business isn’t for everyone. Let’s take a look at some of the unique personality aspects that help motivated individuals identify owning a business as a good fit for them.  You Seek to Guide Your Destiny A common reason people become business owners is that they want to have...

11 March, 2023