News and Events

Tip #127: 5 Reasons You Need to Know the Value of Your Business

Tip #127: 5 Reasons You Need to Know the Value of Your Business

November 13, 2019

You may think you know what your business is worth. You can just feel it in your gut! We don’t mean to doubt your intuition, but we’re sorry to say that this type of thinking won’t get you far. However, you’re on the right track: knowing the value of your business is very important. But estimating your business value is a task best left to a professional. Getting a formal business valuation gives you valuable insight into your business’s worth. You’ll gain access to multiple facts and figures relating to…

Tip #126: Understanding Your Business’s Balance Sheet

Tip #126: Understanding Your Business’s Balance Sheet

October 22, 2019

As a business owner, one of the most important documents to understand is the balance sheet. This sheet helps show buyers the big picture of what they’re going to acquire, and it’s one of the important business sheets we highlight in our past post about making sure your business looks good on paper. Looking at the balance sheet, your buyer will be able to tell which assets are short-term, and which they can expect to be productive in the future. It helps them evaluate the amount and types of assets…

Tip #125: 4 Ways to Demonstrate Your Business Has Cash Flow

Tip #125: 4 Ways to Demonstrate Your Business Has Cash Flow

September 23, 2019

Qualified buyers are going to put a lot of thought into how much revenue they can safely anticipate once they take over. It’s important to show a history of healthy cash flow that extends into the future. Repeat transactions show that your services deliver, and that your buyer will be inheriting a solid base of loyal clients. If you have written contracts with those clients, you’re proving a future of business success. 4 Ways to Demonstrate Healthy Cash Flow (From the Past and Into the Future) Keep a record of…

Tip #124: 10 Ways to Raise Rates Without Irritating Your Customers

Tip #124: 10 Ways to Raise Rates Without Irritating Your Customers

September 16, 2019

Many business owners are hesitant to increase their rates, but sometimes, that’s the right thing to do. Products become more expensive, and as you gain experience, the quality of your service increases. Don’t sell yourself short! Increasing your rates does come with some inherent risk. However, if you use the right strategy, you can help it to go over smoothly. 10 Ways to Raise Rates without Annoying Your Customers Add a Fee or Raise an Existing Fee: Instead of increasing the price of your actual service, consider adding or raising…

Tip #123: 6 Ways to Deal with Risk and Uncertainty in Business

Tip #123: 6 Ways to Deal with Risk and Uncertainty in Business

August 6, 2019

If you’re a business owner, you know that a certain amount of risk and uncertainty comes with the territory. Most of the time, that’s a good thing. It can keep you curious and motivated. Plus, it’s true that with uncertainty comes opportunity. However, there needs to be a balance. Ruminating in uncertainty can cause a level of stress that hinders growth. When you are running or selling a business, it’s important to develop a balanced relationship with uncertainty. Six Methods for Business Owners to Improve Their Relationship with Uncertainty Gather…

Tip #122: How Can You Set Your Business Apart from the Competition?

Tip #122: How Can You Set Your Business Apart from the Competition?

July 9, 2019

As most business owners are aware, competitors are a major force to contend with. No matter what type of company you run, competitors will be trying to take away your customer base. That’s why it’s important that your business offers something special that sets you apart from your competitors. This is especially important when you’re trying to sell your business, since buyers don’t want to take over a company that blends in with the rest. To increase your chances of selling your company for a nice profit, it’s a good…

Tip #121: How to Prepare to Transition Your Business to a New Owner

Tip #121: How to Prepare to Transition Your Business to a New Owner

June 28, 2019

In true entrepreneurial spirit, many business owners design their business with the intention of one day selling it. Others don’t give the sales process much thought until later on. However, even if your company is successful now, you may want to take your career in a different direction down the road or retire one day. It’s a great feeling to see your hard work pay off with your business selling at a good price, but it takes strategy to achieve that goal. One of the best ways to frame your…

Tip #67: A company operations manual can be very helpful in selling a business!

Tip #67: A company operations manual can be very helpful in selling a business!

June 6, 2019

A company operations manual can be very helpful in selling a business! No matter the size of your business, creating an operations manual is likely to benefit you. This living document contains important contact lists, checklists about functions of the business, how-to guides, and policies, making it a helpful tool for those unfamiliar with operations. Each business’s operations manual will be a little different. Some will need a 1000-page manual that is loaded with detail, while others will find that a binder or online document with just a few checklists…

Tip #120: Will the Financials Stand up to Bank and Buyer Scrutiny?

Tip #120: Will the Financials Stand up to Bank and Buyer Scrutiny?

May 7, 2019

When preparing to sell your business, you should be prepared to have your financials heavily scrutinized. A qualified buyer will be nothing if not thorough, so make sure your business looks good on paper. But keep in mind, papers that look good aren’t worth much if they don’t match up with reality. From a buyer’s perspective, a business is worth buying if it shows good profitability, margins, costs, and expenses, all of which need to be clearly visible from your financials. The documents act as a sort of road map…

Tip #119: What Happens to Your Assets When You Sell Your Business?

Tip #119: What Happens to Your Assets When You Sell Your Business?

March 27, 2019

If you’re planning to sell your business, you may think that it isn’t worth it to update or maintain your equipment. However, that is far from the truth! If your business requires equipment to run, the tools you have will add value to your company. However, don’t think that if you have a warehouse full of broken or outdated equipment, you’ll be raking it in. You’ll need to keep it in shape with regular maintenance and updates as needed. What is Considered an Asset? Most often, furniture, fixtures, and equipment…