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Category: Selling a business

When Less Money is More Money

Here’s a sad story about trying to get more money when the end resulted in far less money: A business was owned by two friends. The relationship soured and as a business advisor, I was attempting to facilitate an agreement for one partner to stay and the other to exit. The most probable buyer offered over half a million dollars. The other partne... Continue reading

Who Will Buy Your Business?

I had a tour of a town in the oil patch in Alberta this week. The local tour guide pointed out a lot of small businesses that had similar attributes:        Started 20 to 30 years ago by one guy and one piece of equipment and now it has 20 to 25 employees, a fleet of trucks, or trailers, or drilling equipment, or other tools of the trade to ... Continue reading

Reducing the Dependence on the Business Owner – Succession Planning

There are a lot of small businesses in the marketplace that are doing just fine. If they are a first generation business, the founder owners are still the driving force in the business. When the business owner starts looking to the future from the position of current stability and prosperity, some common scenarios appear. Common issues 1)    ... Continue reading

Business Types – Lifestyle Business or a Scalable Business?

I have always thought of a 'lifestyle' business as a good thing to have. When I was researching this topic online, I came across several derogatory comments about lifestyle businesses. The definition of a lifestyle business Wikipedia defines a lifestyle business as: “a business that is set up and run by its founders primarily with the aim of su... Continue reading

Grow and Keep Your Small Business!

Sometimes economic developers focus on getting large corporations to come to town and provide jobs. Startups are also encouraged to create jobs. Economic developers sometimes do this while ignoring the jobs created and sustained by existing small businesses. Is it fair to provide an incentive to a new competitor and do nothing for the business t... Continue reading

How to Determine the Value of Your Business

Many of my business owning clients ask, “What is my business worth?” It seems like a simple question but the answer is usually complicated and starts out, “Well, that depends…” Is the valuation for a buyer, seller, estate plan, banker or a divorce settlement? Here are some basics: You will need to determine the fair value of the ... Continue reading