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Category Archives: 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. Here are the common issue... Continue reading

Lifestyle Business or a Scalable Business?

I have always thought of a 'lifestyle' business as a good thing to have. When I was researching the topic for this blog post, I came across several derogatory comments about lifestyle businesses. There also appears to be some confusion in the definition of a lifestyle business. Wikipedia defines a lifestyle business as: “a business that is set u... Continue reading

Aligning Personal and Business Goals

If you are unsure of your personal goals, with what do you align your business future? As part of our visioning work at The Business Therapist®,  we check for alignment between the business owner’s personal goals and their business goals. Personal goals to consider: Personal income and equity goals – What income would you like to be ma... Continue reading

Now is the Perfect Time to 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 tha... Continue reading

A Confident and Educated Customer

As an example, let’s assume you are sick and need to make a decision about surgery options. When you ask your doctor, her level of confidence and ability to explain your options in an educated manner is very important. While you still own the final decision, it is most comforting when your doctor supports your decision. Although maybe not as cri... Continue reading

Helping 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 asset... Continue reading