As a 5-time entrepreneur and succession planner, I know that the lifeblood of any organization is its salesforce. No matter what industry you are in, a company’s revenue stream is one of the key factors in determining its current value for potential buyers. For this vendor highlight, I sat down with Bob Foley of Frontrunner Sales Solutions, who has over 25 years of sales experience, to talk about how business owners can improve their sales process and teams to grow their reve

Why does nobody want to buy my business? 80% of businesses listed for sale never sell. If you have been counting on the proceeds from the sale of your business to fund your retirement, the burden of not being able to sell can be devastating. A good market strategy for any products or service is to see if there is interest, gather feedback, then adjusting based on said feedback. Selling your business is no exception. Despite thinking we know better, many entrepreneurs wear ro

Buying a business is an opportunity to skip the growing pains of launching a startup. It’s a chance to start with a proven model with customers and cashflow. How can you tell if the prospective business is a genuine investment opportunity or a disguised escape route for a burnt-out owner? The following is a list of the top five things to consider when prospecting a business purchase – and some red flags for each category so you can recognize trouble a long way away. This list

How do I sell my business? Such a simple question. Unfortunately there is no simple answer. When it comes to selling a business, one size does not fit all. The answer is a series of additional questions that need to be addressed first: Have you considered what you will do once you are no longer working 50+ hour weeks? Do you have a REALISTIC idea of what the business is worth? Have you updated your financial plan and Estate Plan to understand the impact of the net after tax p

We have all heard of the impending silver tsunami. The crashing sound of the baby boomers rushing to the exits to enter the world of...

Death taxes and selling your business. As 2020 has thankfully ended and you continue to plan for 2021, one of the most important questions you need to ask yourself is: Am I and my business prepared for the unplanned?   As we all learned in 2020, the unplanned will pop up suddenly. A global pandemic, an economic shutdown, and even a workforce suddenly working remotely.   What should I look out for when selling my business? On a microlevel, as business owners, we have had to de

What is my business worth? Ultimately, the person writing you a check for your business is the ultimate arbiter of the value of your business. Unfortunately, that is not the time you want to understand what someone is willing to pay for your business and why. Having a realistic understanding of the value of your business , why it is valued at that amount, and what that value means to your overall personal financial goals is critical. The price that someone is going to pay for